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Comparative Economics
Comparative Economic Systems is the sub-classification of economics dealing with the comparative study of different systems of economic organization, such as capitalism, socialism, feudalism and the mixed economy. It is widely held to have been founded by the economist Calvin Bryce Hoover. Comparative economics therefore consisted mainly of comparative economic systems analysis before 1989 but substantially switched its efforts to comparison of the economic effects of the transition experience from socialism to capitalism. It is a part of economics which is the study of gaining knowledge concerned with the production, consumption and transfer of wealth. It is based on the collective wants of the population and the resources available that initially create an economic system. The performance of the economic system can be measured through gross domestic product (GDP); that is, it will indicate the growth rate of country. Normative judgments can be made as well by asking questions lik ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JEL Classification Codes
Articles in economics journals are usually classified according to JEL classification codes, which derive from the ''Journal of Economic Literature''. The ''JEL'' is published quarterly by the American Economic Association (AEA) and contains survey articles and information on recently published books and dissertations. The AEA maintains EconLit, a searchable data base of citations for articles, books, reviews, dissertations, and working papers classified by JEL codes for the years from 1969. A recent addition to EconLit is indexing of economics journal articles from 1886 to 1968 parallel to the print series ''Index of Economic Articles''. Structure There are 26 primary JEL categories: ;JEL Subcategories: Each JEL primary category has secondary and tertiary subcategories, for example, under JEL: D – Microeconomics: :JEL: D1 – Household Behavior and Family Economics ::JEL: D11 – Consumer Economics: TheoryAn alphabetic list of category links constructed as corresponding JEL-c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalism
Capitalism is an economic system based on the private ownership of the means of production and their operation for Profit (economics), profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, private property, Property rights (economics), property rights recognition, voluntary exchange, and wage labor. In a market economy, decision-making and investments are determined by owners of wealth, property, or ability to maneuver capital or production ability in Capital market, capital and financial markets—whereas prices and the distribution of goods and services are mainly determined by competition in goods and services markets. Economists, historians, political economists and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include ''Laissez-faire capitalism, laissez-faire'' or free-market capitalism, anarcho-capitalism, state capi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialism
Socialism is a left-wing economic philosophy and movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to private ownership. As a term, it describes the economic, political and social theories and movements associated with the implementation of such systems. Social ownership can be state/public, community, collective, cooperative, or employee. While no single definition encapsulates the many types of socialism, social ownership is the one common element. Different types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists favouring a party, state, or technocratic-driven approach. Socialists disagree on whether government, particularly existing government, is the correct vehicle for change. Socialist systems are divided into non-market and market f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feudalism
Feudalism, also known as the feudal system, was the combination of the legal, economic, military, cultural and political customs that flourished in medieval Europe between the 9th and 15th centuries. Broadly defined, it was a way of structuring society around relationships that were derived from the holding of land in exchange for service or labour. Although it is derived from the Latin word ''feodum'' or ''feudum'' (fief), which was used during the Medieval period, the term ''feudalism'' and the system which it describes were not conceived of as a formal political system by the people who lived during the Middle Ages. The classic definition, by François Louis Ganshof (1944), François Louis Ganshof (1944). ''Qu'est-ce que la féodalité''. Translated into English by Philip Grierson as ''Feudalism'', with a foreword by F. M. Stenton, 1st ed.: New York and London, 1952; 2nd ed: 1961; 3rd ed.: 1976. describes a set of reciprocal legal and military obligations which existed am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mixed Economy
A mixed economy is variously defined as an economic system blending elements of a market economy with elements of a planned economy, markets with state interventionism, or private enterprise with public enterprise. Common to all mixed economies is a combination of free-market principles and principles of socialism. While there is no single definition of a mixed economy, one definition is about a mixture of markets with state interventionism, referring specifically to a capitalist market economy with strong regulatory oversight and extensive interventions into markets. Another is that of active collaboration of capitalist and socialist visions. Yet another definition is apolitical in nature, strictly referring to an economy containing a mixture of private enterprise with public enterprise. Alternatively, a mixed economy can refer to a reformist transitionary phase to a socialist economy that allows a substantial role for private enterprise and contracting within a dominant econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calvin Bryce Hoover
