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Lange–Lerner Theorem
The Lange model (or Lange–Lerner theorem) is a neoclassical economic model for a hypothetical socialist economy based on public ownership of the means of production and a trial-and-error approach to determining output targets and achieving economic equilibrium and Pareto efficiency. In this model, the state owns non-labor factors of production, and markets allocate final goods and consumer goods. The Lange model states that if all production is performed by a public body such as the state, and there is a functioning price mechanism, this economy will be Pareto-efficient, like a hypothetical market economy under perfect competition. Unlike models of capitalism, the Lange model is based on direct allocation, by directing enterprise managers to set price equal to marginal cost in order to achieve Pareto efficiency. By contrast, in a capitalist economy, private owners seek to maximize profits, while competitive pressures are relied on to indirectly lower the price, this discourage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It is divided into 16 administrative provinces called voivodeships, covering an area of . Poland has a population of over 38 million and is the fifth-most populous member state of the European Union. Warsaw is the nation's capital and largest metropolis. Other major cities include Kraków, Wrocław, Łódź, Poznań, Gdańsk, and Szczecin. Poland has a temperate transitional climate and its territory traverses the Central European Plain, extending from Baltic Sea in the north to Sudeten and Carpathian Mountains in the south. The longest Polish river is the Vistula, and Poland's highest point is Mount Rysy, situated in the Tatra mountain range of the Carpathians. The country is bordered by Lithuania and Russia to the northeast, Belarus and Ukraine to the east, Slovakia and the Czech Republic to the south, and Germany to the west. It also shares maritime boundaries with Denmark and Sweden. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externalities
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example. All consumers are all made worse off by pollution but are not compensated by the market for this damage. A positive externality is when an individual's consumption in a market increases the well-being of others, but the individual does not charge the third party for the benefit. The third party is essentially getting a free product. An example of this might be the apartment above a bakery receiving the benefit of enjoyment from smelling fresh pastries every mornin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Workplace Democracy
Workplace democracy is the application of democracy in various forms (examples include voting systems, debates, democratic structuring, due process, adversarial process, systems of appeal) to the workplace. It can be implemented in a variety of ways, depending on the size, culture, and other variables of an organization. Theory Economic argument From as early as the 1920s, scholars have been exploring the idea of increasing employee participation and involvement. They sought to learn whether including employees in organizational decision-making would lead to increased effectiveness and productivity within the organization. According to Lewin, individuals who are involved in decision-making also have increased openness to change. Different participative techniques can have either a stronger impact on morale than productivity, while others have the reverse effect. Success of the employee-owned and operated Mondragon suggests economic benefits from workplace democracy. Citizenshi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lange Model Diagram
Lange may refer to: People *Lange (surname), a German surname *Lange (musician) (born 1974), British DJ *Lange (Brazilian footballer) (born 1966), Brazilian footballer Companies * Lange (ski boots), a producer of ski boots used in alpine (downhill) skiing * Lange Aviation, manufacturer of gliders * Lange Textbooks, an imprint of McGraw-Hill Education * A. Lange & Söhne, watchmakers Places * Lange (crater), a crater on Mercury * Lange Island, Bastian Islands * Lange Peak, Antarctica * Lange, Estonia, village in Haaslava Parish, Tartu County, Estonia * Lange, Western Australia * Langhe, a region in Piedmont, Italy * Lange, a tributary of the Oker in Germany * ''Lange Eylant'', the Dutch term for Long Island See also *Lang (other) *Laing (other) Laing may refer to: People * Laing (surname), a Scottish surname Companies *Arriva UK Trains, a British transport company formerly known as Laing Rail *John Laing Group, a British construction company *Laing O'Rour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Criticisms Of Socialism
