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Monopsonies
In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers. The microeconomic theory of monopsony assumes a single entity to have market power over all sellers as the only purchaser of a good or service. This is a similar power to that of a monopolist, which can influence the price for its buyers in a monopoly, where multiple buyers have only one seller of a good or service available to purchase from. Etymology The term "monopsony" (from Greek μόνος (''mónos'') "single" and ὀψωνεῖν (''opsōneîn'') "to purchase fish") was first introduced by the British economist Joan Robinson in her influential book, ''The Economics of Imperfect Competition'' (1933)., published in 1933. Robinson credited classics scholar Bertrand Hallward of the University of Cambridge with coining the term. History Monopsony theory was developed by economist Joan Robins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Wheat Board
The Canadian Wheat Board () was a marketing board for wheat and barley in Western Canada. Established by the Parliament of Canada on 5 July 1935, its operation was governed by the Canadian Wheat Board Act as a mandatory producer marketing system for wheat and barley in Alberta, Saskatchewan, Manitoba, and a small part of British Columbia. This system was historically referred to as "Single Desk" marketing as it was the only channel by which farmers could legally sell their wheat and barley in the CWB jurisdiction. Amid criticism around this restriction, the Canadian Wheat Board's Single Desk marketing power officially ended on 1 August 2012 as a result of Bill C-18, also known as the Marketing Freedom for Grain Farmers Act. The Canadian Wheat Board changed its name to simply CWB and continued to operate as a grain company, although the bill also set a timeline for the eventual privatization of CWB. On 15 April 2015, it was announced that a 50.1% majority stake in CWB would ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competition
Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc. The rivalry can be over attainment of any exclusive goal, including recognition. Competition occurs in nature, between living organisms which co-exist in the same environment. Animals compete over water supplies, food, mates, and other biological resources. Humans usually compete for food and mates, though when these needs are met deep rivalries often arise over the pursuit of wealth, power, prestige, and fame when in a static, repetitive, or unchanging environment. Competition is a major tenet of market economies and business, often associated with business competition as companies are in competition with at least one other firm over the same group of customers. Competition inside a compan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bilateral Monopoly
A bilateral monopoly is a market structure consisting of both a monopoly (a single seller) and a monopsony (a single buyer). Bilateral monopoly is a market structure that involves a single supplier and a single buyer, combining monopoly power on the selling side (i.e., single seller) and monopsony power on the buying side (i.e., single buyer). This market structure emerges in situations where there are limitations on the number of participants, or where exploring alternative suppliers is more expensive than dealing with a single supplier. In a bilateral market, both buyers and sellers aim to maximize their profits. Although the seller may attempt to increase the product prices as the only supplier, the buyer can still negotiate for the lowest possible price since the seller has no other buyers to sell to. Overview In a standard monopoly structure, the monopolist sells to multiple buyers with no market power, thereby giving the monopolist the power to set their own price and quanti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alan Manning
Alan Manning (born 1960) is a British economist and professor of economics at the London School of Economics. Manning is one of the leading labour economists globally, having made major contributions to the analysis of the imperfections of labour markets, the minimum wage literature, migration, and job polarization. Education Alan Manning studied from 1978 to 1981 at Clare College, Cambridge, and from 1981 to 1984 at Nuffield College, Oxford, obtaining a BA (Hons) and a MPhil in economics before graduating with a DPhil in economics from Oxford University in 1985. Later life and career After his MPhil, Manning began working at Birkbeck College as lecturer, a position that he held until 1989 when he moved to another lectureship at the London School of Economics. At LSE, he was promoted first to reader in 1993 and then to professor in 1997, a position he has held ever since. At LSE, Manning has been the Director of the Labour Markets and Community Programmes of the Cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperfect Information
The imperfect ( abbreviated ) is a verb form that combines past tense (reference to a past time) and imperfective aspect (reference to a continuing or repeated event or state). It can have meanings similar to the English "was doing (something)" or "used to do (something)". It contrasts with preterite forms, which refer to a single completed event in the past. Traditionally, the imperfect of languages such as Latin and French is referred to as one of the tenses, although it actually encodes aspectual information in addition to tense (time reference). It may be more precisely called ''past imperfective''. English has no general imperfective and expresses it in different ways. The term "imperfect" in English refers to forms much more commonly called '' past progressive'' or ''past continuous'' (e.g. "was doing" or "were doing"). These are combinations of past tense with specifically continuous or progressive aspect. In German, formerly referred to the simply conjugated past tens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equal Pay Act 1970