Calvin Bryce Hoover (April 14, 1897 – June 23, 1974) was a noted economist and professor. He spent 1929-1930 in Moscow and wrote ''The Economic Life of Soviet Russia'' in 1931. Following his travels to Soviet Russia he also traveled to and researched the economies of Germany, Italy, France, Poland, Czechoslovakia, Denmark, Sweden, Norway, and Australia. He is considered to be the founder of the field of comparative economic systems. Early life and pre-war education Hoover was born in Berwick, Illinois to John Calvin Hoover and Margaret Delilah Roadcap Hoover. Growing up poor, he worked with his father on the railroad and on their tenant farm during breaks from school. He described his early economic and political beliefs as a sort of "primitive socialism," which he came to after noticing the inequities of income in Berwick. His father also read the newspaper The Appeal to Reason, which further fostered his left-leaning ideas. Hoover was also an avid reader of history and l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethics
Ethics or moral philosophy is a branch of philosophy that "involves systematizing, defending, and recommending concepts of right and wrong behavior".''Internet Encyclopedia of Philosophy'' The field of ethics, along with aesthetics, concerns matters of value; these fields comprise the branch of philosophy called axiology. Ethics seeks to resolve questions of human morality by defining concepts such as good and evil, right and wrong, virtue and vice, justice and crime. As a field of intellectual inquiry, moral philosophy is related to the fields of moral psychology, descriptive ethics, and value theory. Three major areas of study within ethics recognized today are: # Meta-ethics, concerning the theoretical meaning and reference of moral propositions, and how their truth values (if any) can be determined; # Normative ethics, concerning the practical means of determining a moral course of action; # Applied ethics, concerning what a person is obligated (or permitted) to do ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Politics
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies politics and government is referred to as political science. It may be used positively in the context of a "political solution" which is compromising and nonviolent, or descriptively as "the art or science of government", but also often carries a negative connotation.. The concept has been defined in various ways, and different approaches have fundamentally differing views on whether it should be used extensively or limitedly, empirically or normatively, and on whether conflict or co-operation is more essential to it. A variety of methods are deployed in politics, which include promoting one's own political views among people, negotiation with other political subjects, making laws, and exercising internal and external force, including wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Culture
Culture () is an umbrella term which encompasses the social behavior, institutions, and norms found in human societies, as well as the knowledge, beliefs, arts, laws, customs, capabilities, and habits of the individuals in these groups.Tylor, Edward. (1871). Primitive Culture. Vol 1. New York: J.P. Putnam's Son Culture is often originated from or attributed to a specific region or location. Humans acquire culture through the learning processes of enculturation and socialization, which is shown by the diversity of cultures across societies. A cultural norm codifies acceptable conduct in society; it serves as a guideline for behavior, dress, language, and demeanor in a situation, which serves as a template for expectations in a social group. Accepting only a monoculture in a social group can bear risks, just as a single species can wither in the face of environmental change, for lack of functional responses to the change. Thus in military culture, valor is counted a typica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxist
Marxism is a Left-wing politics, left-wing to Far-left politics, far-left method of socioeconomic analysis that uses a Materialism, materialist interpretation of historical development, better known as historical materialism, to understand Social class, class relations and social conflict and a dialectical perspective to view social transformation. It originates from the works of 19th-century German philosophers Karl Marx and Friedrich Engels. As Marxism has developed over time into various branches and schools of thought, no single, definitive Marxist philosophy, Marxist theory exists. In addition to the schools of thought which emphasize or modify elements of classical Marxism, various Marxian concepts have been incorporated and adapted into a diverse array of Social theory, social theories leading to widely varying conclusions. Alongside Marx's critique of political economy, the defining characteristics of Marxism have often been described using the terms dialectical mater ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cold War
The Cold War is a term commonly used to refer to a period of geopolitical tension between the United States and the Soviet Union and their respective allies, the Western Bloc and the Eastern Bloc. The term '' cold war'' is used because there was no large-scale fighting directly between the two superpowers, but they each supported major regional conflicts known as proxy wars. The conflict was based around the ideological and geopolitical struggle for global influence by these two superpowers, following their temporary alliance and victory against Nazi Germany and Imperial Japan in 1945. Aside from the nuclear arsenal development and conventional military deployment, the struggle for dominance was expressed via indirect means such as psychological warfare, propaganda campaigns, espionage, far-reaching embargoes, rivalry at sports events, and technological competitions such as the Space Race. The Western Bloc was led by the United States as well as a number of other First W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Calculation Problem
The economic calculation problem (sometimes abbreviated ECP) is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective values (while criticizing other theories of value) are translated into the objective information necessary for rational allocation of resources in society. He argued that economy planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the socialisation of capital goods, but he later went on to elaborate on various different forms of sociali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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