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Non-excludable Good
In economics, a good, service or resource are broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability is defined as the degree to which a good, service or resource can be limited to only paying customers, or conversely, the degree to which a supplier, producer or other managing body (e.g. a government) can prevent "free" consumption of a good. Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods, i.e. goods that are both non-rivalrous and non-excludable. Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods. Samuelson's theory of good classification was then further expanded upon by Richard Musgrave in 1959, Garret Hardin in 1968 who expanded upon another key market inefficiency of non-excludeable goods; the tragedy of the commons. Excludability is not an inherent char ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tower Bridge
Tower Bridge is a Grade I listed combined bascule and suspension bridge in London, built between 1886 and 1894, designed by Horace Jones and engineered by John Wolfe Barry with the help of Henry Marc Brunel. It crosses the River Thames close to the Tower of London and is one of five London bridges owned and maintained by the Bridge House Estates, a charitable trust founded in 1282. The bridge was constructed to give better access to the East End of London, which had expanded its commercial potential in the 19th century. The bridge was opened by Edward, Prince of Wales and Alexandra, Princess of Wales in 1894. The bridge is in length and consists of two bridge towers connected at the upper level by two horizontal walkways, and a central pair of bascules that can open to allow shipping. Originally hydraulically powered, the operating mechanism was converted to an electro-hydraulic system in 1972. The bridge is part of the London Inner Ring Road and thus the boundary of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Sustainable Development Goals as well as environmental and social safeguards. , the World Bank is run by a president and 25 executive directors, as well as 29 various v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph E
Joseph is a common male given name, derived from the Hebrew Yosef (יוֹסֵף). "Joseph" is used, along with "Josef", mostly in English, French and partially German languages. This spelling is also found as a variant in the languages of the modern-day Nordic countries. In Portuguese and Spanish, the name is "José". In Arabic, including in the Quran, the name is spelled '' Yūsuf''. In Persian, the name is "Yousef". The name has enjoyed significant popularity in its many forms in numerous countries, and ''Joseph'' was one of the two names, along with '' Robert'', to have remained in the top 10 boys' names list in the US from 1925 to 1972. It is especially common in contemporary Israel, as either "Yossi" or "Yossef", and in Italy, where the name "Giuseppe" was the most common male name in the 20th century. In the first century CE, Joseph was the second most popular male name for Palestine Jews. In the Book of Genesis Joseph is Jacob's eleventh son and Rachel's first s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tragedy Of The Commons
Tragedy (from the grc-gre, τραγῳδία, ''tragōidia'', ''tragōidia'') is a genre of drama based on human suffering and, mainly, the terrible or sorrowful events that befall a main character. Traditionally, the intention of tragedy is to invoke an accompanying catharsis, or a "pain hatawakens pleasure", for the audience. While many cultures have developed forms that provoke this paradoxical response, the term ''tragedy'' often refers to a specific tradition of drama that has played a unique and important role historically in the self-definition of Western civilization. That tradition has been multiple and discontinuous, yet the term has often been used to invoke a powerful effect of cultural identity and historical continuity—"the Greeks and the Elizabethans, in one cultural form; Hellenes and Christians, in a common activity," as Raymond Williams puts it. From its origins in the theatre of ancient Greece 2500 years ago, from which there survives only a fractio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Rider Problem
In the social sciences, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods (such as public roads or public library), or services of a communal nature do not pay for them or under-pay. Free riders are a problem because while not paying for the good (either directly through fees or tolls or indirectly through taxes), they may continue to access or consume it. Thus, the good may be under-produced, overused or degraded. Additionally, it has been shown that despite evidence that people tend to be cooperative by nature, the presence of free-riders cause this prosocial behaviour to deteriorate, perpetuating the free-rider problem. The free-rider problem in social science is the question of how to limit free riding and its negative effects in these situations. Such an example is the free-rider problem of when property rights are not clearly defined and imposed. The free-rider problem is common with public goods which are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incomplete Contracts
In economic theory, the field of contract theory can be subdivided in the theory of complete contracts and the theory of incomplete contracts. In contract law, an incomplete contract is one that is defective or uncertain in a material respect. A complete contract in economic theory means a contract which provides for the rights, obligations and remedies of the parties in every possible state of the world. However, since the human mind is a scarce resource and the mind cannot collect, process, and understand an infinite amount of information, economic actors are limited in their rationality (the limitations of the human mind in understanding and solving complex problems) and one cannot anticipate all possible contingencies. Or perhaps because it is too expensive to write a complete contract, the parties will opt for a "sufficiently complete" contract. In short, every contract is incomplete for a variety of reasons and limitations. The incompleteness of a contract also means that the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Positive Externality
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] |
Lighthouse
A lighthouse is a tower, building, or other type of physical structure designed to emit light from a system of lamps and lenses and to serve as a beacon for navigational aid, for maritime pilots at sea or on inland waterways. Lighthouses mark dangerous coastlines, hazardous shoals, reefs, rocks, and safe entries to harbors; they also assist in aerial navigation. Once widely used, the number of operational lighthouses has declined due to the expense of maintenance and has become uneconomical since the advent of much cheaper, more sophisticated and effective electronic navigational systems. History Ancient lighthouses Before the development of clearly defined ports, mariners were guided by fires built on hilltops. Since elevating the fire would improve the visibility, placing the fire on a platform became a practice that led to the development of the lighthouse. In antiquity, the lighthouse functioned more as an entrance marker to ports than as a warning signal for reef ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aesthetic
Aesthetics, or esthetics, is a branch of philosophy that deals with the nature of beauty and taste, as well as the philosophy of art (its own area of philosophy that comes out of aesthetics). It examines aesthetic values, often expressed through judgments of taste. Aesthetics covers both natural and artificial sources of experiences and how we form a judgment about those sources. It considers what happens in our minds when we engage with objects or environments such as viewing visual art, listening to music, reading poetry, experiencing a play, watching a fashion show, movie, sports or even exploring various aspects of nature. The philosophy of art specifically studies how artists imagine, create, and perform works of art, as well as how people use, enjoy, and criticize art. Aesthetics considers why people like some works of art and not others, as well as how art can affect moods or even our beliefs. Both aesthetics and the philosophy of art try to find answers for what exa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Copyright Infringement
Copyright infringement (at times referred to as piracy) is the use of works protected by copyright without permission for a usage where such permission is required, thereby infringing certain exclusive rights granted to the copyright holder, such as the right to reproduce, distribute, display or perform the protected work, or to make derivative works. The copyright holder is typically the work's creator, or a publisher or other business to whom copyright has been assigned. Copyright holders routinely invoke legal and technological measures to prevent and penalize copyright infringement. Copyright infringement disputes are usually resolved through direct negotiation, a notice and take down process, or litigation in civil court. Egregious or large-scale commercial infringement, especially when it involves counterfeiting, is sometimes prosecuted via the criminal justice system. Shifting public expectations, advances in digital technology and the increasing reach of the Inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
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 rati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
