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Artificial Scarcity
Artificial scarcity is scarcity of items despite the technology for production or the sufficient capacity for sharing. The most common causes are monopoly pricing structures, such as those enabled by laws that restrict competition or by high fixed costs in a particular marketplace. The inefficiency associated with artificial scarcity is formally known as a deadweight loss. Background In a capitalist system, an enterprise is judged to be successful and efficient if it is profitable. To obtain maximum profits, producers may be restricting production rather than ensuring the maximum utilisation of resources. This strategy of restricting production by firms in order to obtain profits in a capitalist system or mixed economy is known as creating artificial scarcity. Artificial scarcity essentially describes situations where the producers or owners of a good restrict its availability to others beyond what is strictly necessary. Ideas and information are prime examples of unnecessaril ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgrav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Elgar Publishing
Edward Elgar Publishing is a global publisher of academic books, journals and online resources in the social sciences and law. The company also publishes a social science and law blog with regular contributions from leading scholars. About Edward Elgar Publishing, founded in 1986, is an independent family-owned international publisher, with offices in Cheltenham and Camberley in the UK and Northampton, Massachusetts, in the USA. It specializes in the academic and professional market and publishes in the field of economics, law, management studies, public policy and social policy and the environment. The company has over 4,500 book titles in print and publishes more than 300 new titles a year. History The first Edward Elgar Publishing book titles were published in 1987 and included ''The Economics of Education and the Education of an Economist'' by Mark Blaug, ''The Economic Revival of Modern Britain'' by David Coates and John Hillard, and ''Economic Choice Under Uncertainty'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time (magazine)
''Time'' (stylized in all caps) is an American news magazine based in New York City. For nearly a century, it was published Weekly newspaper, weekly, but starting in March 2020 it transitioned to every other week. It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce. A European edition (''Time Europe'', formerly known as ''Time Atlantic'') is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (''Time Asia'') is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. Since 2018, ''Time'' has been published by Time USA, LLC, owned by Marc Benioff, who acquired it from Meredith Corporation. History ''Time'' has been based in New York City since its first issue published on March 3, 1923, by Briton Hadden and Henry Luce. It was the first weekly news magazine in the United St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cornering The Market
In finance, cornering the market consists of obtaining sufficient control of a particular stock, commodity, or other asset in an attempt to manipulate the market price. One definition of cornering a market is "having the greatest market share in a particular industry without having a monopoly". Companies that have cornered their markets have usually done so in an attempt to gain greater leeway in their decisions; for example, they may desire to charge higher prices for their products without fears of losing too much business. The cornerer hopes to gain control of enough of the supply of the commodity to be able to set the price for it. Strategy and risks Cornering a market can be attempted through several mechanisms. The most direct strategy is to buy a large percentage of the available commodity offered for sale in some spot market and hoard it. With the advent of futures trading, a cornerer may buy a large number of futures contracts on a commodity and then sell them at a profi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hoarding (economics)
Hoarding in economics refers to the concept of purchasing and storing a large amount of product belonging to a particular market, creating scarcity of that product, and ultimately driving the price of that product up. Commonly hoarded products include assets such as money, gold and public securities, as well as vital goods such as fuel and medicine. Consumers are primarily hoarding resources so that they can maintain their current consumption rate in the event of a shortage ( real or perceived). Hoarding resources can prevent or slow products or commodities from traveling through the economy. Subsequently, this may lead to the product or commodity to becomes scarce, causing the value of the resource to rise. A common intention of economic hoarding is to generate a profit by selling the product once the price has increased. Hence, economic speculators tend to hoard products that are inelastic in price so that when the price of the product does increase, the demand for that product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Adjustment Act
