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William Vickrey
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-born professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences
Nobel Memorial Prize in Economic Sciences
with James Mirrlees for their research into the economic theory of incentives under asymmetric information, becoming the only Nobel laureate born in British Columbia. The announcement of his Nobel prize was made just three days prior to his death. Vickrey died while traveling to a conference of Georgist academics that he helped found and never missed once in 20 years.[1][2] His Columbia University
Columbia University
economics department colleague C. Lowell Harriss accepted the posthumous prize on his behalf
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Victoria, British Columbia
Nickname(s): "The Garden City"[1] [2]Motto(s): "Forever free"VictoriaLocation of Victoria in Canada Show map of CanadaVictoriaVictoria (British Columbia) Show map of British ColumbiaCoordinates: 48°25′43″N 123°21′56″W / 48.42861°N 123.36556°W / 48.42861; -123.36556Country  CanadaProvince  British ColumbiaRegional District CapitalHistoric colonies C. of Vancouver Island
Vancouver Island
(1848–66) C
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Economic
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade[1], and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'.[2] Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, monetary transactions only account for a small part of the economic domain. Economic activity is spurred by production which uses natural resources, labor, and capital
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Canada
Coordinates: 60°N 95°W / 60°N 95°W / 60; -95CanadaFlagMotto: A Mari Usque Ad Mare  (Latin) (English: "From Sea to Sea")Anthem: "O Canada"Royal anthem: "God Save the Queen"[1]Capital Ottawa 45°24′N 75°40′W / 45.400°N 75.667°W / 45.400; -75.667Largest city TorontoOfficial languagesEnglish FrenchEthnic groupsList of ethnicities74.3% European 14.5% Asian 5.1% Indigenous 3.4% Caribbean and Latin American 2.9% African 0.2% Oceanian[2]ReligionList of religions67.2% Christianity 23.9% Non-religious 3.2% Islam 1.5% Hinduism 1.4% Sikhism 1.1% Buddhism 1.0% Judaism 0.6% Other -[3]Demonym CanadianGovernment Federal parliamentary constitutional monarchy[4]• MonarchElizabeth II• Governor GeneralJulie Payette• Prime MinisterJustin Trudeau• Chie
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Phillips Academy
Phillips Academy
Phillips Academy
Andover (also known as Andover, or PA) is a co-educational university-preparatory school for boarding and day students in grades 9–12, along with a post-graduate (PG) year. The school is in Andover, Massachusetts, United States, 25 miles north of Boston
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Andover, Massachusetts
Andover is a town in Essex County, Massachusetts, United States. It was settled in 1642 and later incorporated in 1646.[3] As of the 2010 census, the population was 33,201.[4] It is part of the Boston-Cambridge-Quincy, Massachusetts- New Hampshire
New Hampshire
metropolitan statistical area. Part of the town comprises the census-designated place of Andover
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B.S.
A Bachelor of Science
Bachelor of Science
( Latin
Latin
Baccalaureus Scientiae, B.S., BS, B.Sc., BSc, or B.Sc; or, less commonly, S.B., SB, or Sc.B., from the equivalent Latin
Latin
Scientiae Baccalaureus)[1] is an undergraduate academic degree awarded for completed courses that generally last three to five years, or a person holding such a degree.[2] Whether a student of a particular subject is awarded a Bachelor of Science degree or a Bachelor of Arts degree can vary between universities
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Ph.D.
A Doctor of Philosophy
Philosophy
(PhD, Ph.D., DPhil, or Dr. phil.; Latin Philosophiae doctor) is the highest academic degree awarded by universities in most countries. PhDs are awarded for programs across the whole breadth of academic fields. The completion of a PhD is often a requirement for employment as a university professor, researcher, or scientist in many fields. Individuals who have earned a Doctor of Philosophy
Philosophy
degree may, in most jurisdictions, use the title Doctor (often abbreviated "Dr") or, in non-English speaking countries, variants such as "Dr. phil." with their name, and may use post-nominal letters such as "Ph.D.", "PhD" (depending on the awarding institute). The requirements to earn a PhD degree vary considerably according to the country, institution, and time period, from entry-level research degrees to higher doctorates
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London
London
London
(/ˈlʌndən/ ( listen)) is the capital and most populous city of England
England
and the United Kingdom.[7][8] Standing on the River Thames
River Thames
in the south east of the island of Great Britain, London has been a major settlement for two millennia. It was founded by the Romans, who named it Londinium.[9] London's ancient core, the City of London, largely retains its 1.12-square-mile (2.9 km2) medieval boundaries
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Marginal Cost Pricing
In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.[1] Intuitively, marginal cost at each level of production includes the cost of any additional inputs required to produce the next unit. At each level of production and time period being considered, marginal costs include all costs that vary with the level of production, whereas other costs that do not vary with production are considered fixed. For example, the marginal cost of producing an automobile will generally include the costs of labor and parts needed for the additional automobile and not the fixed costs of the factory that have already been incurred
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Value Capture
Value capture is a type of public financing that recovers some or all of the value that public infrastructure generates for private landowners. Contents1 Description 2 Examples 3 See also 4 References4.1 Citations 4.2 Sources5 External linksDescription[edit] Public investments, such as building transportation or sewer facilities, can increase adjacent land values, generating an unearned profit for private landowners. The unearned value (increases in land value which otherwise profit private landowners cost-free) may be "captured" directly by converting them into public revenue (see georgism)
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Chicago School Of Economics
The Chicago school of economics
Chicago school of economics
is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. In the context of macroeconomics, it is connected to the "freshwater school" of macroeconomics, in contrast to the saltwater school based in coastal universities (notably Harvard University, MIT, and UC Berkeley)
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Incentives
An incentive is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure)
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Inflation
In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time.[1] When the price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.[2][3] A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index, usually the consumer price index, over time.[4] The opposite of inflation is deflation. Inflation
Inflation
affects economies in various positive and negative ways
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Unemployment
Unemployment
Unemployment
is the situation of actively looking for employment but not being currently employed. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession, an economy usually experiences a relatively high unemployment rate.[1] According to International Labour Organization report, more than 200 million people globally or 6% of the world's workforce were without a job in 2012.[2] The causes of unemployment are heavily debated.[3] Classical economics, new classical economics, and the Austrian School
Austrian School
of economics argued that market mechanisms are reliable means of resolving unemployment
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General MacArthur
Douglas MacArthur
Douglas MacArthur
(26 January 1880 – 5 April 1964) was an American five-star general and Field Marshal of the Philippine Army. He was Chief of Staff of the United States Army
United States Army
during the 1930s and played a prominent role in the Pacific theater during World War II. He received the Medal of Honor
Medal of Honor
for his service in the Philippines Campaign, which made him and his father Arthur MacArthur Jr., the first father and son to be awarded the medal
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