|
Household Production Function
Consumers often choose not directly from the commodities that they purchase but from commodities they transform into goods through a household production function. It is these goods that they value. The idea was originally proposed by Gary Becker, Kelvin Lancaster, and Richard Muth in the mid-1960s. The idea was introduced simultaneously into macroeconomics in two separate papers by Jess Benhabib, Richard Rogerson, and Randall Wright (1991); and Jeremy Greenwood and Zvi Hercowitz (1991). Household production theory has been used to explain the rise in married female labor-force participation over the course of the 20th century, as the result of labor-saving appliances. More recently with the rise of the DIY or Maker movement household production has become more sophisticated. For example, consumers can now convert plastic wire into high-value products with inexpensive 3-D printers in their own homes. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemical substance, chemicals and computer memory. Popular commodities include Petroleum, crude oil, Maize, corn, and gold. Other definitions of commodity include something useful or valued and an alternative ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jeremy Greenwood (economist)
Jeremy John Denis Greenwood CBE The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations, and public service outside the civil service. It was established o ... (born 7 September 1942) is a British ornithology, ornithologist and was Director of the British Trust for Ornithology (BTO) from 1988 until he retired in September 2007. Greenwood was educated at Royal Grammar School Worcester and St Catherine's College, Oxford. Prior to working at the BTO, he spent 20 years as a lecturer in biological sciences at the University of Dundee. He is also president of the European Ornithologists Union. He is also an honorary Professor at the University of Birmingham's Centre for Ornithology. He was responsible for publishing the two largest surveys on British bird populations. Since 2000, he has been a trustee of The British Birds Charitable Trust, which publishes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Home Economics
Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of the third generation of the Chicago school of economics. Becker was awarded the Nobel Memorial Prize in Economic Sciences in 1992 and received the United States Presidential Medal of Freedom in 2007. A 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Kenneth Arrow and Robert Solow. Economist Justin Wolfers called him "the most important social scientist in the past 50 years." Becker was one of the first economists to analyze topics that had been researched in sociology, including racial discrimination, crime, family organization, and rational addiction. He argued that many different types of human behavior can be seen as rational and utility-maximizing, including those that a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Economics
Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, polygamy, time devoted to domestic production, and dowry payments using economic analysis. The family, although recognized as fundamental from Adam Smith onward, received little systematic treatment in economics before the 1960s. Important exceptions are Thomas Robert Malthus' model of population growthThomas Robert Malthus, 1798. '' An Essay on the Principle of Population''. Full text on WikiSource. and Friedrich Engels'Friedrich Engels, 1981, The Origin of the Family, Private Property and State, International Publishers, pp 94-146 pioneering work on the structure of family, the latter being often mentioned in Marxist and feminist economics. Since the 1960s, family economics has developed within mainstream economics, propelled by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cake
Cake is a flour confection made from flour, sugar, and other ingredients, and is usually baked. In their oldest forms, cakes were modifications of bread, but cakes now cover a wide range of preparations that can be simple or elaborate, and which share features with desserts such as pastries, meringues, custards, and pies. The most common ingredients include flour, sugar, eggs, fat (such as butter, oil or margarine), a liquid, and a leavening agent, such as baking soda or baking powder. Common additional ingredients include dried, candied, or fresh fruit, nuts, cocoa, and extracts such as vanilla, with numerous substitutions for the primary ingredients. Cakes can also be filled with fruit preserves, nuts or dessert sauces (like custard, jelly, cooked fruit, whipped cream or syrups), iced with buttercream or other icings, and decorated with marzipan, piped borders, or candied fruit. Cake is often served as a celebratory dish on ceremonial occasions, such as wedd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
3-D Printers