The Equal Pay Act 1970 (c. 41) was an act of the Parliament of the United Kingdom that prohibited any less favourable treatment between men and women in terms of pay and conditions of employment. The act was proposed by the then Labour government, and was based on the Equal Pay Act of 1963 of the United States. It has now been mostly superseded by part 5, chapter 3 of the Equality Act 2010. History In the 1964 general election, the Labour Party's manifesto had proposed a charter of rights including 'the right to equal pay for equal work'. September 1965 saw the Trades Union Congress resolving 'its support for the principles of equality of treatment and opportunity for women workers in industry, and calls upon the General Council to request the government to implement the promise of 'the right to equal pay for equal work' as set out in the Labour Party election manifesto'. However, there was no immediate action by either government or unions. Brian Harrison says polls in 1968� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equal Pay For Women
Equal pay for equal work is the concept of labour rights that individuals in the same workplace be given equal pay. It is most commonly used in the context of sexual discrimination, in relation to the gender pay gap. Equal pay relates to the full range of payments and benefits, including basic pay, non-salary payments, bonuses and allowances. Some countries have moved faster than others in addressing equal pay. Early history As wage labor became increasingly formalized during the Industrial Revolution, women were often paid less than their male counterparts for the same labor, whether for the explicit reason that they were women or under another pretext. The principle of equal pay for equal work arose at the same part of first-wave feminism, with early efforts for equal pay being associated with nineteenth-century Trade Union activism in industrialized countries: for example, a series of strikes by unionized women in the UK in the 1830s. Pressure from Trade Unions has had varied ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Discrimination
Price discrimination (differential pricing, equity pricing, preferential pricing, dual pricing, tiered pricing, and surveillance pricing) is a Microeconomics, microeconomic Pricing strategies, pricing strategy where identical or largely similar goods or services are sold at different Price, prices by the same provider to different buyers based on which Market segmentation, market segment they are perceived to be part of. Price discrimination is distinguished from product differentiation by the difference in production cost for the differently priced products involved in the latter strategy. Price discrimination essentially relies on the variation in customers' willingness to pay and in the Demand elasticity, elasticity of their demand. For price discrimination to succeed, a seller must have market power, such as a dominant market share, product uniqueness, sole pricing power, etc. Some prices under price discrimination may be lower than the price charged by a single-price monopoli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Minimum Wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. List of countries by minimum wage, Most countries had introduced minimum wage legislation by the end of the 20th century. Because minimum wages increase the cost of labor, companies often try to avoid minimum wage laws by using gig workers, by moving labor to locations with lower or nonexistent minimum wages, or by Automation, automating job functions. Minimum wage policies can vary significantly between countries or even within a country, with different regions, sectors, or age groups having their own minimum wage rates. These variations are often influenced by factors such as the cost of living, regional economic conditions, and industry-specific factors. The movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rate Of Exploitation
In Marxian economics, the rate of exploitation is the ratio of the total amount of unpaid labor done (surplus-value) to the total amount of wages paid (the value of labour power). The rate of exploitation is often also called the rate of surplus-value. Divergence of the two rates Marx did not regard the rate of surplus value and the rate of exploitation as necessarily identical, ''insofar'' as there was a divergence between surplus value ''realised'' and surplus value ''produced''. Thus, the quantity of surplus labour performed by workers in an enterprise might correspond to a value higher or lower than the surplus value actually ''realised'' as profit income upon sales of output. The implication is that if the gross profit volume was related to wage costs to establish the rate of surplus value, this might overstate or understate the real rate of labor-exploitation. Although this is a subtle point, it has sometimes played an important role in wage bargaining negotiations by tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Failure
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value.Paul Krugman and Robin Wells Krugman, Robin Wells (2006). ''Economics'', New York, Worth Publishers. The first known use of the term by economists was in 1958,Francis M. Bator (1958). "The Anatomy of Market Failure," ''Quarterly Journal of Economics'', 72(3) pp351–379(press +). but the concept has been traced back to the Victorian writers John Stuart Mill and Henry Sidgwick.Steven G. Medema (2007). "The Hesitant Hand: Mill, Sidgwick, and the Evolution of the Theory of Market Failure," ''History of Political Economy'', 39(3)pp. 331��358. 200Online Working Paper. Market failures are often associated with public goods, time-inconsistent preferences, Information asymmetry, information asymmetries, Market structure, failures of competition, principal–agent problems, externalities,Jean-Jacques L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
