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Beggar Thy Neighbour
In economics, a beggar-thy-neighbour policy is an economic policy through which one country attempts to remedy its economic problems by means that tend to worsen the economic problems of other countries. Adam Smith made reference to the term in claiming that mercantilist economic doctrine taught nations "that their interest lies in beggaring all their neighbours". The term was originally devised to characterise policies of trying to cure domestic depression and unemployment by shifting effective demand away from imports onto domestically produced goods, either through tariffs and quotas on imports, or by competitive devaluation. The policy can be associated with mercantilism and neomercantilism and the resultant barriers to pan-national single markets. According to economist Joan Robinson beggar-thy-neighbour policies were widely adopted by major economies during the Great Depression of the 1930s. Alan Deardorff has analysed beggar-thy-neighbour policies as an instance of t ... [...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] |
Game Theory
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science. Initially, game theory addressed two-person zero-sum games, in which a participant's gains or losses are exactly balanced by the losses and gains of the other participant. In the 1950s, it was extended to the study of non zero-sum games, and was eventually applied to a wide range of Human behavior, behavioral relations. It is now an umbrella term for the science of rational Decision-making, decision making in humans, animals, and computers. Modern game theory began with the idea of mixed-strategy equilibria in two-person zero-sum games and its proof by John von Neumann. Von Neumann's original proof used the Brouwer fixed-point theorem on continuous mappings into compact convex sets, which became a standard method in game theory and mathematical economics. His paper was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nash Equilibrium
In game theory, the Nash equilibrium is the most commonly used solution concept for non-cooperative games. A Nash equilibrium is a situation where no player could gain by changing their own strategy (holding all other players' strategies fixed). The idea of Nash equilibrium dates back to the time of Cournot, who in 1838 applied it to his model of competition in an oligopoly. If each player has chosen a strategy an action plan based on what has happened so far in the game and no one can increase one's own expected payoff by changing one's strategy while the other players keep theirs unchanged, then the current set of strategy choices constitutes a Nash equilibrium. If two players Alice and Bob choose strategies A and B, (A, B) is a Nash equilibrium if Alice has no other strategy available that does better than A at maximizing her payoff in response to Bob choosing B, and Bob has no other strategy available that does better than B at maximizing his payoff in response to Alice c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade War
A trade war is an economic conflict often resulting from extreme protectionism, in which states raise or implement tariffs or other trade barriers against each other as part of their commercial policies, in response to similar measures imposed by the opposing party. If tariffs are the exclusive mechanism, then such conflicts are known as customs wars, ''toll wars'', or ''tariff wars''; as a reprisal, the latter state may also increase the tariffs. Trade war arises only if the competitive protection between states is of the same type and it is not valid in case of dumping exports. Increased protection causes both nations' output compositions to move towards their autarky position. Minor trade disagreements are often called trade disputes when the war metaphor is hyperbolic. Trade wars could be escalated to full conflict between states as evidenced in the Massacre of the Bandanese after alleged violations of a new treaty. The First Anglo-Dutch War was caused by disputes over tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aristotle
Aristotle (; 384–322 BC) was an Ancient Greek philosophy, Ancient Greek philosopher and polymath. His writings cover a broad range of subjects spanning the natural sciences, philosophy, linguistics, economics, politics, psychology, and the arts. As the founder of the Peripatetic school of philosophy in the Lyceum (classical), Lyceum in Athens, he began the wider Aristotelianism, Aristotelian tradition that followed, which set the groundwork for the development of modern science. Little is known about Aristotle's life. He was born in the city of Stagira (ancient city), Stagira in northern Greece during the Classical Greece, Classical period. His father, Nicomachus (father of Aristotle), Nicomachus, died when Aristotle was a child, and he was brought up by a guardian. At around eighteen years old, he joined Plato's Platonic Academy, Academy in Athens and remained there until the age of thirty seven (). Shortly after Plato died, Aristotle left Athens and, at the request ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Plato
Plato ( ; Greek language, Greek: , ; born BC, died 348/347 BC) was an ancient Greek philosopher of the Classical Greece, Classical period who is considered a foundational thinker in Western philosophy and an innovator of the written dialogue and dialectic forms. He influenced all the major areas of theoretical philosophy and practical philosophy, and was the founder of the Platonic Academy, a philosophical school in History of Athens, Athens where Plato taught the doctrines that would later become known as Platonism. Plato's most famous contribution is the theory of forms, theory of forms (or ideas), which aims to solve what is now known as the problem of universals. He was influenced by the pre-Socratic thinkers Pythagoras, Heraclitus, and Parmenides, although much of what is known about them is derived from Plato himself. Along with his teacher Socrates, and his student Aristotle, Plato is a central figure in the history of Western philosophy. Plato's complete ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Forster Lloyd
