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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.He "ranks alongside Marx as the greatest German economist of the nineteenth century" (Fernand Braudel). Work Thünen's model of agricultural land use Thünen was a Mecklenburg landowner, who in the first volume of his treatise ''The Isolated State'' (1826), developed the first serious treatment of spatial economics and economic geography, connecting it with the theory of rent. The importance lies less in the pattern of land use predicted than in its analytical approach. Thünen developed the basics of the theory of marginal productivity in a mathematically rigorous way, summarizing it in the formula in which :R = Y(p - c) - YFm \, where R = land rent; Y = yield per unit of land; c = production expenses per unit of commodity; p=market price per unit of commodity; F = freight ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. 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 gold in the monarch's coffers, but by its national income. This income was in turn bas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Concepts
In economics, marginal concepts are associated with a ''specific change'' in the quantity used of a good or service, as opposed to some notion of the over-all significance of that class of good or service, or of some total quantity thereof.{{citation needed, date=February 2012 Marginality Constraints are conceptualized as a ''border'' or ''margin''. Wicksteed, Philip Henry; ''The Common Sense of Political Economy'' (1910), Bk I Ch 2 and elsewhere. The location of the margin for any individual corresponds to his or her ''endowment'', broadly conceived to include opportunities. This endowment is determined by many things including physical laws (which constrain how forms of energy and matter may be transformed), accidents of nature (which determine the presence of natural resources), and the outcomes of past decisions made both by others and by the individual himself or herself. A value that holds true given particular constraints is a ''marginal'' value. A change that would b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Farmers
German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Germanic peoples (Roman times) * German language **any of the Germanic languages * German cuisine, traditional foods of Germany People * German (given name) * German (surname) * Germán, a Spanish name Places * German (parish), Isle of Man * German, Albania, or Gërmej * German, Bulgaria * German, Iran * German, North Macedonia * German, New York, U.S. * Agios Germanos, Greece Other uses * German (mythology), a South Slavic mythological being * Germans (band), a Canadian rock band * "German" (song), a 2019 song by No Money Enterprise * ''The German'', a 2008 short film * "The Germans", an episode of ''Fawlty Towers'' * ''The German'', a nickname for Congolese rebel André Kisase Ngandu See also * Germanic (other) * Ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People From Friesland (district)
A person ( : people) is a being that has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations such as kinship, ownership of property, or legal responsibility. The defining features of personhood and, consequently, what makes a person count as a person, differ widely among cultures and contexts. In addition to the question of personhood, of what makes a being count as a person to begin with, there are further questions about personal identity and self: both about what makes any particular person that particular person instead of another, and about what makes a person at one time the same person as they were or will be at another time despite any intervening changes. The plural form "people" is often used to refer to an entire nation or ethnic group (as in "a people"), and this was the original meaning of the word; it subsequently acquired its use as a plural form of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1850 Deaths
Year 185 ( CLXXXV) was a common year starting on Friday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Lascivius and Atilius (or, less frequently, year 938 ''Ab urbe condita''). The denomination 185 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years. Events By place Roman Empire * Nobles of Britain demand that Emperor Commodus rescind all power given to Tigidius Perennis, who is eventually executed. * Publius Helvius Pertinax is made governor of Britain and quells a mutiny of the British Roman legions who wanted him to become emperor. The disgruntled usurpers go on to attempt to assassinate the governor. * Tigidius Perennis, his family and many others are executed for conspiring against Commodus. * Commodus drains Rome's treasury to put on gladiatorial spectacles and confiscates property to supp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1783 Births
Events January–March * January 20 – At Versailles, Great Britain signs preliminary peace treaties with the Kingdom of France and the Kingdom of Spain. * January 23 – The Confederation Congress ratifies two October 8, 1782, treaties signed by the United States with the United Netherlands. * February 3 – American Revolutionary War: Great Britain acknowledges the independence of the United States of America. At this time, the Spanish government does not grant diplomatic recognition. * February 4 – American Revolutionary War: Great Britain formally declares that it will cease hostilities with the United States. * February 5 – 1783 Calabrian earthquakes: The first of a sequence of five earthquakes strikes Calabria, Italy (February 5–7, March 1 & 28), leaving 50,000 dead. * February 7 – The Great Siege of Gibraltar is abandoned. * February 26 – The United States Continental Army's Corps of Engineers is disbanded. * March 5 ... [...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 2007–2012 global financial crisis, and runs a variety of affiliated programs at major universities such as the Cambridge-INET Institute at the University of Cambridge. History INET was founded with an initial pledge of $50 million from businessman and philanthropist George Soros. Affiliates The Institute has disbursed approximately $4 million annually in research grants to students and professors. The Cambridge-INET Institute (co-funded with William H. Janeway) established an advanced institute for economic thinking at the University of Cambridge, The Cambridge-INET Institute was endowed with $3.75 million grant from the Keynes Fund for Applied Economics, Isaac Newton Trust, and the University of Cambridge Faculty of Economics. In January 2011, the INET partnered with the Centre for International Governance Innovation to support ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Weber
Alfred Weber (; 30 July 1868 – 2 May 1958) was a German economist, geographer, sociologist and theoretician of culture whose work was influential in the development of modern economic geography. 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 the University of Heidelberg. Weber started his carrier 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 field of science. Though his theory on 'Industrial Location' was strictly economic during his time it is widely studied in the field of geography now, mostly as a theoretical concept in the subdomain of economic geography. We ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardian Rent
The law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital. Description The law of rent was formulated by David Ricardo around 1809, and presented in its most developed form in his magnum opus, ''On the Principles of Political Economy and Taxation''. This is the origin of the term "Ricardian rent". Ricardo's formulation of the law was the first clear exposition of the source and magnitude of rent. John Stuart Mill called it the "" of economics. Ricardo formulated this law based on the principles put forth by Adam Smith in ''Wealth of Nations''. "The rent of land, therefore, considered as the price paid for the use of the land, is naturally a monopoly price. It is not at all proportioned to what the landlord may have laid out upon the improve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Economics (Marshall)
''Principles of Economics'' is a leading political economy or economics textbook of Alfred Marshall (1842–1924), 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 w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time. His book '' Principles of Economics'' (1890) was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Life and career Marshall was born at Bermondsey in London, second son of William Marshall (1812–1901), 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. William Marshall was a devout strict Evangelical, "author of an Evangelical epic in a sort of Anglo-Saxon language of his own invention which found some favour in its appropriate circles" and of a tract titled ''Men's Rights and Women's Duties''. Marshall had two brothers and two sisters; a cousin was the eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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