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Unemployment
Unemployment is the situation of actively looking for employment but not being currently employed. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate. According to International Labour Organization report, more than 200 million people globally or 6% of the world's workforce were without a job in 2012. The causes of unemployment are heavily debated. Classical economics, new classical economics, and the Austrian School of economics argued that market mechanisms are reliable means of resolving unemployment
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Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice
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Chicago
Chicago (/ʃɪˈkɑːɡ, -ˈkɔː-/ (About this sound listen)), officially the City of Chicago, is the third most populous city in the United States. With over 2.7 million residents, it is also the most populous city in both the state of Illinois and the Midwestern United States. It is the county seat of Cook County. The Chicago metropolitan area, often referred to as Chicagoland, has nearly 10 million people and is the third-largest in the United States
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Illinois
Illinois (/ˌɪlɪˈnɔɪ/ (About this sound listen) IL-ih-NOY) is a state in the Midwestern region of the United States. It is the 6th most populous state and 25th largest state in terms of land area, and is often noted as a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal, timber, and petroleum in the south, Illinois has a diverse economic base and is a major transportation hub. The Port of Chicago connects the state to other global ports from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean, as well as the Great Lakes to the Mississippi River, via the Illinois Waterway on the Illinois River. The Mississippi River, the Ohio River, and the Wabash River form parts of the boundaries of Illinois
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Proletariat
The proletariat (/ˌprlɪˈtɛəriət/ from Latin proletarius) is the class of wage-earners in a capitalist society whose only possession of significant material value is their labour-power (their ability to work). A member of such a class is a proletarian. In Marxist theory, a dictatorship of proletarians is for the proletariat, through the proletariat and by the proletariat
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Murray Rothbard
Murray Newton Rothbard (/ˈmɜːri ˈrɒθbɑːrd/; March 2, 1926 – January 7, 1995) was an American heterodox economist of the Austrian School, a historian, and a political theorist whose writings and personal influence played a seminal role in the development of modern right-libertarianism. Rothbard was the founder and leading theoretician of anarcho-capitalism, a staunch advocate of historical revisionism, and a central figure in the twentieth-century American libertarian movement
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Theories Of Surplus Value
Theories of Surplus Value (German: Theorien über den Mehrwert) is a draft manuscript written by Karl Marx between January 1862 and July 1863. It is mainly concerned with the West European theorizing about Mehrwert (added value or surplus-value) from about 1750, critically examining the ideas of British, French and German political economists about wealth creation and the profitability of industries. At issue are the source, forms and determinants of the magnitude of surplus-value,
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Disruptive Technology
Disruptive innovation is a term in the field of business administration which refers to an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leading firms, products, and alliances. The term was defined and first analyzed by the American scholar Clayton M. Christensen and his collaborators beginning in 1995, and has been called the most influential business idea of the early 21st century. Not all innovations are disruptive, even if they are revolutionary. For example, the first automobiles in the late 19th century were not a disruptive innovation, because early automobiles were expensive luxury items that did not disrupt the market for horse-drawn vehicles
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Conceptual Model
A conceptual model is a representation of a system, made of the composition of concepts which are used to help people know, understand, or simulate a subject the model represents. It is also a set of concepts. Some models are physical objects; for example, a toy model which may be assembled, and may be made to work like the object it represents. The term conceptual model may be used to refer to models which are formed after a conceptualization or generalization process. Conceptual models are often abstractions of things in the real world whether physical or social. Semantic studies are relevant to various stages of concept formation
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International Labour Organization
The International Labour Organization (ILO) is a United Nations agency whose mandate is to advance social justice and promote decent work by setting international labour standards. It was the first specialised agency of the UN. The ILO has 187 member states: 186 of the 193 UN member states plus the Cook Islands are members of the ILO. The tripartite structure is unique to the ILO where representatives from the government, employers and employees openly debate and create labour standards. The International Labour Office is the permanent secretariat of the International Labour Organization. It is the focal point for International Labour Organization's overall activities, which it prepares under the scrutiny of the Governing Body and under the leadership of the Director-General. The ILO employs some 2,700 officials from over 150 nations at its headquarters in Geneva, and in around 40 field offices around the world
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Minimum Wage Law
Minimum wage law is the body of law which prohibits employers from hiring employees or workers for less than a given hourly, daily or monthly minimum wage
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Austrian School
The Austrian School is a heterodox school of economic thought that is based on methodological individualism—the concept that social phenomena result exclusively from the motivations and actions of individuals. The Austrian School originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and others. It was methodologically opposed to the Prussian Historical School (in a dispute known as Methodenstreit). Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics
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