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Government Failure
Government failure, in the context of public economics, is an economic inefficiency caused by a government intervention, if the inefficiency would not exist in a true free market. The costs of the government intervention are greater than the benefits provided. It can be viewed in contrast to a market failure, which is an economic inefficiency that results from the free market itself, and can potentially be corrected through government regulation. However, Government failure often arises from an attempt to solve market failure. The idea of government failure is associated with the policy argument that, even if particular markets may not meet the standard conditions of perfect competition required to ensure social optimality, government intervention may make matters worse rather than better. As with a market failure, government failure is not a failure to bring a particular or favoured solution into existence but is rather a problem that prevents an efficient outcome. The problem to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Economics
Public economics ''(or economics of the public sector)'' is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and if so to what extent it should do so. Microeconomic theory is utilized to assess whether the private market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and expenditures. This subject encompasses a host of topics notably market failures such as, public goods, externalities and Imperfect Competition, and the creation and implementation of government policy. Broad methods and topics include: * the theory and applic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph E
Joseph is a common male given name, derived from the Hebrew Yosef (יוֹסֵף). "Joseph" is used, along with "Josef", mostly in English, French and partially German languages. This spelling is also found as a variant in the languages of the modern-day Nordic countries. In Portuguese and Spanish, the name is "José". In Arabic, including in the Quran, the name is spelled '' Yūsuf''. In Persian, the name is "Yousef". The name has enjoyed significant popularity in its many forms in numerous countries, and ''Joseph'' was one of the two names, along with ''Robert'', to have remained in the top 10 boys' names list in the US from 1925 to 1972. It is especially common in contemporary Israel, as either "Yossi" or "Yossef", and in Italy, where the name "Giuseppe" was the most common male name in the 20th century. In the first century CE, Joseph was the second most popular male name for Palestine Jews. In the Book of Genesis Joseph is Jacob's eleventh son and Rachel's first son, and k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Choice
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science".Gordon Tullock, The New Palgrave: A Dictionary of Economics, [1987] 2008, "public choice," ''The New Palgrave Dictionary of Economics''. . Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested Agent (economics), agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.Alberto Alesina, Torsten Persson, Guido Tabellini, 2006. “Reply to Blankart and Koester's Political Economics versus Public Choice Two Views of Political Economy in Competition,” Kyklos, 59(2), pp. 201–208 In popular use, "public choice" is often used as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction-cost Economics
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. Oliver E. Williamson defines transaction costs as the costs of running an economic system of companies, and unlike production costs, decision-makers determine strategies of companies by measuring transaction costs and production costs. Transaction costs are the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. Therefore, the transaction cost is one of the most significant factors in business operation and management. Oliver E. Williamson's ''Transaction Cost Economics'' popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs, boost economic growth.North, Douglass C. 1992. “Tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Tullock
Gordon Tullock (; February 13, 1922 – November 3, 2014) was an economist and professor of law and Economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He was one of the founding figures in his field. Early life and education A native of Rockford, Illinois and graduate of Rockford Central High School, Tullock attended the University of Chicago and, after a break for military service during World War II, received a J.D. in 1947. Following a brief period in private practice, he joined the Foreign Service that fall. After completing training, he was posted to Tianjin, China, later receiving Chinese language instruction at Yale and Cornell and follow-on postings to Hong Kong and Korea. He resigned from the Foreign Service in 1956. While he originally intended to pursue a career as a foreign trader in the Far East, his work on ''The Politics of Bureaucracy'' eventuall ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Choice
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science".Gordon Tullock, The New Palgrave: A Dictionary of Economics, [1987] 2008, "public choice," ''The New Palgrave Dictionary of Economics''. . Its content includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested Agent (economics), agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways – using (for example) standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economy.Alberto Alesina, Torsten Persson, Guido Tabellini, 2006. “Reply to Blankart and Koester's Political Economics versus Public Choice Two Views of Political Economy in Competition,” Kyklos, 59(2), pp. 201–208 In popular use, "public choice" is often used as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James M
James is a common English language surname and given name: *James (name), the typically masculine first name James * James (surname), various people with the last name James James or James City may also refer to: People * King James (other), various kings named James * Saint James (other) * James (musician) * James, brother of Jesus Places Canada * James Bay, a large body of water * James, Ontario United Kingdom * James College, a college of the University of York United States * James, Georgia, an unincorporated community * James, Iowa, an unincorporated community * James City, North Carolina * James City County, Virginia ** James City (Virginia Company) ** James City Shire * James City, Pennsylvania * St. James City, Florida Arts, entertainment, and media * ''James'' (2005 film), a Bollywood film * ''James'' (2008 film), an Irish short film * ''James'' (2022 film), an Indian Kannada-language film * James the Red Engine, a character in ''Thomas the Tank En ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federico Sturzenegger
Federico Sturzenegger (born 11 February 1966 in Rufino, Santa Fe) is an Argentine economist who was President of the Central Bank between 2015 and 2018. Sturzenegger has a PhD in Economics from Massachusetts Institute of Technology. He was a professor of economics at University of California, Los Angeles, Torcuato di Tella University (where he also was Dean of the Business School), and Kennedy School of Government of Harvard University. Currently he teaches at University of San Andres and is Honoris Causa Professor at HEC Paris. Academically he co-introduced Dark Matter, a term referring to 'invisible' assets that explain the difference between official estimates of the current account and estimates based on the actual return net financial position as well as the concept of de facto exchange rates. Throughout his academic career he has published close to fifty articles in refereed journals as well as eight books. He was also Chief Economist of YPF, President of Bank ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political economy is the study of how Macroeconomics, economic systems (e.g. Marketplace, markets and Economy, national economies) and Politics, political systems (e.g. law, Institution, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as Market economy, labour markets and Financial market, financial markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western Ethics, moral philosophy, with theoretical works exploring the administration ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Julian Le Grand
Sir Julian Ernest Michael Le Grand, FBA (born 29 May 1945) is a British academic specialising in public policy. He is the Richard Titmuss Professor of Social Policy at the London School of Economics (LSE) and was a senior policy advisor to former Prime Minister Tony Blair. Le Grand is the author, co-author or editor of seventeen books and over ninety articles on economics, philosophy and public policy. One of his books, '' Motivation, Agency and Public Policy: Of Knights and Knaves, Pawns and Queens'', was described by '' The Economist'' as "accessible – and profound" and by '' The Times'' as "one of the most important books on public policy in recent years". He was one of ''Prospect'' magazine's 100 top British public intellectuals, and one of the ESRC's ten Heroes of Dissemination. He is one of the principal architects of the UK Government's current ‘ quasi-market’ reforms introducing choice and competition into health care and education. In addition, he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Science
Political science is the scientific study of politics. It is a social science dealing with systems of governance and power, and the analysis of political activities, political thought, political behavior, and associated constitutions and laws. Modern political science can generally be divided into the three subdisciplines of comparative politics, international relations, and political theory. Other notable subdisciplines are public policy and administration, domestic politics and government, political economy, and political methodology. Furthermore, political science is related to, and draws upon, the fields of economics, law, sociology, history, philosophy, human geography, political anthropology, and psychology. Political science is methodologically diverse and appropriates many methods originating in psychology, social research, and political philosophy. Approaches include positivism, interpretivism, rational choice theory, behaviouralism, structuralism, post-struct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
