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Coase Theorem
The Coase theorem () postulates the economic efficiency of an economic allocation or outcome in the presence of externalities. The theorem is significant because, if true, the conclusion is that it is possible for private individuals to make choices that can solve the problem of market externalities. The theorem states that if the provision of a good or service results in an externality and trade in that good or service is possible, then bargaining will lead to a Pareto efficient outcome regardless of the initial allocation of property. A key condition for this outcome is that there are sufficiently low transaction costs in the bargaining and exchange process. This 'theorem' is commonly attributed to Nobel Prize laureate Ronald Coase. In practice, numerous complications, including imperfect information and poorly defined property rights, can prevent this optimal Coasean bargaining solution. In his 1960 paper, Coase specified the ideal conditions under which the theorem could hol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficiency (economics)
In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: * Allocative or Pareto efficiency: any changes made to assist one person would harm another. * Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost. These definitions are not equivalent: a market or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also other definitions and measures. All characterizations of economic efficiency are encompassed by the more general engineering concept that a system is efficient or optimal when it maximizes desired outputs (such as utility) given available inputs. Standards of thought There are two main standards of thought on economic efficiency, which respectively emphasize the distortions created by ''govern ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize
The Nobel Prizes ( ; ; ) are awards administered by the Nobel Foundation and granted in accordance with the principle of "for the greatest benefit to humankind". The prizes were first awarded in 1901, marking the fifth anniversary of Alfred Nobel, Alfred Nobel's death. The original Nobel Prizes covered five fields: Nobel Prize in Physics, physics, Nobel Prize in Chemistry, chemistry, Nobel Prize in Physiology or Medicine, physiology or medicine, Nobel Prize in Literature, literature, and Nobel Peace Prize, peace, specified in Nobel's will. A sixth prize, the Nobel Memorial Prize in Economic Sciences, Prize in Economic Sciences, was established in 1968 by Sveriges Riksbank (Sweden's central bank) in memory of Alfred Nobel. The Nobel Prizes are widely regarded as the most prestigious awards available in their respective fields.Nobel Prize#Shalev69, Shalev, p. 8. Except in extraordinary circumstances, such as war, all six prizes are given annually. Each recipient, known as a laur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Liability
In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both Civil law (common law), civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by Administrative law, government agencies. The Plaintiff, claimant is the one who seeks to establish, or prove, liability. Liability in business In commercial law, limited liability is a method of protection included in some business formations that shields its owners from certain types of liability and that amount a given owner will be liable for. A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is. Thus, only the funds or property the owner(s) have invested into the business are subje ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States V
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film * ''The United'' (film), an unreleased Arabic-language film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe * "United (Who We Are)", a song by XO-IQ, featured in the television se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Circuit Court Of Appeals
The United States Court of Appeals for the Second Circuit (in case citations, 2d Cir.) is one of the thirteen United States Courts of Appeals. Its territory covers the states of Connecticut, New York, and Vermont, and it has appellate jurisdiction over the U.S. district courts in the following federal judicial districts: * District of Connecticut * Eastern District of New York * Northern District of New York * Southern District of New York * Western District of New York * District of Vermont The Second Circuit has its clerk's office and courtrooms at the Thurgood Marshall United States Courthouse at 40 Foley Square in Lower Manhattan. Because the Second Circuit includes New York City, it has long been one of the largest and most influential American federal appellate courts, especially in matters of contract law, securities law, and antitrust law. In the 20th century, it came to be considered one of the two most prestigious federal appellate courts, along with the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Learned Hand
Billings Learned Hand ( ; January 27, 1872 – August 18, 1961) was an American jurist, lawyer, and judicial philosopher. He served as a federal trial judge on the U.S. District Court for the Southern District of New York from 1909 to 1924 and as a federal appellate judge on the U.S. Court of Appeals for the Second Circuit from 1924 to 1961. Born and raised in Albany, New York, Hand majored in philosophy at Harvard College and graduated with honors from Harvard Law School. After a relatively undistinguished career as a lawyer in Albany and New York City, he was appointed at the age of 37 as a Manhattan federal district judge in 1909. The profession suited his detached and open-minded temperament, and his decisions soon won him a reputation for craftsmanship and authority. Between 1909 and 1914, under the influence of Herbert Croly's social theories, Hand supported New Nationalism. He ran unsuccessfully as the Progressive Party's candidate for chief judge of the New York ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tort Law
