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Parable Of The Broken Window
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay " That Which Is Seen, and That Which Is Not Seen" ("") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy. Parable Bastiat's original parable of the broken window from "Ce qu'on voit et ce qu'on ne voit pas" (1850): Interpretations and evidence Bastiat's argument Suppose it were discovered that the little boy was actually hired by the glazier, and paid a franc for every window he broke. Suddenly the same act would be regarded as theft: the glazier was breaking windows to force people to hire his services. Yet the facts observed b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Broken Window Large
Broken may refer to: Literature * Broken (Armstrong novel), ''Broken'' (Armstrong novel), a 2006 novel by Kelley Armstrong in the ''Women of the Otherworld'' series * Broken (Slaughter novel), ''Broken'' (Slaughter novel), a 2010 novel by Karin Slaughter Music Albums * ''Broken (And Other Rogue States)'', a 2005 album by Luke Doucet * Broken (MBLAQ EP), ''Broken'' (MBLAQ EP) (2014) * Broken (Nine Inch Nails EP), ''Broken'' (Nine Inch Nails EP), (1992) * Broken (Soulsavers album), ''Broken'' (Soulsavers album) (2009) * Broken (Straight Faced album), ''Broken'' (Straight Faced album) (1996) Songs * Broken (Jake Bugg song), "Broken" (Jake Bugg song) (2013) * Broken (Sam Clark song), "Broken" (Sam Clark song) (2009) * Broken (Coldplay song), "Broken" (Coldplay song) (2019) * Broken (Elisa song), "Broken" (Elisa song) (2003) * Broken (Lifehouse song), "Broken" (Lifehouse song) (2008) * Broken (lovelytheband song), "Broken" (lovelytheband song) (2017) * Broken (Kate Ryan son ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warning System
A warning system is any system of biological or technical nature deployed by an individual or group to inform of a future danger. Its purpose is to enable the deployer of the warning system to prepare for the danger and act accordingly to mitigate or avoid it. Warnings cannot be effective unless people react to them. People are more likely to ignore a system that regularly produces false warnings (the cry-wolf effect), but reducing the number of false warnings generally also increases the risk of not giving a warning when it is needed. Some warnings are non-specific: for instance, the probability of an earthquake of a certain magnitude in a certain area over the next decade. Such warnings cannot be used to guide short-term precautions such as evacuation. Opportunities to take long-term precautions, such as better building codes and disaster preparedness, may be ignored. Biological warning systems *Aposematism (e.g. warning coloration) * Climate canary *Fear * Miner's canary * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luddite Fallacy
The term technological unemployment is used to describe the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. Thousands of man-years of work was performed in a matter of hours by the bombe codebreaking machine during World War II. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores. That technological change can cause short-term job losses is widely accepted. The view ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jevons Paradox
In economics, the Jevons paradox (; sometimes Jevons effect) occurs when technological advancements make a resource more efficient to use (thereby reducing the amount needed for a single application); however, as the cost of using the resource drops, if the price is highly elastic, this results in overall demand increasing, causing total resource consumption to rise. Governments have typically expected efficiency gains to lower resource consumption, rather than anticipating possible increases due to the Jevons paradox. In 1865, the English economist William Stanley Jevons observed that technological improvements that increased the efficiency of coal use led to the increased consumption of coal in a wide range of industries. He argued that, contrary to common intuition, technological progress could not be relied upon to reduce fuel consumption. The issue has been re-examined by modern economists studying consumption rebound effects from improved energy efficiency. In additi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Disease
In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by ''The Economist'' to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. The presumed mechanism is that while revenues increase in a growing sector (or inflows of foreign aid), the given economy's currency becomes stronger (" appreciates") compared to foreign currencies (manifested in the exchange rate). This results in the country's other exports becoming more expensive for other countries to buy, while imports become cheaper, altogether rendering those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Disaster Capitalism
''The Shock Doctrine: The Rise of Disaster Capitalism'' is a 2007 book by Canadian author and social activist Naomi Klein. In the book, Klein argues that neoliberal economic policies promoted by Milton Friedman and the Chicago school of economics have risen to global prominence because of a deliberate strategy she calls "disaster capitalism". In this strategy, political actors exploit the chaos of natural disasters, wars, and other crises to push through unpopular policies such as deregulation and privatization. This economic " shock therapy" favors corporate interests while disadvantaging and disenfranchising citizens when they are too distracted and overwhelmed to respond or resist effectively. The book challenges the narrative that free market capitalist policies have been welcomed by the inhabitants of regions where they have been implemented, and it argues that several man-made events, including the Iraq War, were intentionally undertaken with the goal of pushing through thes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Creative Destruction
