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Effective Competition
Effective competition is a concept first proposed by John Maurice Clark, then under the name of "workable competition," as a "workable" alternative to the economic theory of perfect competition, as perfect competition is seldom observed in the real world. His proposal resulted in extensive debate in the economic literature over the next several decades in which George W. Stocking Sr., George Stigler, Jesse W. Markham, Joe S. Bain, and many others participated. No consensus has yet been reached over which of many potential criteria should be used to judge competition to be effective, but as an alternative to identifying specific structural criteria by which to constitute effectiveness or workability, Jesse W. Markham suggested the following definition: An industry may be judged to be workably competitive when, after the structural characteristics of its market and the dynamic forces that shaped them have been thoroughly examined, there is no clearly indicated change than can be effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maurice Clark
John Maurice Clark (1884–1963) was an American economist whose work combined the rigor of traditional economic analysis with an "institutionalist" attitude. Clark was a pioneer in developing the notion of workable competition and the theoretical basis of modern Keynesian economics, including the concept of the economic multiplier. Biography Early career John Maurice Clark was born November 30, 1884, in Northampton, Massachusetts. He studied at Amherst College, graduating in 1905, and received his Ph.D. from Columbia University in 1910.Paul J. Miranti, Jr."Clark, John Maurice (1884–1963)."In Michael Chatfield and Richard Vangermeersch (eds.), ''History of Accounting: An International Encyclopedia.'' New York: Garland Publishing. pp. 125–127. J.M. Clark was the son of economist John Bates Clark (1847-1938) and shared his father's concern with ethical and policy issues, in keeping with much intellectual thought during the progressive era. Father and son worked jointly on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theory
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 an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perfect Competition
In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach an equilibrium in which the quantity supplied for every product or service, including labor, equals the quantity demanded at the current price. This equilibrium would be a Pareto optimum. Perfect competition provides both allocative efficiency and productive efficiency: * Such markets are ''allocatively efficient'', as output will always occur where marginal cost is equal to average revenue i.e. price (MC = AR). In perfect competition, any profit-maximizing producer faces a market price equal to its marginal cost (P = MC). This implies that a factor's price equals the factor's marginal revenue product. It allows for derivation of the sup ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George W
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he previously served as the 46th governor of Texas from 1995 to 2000. While in his twenties, Bush flew warplanes in the Texas Air National Guard. After graduating from Harvard Business School in 1975, he worked in the oil industry. In 1978, Bush unsuccessfully ran for the House of Representatives. He later co-owned the Texas Rangers of Major League Baseball before he was elected governor of Texas in 1994. As governor, Bush successfully sponsored legislation for tort reform, increased education funding, set higher standards for schools, and reformed the criminal justice system. He also helped make Texas the leading producer of wind powered electricity in the nation. In the 2000 presidential election, Bush defeated Democratic incum ... [...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, performin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jesse W
Jesse may refer to: People and fictional characters * Jesse (biblical figure), father of David in the Bible. * Jesse (given name), including a list of people and fictional characters * Jesse (surname), a list of people Music * ''Jesse'' (album), a 2003 album by Jesse Powell * "Jesse", a 1973 song by Roberta Flack - see Roberta Flack discography * "Jesse", a song from the album '' Valotte'' by Julian Lennon * "Jesse", a song from the album '' The People Tree'' by Mother Earth * "Jesse" (Carly Simon song), a 1980 song * "Jesse", a song from the album ''The Drift'' by Scott Walker * "Jesse", a song from the album '' If I Were Your Woman'' by Stephanie Mills Other * ''Jesse'' (film), a 1988 American television film * ''Jesse'' (TV series), a sitcom starring Christina Applegate * ''Jesse'' (novel), a 1994 novel by Gary Soto * ''Jesse'' (picture book), a 1988 children's book by Tim Winton * Jesse, West Virginia, an unincorporated community * Jesse Hall, University of Mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joe S
Joe or JOE may refer to: Arts Film and television * ''Joe'' (1970 film), starring Peter Boyle * ''Joe'' (2013 film), starring Nicolas Cage * ''Joe'' (TV series), a British TV series airing from 1966 to 1971 * ''Joe'', a 2002 Canadian animated short about Joe Fortes Music and radio * "Joe" (Inspiral Carpets song) * "Joe" (Red Hot Chili Peppers song) * "Joe", a song by The Cranberries on their album '' To the Faithful Departed'' *"Joe", a song by PJ Harvey on her album '' Dry'' *"Joe", a song by AJR on their album '' OK Orchestra'' * Joe FM (other), any of several radio stations Computing * Joe's Own Editor, a text editor for Unix systems * Joe, an object-oriented Java computing framework based on Sun's Distributed Objects Everywhere project Media * Joe (website), a news website for the UK and Ireland * ''Joe'' (magazine), a defunct periodical developed originally for Kenyan youth Places * Joe, North Carolina, United States, a town * Jõe, Saaremaa Parish, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antitrust
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law (or just antitrust), anti-monopoly law, and trade practices law. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support and enforcement networks. Modern competition law has historically evolved on a national level to promote and maintain fair competition in markets principally within the territorial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Policy
Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. Public policy can be considered to be the sum of government direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public typically by a government. Sometimes they are made by nonprofit organisations or are made in co-production with communities or citizens, which can include potential experts, scientists, engineers and stakeholders or scientific data, or sometimes use some of their results. They are typically made by policy-makers affiliated with (in democratic polities) currently elected politicians. Therefore, the "policy process is a complex political process in which there are many actors: elected politicians, political party leaders, pressure groups, civil servant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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