The Agricultural Adjustment Act (AAA) was a United States federal law of the New Deal era designed to boost agricultural prices by reducing surpluses. The government bought livestock for slaughter and paid farmers subsidies not to plant on part of their land. The money for these subsidies was generated through an exclusive tax on companies which processed farm products. The Act created a new agency, the Agricultural Adjustment Administration, also called "AAA" (1933-1942), an agency of the U.S. Department of Agriculture, to oversee the distribution of the subsidies.Hurt, R. Douglas, ''Problems of Plenty: The American Farmer in the Twentieth Century'', (Chicago: Ivan R. Dee, 2002), 69. The Agriculture Marketing Act, which established the Federal Farm Board in 1929, was seen as an important precursor to this act. The AAA, along with other New Deal programs, represented the federal government's first substantial effort to address economic welfare in the United States. Background W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patent
A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention."A patent is not the grant of a right to make or use or sell. It does not, directly or indirectly, imply any such right. It grants only the right to exclude others. The supposition that a right to make is created by the patent grant is obviously inconsistent with the established distinctions between generic and specific patents, and with the well-known fact that a very considerable portion of the patents granted are in a field covered by a former relatively generic or basic patent, are tributary to such earlier patent, and cannot be practiced unless by license thereunder." – ''Herman v. Youngstown Car Mfg. Co.'', 191 F. 579, 584–85, 112 CCA 185 (6th Cir. 1911) In most countries, patent rights fall under private law and the patent holder mus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Source Code
In computing, source code, or simply code, is any collection of code, with or without comments, written using a human-readable programming language, usually as plain text. The source code of a program is specially designed to facilitate the work of computer programmers, who specify the actions to be performed by a computer mostly by writing source code. The source code is often transformed by an assembler or compiler into binary machine code that can be executed by the computer. The machine code is then available for execution at a later time. Most application software is distributed in a form that includes only executable files. If the source code were included it would be useful to a user, programmer or a system administrator, any of whom might wish to study or modify the program. Alternatively, depending on the technology being used, source code may be interpreted and executed directly. Definitions Richard Stallman's definition, formulated in his 1989 seminal li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copyleft
Copyleft is the legal technique of granting certain freedoms over copies of copyrighted works with the requirement that the same rights be preserved in derivative works. In this sense, ''freedoms'' refers to the use of the work for any purpose, and the ability to modify, copy, share, and redistribute the work, with or without a fee. Licenses which implement copyleft can be used to maintain copyright conditions for works ranging from computer software, to documents, art, scientific discoveries and even certain patents. Copyleft software licenses are considered ''protective'' or ''reciprocal'' in contrast with permissive free software licenses, and require that information necessary for reproducing and modifying the work must be made available to recipients of the software program, which are often distributed as binary executables. This information is most commonly in the form of source code files, which usually contain a copy of the license terms and acknowledge the authors of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proprietary Software
Proprietary software is software that is deemed within the free and open-source software to be non-free because its creator, publisher, or other rightsholder or rightsholder partner exercises a legal monopoly afforded by modern copyright and intellectual property law to exclude the recipient from freely sharing the software or modifying it, and—in some cases, as is the case with some patent-encumbered and EULA-bound software—from making use of the software on their own, thereby restricting his or her freedoms. It is often contrasted with open-source or free software. For this reason, it is also known as non-free software or closed-source software. Types Origin Until the late 1960s computers—large and expensive mainframe computers, machines in specially air-conditioned computer rooms—were usually leased to customers rather than sold. Service and all software available were usually supplied by manufacturers without separate charge until 1969. Computer vendors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copyright
A copyright is a type of intellectual property that gives its owner the exclusive right to copy, distribute, adapt, display, and perform a creative work, usually for a limited time. The creative work may be in a literary, artistic, educational, or musical form. Copyright is intended to protect the original expression of an idea in the form of a creative work, but not the idea itself. A copyright is subject to limitations based on public interest considerations, such as the fair use doctrine in the United States. Some jurisdictions require "fixing" copyrighted works in a tangible form. It is often shared among multiple authors, each of whom holds a set of rights to use or license the work, and who are commonly referred to as rights holders. These rights frequently include reproduction, control over derivative works, distribution, public performance, and moral rights such as attribution. Copyrights can be granted by public law and are in that case considered "territorial righ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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