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Scitovsky Paradox
The Scitovsky paradox is a paradox in welfare economics which is resolved by stating that there is no increase in social welfare by a return to the original part of the losers. It is named after the Hungarian born American economist, Tibor Scitovsky Tibor de Scitovsky, also known as Tibor Scitovsky (November 3, 1910 – June 1, 2002), was a Hungarian-born, American economist best known for his writing on the nature of people's happiness in relation to consumption. He was an associate .... According to Scitovsky, Kaldor-Hicks criterion involves contradictory and inconsistent results. What Scitovsky demonstrated was it is possible that if an allocation A is deemed superior to another allocation B by the Kaldor compensation criteria, then by a subsequent set of moves by the same criteria, we can prove that B is also superior to A. The paradox occurs when the gainer from the change of allocation A to allocation B can compensate the loser for making the change, but the lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Welfare Economics
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare. Additionally, welfare economics serves as the theoretical foundation for several instruments of public economics, such as cost–benefit analysis. The intersection of welfare economics and behavioral economics has given rise to the subfield of behavioral welfare economics. Two fundamental theorems are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to Pareto efficient outcomes. This idea is sometimes referred to as Adam Smith's invisible hand. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Social Welfare
Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance programs which provide support only to those who have previously contributed (e.g. pensions), as opposed to ''social assistance'' programs which provide support on the basis of need alone (e.g. most disability benefits). The International Labour Organization defines social security as covering support for those in old age, support for the maintenance of children, medical treatment, parental and sick leave, unemployment and disability benefits, and support for sufferers of occupational injury. More broadly, welfare may also encompass efforts to provide a basic level of well-being through subsidized ''social services'' such as healthcare, education, infrastructure, vocational training, and public housing.''The New Fontana Dictionar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Hungary
Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and Slovenia to the southwest, and Austria to the west. Hungary lies within the drainage basin of the Danube, Danube River and is dominated by great lowland plains. It has a population of 9.6 million, consisting mostly of ethnic Hungarians, Hungarians (Magyars) and a significant Romani people in Hungary, Romani minority. Hungarian language, Hungarian is the Languages of Hungary, official language, and among Languages of Europe, the few in Europe outside the Indo-European languages, Indo-European family. Budapest is the country's capital and List of cities and towns of Hungary, largest city, and the dominant cultural and economic centre. Prior to the foundation of the Hungarian state, various peoples settled in the territory of present-day Hun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, regulatory impact analysis and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Tibor Scitovsky
Tibor de Scitovsky, also known as Tibor Scitovsky (November 3, 1910 – June 1, 2002), was a Hungarian-born, American economist best known for his writing on the nature of people's happiness in relation to consumption. He was an associate professor and professor of economics at Stanford University from 1946 through 1958 and an Eberle Professor of Economics from 1970 until his retirement in 1976, when he became professor emeritus. In honor of his deep contributions to economic analysis, he was elected Distinguished Fellow of the American Economic Association, member of the American Academy of Arts and Sciences, and Corresponding Fellow of the British Academy. Life Scitovsky was born in Hungary in 1910. As the ''de'' indicates, he was born into a noble family; his father, Tibor Scitovszky, held the post of Foreign Minister. He studied at the Pázmány Péter University (from which he held an undergraduate degree in law), the University of Cambridge, and the London School of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Kaldor Compensation Criteria
Kaldor is a Jewish surname. Notable people with the surname include: * Amber Kaldor (born 1990), Australian acrobatic gymnast * Avraham Kaldor, Israeli winner of the Netanya chess tournament in 1976 * Connie Kaldor (born 1953), Canadian folk singer and songwriter * John Kaldor (born 1936), Australian art collector and philanthropist * John Kaldor, a character in the 1996 novel ''Awake and Dreaming'' by Kit Pearson * Lee Kaldor, North Dakota Democratic-Nonpartisan League Party#Members of the State House, Democratic legislator in the North Dakota State House * Mary Kaldor (born 1946), British economics academic * Nicholas Kaldor (1908–1986), British economist See also * Kaldor City, fictional city of the future in ''Doctor Who'' * Andrew & Renata Kaldor Centre for International Refugee Law * Kaldar (other) * Calder (surname) * Calder (other) {{surname, Kaldor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Welfare Economics
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare. Additionally, welfare economics serves as the theoretical foundation for several instruments of public economics, such as cost–benefit analysis. The intersection of welfare economics and behavioral economics has given rise to the subfield of behavioral welfare economics. Two fundamental theorems are associated with welfare economics. The first states that competitive markets, under certain assumptions, lead to Pareto efficient outcomes. This idea is sometimes referred to as Adam Smith's invisible hand. The second theorem states that with further restrictions, any Pareto efficient outcome can be achieved through a competitive market equilibrium, provided that a social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
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Microeconomic Theories
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues. Microeconomics also deals with the effects ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |