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Added Worker Effect
The added worker effect refers to an increase in the labor supply of married women when their husbands become unemployed. Underlying the theory is the assumption that married women are secondary workers with a less permanent attachment to the labor market than their partners. As statistics show, married women do not always behave as secondary workers; therefore, the effect is not a universal phenomenon. Origin of idea The concept of “additional workers” appeared in empiric studies on unemployment in the United States during the Great Depression conducted in 1940 by economists Wladimir S. Woytinsky and Don D. Humphrey (Humphrey, 1940, p. 412). Humphrey's study did not find any observable added worker effect, but it did not deny that added workers participated in the market (Humphrey, p. 415). He challenged the validity of Woytinsky's study in the absence of a time series analysis. Relation to income and substitution effects In the added worker effect married wom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labor Supply
In mainstream economic theories, the labour supply is the total hours (adjusted for intensity of effort) that workers wish to work at a given real wage rate. It is frequently represented graphically by a labour supply curve, which shows hypothetical wage rates plotted vertically and the amount of labour that an individual or group of individuals is willing to supply at that wage rate plotted horizontally. There are three distinct aspects to labor supply or expected hours of work: the fraction of the population who are employed, the average number of hours worked by those that are employed, and the average number of hours worked in the population as a whole. Neoclassical view Labour supply curves derive from the 'labour-leisure' trade-off. More hours worked earn higher incomes, but necessitate a cut in the amount of leisure that workers enjoy. Consequently, there are two effects on the amount of labour supplied due to a change in the real wage rate. As, for example, the real w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AWE Model
Awe is an emotion comparable to wonder but less joyous. On Robert Plutchik's wheel of emotions awe is modeled as a combination of surprise and fear. One dictionary definition is "an overwhelming feeling of reverence, admiration, fear, etc., produced by that which is grand, sublime, extremely powerful, or the like: in awe of God; in awe of great political figures." Another dictionary definition is a "mixed emotion of reverence, respect, dread, and wonder inspired by authority, genius, great beauty, sublimity, or might: We felt awe when contemplating the works of Bach. The observers were in awe of the destructive power of the new weapon." In general, awe is directed at objects considered to be more powerful than the subject, such as the Great Pyramid of Giza, the Grand Canyon, the vastness of the cosmos, or a deity. Definitions Awe is difficult to define, and the meaning of the word has changed over time. Related concepts are wonder, admiration, elevation, and the sublime. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wladimir S
Wladimir is a masculine given name. It is an alternative spelling of the name Vladimir. Notable people with the name include: * Wladimir Brunet de Presle (1809–1875), French historian * Wladimir de Schoenefeld (1816–1875), German-French botanist * Wladimir Guedroitz (1873–1941), Russian chamberlain * Wladimir Aïtoff (1879–1963), French rugby player * Wladimir Burliuk (1886–1919), Ukrainian artist * Wladimir d'Ormesson (1888–1973), French essayist and writer * Wladimir von Pawlowski (1891–1961), Austrian lawyer * Wladimir Vogel (1896–1984), Russian composer * Wladimir Seidel (1907–1981), Russian mathematician * Wladimir A. Smirnoff (1917–2000), Soviet entomologist * Wladimir Zwalf (1932–2002), British sanskritist and Buddhist expert * Wladimir Jan Kochanski (1935–2015), American pianist * Wladimir Wertelecki (born 1936), Polish-American pediatrician * Wladimir Troubetzkoy (1942–2009), French literary historian * Wladimir Yordanoff (1954–2020), French act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Series Analysis
In mathematics, a time series is a series of data points indexed (or listed or graphed) in time order. Most commonly, a time series is a sequence taken at successive equally spaced points in time. Thus it is a sequence of discrete-time data. Examples of time series are heights of ocean tides, counts of sunspots, and the daily closing value of the Dow Jones Industrial Average. A time series is very frequently plotted via a run chart (which is a temporal line chart). Time series are used in statistics, signal processing, pattern recognition, econometrics, mathematical finance, weather forecasting, earthquake prediction, electroencephalography, control engineering, astronomy, communications engineering, and largely in any domain of applied science and engineering which involves temporal measurements. Time series ''analysis'' comprises methods for analyzing time series data in order to extract meaningful statistics and other characteristics of the data. Time series ''fore ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Income