Creative destruction (German: ''schöpferische Zerstörung'') is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations. The concept is usually identified with the economist Joseph Schumpeter, who derived it from the work of Karl Marx and popularized it as a theory of Innovation economics, economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale. In Marxian economic theory, the concept refers more broadly to the linked processes of the accumulation and annihilation of wealth under capitalism. The German sociologist Werner Sombart has been credited with the first use of these terms in his work ''Krieg und Kapitalismus'' (''War and Capitalism'', 1913).Describing the way in which the destruction of forests in Europe laid the foundations for nineteenth-century capitalism, Sombart writes: "Wiederum aber steigt aus der Zerstörung neuer schöpferischer Geist empor" ("Again, however, fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cobra Effect
COBRA or Cobra, often stylized as CoBrA, was a European avant-garde art group active from 1948 to 1951. The name was coined in 1948 by Christian Dotremont from the initials of the members' home countries' capital cities: Copenhagen (Co), Brussels (Br), Amsterdam (A). History During the time of Netherlands in World War II, occupation of World War II, the Netherlands had been disconnected from the art world beyond its borders. CoBrA was formed shortly thereafter. This international movement of artists who worked experimentally evolved from the criticisms of Western society and a common desire to break away from existing art movements, including the "detested" Realism (arts), naturalism and the "sterile" Abstraction (art), abstraction. Experimentation was the symbol of an unfettered freedom, which, according to Constant, was ultimately embodied by children and the expressions of children. CoBrA was formed by Karel Appel, Constant Nieuwenhuys, Constant, Guillaume Cornelis van Beverloo, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Production–possibility Frontier
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible quantities of outputs that can be Production (economics), produced using all factors of production, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as allocative efficiency, economies of scale, opportunity cost (or marginal rate of transformation), productive efficiency, and scarcity of resources (the economic problem, fundamental economic problem that all societies face). This tradeoff is usually considered for an economy, but also applies to each individual, household, and economic organization. One good can only be produced by diverting resources from other goods, and so by producing less of them. The PPF curve Graphically bounding the production set for fixed input quantities, the PPF curve shows the maximu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Military Budget
A military budget (or military expenditure), also known as a defense budget, is the amount of financial resources dedicated by a state to raising and maintaining an armed forces or other methods essential for defense purposes. Financing militaries Military budgets often reflect how strongly a country perceives the likelihood of threats against it, or the amount of aggression it wishes to conjure. It also gives an idea of how much financing should be provided for the upcoming fiscal year. The size of a budget also reflects the country's ability to fund military activities. Factors include the size of that country's economy, other financial demands on that entity, and the willingness of that entity's government or people to fund such military activity. Generally excluded from military expenditures is spending on internal law enforcement and disabled veteran rehabilitation. The effects of military expenditure on a nation's economy and society, and what determines military expendi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of the longest-running newspapers in the United States, the ''Times'' serves as one of the country's Newspaper of record, newspapers of record. , ''The New York Times'' had 9.13 million total and 8.83 million online subscribers, both by significant margins the List of newspapers in the United States, highest numbers for any newspaper in the United States; the total also included 296,330 print subscribers, making the ''Times'' the second-largest newspaper by print circulation in the United States, following ''The Wall Street Journal'', also based in New York City. ''The New York Times'' is published by the New York Times Company; since 1896, the company has been chaired by the Ochs-Sulzberger family, whose current chairman and the paper's publ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American New Keynesian economics, New Keynesian economist who is the Distinguished Professor of Economics at the CUNY Graduate Center, Graduate Center of the City University of New York. He was a columnist for ''The New York Times'' from 2000 to 2024. In 2008, Krugman was the sole winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory, new trade theory and New Economic Geography, new economic geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of Economy of scale, economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and, later, at Princeton University which he retired from in June 2015, holding the title of Emeritus, professor emeritus there ever since. He also holds the title o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