3D printing or additive manufacturing is the construction of a three-dimensional object from a CAD model or a digital 3D model. It can be done in a variety of processes in which material is deposited, joined or solidified under computer control, with material being added together (such as plastics, liquids or powder grains being fused), typically layer by layer. In the 1980s, 3D printing techniques were considered suitable only for the production of functional or aesthetic prototypes, and a more appropriate term for it at the time was rapid prototyping. , the precision, repeatability, and material range of 3D printing have increased to the point that some 3D printing processes are considered viable as an industrial-production technology, whereby the term ''additive manufacturing'' can be used synonymously with ''3D printing''. One of the key advantages of 3D printing is the ability to produce very complex shapes or geometries that would be otherwise impossible to construct ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maker Movement
The maker culture is a contemporary subculture representing a technology-based extension of DIY culture that intersects with hardware-oriented parts of hacker culture and revels in the creation of new devices as well as tinkering with existing ones. The maker culture in general supports open-source hardware. Typical interests enjoyed by the maker culture include engineering-oriented pursuits such as electronics, robotics, 3-D printing, and the use of computer numeric control tools, as well as more traditional activities such as metalworking, woodworking, and, mainly, its predecessor, traditional arts and crafts. The subculture stresses a cut-and-paste approach to standardized hobbyist technologies, and encourages cookbook re-use of designs published on websites and maker-oriented publications. There is a strong focus on using and learning practical skills and applying them to reference designs. There is also growing work on equity and the maker culture. Philosophical emphasis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economic Studies
''The Review of Economic Studies'' (also known as ''REStud'') is a quarterly peer-reviewed academic journal covering economics. It was established in 1933 by a group of economists based in Britain and the United States. The original editorial team consisted of Abba P. Lerner, Paul Sweezy, and Ursula Kathleen Hicks. It is published by Oxford University Press. The journal is widely considered one of the top 5 journals in economics. It is managed by the editorial board currently chaired by Nicola Fuchs-Schündeln (Goethe University Frankfurt). The current joint managing editors are Thomas Chaney (Sciences Po), Andrea Galeotti (London Business School), Nicola Gennaioli (Bocconi University), Veronica Guerrieri (University of Chicago), Kurt Mitman (Institute for International Economic Studies, Stockholm University), Francesca Molinari (Cornell University), Uta Schönberg (University College London), and Adam Szeidl (Central European University). According to the ''Journal Citation Repor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Women In The Workforce
Since the industrial revolution, participation of women in the workforce outside the home has increased in industrialized nations, with particularly large growth seen in the 20th century. Largely seen as a boon for industrial society, women in the workforce contribute to a higher national economic output as measure in GDP as well as decreasing labor costs by increasing the labor supply in a society. Women's lack of access to higher education had effectively excluded them from the practice of well-paid and high status occupations. Entry of women into the higher professions, like law and medicine, was delayed in most countries due to women being denied entry to universities and qualification for degrees. For example, Cambridge University only fully validated degrees for women late in 1947, and even then only after much opposition and acrimonious debate. Women were largely limited to low-paid and poor status occupations for most of the 19th and 20th centuries, or earned less pay t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zvi Hercowitz
Zvi Hercowitz (born December 21, 1945 in Rosario, Argentina) is professor emeritus at Tel Aviv University's School of Economics and has been a member of the montetary committee of the Bank of Israel since 2017. He emigrated to Israel in 1969 and began his academic career at Tel Aviv University in 1980. He published extensively throughout his career, with notable works includingMoney and the Dispersion of Relative Prices", Journal of Political Economy, April 1981; "Output Growth, the Real Wage, and Employment Fluctuations" with Michael Sampson, American Economic Review, December 1991; and "Long-Run Implications of Investment-Specific Technological Progress" with Jeremy Greenwood and Per Krusell, American Economic Review, June 1997. He received the bachelor's degree in economics in 1973 and the master of arts in economics in 1975, both from the Hebrew University in Jerusalem. In 1980 he received his PhD in economics from the University of Rochester with his dissertation supervised ... [...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] |
Production Function
In economics, a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution of income to those factors, while abstracting away from the technological problems of achieving technical efficiency, as an engineer or professional manager might understand it. For modelling the case of many outputs and many inputs, researchers often use the so-called Shephard's distance functions or, alternatively, directional distance functions, which are generalizations of the simple production function in economics. In macroeconomics, aggregate production functions are estimated to create a fram ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