A tort is a civil wrong, other than breach of contract, that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Tort law can be contrasted with criminal law, which deals with crime, criminal wrongs that are punishable by the state. While criminal law aims to punish individuals who commit crimes, tort law aims to compensate individuals who suffer harm as a result of the actions of others. Some wrongful acts, such as assault and Battery (crime), battery, can result in both a civil lawsuit and a criminal prosecution in countries where the civil and criminal legal systems are separate. Tort law may also be contrasted with contract law, which provides civil remedies after breach of a duty that arises from a contract. Obligations in both tort and criminal law are more fundamental and are imposed regardless of whether the parties have a contract. While tort law in civil law (legal system), civil law jurisdictions largely d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jurists
A jurist is a person with expert knowledge of law; someone who analyzes and comments on law. This person is usually a specialist legal scholar, mostly (but not always) with a formal education in law (a law degree) and often a legal practitioner. In the United Kingdom the term "jurist" is mostly used for legal academics, while in the United States the term may also be applied to a judge. With reference to Roman law, a "jurist" (in English) is a jurisconsult (''iurisconsultus''). The English term ''jurist'' is to be distinguished from similar terms in other European languages, where it may be synonymous with legal professional, meaning anyone with a professional law degree that qualifies for admission to the legal profession, including such positions as judge or attorney. In Germany, Scandinavia and a number of other countries ''jurist'' denotes someone with a professional law degree, and it may be a protected title, for example in Norway. Thus the term can be applied to atto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agency Cost
An agency cost is an Economics, economic concept that refers to the costs associated with the relationship between a "Principal (commercial law), principal" (an organization, person or group of persons), and an "Agent (economics), agent". The agent is given powers to make decisions on behalf of the principal. However, the two parties may have different incentives and the agent generally has information asymmetry, more information. The principal cannot directly ensure that its agent is always acting in its (the principal's) best interests.''Pay Without Performance'' by Lucian Bebchuk and Jesse Fried, Harvard University Press 2004preface and introduction This potential divergence in interests is what gives rise to agency costs. Common examples of this cost include: * according to the Friedman doctrine, the cost borne by shareholders (the principals) when Corporate management#Top-level managers, corporate management (the agent) buys other companies to expand its power, or spends mon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur C
Arthur is a masculine given name of uncertain etymology. Its popularity derives from it being the name of the legendary hero King Arthur. A common spelling variant used in many Slavic, Romance, and Germanic languages is Artur. In Spanish and Italian it is Arturo. Etymology The earliest attestation of the name Arthur is in the early 9th century Welsh-Latin text '' Historia Brittonum'', where it refers to a circa 5th century Romano-British general who fought against the invading Saxons, and who later gave rise to the famous King Arthur of medieval legend and literature. A possible earlier mention of the same man is to be found in the epic Welsh poem '' Y Gododdin'' by Aneirin, which some scholars assign to the late 6th century, though this is still a matter of debate and the poem only survives in a late 13th century manuscript entitled the Book of Aneirin. A 9th-century Breton landowner named Arthur witnessed several charters collected in the '' Cartulary of Redon''. The Irish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steven N
Stephen or Steven is an English first name. It is particularly significant to Christians, as it belonged to Saint Stephen ( ), an early disciple and deacon who, according to the Book of Acts, was stoned to death; he is widely regarded as the first martyr (or " protomartyr") of the Christian Church. The name, in both the forms Stephen and Steven, is often shortened to Steve or Stevie. In English, the female version of the name is Stephanie. Many surnames are derived from the first name, including Stephens, Stevens, Stephenson, and Stevenson, all of which mean "Stephen's (son)". In modern times the name has sometimes been given with intentionally non-standard spelling, such as Stevan or Stevon. A common variant of the name used in English is Stephan ( ); related names that have found some currency or significance in English include Stefan (pronounced or in English), Esteban (often pronounced ), and the Shakespearean Stephano ( ). Origins The name "Stephen" (and its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
