Filthy Lucre (book)
''Filthy Lucre: Economics for People Who Hate Capitalism'' is a 2009 book by Canadian philosopher Joseph Heath. The book is organized around what Heath claims are twelve fallacies or myths associated with economics, six of which are common on the left, and six of which are common on the right. It considers ideas like that the government should get out of the way of markets; that competition and Adam Smith’s invisible hand improve efficiency; the 'psychopathic' nature of corporations; and the inevitability of capitalism's collapse. A United States edition of the book was released in 2010 under the title ''Economics without Illusions: Debunking the Myths of Modern Capitalism''. The book is one of an increased number on the topics of capitalism and finance that were published in the wake of global economic downturn beginning in 2008. Overview The book is intended to clarify core ideas in economics which he feels are systematically misunderstood. As in his previous bestseller ' ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Joseph Heath
Joseph Heath (born 1967) is a Canadian philosopher. He is professor of philosophy at the University of Toronto, where he was formerly the director of the ''Centre for Ethics''. He also teaches at the School of Public Policy and Governance. Heath's webpage at the University of Toronto declares his work "is all related, in one way or another, to critical social theory in the tradition of the Frankfurt School." He has published both academic and popular writings, including the bestselling '' The Rebel Sell''. His philosophical work includes papers and books in political philosophy, business ethics, rational choice theory, action theory, and critical theory. He received his Bachelor of Arts from McGill University in 1990, where his teachers included Charles Taylor, and his Master of Arts and Doctor of Philosophy (1995) degrees are from Northwestern University, where he studied under Thomas A. McCarthy and Jürgen Habermas. [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Price-fixing
Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices. The defining characteristic of price fixing is any agreement regarding price, whether expressed or implied. Price fixing requires a conspiracy between sellers or buyers. The purpose is to coordinate pricing for mutual benefit of the traders. For example, manufacturers and retailers may conspire to sell at a common "retail" price; set a common minimum sales price, where sellers agree not to discount the sales price below the agreed-to minimum price; buy the product from a supplier at a specified maxi ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Predictably Irrational
''Predictably Irrational: The Hidden Forces That Shape Our Decisions'' is a 2008 book by Dan Ariely, in which he challenges readers' assumptions about making decisions based on rational thought. Ariely explains, "My goal, by the end of this book, is to help you fundamentally rethink what makes you and the people around you tick. I hope to lead you there by presenting a wide range of scientific experiments, findings, and anecdotes that are in many cases quite amusing. Once you see how systematic certain mistakes are—how we repeat them again and again—I think you will begin to learn how to avoid some of them". Ariely, Dan, ''Predictably Irrational'', HarperCollins, 2008. The book has been republished in a "revised & expanded edition". Chapter summary Ariely discusses many modes of thinking and situations that may skew the traditional rational choice theory. There are 15 chapters in total, and the following outline the main points. The Truth about Relativity In chapter 1, Arie ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Freakonomics
''Freakonomics: A Rogue Economist Explores the Hidden Side of Everything'' is the debut non-fiction book by University of Chicago economist Steven Levitt and ''New York Times'' journalist Stephen J. Dubner. Published on April 12, 2005, by William Morrow, the book has been described as melding pop culture with economics. By late 2009, the book had sold over 4 million copies worldwide. Based on the success of the original book, Levitt and Dubner have grown the ''Freakonomics'' brand into a multi-media franchise, with a sequel book, a feature film, a regular radio segment on National Public Radio, and a weekly blog. Overview The book is a collection of articles written by Levitt, an expert who had gained a reputation for applying economic theory to diverse subjects not usually covered by "traditional" economists. In ''Freakonomics'', Levitt and Dubner argue that economics is, at root, the study of incentives. The book's chapters cover: * Chapter 1: Discovering cheating as appli ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Filthy Lucre (book)
