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Johann Heinrich Von Thünen
Johann Heinrich von Thünen (24 June 1783 – 22 September 1850), sometimes spelled Thuenen, was a prominent nineteenth-century economist and a native of Mecklenburg-Strelitz, now in northern Germany. Even though he never held a professorial position, Thünen had substantial influence on economics. He has been described as one of the founders of agricultural economics and economic geography. He made substantial contributions to economic debates on rent, land use, and wages. Early life Johann Heinrich Von Thünen was born on 24 June 1783 on his father's estate, Canarienhausen. His father was from an old feudal family, and died when Thünen was two. His mother remarried a merchant and the family moved to Hooksiel. Thünen expected to take over his father's estate, which led him to study practical farming. In 1803, he published his first economic ideas. He was influenced by Albrecht Thaer. He married in 1806. Work Model of agricultural land use Thünen was a Mecklenburg l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, also known as the classical school of economics, or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's '' The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bid Rent Theory
The bid rent theory is a geographical economic theory that refers to how the price and demand for real estate change as the distance from the central business district (CBD) increases. Bid Rent Theory was developed by William Alonso in 1964, it was extended from the Von-thunen Model (1826), who analyzed agricultural land use. The first theoretician of the bid rent effect was David Ricardo. It states that different land users will compete with one another for land close to the city centre. This is based upon the idea that retail establishments wish to maximize their profitability, so they are much more willing to pay more for land close to the CBD and less for land further away from this area. This theory is based upon the reasoning that the more accessible an area (i.e., the greater the concentration of customers), the more profitable. Explanation Land users all compete for the most accessible land within the CBD. The amount they are willing to pay is called "bid rent". The resu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institute For New Economic Thinking
The Institute for New Economic Thinking (INET) is a New York City–based nonprofit think tank. It was founded in October 2009 as a result of the Great Recession, and runs a variety of affiliated programs at major universities such as the Cambridge-INET Institute at the University of Cambridge. It also has offices in London, England. History INET was founded with an initial pledge of $50 million from businessman and philanthropist George Soros. William Janeway, James Balsillie and George Soros were co-founders. William H. Janeway, William Janeway and Jim Balsillie, James Balsillie were co-founders. It was launched at the King's College, Cambridge, Cambridge King's College as a tribute to John Maynard Keynes who is part of its alumni. Affiliates In November 2010, INET announced that about $7 million would be provided for the inaugural round of grants. Another four task groups that were led by INET advisory board members were awarded more than $3 million in grants in 2010. One of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Weber
Carl David Alfred Weber (; 30 July 1868 – 2 May 1958) was a German economist, geographer, sociologist, philosopher, and theoretician of culture whose work was influential in the development of modern economic geography. His other work focused on the sociology of knowledge and the role of intellectuals in society. In particular, he introduced the concept of free-floating intelligentsia (''Freischwebende Intelligenz''). Life Alfred Weber, younger brother of the well-known sociologist Max Weber, was born in Erfurt and raised in Charlottenburg. From 1907 to 1933, he was a professor at Heidelberg University. Weber started his career as a lawyer and worked as a sociologist and cultural philosopher. Work Weber supported reintroducing theory and causal models to the field of economics, in addition to using historical analysis. In this field, his achievements involve work on early models of industrial location. He lived during the period when sociology became a separate fiel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hotelling Rent
Hotelling's rule defines the net price path as a function of time while maximizing economic rent in the time of fully extracting a non-renewable natural resource. The maximum rent is also known as Hotelling rent or scarcity rent and is the maximum rent that could be obtained while emptying the stock resource. In an efficient exploitation of a non-renewable and non-augmentable resource, the percentage change in net-price per unit of time should equal the discount rate in order to maximise the present value of the resource capital over the extraction period. This concept was the result of analysis of non-renewable resource management by Harold Hotelling, published in the ''Journal of Political Economy'' in 1931, on the basis of his previous research on depreciation (see Hotelling 1925), which invites us to consider with caution the application of Hotelling's rule to concrete natural resources, in particular fossil fuels (coal, oil, gas). Devarajan and Fisher note that a similar r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Economics (Marshall Book)
''Principles of Economics'' is a leading political economy or economics textbook of Alfred Marshall, first published in 1890. It was the standard text for generations of economics students. Called his ''magnum opus'', it ran to eight editions by 1920. A ninth ( variorum) edition was published in 1961, edited in 2 volumes by C. W. Guillebaud.Whittaker, J.K. (1987). "Marshall, Alfred," ''The New Palgrave: A Dictionary of Economics'', p. 363. Writing Marshall began writing the ''Principles of Economics'' in 1881 and he spent much of the next decade at work on the treatise. His plan for the work gradually extended to a two-volume compilation on the whole of economic thought; the first volume was published in 1890 to worldwide acclaim that established him as one of the leading economists of his time. The second volume, which was to address foreign trade, money, trade fluctuations, taxation, and collectivism, was never published at all. Over the next two decades he worked to compl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Geometric Mean
In mathematics, the geometric mean is a mean or average which indicates a central tendency of a finite collection of positive real numbers by using the product of their values (as opposed to the arithmetic mean which uses their sum). The geometric mean of numbers is the Nth root, th root of their product (mathematics), product, i.e., for a collection of numbers , the geometric mean is defined as : \sqrt[n]. When the collection of numbers and their geometric mean are plotted in logarithmic scale, the geometric mean is transformed into an arithmetic mean, so the geometric mean can equivalently be calculated by taking the natural logarithm of each number, finding the arithmetic mean of the logarithms, and then returning the result to linear scale using the exponential function , :\sqrt[n] = \exp \left( \frac \right). The geometric mean of two numbers is the square root of their product, for example with numbers and the geometric mean is \textstyle \sqrt = The geometric mean o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Rent
In economics, economic rent is any payment to the owner of a factor of production in excess of the costs needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, assuming the market is natural, and does not come about by state and social contrivance, economic rent includes income gained by labor or state beneficiaries or other "contrived" exclusivity, such as labor guilds and unofficial corruption. Overview In the moral economy of the economics tradition broadly, economic rent is distinct from producer surplus, or normal profit, both of which are theorized to involve productive human action. Economic rent is also independent of opportunity cost, unlike economic profit, where opportunity c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succeeding the Second Agricultural Revolution. Beginning in Kingdom of Great Britain, Great Britain around 1760, the Industrial Revolution had spread to continental Europe and the United States by about 1840. This transition included going from craft production, hand production methods to machines; new Chemical industry, chemical manufacturing and Puddling (metallurgy), iron production processes; the increasing use of Hydropower, water power and Steam engine, steam power; the development of machine tools; and rise of the mechanisation, mechanised factory system. Output greatly increased, and the result was an unprecedented rise in population and population growth. The textile industry was the first to use modern production methods, and textiles b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
