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Lump Of Labour Fallacy
In economics, the lump of labour fallacy is the misconception that there is a fixed amount of work—a lump of labour—to be done within an economy which can be distributed to create more or fewer jobs. It was considered a fallacy in 1891 by economist David Frederick Schloss, who held that the amount of work is not fixed. The term originated to rebut the idea that reducing the number of hours employees are allowed to labour during the working day would lead to a reduction in unemployment. The term is also commonly used to describe the belief that increasing labour productivity, immigration, or automation causes an increase in unemployment. Whereas opponents of immigration argue that immigrants displace a country's workers, this is a fallacy, as the number of jobs in the economy is not fixed and immigration increases the size of the economy and may increase productivity, innovation, and overall economic activity, as well as reduce incentives for off-shoring and business closures, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea; overseas territories include French Guiana in South America, Saint Pierre and Miquelon in the North Atlantic, the French West Indies, and many islands in Oceania and the Indian Ocean. Due to its several coastal territories, France has the largest exclusive economic zone in the world. France borders Belgium, Luxembourg, Germany, Switzerland, Monaco, Italy, Andorra, and Spain in continental Europe, as well as the Netherlands, Suriname, and Brazil in the Americas via its overseas territories in French Guiana and Saint Martin. Its eighteen integral regions (five of which are overseas) span a combined area of and contain clos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero-sum Bias
Zero-sum game is a mathematical representation in game theory and economic theory of a situation which involves two sides, where the result is an advantage for one side and an equivalent loss for the other. In other words, player one's gain is equivalent to player two's loss, therefore the net improvement in benefit of the game is zero. If the total gains of the participants are added up, and the total losses are subtracted, they will sum to zero. Thus, cutting a cake, where taking a more significant piece reduces the amount of cake available for others as much as it increases the amount available for that taker, is a zero-sum game if all participants value each unit of cake equally. Other examples of zero-sum games in daily life include games like poker, chess, and bridge where one person gains and another person loses, which results in a zero-net benefit for every player. In the markets and financial instruments, futures contracts and options are zero-sum games as well. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Time
Working(laboring) time is the period of time that a person spends at paid labor. Unpaid labor such as personal housework or caring for children or pets is not considered part of the working week. Many countries regulate the work week by law, such as stipulating minimum daily rest periods, annual holidays, and a maximum number of working hours per week. Working time may vary from person to person, often depending on economic conditions, location, culture, lifestyle choice, and the profitability of the individual's livelihood. For example, someone who is supporting children and paying a large mortgage might need to work more hours to meet basic costs of living than someone of the same earning power with lower housing costs. In developed countries like the United Kingdom, some workers are part-time because they are unable to find full-time work, but many choose reduced work hours to care for children or other family; some choose it simply to increase leisure time. Standard wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parable Of The Broken Window
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay " That Which We See and That Which We Do Not See" ("") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy. Parable Bastiat's original parable of the broken window from "Ce qu'on voit et ce qu'on ne voit pas" (1850): Interpretations and evidence Bastiat's argument Suppose it was discovered that the little boy was actually hired by the glazier, and paid a franc for every window he broke. Suddenly the same act would be regarded as theft: the glazier was breaking windows to force people to hire his services. Yet the facts observed b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luddite Fallacy
Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. During World War II, Alan Turing's Bombe machine compressed and decoded thousands of man-years worth of encrypted data in a matter of hours. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores. That technological change can cause short-term job losses is widely accepted. The view that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indivisibility Of Labour
In macroeconomics, indivisibility of labor is the idea that labor cannot be used in continuous units but must be purchased from workers in blocks of time, such as eight hours a day or forty hours a week. This model can result in differences in the number of hours worked even though the workers are assumed to be identical: some workers may be unemployed while others are fully employed or even overemployed. The opposite presumption would be that labor may be purchased in continuous units, that workers are identical, and workers' utility functions as concave in leisure and income. Under this model, an optimal outcome is for all workers to work some of the time: all workers are at least partially employed and none are unemployed. Selling Labor is sold in blocks rather than in continuous units because there are fixed costs to the employer attributable to each employee and fixed costs to the employee attributable to each employer. The concept of labor as indivisible has been introduce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bloomberg View
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Television, Bloomberg Radio, ''Bloomberg Businessweek'', ''Bloomberg Markets'', Bloomberg.com, and Bloomberg's mobile platforms. Since 2015, John Micklethwait has served as editor-in-chief. History Bloomberg News was founded by Michael Bloomberg and Matthew Winkler in 1990 to deliver financial news reporting to Bloomberg Terminal subscribers. The agency was established in 1990 with a team of six people. Winkler was first editor-in-chief. In 2010, Bloomberg News included more than 2,300 editors and reporters in 72 countries and 146 news bureaus worldwide. Beginnings (1990–1995) Bloomberg Business News was created to expand the services offered through the terminals. According to Matthew Winkler, then a writer for '' The Wall Street Jou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
35-hour Workweek
The 35-hour working week is a part of a labour law reform adopted in France in February 2000, under Prime Minister Lionel Jospin's Plural Left government. Pushed by Minister of Labour Martine Aubry, it was adopted in two phases: the "Aubry 1" law in June 1998 and "Aubry 2" law in January 2000. The previous legal working week was 39 hours, established by President François Mitterrand, also a member of the Socialist Party. The 35-hour working week had been on the Socialist Party's 1981 electoral program, titled 110 Propositions for France, but was not pursued because of the poor economic state. Time worked after the standard legal limit of 35 hours was to be considered overtime. The reform's aim was primarily to lower the unemployment rate, then at a record high of 12.5%, by encouraging the creation of jobs with work sharing. Objectives The main stated objectives of the law were twofold: # Create new jobs by making it more cost effective to hire an additional worker than to p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
