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A. C. Pigou
Arthur Cecil Pigou (; 18 November 1877 – 7 March 1959) was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, index numbers, and measurement of national output.Nahid Aslanbeigui, 2008. "Pigou, Arthur Cecil (1877–1959)," ''The New Palgrave Dictionary of Economics'', 2nd edAbstract./ref> His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on income tax. Early life and education Pigou was born at Ryde on the Isle of Wight, the son of Clarence George Scott Pigou, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory. Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. Classification The term was originally introduced by Thorstein Veblen in his 1900 article "Preconceptions of Economic Science", in which he related marginalists in the tradition of Alfred Marshall ''et al.'' to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Political Economy
Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely-studied phenomena within the discipline are systems such as labour market, labour and international markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cambridge Union Society
The Cambridge Union Society, also known as the Cambridge Union, is a historic Debate, debating and free speech society in Cambridge, England, and the largest society in the University of Cambridge. The society was founded in 1815 making it the oldest continuously running debating society in the world. Additionally, the Cambridge Union has served as a model for the foundation of similar societies at several other prominent universities, including the Oxford Union and the Yale Political Union. The Union is a private society with membership open to all students of Cambridge University and Anglia Ruskin University. The Cambridge Union is a registered charity and is completely separate from the Cambridge University Students' Union. The Cambridge Union has a long and extensive tradition of hosting prominent figures from all areas of public life in its chamber, both state- and international-based, including the Dalai Lama, US presidents Theodore Roosevelt and Ronald Reagan, Bill Gates ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oscar Browning
Oscar Browning (17 January 1837 – 6 October 1923) was a British educationalist, historian and ''bon viveur'', a well-known Cambridge personality during the late Victorian and Edwardian eras. An innovator in the early development of professional training for teachers, he served as principal of the Cambridge University Day Training College (CUDTC) from 1891 to 1909. He was also a prolific author of popular histories and other books. The son of a prosperous distiller, Browning was educated at Eton, and then King's College, Cambridge. On graduating in 1860 he returned to Eton as an assistant master. A vociferous and active opponent of the school's traditional curriculum and teaching methods, he introduced novel and progressive techniques to the classroom, to the general approval of his pupils but to the dismay of the Eton authorities. He was controversially dismissed from his post in 1875, ostensibly because of repeated disregard for school rules, but an underlying issue wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harrow School
Harrow School () is a Public school (United Kingdom), public school (English boarding school for boys) in Harrow on the Hill, Greater London, England. The school was founded in 1572 by John Lyon (school founder), John Lyon, a local landowner and farmer, under a royal charter of Queen Elizabeth I. The school has an enrollment of about 820 boys, all of whom boarding school, board full-time, in twelve boarding houses. It was one of the seven public schools selected for reform in the Public Schools Act 1868. Harrow's uniform includes morning suits, Boater, straw boater hats, top hats and Walking stick, canes. Its list of distinguished alumni includes seven former Prime Minister of the United Kingdom, British prime ministers: George Hamilton-Gordon, 4th Earl of Aberdeen, Aberdeen, Spencer Perceval, Perceval, F. J. Robinson, 1st Viscount Goderich, Goderich, Robert Peel, Peel, Henry John Temple, 3rd Viscount Palmerston, Palmerston, Stanley Baldwin, Baldwin and Winston Churchill, Churc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Commission
A royal commission is a major ad-hoc formal public inquiry into a defined issue in some monarchies. They have been held in the United Kingdom, Australia, Canada, New Zealand, Norway, Malaysia, Mauritius and Saudi Arabia. In republics an equivalent entity may be termed a commission of inquiry. Such an inquiry has considerable powers, typically equivalent or greater than those of a judge but restricted to the terms of reference for which it was created. These powers may include subpoenaing witnesses, notably video evidences, taking evidence under oath and requesting documents. The commission is created by the head of state (the sovereign, or their representative in the form of a governor-general or governor) on the advice of the government and formally appointed by letters patent. In practice—unlike lesser forms of inquiry—once a commission has started the government cannot stop it. Consequently, governments are usually very careful about framing the terms of reference a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Walter Cunliffe, 1st Baron Cunliffe
Walter Cunliffe, 1st Baron Cunliffe (3 December 1855 – 6 January 1920) was a British banker who established the merchant banking business of Cunliffe Brothers (after 1920, Goschens & Cunliffe) in London, and who was Governor of the Bank of England from 1913 to 1918, during the critical World War I era. He was created 1st Baron Cunliffe in 1914. He chaired the Cunliffe Committee which reported in 1918 with a plan for the monetary policy of the central bank and government after the war, which helped to shape fiscal policy. Early life and family Cunliffe was born in London in 1855, the second eldest of four brothers and two sisters. His father, Roger Cunliffe, helped to finance and negotiate the development of the North Eastern Railway and became a merchant banker in the 1860s. He was educated at Harrow School and at Trinity College, Cambridge. His brother, Alan Percy Cunliffe (1864–1942), was a landowner and racehorse-owner who married film actress Malvina Longfellow in 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Palgrave Dictionary Of Economics
''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''Journal of Economic Literature'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of Jayati Ghosh, Esteban Pérez Caldentey, and Matías Vernengo will be published in 2027. J. Barkley Rosser Jr. was a co-editor until his untimely demise. The 1st edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by John ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Output
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), Gross national income (GNI), net national income (NNI), and adjusted national income (NNI adjusted for natural resource depletion – also called as NNI at factor cost). All are specially concerned with counting the total amount of goods and services produced within the economy and by various sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by ''imputing'' monetary values to them. National accounts Arriving at a figure for the total production of goods and services in a large region like a country entails a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
