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Property Rights (economics)
Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. Property rights can be viewed as an attribute of an economic good. This attribute has three broad components, and is often referred to as a bundle of rights in the United States: # the right to use the good # the right to earn income from the good # the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation) Economists such as Adam Smith stress that the expectation of profit from "improving one's stock of capital" rests on the concept of private property rights. Conceptualizing property in economics vs. law The fields of economics and law do not have a general consensus on ... [...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] |
Common-pool Resource
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a core resource (e.g., water or fish), which defines the ''stock variable'', while providing a limited quantity of extractable fringe units, which defines the ''flow variable''. While the core resource is to be protected or nurtured in order to allow for its continuous exploitation, the fringe units can be harvested or consumed. Examples of a Common-Pool Resource Common-pool goods are typically regulated and nurtured in order to prevent demand from overwhelming supply and allow for their continued exploitation. Examples o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Economics
Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading Heterodox economics, heterodox approach to economics.Warren Samuels, Warren J. Samuels ([1987] 2008). "institutional economics," ''The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction Cost
In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931. Oliver E. Williamson's ''Transaction Cost Economics'' article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs can boost economic growth.North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press. Alongside production costs, transaction costs are one of the most significant factors in business operation and management. Definition Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market-based Instruments
In environmental law and policy, market-based instruments (MBIs) are policy instruments that use markets, price, and other economic variables to provide incentives for polluters to reduce or eliminate negative environmental externalities. MBIs seek to address the market failure of externalities (such as pollution) by incorporating the external cost of production or consumption activities through taxes or charges on processes or products, or by creating property rights and facilitating the establishment of a proxy market for the use of environmental services. Market-based instruments are also referred to as economic instruments, price-based instruments, new environmental policy instruments (NEPIs) or new instruments of environmental policy. Examples include environmentally related taxes, charges and subsidies, emissions trading and other tradeable permit systems, deposit-refund systems, environmental labeling laws, licenses, and economic property rights. For instance, the Europe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Command And Control (government)
Command-and-control management is categorised by systems thinkers as the dominant method of management in the Western world. Key influences are said to include Alfred P. Sloan, Henry Ford, James McKinsey of the eponymous accounting firm, and Frederick Winslow Taylor. A well-known modern exponent is Michael Barber, himself a partner in McKinsey & Company. It is characterised by some systems thinkers according to the following attributes: Perspective: Top-down and hierarchical Design: Organisations divided into (ostensibly) independent functional silos. A practice propagated by Alfred Sloan and James McKinsey Decision-making: Separated from work. A separation spearheaded by Frederick Winslow Taylor Measures: Arbitrary targets analysed by binary comparison Ethos: Control of staff Change: Plans delivered by PRINCE2 methodology Motivation: Control-by-seduction (carrot) and control-by-fear (stick) Attitude to suppliers and customers: Contractual. Key critics of the command-and-contr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of production Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods. While the particular role of land in the economy was extensively debated in classical economics it played a minor role in the neoclassical economics dominant in the 20th century. Income derived from ownership or control of natural resources is referred to as rent. Ownership Because no man created the land, it does not have a definite original proprietor, owner or user. Consequently, conflicting claims on geographic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factors Of Production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilised amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four ''basic'' resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods". There are two types of factors: ''primary'' and ''secondary''. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither become part of the product (as with raw materials) nor become significantly tran ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stakeholder Theory
The stakeholder theory is a theory of organizational management and business ethics that accounts for multiple constituencies impacted by business entities like employees, suppliers, local communities, creditors, and others. It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory. The stakeholder view of strategy integrates a resource-based view and a market-based view, and adds a socio-political level. One common version of stakeholder theory seeks to define the specific stakeholders of a company (the normative theory of stakeholder ''identification'') and then examine the conditions under which managers treat these parties as stakeholders (the descriptive theory of stakeholder ''salience''). In fields such as law, management, and human resources, stakeholder theory succeeded in challenging the usual analysis frameworks, by suggesting that stakeholders' needs should b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Property
Common ownership refers to holding the assets of an organization, enterprise, or community indivisibly rather than in the names of the individual members or groups of members as common property. Forms of common ownership exist in every economic system. Common ownership of the means of production is a central goal of socialist political movements as it is seen as a necessary democratic mechanism for the creation and continued function of a communist society. Advocates make a distinction between collective ownership and common property (the commons) as the former refers to property owned jointly by agreement of a set of colleagues, such as producer cooperatives, whereas the latter refers to assets that are completely open for access, such as a public park freely available to everyone. Christian societies The Early Church of Jerusalem shared all their money and possessions (Acts of the Apostles 2 and 4). Inspired by the early Christians, many Christians have since tried to follo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Private Property
Private property is a legal designation for the ownership of property by non-governmental Capacity (law), legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from Collective ownership, collective or cooperative property, which is owned by one or more non-governmental entities. Private property is foundational to capitalism, an economic system based on the private ownership of the means of production and their operation for Profit (economics), profit. As a legal concept, private property is defined and enforced by a country's political system. History The first evidence of private property may date back to the Babylonians in 1800 BC, as evidenced by the archeological discovery of Plimpton 322, a clay tablet used for calculating property boundaries; however, written discussions of private property were not seen until the Persian Empire, and emerged in the Western tradition at least as far back as Plato. Before the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Club Good
goods (also artificially scarce goods, toll goods, collective goods or quasi-public goods) are a type of good in economics, sometimes classified as a subtype of public goods that are excludable but non-rivalrous, at least until reaching a point where congestion occurs. Often these goods exhibit high excludability, but at the same time low rivalry in consumption. Thus, club goods have essentially zero marginal costs and are generally provided by what is commonly known as natural monopolies. Furthermore, club goods have artificial scarcity. Club theory is the area of economics that studies these goods.Suzanne Scotchmer, 2008. "clubs," '' The New Palgrave Dictionary of Economics'', 2nd EditionAbstract./ref> One of the most famous provisions was published by Buchanan in 1965 "An Economic Theory of Clubs," in which he addresses the question of how the size of the group influences the voluntary provision of a public good and more fundamentally provides a theoretical structure of com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