Criticism of socialism (also known as anti-socialism) is any critique of socialist models of economic organization and their feasibility as well as the political and social implications of adopting such a system. Some critiques are not directed toward socialism as a system, but rather toward the socialist movement, parties or existing states. Some critics consider socialism to be a purely theoretical concept that should be criticized on theoretical grounds (such as in the economic calculation problem and the socialist calculation debate) while others hold that certain historical examples exist and that they can be criticized on practical grounds. Because there are many models of socialism, most critiques are focused on a specific type of socialism and the experience of Soviet-type economies that may not apply to all forms of socialism as different models of socialism conflict with each other over questions of property ownership, economic coordination and how socialism is to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology studies Bureaucracy (book), comparing communism and capitalism. He is considered one of the most influential economic and political thinkers of the 20th century. Mises emigrated from Austria to the United States in 1940. Since the mid-20th century, libertarian movements have been strongly influenced by Mises's writings. Mises' student Friedrich Hayek viewed Mises as one of the major figures in the revival of classical liberalism in the post-war era. Hayek's work "The Transmission of the Ideals of Freedom" (1951) pays high tribute to the influence of Mises in the 20th century libertarian movement. Mises's Private Seminar was a leading group of economists. Many of its alumni, including Friedri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Dividend
The social dividend is the return on the capital assets and natural resources Social ownership, owned by society in a socialist economy. The concept notably appears as a key characteristic of market socialism, where it takes the form of a dividend payment to each citizen derived from the property income generated by State-owned enterprise, publicly owned enterprises, representing the individual's share of the capital and natural resources owned by society. Although the social dividend concept has not yet been applied on a large scale, similar policies have been adopted on a limited basis. In both the former Soviet-type planning, Soviet-type economies and non-Socialist country, socialist countries, the net earnings of revenue-generating state enterprises were considered a source of public revenue to be spent directly by the government to finance various Public good (economics), public goods and services. The concept of a social dividend overlaps with the concept of a universal bas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abba Lerner
Abraham "Abba" Ptachya Lerner (also Abba Psachia Lerner; 28 October 1903 – 27 October 1982) was a Russian-born American-British economist. Biography Born in Novoselytsia, Bessarabia, Russian Empire, Lerner grew up in a Jewish family, which emigrated to Great Britain when Lerner was three years old. Lerner grew up in London's East End and from age 16 worked as a machinist, a teacher in Hebrew schools, and as an entrepreneur. In 1929, Lerner entered the London School of Economics, where he studied under Friedrich Hayek. A six-month stay at Cambridge in 1934–1935 brought him into contact with John Maynard Keynes. In 1937, Lerner emigrated to the United States. While in the US, he befriended intellectual opponents Milton Friedman and Barry Goldwater. Lerner never stayed at one institution long, serving on the faculties of nearly a dozen universities and accepting over 20 visiting appointments. Lerner was 62 when he was given a professorship at the University of California, Berk ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
János Kádár
János József Kádár (; ; 26 May 1912 – 6 July 1989), born János József Czermanik, was a Hungarian communist leader and the General Secretary of the Hungarian Socialist Workers' Party, a position he held for 32 years. Declining health led to his retirement in 1988, and he died in 1989 after being hospitalized for pneumonia. Kádár was born in Fiume in poverty to a single mother. After living in the countryside for some years, Kádár and his mother moved to Budapest. He joined the Party of Communists in Hungary's youth organization, KIMSZ, and went on to become a prominent figure in the pre-1939 Communist Party, eventually becoming First Secretary. As a leader, he would dissolve the party and reorganize it as the Peace Party, but the new party failed to win much popular support. After World War II, with Soviet support, the Communist Party took power in Hungary. Kádár rose through the Party ranks, serving as Interior Minister from 1948 to 1950. In 1951 he was impris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
People's Republic Of Hungary
The Hungarian People's Republic ( hu, Magyar Népköztársaság) was a one-party socialist state from 20 August 1949 to 23 October 1989. It was governed by the Hungarian Socialist Workers' Party, which was under the influence of the Soviet Union.Rao, B. V. (2006), ''History of Modern Europe A.D. 1789–2002'', Sterling Publishers Pvt. Ltd. Pursuant to the 1944 Moscow Conference, Winston Churchill and Joseph Stalin had agreed that after the war Hungary was to be included in the Soviet sphere of influence. The HPR remained in existence until 1989, when opposition forces brought the end of communism in Hungary. The state considered itself the heir to the Republic of Councils in Hungary, which was formed in 1919 as the first communist state created after the Russian Soviet Federative Socialist Republic (Russian SFSR). It was designated a " people's democratic republic" by the Soviet Union in the 1940s. Geographically, it bordered Romania and the Soviet Union (via the Ukrainian S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