William Forster Lloyd FRS (1794 – 2 June 1852) was a British writer on economics. He is best known today for one of his 1833 lectures on population control which have influenced writers in modern economic theory. Life Born in 1794 at Bradenham, Buckinghamshire, he was the fourth son of Thomas Lloyd, rector of Aston-sub-Edge, and his wife, Elizabeth Ryder; Charles Lloyd was his elder brother. He was educated at Westminster School and Christ Church, Oxford, graduating BA in 1815 and MA in 1818. He was Greek Reader in 1823, Mathematical lecturer and Drummond Professor of Political Economy (1832–1837) at Christ Church, Oxford (successor to Nassau Senior). He was elected a Fellow of the Royal Society in 1834, and died at Prestwood, Missenden, Buckinghamshire in 1852. Influential lectures Lloyd published several of his lectures. In his ''Two Lectures on the Checks to Population'' (1833) he introduced the concept of the overuse of a common by its commoners (i.e. those with ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Britain
Great Britain is an island in the North Atlantic Ocean off the north-west coast of continental Europe, consisting of the countries England, Scotland, and Wales. With an area of , it is the largest of the British Isles, the List of European islands by area, largest European island, and the List of islands by area, ninth-largest island in the world. It is dominated by a maritime climate with narrow temperature differences between seasons. The island of Ireland, with an area 40 per cent that of Great Britain, is to the west – these islands, along with over List of islands of the British Isles, 1,000 smaller surrounding islands and named substantial rocks, comprise the British Isles archipelago. Connected to mainland Europe until 9,000 years ago by a land bridge now known as Doggerland, Great Britain has been inhabited by modern humans for around 30,000 years. In 2011, it had a population of about , making it the world's List of islands by population, third-most-populous islan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tragedy Of The Commons
The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely replace them, the predictable result being a "tragedy" for all. The concept has been widely discussed, and criticised, in economics, ecology and other sciences. The metaphorical term is the title of a 1968 essay by ecologist Garrett Hardin. The concept itself did not originate with Hardin but rather extends back to classical antiquity, being discussed by Aristotle. The principal concern of Hardin's essay was overpopulation of the planet. To prevent the inevitable tragedy (he argued) it was necessary to reject the principle (supposedly enshrined in the Universal Declaration of Human Rights) according to which every family has a right to choose the number of its offspring, and to replace it b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overgrazing
Overgrazing occurs when plants are exposed to intensive grazing for extended periods of time, or without sufficient recovery periods. It can be caused by either livestock in poorly managed agricultural applications, game reserves, or nature reserves. It can also be caused by immobile, travel restricted populations of native or non-native wild animals. Overgrazing reduces the usefulness, productivity and biodiversity of the land and is one cause of desertification and erosion. Overgrazing is also seen as a cause of the spread of invasive species of non-native plants and of weeds. Degrading land, emissions from animal agriculture and reducing the biomass in a ecosystem contribute directly to climate change between grazing events. Successful planned grazing strategies have been in support of the American bison of the Great Plains, or migratory wildebeest of the African savannas, or by holistic planned grazing. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BBC News
BBC News is an operational business division of the British Broadcasting Corporation (BBC) responsible for the gathering and broadcasting of news and current affairs in the UK and around the world. The department is the world's largest broadcast news organisation and generates about 120 hours of radio and television output each day, as well as online news coverage. The service has over 5,500 journalists working across its output including in 50 foreign news bureaus where more than 250 foreign correspondents are stationed. Deborah Turness has been the CEO of news and current affairs since September 2022. In 2019, it was reported in an Ofcom report that the BBC spent £136m on news during the period April 2018 to March 2019. BBC News' domestic, global and online news divisions are housed within the largest live newsroom in Europe, in Broadcasting House in central London. Parliamentary coverage is produced and broadcast from studios in London. Through BBC English Regions, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Economist
''The Economist'' is a British newspaper published weekly in printed magazine format and daily on Electronic publishing, digital platforms. It publishes stories on topics that include economics, business, geopolitics, technology and culture. Mostly written and edited in London, it has other editorial offices in the United States and in major cities in continental Europe, Asia, and the Middle East. The newspaper has a prominent focus on data journalism and interpretive analysis over News media, original reporting, to both criticism and acclaim. Founded in 1843, ''The Economist'' was first circulated by Scottish economist James Wilson (businessman), James Wilson to muster support for abolishing the British Corn Laws (1815–1846), a system of import tariffs. Over time, the newspaper's coverage expanded further into political economy and eventually began running articles on current events, finance, commerce, and British politics. Throughout the mid-to-late 20th century, it greatl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
