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Double Coincidence Of Wants
The coincidence of wants (often known as double coincidence of wants) is an economic phenomenon where two parties each hold an item that the other wants, so they exchange these items directly without any monetary medium. Within economics, this has often been presented as the foundation of a bartering economy. However, ethnographic research has not corroborated that this model of barter exists in reality. In principle, double coincidence of wants would mean that both parties must agree to sell and buy each commodity. Under this system, problems arise through the improbability of the wants, needs, or events that cause or motivate a transaction occurring at the same time and the same place. One example is the bar musician who is "paid" with liquor or food, items which his landlord will not accept as rent payment, when the musician would rather have a month's shelter. If, instead, the musician's landlord were to throw a party and desire music for it, hiring the musician to play it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nick Szabo
Nicholas Szabo is a computer scientist, legal scholar, and cryptographer known for his research in digital contracts and digital currency. He graduated from the University of Washington in 1989 with a degree in computer science and received a Juris Doctor degree from George Washington University Law School. He holds an honorary professorship at the Universidad Francisco Marroquín. The phrase and concept of "smart contracts" was developed by Szabo with the goal of bringing what he calls the "highly evolved" practices of contract law and practice to the design of electronic commerce protocols between strangers on the Internet. In 1994, he wrote an introduction to the concept and, in 1996, an exploration of what smart contracts could do. Nick Szabo envisioned a digital marketplace built on these automatic, cryptographically secure processes. A place where transactions and business functions can happen trustlessly — without intermediaries. A current example of Smart Contracts in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bartering
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists distinguish barter from gift economies in many ways; barter, for example, features immediate reciprocal exchange, not one delayed in time. Barter usually takes place on a bilateral basis, but may be multilateral (if it is mediated through a trade exchange). In most developed countries, barter usually exists parallel to monetary systems only to a very limited extent. Market actors use barter as a replacement for money as the method of exchange in times of monetary crisis, such as when currency becomes unstable (such as hyperinflation or a deflationary spiral) or simply unavailable for conducting commerce. No ethnographic studies have shown that any present or past society has used barter without any other medium of exchange or measurement, and an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Want
The idea of want can be examined from many perspectives. In secular societies want might be considered similar to the emotion desire, which can be studied scientifically through the disciplines of psychology or sociology. Want might also be examined in economics as a necessary ingredient in sustaining and perpetuating capitalist societies that are organised around principles like consumerism. Alternatively want can be studied in a non-secular, spiritual, moralistic or religious way, particularly by Buddhism but also Christianity, Islam and Judaism. In economics, a want is something that is desired. It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us). Thus, people cannot have everything they want and must look for the most affordable alternatives. Wants are often distinguished from needs. A need is something that is necessary for wiktionary:survival, survival (such as food an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Stanley Jevons
William Stanley Jevons (; 1 September 183513 August 1882) was an English economist and logician. Irving Fisher described Jevons's book ''A General Mathematical Theory of Political Economy'' (1862) as the start of the mathematical method in economics. It made the case that economics, as a science concerned with quantities, is necessarily mathematical. In so doing, it expounded upon the "final" (marginal) utility theory of value. Jevons' work, along with similar discoveries made by Carl Menger in Vienna (1871) and by Léon Walras in Switzerland (1874), marked the opening of a new period in the history of economic thought. Jevons's contribution to the marginal revolution in economics in the late 19th century established his reputation as a leading political economist and logician of the time. Jevons broke off his studies of the natural sciences in London in 1854 to work as an assayer in Sydney, where he acquired an interest in political economy. Returning to the UK in 1859, h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carl Menger
Carl Menger von Wolfensgrün (; ; 28 February 1840 – 26 February 1921) was an Austrian economist and the founder of the Austrian School of economics. Menger contributed to the development of the theories of marginalism and marginal utility, which rejected cost-of-production theory of value, such as developed by the classical economists such as Adam Smith and David Ricardo. As a departure from such, he would go on to call his resultant perspective, the subjective theory of value. Biography Family and education Carl Menger von Wolfensgrün was born in the city of Neu-Sandez in Galicia, Austrian Empire, which is now Nowy Sącz in Poland. He was the son of a wealthy family of minor nobility; his father, Anton Menger, was a lawyer. His mother, Caroline Gerżabek, was the daughter of a wealthy Bohemian merchant. He had two brothers, Anton and Max, both prominent as lawyers. His son, Karl Menger, was a mathematician who taught for many years at Illinois Institute of Technolog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobuhiro Kiyotaki
(born June 24, 1955) is a Japanese economist and the Harold H. Helms '20 Professor of Economics and Banking at Princeton University. He is especially known for proposing several models that provide deeper microeconomic foundations for macroeconomics, some of which play a prominent role in New Keynesian macroeconomics. Career He received a B.A. from University of Tokyo in 1978. After receiving his doctorate in economics from Harvard University in 1985, Kiyotaki held faculty positions at the Univ. of Wisconsin–Madison, the Univ. of Minnesota, and the London School of Economics before moving to Princeton. He is a fellow of the Econometric Society, was awarded the 1997 Nakahara Prize of the Japan Economics Association and the 1999 Yrjö Jahnsson Award of the European Economic Association, the latter together with John Moore. In 2003, Kiyotaki was elected a Fellow of the British Academy (FBA), the United Kingdom's national academy for the humanities and social sciences. He is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Randall Wright
Randall D. Wright (born August 4, 1956) is a Canadian academic macroeconomist who advanced the fields of monetary economics and labor economics through his role in the development of matching theory. Biography Wright obtained a B.A. in Economics at the University of Manitoba in 1979 and a Ph.D. in Economics at the University of Minnesota in 1986. He was awarded an honorary M.A. by the University of Pennsylvania in 1990. His first position was as an assistant professor at Cornell from 1984 to 1987. He then moved to the University of Pennsylvania, where he became a full professor in 1994, later becoming the James Joo-Jin Kim Professor of Economics. In 2009, Wright accepted a position in the Economics Department at University of Wisconsin–Madison. He is at the same time the Ray B. Zemon Chair in Liquid Assets in the Wisconsin School of Business' Department of Finance, Investment and Banking. In addition to his academic position, Wright is a research associate at the Federal Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Political Economy
The ''Journal of Political Economy'' is a monthly peer-reviewed academic journal published by the University of Chicago Press. Established by James Laurence Laughlin in 1892, it covers both theoretical and empirical economics. In the past, the journal published quarterly from its introduction through 1905, ten issues per volume from 1906 through 1921, and bimonthly from 1922 through 2019. The editor-in-chief is Magne Mogstad (University of Chicago). It is considered one of the top five journals in economics. Abstracting and indexing The journal is abstracted and indexed in EBSCO, ProQuest, EconLit , Research Papers in Economics, Current Contents/Social & Behavioral Sciences, and the Social Sciences Citation Index. According to the ''Journal Citation Reports'', the journal has a 2020 impact factor of 9.103, ranking it 4/376 journals in the category "Economics". The journal is department-owned University of Chicago journal. Notable papers Among the most influential papers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