Real income is the income of individuals or nations after adjusting for inflation. It is calculated by dividing nominal income by the price level. Real variables such as real income and real GDP are variables that are measured in physical units, while nominal variables such as nominal income and nominal GDP are measured in monetary units. Therefore, real income is a more useful indicator of well-being Well-being, or wellbeing, also known as wellness, prudential value or quality of life, refers to what is intrinsically valuable relative ''to'' someone. So the well-being of a person is what is ultimately good ''for'' this person, what is in t ... since it measures the amount of goods and services that can be purchased with the income. According to the classical dichotomy theory, real variables and nominal variables are separate in the long run, so they are not influenced by each other. In other words, if the nominal starting income was 100 and there was 10% in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Good
In economics, a normal good is a type of a good which experiences an increase in demand due to an increase in income, unlike inferior goods, for which the opposite is observed. When there is an increase in a person's income, for example due to a wage rise, a good for which the demand rises due to the wage increase, is referred as a normal good. Conversely, the demand for normal goods declines when the income decreases, for example due to a wage decrease or layoffs. Analysis There is a positive correlation between the income and demand for normal goods, that is, the changes income and demand for normal goods moves in the same direction. That is to say, that normal goods have an elastic relationship for the demand of a good with the income of the person consuming the good. In economics, the concept of elasticity, and specifically income elasticity of demand is key to explain the concept of normal goods. Income elasticity of demand measures the magnitude of the change in demand ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Diminishing Marginal Utility
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Choice Theory
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption as measured by their preferences subject to limitations on their expenditures, by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods: income level, cultural factors, product information and physio-psychological factors. Consumption is separated from production, logically, because two different economic agents are involved. In the first case consumption is by the primary individual, individual tastes or preferences determine the amount of pleasure people derive from the goods and services they consume.; in the second case, a producer might make something that he would not consume himself. Therefore, different motivations and abilities are involved. The models that make up consumer theory a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shelly Lundberg
Shelly J. Lundberg is an economist and currently holds the positions of Leonard Broom Professor of Demography at the University of California, Santa Barbara, where she serves as Associate Director of the Broom Center for Demography. Lundberg is one of the world's leading population economists. Biography Shelly Lundberg earned a B.A. from the University of British Columbia in 1975 and a Ph.D. from Northwestern University in 1981, writing her thesis on the relationship between unemployment and household labour supply. After her graduation, Lundberg became an assistant professor of economics at the University of Pennsylvania (1980–84) before moving on to the University of Washington. There, she was promoted first to associate professor of economics (1989–94), then to full professor (1994-2004) and finally was made Castor Professor of Economics in 2004. While at the University of Washington, Lundberg directed the Center for Research on Families (2001–11) as well as the Center fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumption Smoothing
Consumption smoothing is an economic concept for the practice of optimizing a person's standard of living through an appropriate balance between savings and consumption over time. An optimal consumption rate should be relatively similar at each stage of a person's life rather than fluctuate wildly. Luxurious consumption at an old age does not compensate for an impoverished existence at other stages in one's life. Since income tends to be hump-shaped across an individual's life, economic theory suggests that individuals should on average have low or negative savings rate at early stages in their life, high in middle age, and negative during retirement. Although many popular books on personal finance advocate that individuals should at all stages of their life set aside money in savings, economist James Choi states that this deviates from the advice of economists. Expected utility model The graph below illustrates the expected utility model, in which U(c) is increasing in and co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Breadwinner Model
The breadwinner model is a paradigm of family centered on a breadwinner, "the member of a family who earns the money to support the others." Traditionally, the earner works outside the home to provide the family with income and benefits such as health insurance, while the non-earner stays at home and takes care of children and the elderly. Since the 1950s, social scientists and feminist theorists such as Germaine Greer have increasingly criticized the gendered division of work and care and the expectation that the breadwinner role should be fulfilled by men. Norwegian government policy has increasingly targeted men as fathers, as a tool of changing gender relations. Recent years have seen a shift in gender norms for the breadwinner role in the U.S. A 2013 Pew Research study found that women were the sole or primary breadwinners in 40% of heterosexual relationships with children. Rise In Britain, the breadwinner model developed among the emerging middle-class towards the end of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
