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Negative Income Tax
In economics, a negative income tax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level; in other words, earners above that level pay money to the state while earners below it receive money. NIT was proposed by British writer and politician Juliet Rhys-Williams while working on the Beveridge Report in the early 1940s and popularized by American economist Milton Friedman in the 1960s as a system in which the state makes payments to poor people when their income falls below a threshold, while taxing them on income above that threshold. Together with Friedman, supporters of NIT also included James Tobin, Joseph A. Pechman, Jim Gray and even then-President Richard Nixon, who suggested implementation of modified NIT in his Family Assistance Plan. After the increase in popularity of NIT, an experiment sponsored by the US government was conducted between 1968 and 1982 on effects of NIT on labour supply, income, and substitution ef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vilfredo Pareto
Vilfredo Federico Damaso Pareto (; ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices, and was one of the minds behind the Lausanne School of economics. He was also responsible for popularising the use of the term '' elite'' in social analysis and contributed to elite theory. He has been described as "one of the last Renaissance scholars. Trained in physics and mathematics, he became a polymath whose genius radiated into nearly all other major fields of knowledge." He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to claim that income follows a Pareto distribution, which is a power law probability distribution. The Paret ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effective Marginal Tax Rate
The effective marginal tax rate (EMTR) is the percentage of additional income that a taxpayer pays in taxes less any changes in the value of welfare benefits and tax credits received. The benefit reduction rate is the decrease in the value of welfare benefits provided for an additional unit of income. For example, if earning $40,001 results in someone receiving $0.40 less in welfare benefits than they would have received in they earned $40,000, than the benefit reduction rate at $40,000 is 40%. The effective marginal tax rate is the sum of the marginal tax rate and the benefit reduction rate. These definitions can be expressed mathematically as: marginalTaxRate = \frac, benefitReductionRate = \frac, effectiveMarginalTaxRate = \frac where is the total tax liability, is the total value of welfare benefits received, is total income, and ∆ refers to a numerical change. The benefit reduction rate is often zero or positive for means tested benefits as they phase out. However, som ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Universal Basic Income
Universal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive a minimum income in the form of an unconditional transfer payment, i.e., without a means test or need to perform Work (human activity), work. In contrast, a ''guaranteed minimum income'' is paid only to those who do not already receive an income that is enough to live on. A UBI would be received independently of any other income. If the level is sufficient to meet a person's basic needs (i.e., at or above the poverty line), it is considered a ''full basic income''; if it is less than that amount, it is called a ''partial basic income''. As of 2025, no country has implemented a full UBI system, but two countries—Mongolia and Iran—have had a partial UBI in the past. There have been Universal basic income pilots, numerous pilot projects, and the idea Universal basic income around the world, is discussed in many countries. Some have labelled UBI as utopian du ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalism And Freedom
''Capitalism and Freedom'' is a book by Milton Friedman originally published in 1962 by the University of Chicago Press which discusses the role of economic capitalism in liberal society. It has sold more than half a million copies since 1962 and has been translated into eighteen languages. Friedman argues for economic freedom as a precondition for political freedom. He defines " liberal" in European Enlightenment terms, contrasting with an American usage that he believes has been corrupted since the Great Depression. The book identifies several places in which a free market can be promoted for both philosophical and practical reasons. Among other concepts, Friedman advocates ending the mandatory licensing of physicians and introducing a system of vouchers for school education. Context ''Capitalism and Freedom'' was published nearly two decades after World War II, a time when the Great Depression was still in collective memory. Under the Kennedy and preceding Eisenhower a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rose Friedman
Rose Director Friedman ; born Rose Director (30 December 1910 – 18 August 2009) was a free-market economist and co-founder of the Milton and Rose D. Friedman Foundation. Biography Rose Director was born in Staryi Chortoryisk, in Ukraine, to the Director family, prominent Jewish residents. She is believed to have been born the last week of December 1910; however, the birth records have been lost. In her youth, she wrote articles with Dorothy Brady on consumption. Rose Friedman attended Reed College and then transferred to the University of Chicago, where she received a Bachelor of Philosophy degree. After this she began to study for a doctorate in economics at the University of Chicago and completed all work necessary for the PhD except for writing the dissertation. She was married to her frequent collaborator, Milton Friedman (1912–2006), who won the 1976 Nobel Prize in Economics. Her brother, Aaron Director (1901–2004), was a professor at the University of Chicago Law ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Mirrlees
