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Marginal Product Of Labor
In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor. It is a feature of the production function, and depends on the amounts of physical capital and labor already in use. Definition The marginal product of a factor of production is generally defined as the change in output resulting from a unit or infinitesimal change in the quantity of that factor used, holding all other input usages in the production process constant. The marginal product of labor is then the change in output (''Y'') per unit change in labor (''L''). In discrete terms the marginal product of labor is: : \frac . In continuous terms, the ''MPL'' is the first derivative of the production function: : \frac .Perloff, J., ''Microeconomics Theory and Applications with Calculus'', Pearson 2008. p. 173. Graphically, the ''MPL'' is the slope of the production function. Examples There is a factory which produces toys. When there are no workers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Output (economics)
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production. The concept of national output is essential in the field of macroeconomics. It is national output that makes a country rich, not large amounts of money. Definition Output is the result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else. ''Net output'', sometimes called ''netput'' is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production process. Microeconomics Output condition The profit-maximizing output condition for producers equates the relative marginal cost of any two goods to the relative selling price of those goods; i.e. \frac = \frac One may also deduce the ratio of marginal costs as the slope of the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hal Varian
Hal Ronald Varian (born March 18, 1947 in Wooster, Ohio) is Chief Economist at Google and holds the title of emeritus professor at the University of California, Berkeley where he was founding dean of the School of Information. Varian is an economist specializing in microeconomics and information economics. Early life Hal Varian was born on March 18, 1947 in Wooster, Ohio. He received his B.S. from MIT in economics in 1969 and both his M.A. in mathematics and Ph.D. in economics from the University of California, Berkeley in 1973. Career Varian taught at MIT, Stanford University, the University of Oxford, the University of Michigan, the University of Siena and other universities around the world. He has two honorary doctorates, from the University of Oulu, Finland in 2002, and a Dr. h. c. from the Karlsruhe Institute of Technology (KIT), Germany, awarded in 2006. He is emeritus professor at the University of California, Berkeley, where he was founding dean of the School o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Product Of Capital
In economics, the marginal product of capital (MPK) is the additional production that a firm experiences when it adds an extra unit of capital. It is a feature of the production function, alongside the labour input. Definition The marginal product of capital (MPK) is the additional output resulting, ceteris paribus ("all things being equal"), from the use of an additional unit of physical capital, such as machines or buildings used by businesses. The marginal product of capital (MPK) is the amount of extra output the firm gets from an extra unit of capital, holding the amount of labor constant: : MP_K = F(K + 1, L) - F(K, L) Thus, the marginal product of capital is the difference between the amount of output produced with K + 1 units of capital and that produced with only K units of capital.N. Gregory Mankiw. (2010). Macroeconomics. United States: Worth Publishers Determining marginal product of capital is essential when a firm is debating on whether or not to invest on the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Heinrich Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, critic of political economy, and socialist revolutionary. His best-known titles are the 1848 pamphlet '' The Communist Manifesto'' and the four-volume (1867–1883). Marx's political and philosophical thought had enormous influence on subsequent intellectual, economic, and political history. His name has been used as an adjective, a noun, and a school of social theory. Born in Trier, Germany, Marx studied law and philosophy at the universities of Bonn and Berlin. He married German theatre critic and political activist Jenny von Westphalen in 1843. Due to his political publications, Marx became stateless and lived in exile with his wife and children in London for decades, where he continued to develop his thought in collaboration with German philosopher Friedrich Engels and publish his writings, researching in the British Mus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser. The LTV is central to Marxist theory, which holds that the working class is exploited under capitalism, and dissociates price and value. However, Marx did not refer to his own theory of value as a "labour theory of value". Orthodox neoclassical economics rejects the LTV, using a theory of value based on subjective preferences. The revival in interpretation of Marx known as the a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Elsie Elizabeth (Hungler) and Joseph Stigler. He was of German descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a BA and then spent a year at Northwestern University from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. Career After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics there in 1938. He taught at Iowa State College from 1936 to 1938. He spent much of World War II at Columbia University, p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leland Yeager
Leland Bennett Yeager (; October 4, 1924 – April 23, 2018) was an American economist dealing with monetary policy and international trade. Biography Yeager graduated from Oberlin College in 1948 with an A.B. and was granted an M.A. from Columbia University in 1949 and a Ph.D. from there in 1952. He had previously served in the United States Army in World War II, translating Japanese codes. He temporarily served as the Vice President of the Interlingua Institute from 1997 to 1998 after Deanna Hammond died. He has been a regular contributor to ''Liberty'' magazine and an occasional contributor to the "Mises Daily". He was a Professor Emeritus at both Auburn University and the University of Virginia. His monetary writings have strongly opposed Keynesian orthodoxy and have emphasized the crucial role of money in business cycles. His 1956 essay, "A Cash-Balance Interpretation of Depression" maintained that depression was caused by "an excess demand for money, in the sense that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian School
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as '' Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Knight
Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century. Paul Samuelson named Knight (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Wesley Clair Mitchell, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Life and career Knight ( BA, Milligan College, 1911; BS and AM, Tennessee, 1913; PhD, Cornell, 1916) was born in 1885 in McLean County, Illinois, the son of Julia Ann (Hyneman) and Winton Cyrus Knight. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School (economics)
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago economists have also left their intellectual influence in other fields, notably in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomas Nixon Carver
Thomas Nixon Carver (25 March 1865 – 8 March 1961) was an American economics professor. Early life He grew up on a farm, the son of Quaker parents. He received an undergraduate education at Iowa Wesleyan College and the University of Southern California. After studying under John Bates Clark and Richard T. Ely at Johns Hopkins University, he received a Ph.D. degree at Cornell University under Walter Francis Willcox in 1894. Career He held a joint appointment in economics and sociology at Oberlin College until 1902, when he accepted a position as professor of political economy at Harvard University (1902–1935). For a time, there he taught the only course in sociology. He was the secretary-treasurer of the American Economic Association (1909–1913) and was elected its President in 1916. Carver's principal achievement in economic theory was to extend Clark's theory of marginalism to determination of interest from saving ('abstinence') and productivity of capital. He ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Bates Clark
John Bates Clark (January 26, 1847 – March 21, 1938) was an American neoclassical economist. He was one of the pioneers of the marginalist revolution and opponent to the Institutionalist school of economics, and spent most of his career as professor at Columbia University. Biography Clark was born and raised in Providence, Rhode Island, and graduated from Amherst College, in Massachusetts, at the age of 25. From 1872 to 1875, he attended the University of Zurich and the University of Heidelberg where he studied under Karl Knies (a leader of the German Historical School). He taught as a professor of economics at Carleton College from 1875 to 1881 before moving east to teach at Smith College. He subsequently taught at Amherst College, Johns Hopkins University, and Columbia University. Early in his career Clark's writings reflected his German Socialist background and showed him as a critic of capitalism. During his time as a professor at Columbia University however, his v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