''Filthy Lucre: Economics for People Who Hate Capitalism'' is a 2009 book by Canadian philosopher Joseph Heath. The book is organized around what Heath claims are twelve fallacies or myths associated with economics, six of which are common on the left, and six of which are common on the right. It considers ideas like that the government should get out of the way of markets; that competition and Adam Smith’s invisible hand improve efficiency; the 'psychopathic' nature of corporations; and the inevitability of capitalism's collapse. A United States edition of the book was released in 2010 under the title ''Economics without Illusions: Debunking the Myths of Modern Capitalism''. The book is one of an increased number on the topics of capitalism and finance that were published in the wake of global economic downturn beginning in 2008. Overview The book is intended to clarify core ideas in economics which he feels are systematically misunderstood. As in his previous bestseller ' ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Trade Specialization
The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise (specialisation). Individuals, organizations, and nations are endowed with, or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialised capabilities may include equipment or natural resources as well as skills, and training and combinations of such assets acting together are often important. For example, an individual may specialise by acquiring tools and the skills to use them effectively just as an organization may specialise by acquiring specialised equipment and hiring or training skilled operators. The division of labour is the motive for trade and the source of economic interdependence. Historically, an increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Job Loss
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technology, technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * Policy, policies of the government * regulation and market (economics), market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influ ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Lump Of Labour Argument
In economics, the lump of labour fallacy is the misconception that there is a fixed amount of work—a lump of labour—to be done within an economy which can be distributed to create more or fewer jobs. It was considered a fallacy in 1891 by economist David Frederick Schloss, who held that the amount of work is not fixed. The term originated to rebut the idea that reducing the number of hours employees are allowed to labour during the working day would lead to a reduction in unemployment. The term is also commonly used to describe the belief that increasing labour productivity, immigration, or automation causes an increase in unemployment. Whereas opponents of immigration argue that immigrants displace a country's workers, this is a fallacy, as the number of jobs in the economy is not fixed and immigration increases the size of the economy and may increase productivity, innovation, and overall economic activity, as well as reduce incentives for off-shoring and business closures, t ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Risk-pooling
A “Risk pool” is a form of risk management that is mostly practiced by insurance companies, which come together to form a pool to provide protection to insurance companies against catastrophic risks such as floods or earthquakes. The term is also used to describe the pooling of similar risks within the concept of insurance. It is basically like multiple insurance companies coming together to form one. While risk pooling is necessary for insurance to work, not all risks can be effectively pooled in a voluntary insurance bracket unless there is a subsidy available to encourage participation. Risk pooling is an important concept in supply chain management. Risk pooling suggests that demand variability is reduced if one aggregates demand across locations because as demand is aggregated across different locations, it becomes more likely that high demand from one customer will be offset by low demand from another. The reduction in variability allows a decrease in safety stock and the ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Fair Trade
Fair trade is an arrangement designed to help producers in developing countries achieve sustainable and equitable trade relationships. The fair trade movement combines the payment of higher prices to exporters with improved social and environmental standards. The movement focuses in particular on commodities, or products that are typically exported from developing countries to developed countries but is also used in domestic markets (e.g., Brazil, the United Kingdom and Bangladesh), most notably for handicrafts, coffee, cocoa, wine, sugar, fruit, flowers and gold. Fair trade labelling organizations commonly use a definition of ''fair trade'' developed by FINE, an informal association of four international fair trade networks: Fairtrade Labelling Organizations International, World Fair Trade Organization (WFTO), Network of European Worldshops and European Fair Trade Association (EFTA). Fair trade, by this definition, is a trading partnership based on dialogue, transpare ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |
|
Trade Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against. Protectionism is advocated mainly by parties that hold economic nationalist or left-wing positions, while economically right-wing political parties generally support free trade. There is a consensus among economists that protectionism has a negative effect on economic growth and economic wel ... [...More Info...]       [...Related Items...]     OR:     [Wikipedia]   [Google]   [Baidu]   |