Sir James Alexander Mirrlees (5 July 1936 – 29 August 2018) was a British economist and winner of the 1996 Nobel Memorial Prize in Economic Sciences. He was knighted in the 1997 Birthday Honours. Early life and education Born in Minnigaff, Wigtownshire, Mirrlees was educated at Douglas Ewart High School, then at the University of Edinburgh ( MA in Mathematics and Natural Philosophy in 1957) and Trinity College, Cambridge (Mathematical Tripos and PhD in 1963 with thesis title ''Optimum Planning for a Dynamic Economy'', supervised by Richard Stone). He was a very active student debater. A contemporary, Quentin Skinner, has suggested that Mirrlees was a member of the Cambridge Apostles along with fellow Nobel Laureate Amartya Sen during the period. Economics Between 1968 and 1976, Mirrlees was a visiting professor at the Massachusetts Institute of Technology three times. He was also a visiting professor at the University of California, Berkeley (1986) and Yale Universit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Hume
David Hume (; born David Home; – 25 August 1776) was a Scottish philosopher, historian, economist, and essayist who was best known for his highly influential system of empiricism, philosophical scepticism and metaphysical naturalism. Beginning with '' A Treatise of Human Nature'' (1739–40), Hume strove to create a naturalistic science of man that examined the psychological basis of human nature. Hume followed John Locke in rejecting the existence of innate ideas, concluding that all human knowledge derives solely from experience. This places him with Francis Bacon, Thomas Hobbes, John Locke, and George Berkeley as an empiricist. Cranston, Maurice, and Thomas Edmund Jessop. 2020 999br>David Hume" ''Encyclopædia Britannica''. Retrieved 18 May 2020. Hume argued that inductive reasoning and belief in causality cannot be justified rationally; instead, they result from custom and mental habit. We never actually perceive that one event causes another but only experience ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utilitarianism
In ethical philosophy, utilitarianism is a family of normative ethical theories that prescribe actions that maximize happiness and well-being for the affected individuals. In other words, utilitarian ideas encourage actions that lead to the greatest good for the greatest number. Although different varieties of utilitarianism admit different characterizations, the basic idea that underpins them all is, in some sense, to maximize utility, which is often defined in terms of well-being or related concepts. For instance, Jeremy Bentham, the founder of utilitarianism, described ''utility'' as the capacity of actions or objects to produce benefits, such as pleasure, happiness, and good, or to prevent harm, such as pain and unhappiness, to those affected. Utilitarianism is a version of consequentialism, which states that the consequences of any action are the only standard of right and wrong. Unlike other forms of consequentialism, such as egoism and altruism, egalitarian util ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Welfare Function
In welfare economics and social choice theory, a social welfare function—also called a social ordering, ranking, utility, or choice function—is a function that ranks a set of social states by their desirability. Each person's preferences are combined in some way to determine which outcome is considered better by society as a whole. It can be seen as mathematically formalizing Rousseau's idea of a general will. Social choice functions are studied by economists as a way to identify socially-optimal decisions, giving a procedure to rigorously define which of two outcomes should be considered better for society as a whole (e.g. to compare two different possible income distributions). They are also used by democratic governments to choose between several options in elections, based on the preferences of voters; in this context, a social choice function is typically referred to as an electoral system. The notion of social utility is analogous to the notion of a utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oskar Lange
Oskar Ryszard Lange (; 27 July 1904 – 2 October 1965) was a Polish economics, economist and diplomat. He is best known for advocating the use of market (economics), market pricing tools in socialism, socialist systems and providing a model of market socialism. He responded to the economic calculation problem proposed by Ludwig von Mises and Friedrich Hayek by claiming that managers in a Planned economy, centrally-planned economy would be able to monitor supply and demand through increases and declines in Inventory, inventories of goods, and advocated the nationalization of major industries. During his stay in the United States, Lange was an academic teacher and researcher in mathematical economics. Later in Polish People's Republic, socialist Poland, he was a member of the Polish United Workers' Party, Central Committee of the Polish United Workers' Party.Witold Gadomski, ''Rynek trzyma smycz [Gadomski o książce Belki]'' (The market holds the leash [Gadomski about Belka's book] ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
