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Ronald Coase
Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991. Coase believed economists should study real-world wealth creation, in the manner of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy." He believed economic study should reduce emphasis on Price Theory or theoretical markets and instead focus on real markets. He established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Institutional Economics
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics. Unlike neoclassical economics, it also considers the role of culture and classical political economy in economic development. The NIE assume that individuals are rational and that they seek to maximize their preferences, but that they also have cognitive limitations, lack complete information and have difficulties monitoring and enforcing agreements. As a result, institutions form in large part as an effective way to deal with transaction costs. NIE rejects that the state is a neutral actor (rather, it can hinder or facilitate effective institutions), that there are zero transaction costs, and that actors have fixed preferences. Overview It has its roots in two articles by Ronald Coase ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, ''The Theory of Moral Sentiments'' (1759) and '' An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his ''magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Glasgo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of London International Programmes
The University of London Worldwide (previously called the University of London International Academy) is the central academic body that manages external study programmes within the federal University of London. All courses are branded as simply "University of London", having previously been "University of London International Programmes" and earlier "University of London External Programmes". It claims to be the world's oldest distance and flexible learning body, established under the University of London's royal charter of 1858, although academics have disputed whether it offered distance learning at that time. Several member institutions of the University of London offer degrees through the programme, including Birkbeck, Goldsmiths, King's College London, London School of Economics, London School of Hygiene & Tropical Medicine, Queen Mary, Royal Holloway, Royal Veterinary College, School of Oriental and African Studies and University College London. The system offers cours ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kilburn Grammar School
Kilburn Grammar School was an English grammar school which opened in 1898 in Kilburn, north-west London. The school ceased to exist in 1967. History The school's history is detailed in a book by Richard E Brock. It was founded by the Rev. Dr. Henry George Bonavia Hunt, vicar of St Paul's, Kilburn, at a time when there was no general state provision for secondary education. The new boys' school opened in one room at 1 Willesden Lane in January 1898, then occupied two rooms at the Polytechnic Institute at Priory Park Road, before moving in 1899 to a house at 28 Cavendish Road. In April 1900, the school began moving to new purpose-built premises at Salusbury Road. In July 1900 the ''Hampstead and Highgate Express'' reported that the school's hall was opened by Bishop Mandell Creighton. Old boys of the school became known as 'Old Creightonians'. In 1907, the school was purchased jointly by the Urban District of Willesden and Middlesex County Council to become the first state second ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brace (orthopaedic)
Orthotics ( el, Ορθός, translit=ortho, lit=to straighten, to align) is a medical specialty that focuses on the design and application of orthoses, or braces. An is "an externally applied device used to influence the structural and functional characteristics of the neuromuscular and skeletal system". Orthotists are professionals who specialize in the provision of orthoses. Classification Orthotic devices are classified into four areas of the body according to the international classification system (ICS): orthotics of the lower extremities, orthotics of the upper extremities, orthotics for the trunk, and orthotics for the head. Orthoses are also classified by function: paralysis orthoses, relief orthoses, and soft braces. Under the International Standard terminology, orthoses are classified by an acronym describing the anatomical joints which they contain. For example, a knee-ankle-foot orthosis (English abbreviation: KAFO for Knee-ankle-foot orthoses) spans the kne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Telegraphist
A telegraphist (British English), telegrapher (American English), or telegraph operator is an operator who uses a telegraph key to send and receive the Morse code in order to communicate by land lines or radio. During the Great War the Royal Navy enlisted many volunteers as radio telegraphists. Telegraphists were indispensable at sea in the early days of wireless telegraphy, and many young men were called to sea as professional radiotelegraph operators who were always accorded high-paying officer status at sea. Subsequent to the ''Titanic'' disaster and the Radio Act of 1912, the International Safety of Life at Sea ( SOLAS) conventions established the 500kHz maritime distress frequency monitoring and mandated that all passenger-carrying ships carry licensed radio telegraph operators. In popular culture *The telegraphist mouse in Australia and the Marshall Islands from ''The Rescuers Down Under''. See also * Amateur radio * Casa del Telegrafista (House of the Telegr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coase Scan 10 Edited
Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991. Coase believed economists should study real-world wealth creation, in the manner of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy." He believed economic study should reduce emphasis on Price Theory or theoretical markets and instead focus on real markets. He established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oliver E
Oliver may refer to: Arts, entertainment and literature Books * ''Oliver the Western Engine'', volume 24 in ''The Railway Series'' by Rev. W. Awdry * ''Oliver Twist'', a novel by Charles Dickens Fictional characters * Ariadne Oliver, in the novels of Agatha Christie * Oliver (Disney character) * Oliver Fish, a gay police officer on the American soap opera ''One Life to Live'' * Oliver Hampton, in the American television series ''How to Get Away with Murder'' * Oliver Jones (''The Bold and the Beautiful''), on the American soap opera ''The Bold and the Beautiful'' * Oliver Lightload, in the movie ''Cars'' * Oliver Oken, from ''Hannah Montana'' * Oliver (paladin), a paladin featured in the Matter of France * Oliver Queen, DC Comic book hero also known as the Green Arrow * Oliver (Thomas and Friends character), a locomotive in the Thomas and Friends franchise * Oliver Trask, a controversial minor character from the first season of ''The O.C.'' * Oliver Twist (charact ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organizational Economics
Organizational economics (also referred to as ''economics of organization'') involves the use of economic logic and methods to understand the existence, nature, design, and performance of organizations, especially managed ones. Organizational economics is primarily concerned with the obstacles to coordination of activities inside and between organizations (firms, alliances, institutions, and market as a whole). Organizational economics is known for its contribution to and its use of: * Transaction cost theory: costs incurred to organize an activity, especially regarding research of information, bureaucracy, communication etc. * Agency theory: dilemmas connected to making decisions on behalf of, or that impact, another person or entity. * Contract theory: ways economic actors use to construct contractual arrangements, generally in the presence of asymmetric information. Notable theorists and contributors in the field of organizational economics: *Kenneth Arrow *James March * H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externalities
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 morni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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) Conceptualizing property in economics vs. law The fields of economics and law do not have a general consensus on conceptions of property rights. Various property types are used in law but the terminology can be seen in economic reports. Sometimes in economics, property t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Problem Of Social Cost
"The Problem of Social Cost" (1960) by Ronald Coase, then a faculty member at the University of Virginia, is an article dealing with the economic problem of externalities. It draws from a number of English legal cases and statutes to illustrate Coase's belief that legal rules are only justified by reference to a cost–benefit analysis, and that nuisances that are often regarded as being the fault of one party are more symmetric conflicts between the interests of the two parties. If there are sufficiently low costs of doing a transaction, legal rules would be irrelevant to the maximization of production. Because in the real world there are costs of bargaining and information gathering, legal rules are justified to the extent of their ability to allocate rights to the most efficient right-bearer. Along with an earlier article, “ The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Economic Sci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
