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Common Good (economics)
Common goods (also called common-pool resources) are defined in economics as goods that are rivalrous and non-excludable. Thus, they constitute one of the four main types based on the criteria: * whether the consumption of a good by one person precludes its consumption by another person ( rivalrousness) * whether it is possible to prevent people (consumers) who have not paid for it from having access to it ( excludability) As common goods are accessible by everybody, they are at risk of being subject to overexploitation which leads to diminished availability if people act to serve their own self-interests. History Despite its growing importance in modern society, the concept of the common good was first mentioned more than two thousand years ago in the writings of Plato, Aristotle, and Cicero. Regardless the time period Aristotle described the problem with common goods accurately: “What is common to many is taken least care of, for all men have greater regard for what i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Man Fishing From The Banks Of A Lake In Burkina Faso, 2009
A man is an adult male human. Before adulthood, a male child or adolescent is referred to as a boy. Like most other male mammals, a man's genome usually inherits an X chromosome, X chromosome from the mother and a Y chromosome, Y chromosome from the father. Sex differentiation of the male fetus is governed by the SRY gene on the Y chromosome. During puberty, hormones which stimulate androgen production result in the development of secondary sexual characteristics that result in even more differences between the sexes. These include greater muscle mass, greater height, the growth of facial hair and a lower body fat composition. Male anatomy is distinguished from female anatomy by the male reproductive system, which includes the testicles, sperm ducts, prostate gland and epididymides, and human penis, penis. Secondary sex characteristics include a narrower pelvis and hips, and smaller breasts and Nipple, nipples. Throughout human history, traditional gender roles hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tragedy Of Commons
The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely replace them, the predictable result being a "tragedy" for all. The concept has been widely discussed, and criticised, in economics, ecology and other sciences. The metaphorical term is the title of a 1968 essay by ecologist Garrett Hardin. The concept itself did not originate with Hardin but rather extends back to classical antiquity, being discussed by Aristotle. The principal concern of Hardin's essay was overpopulation of the planet. To prevent the inevitable tragedy (he argued) it was necessary to reject the principle (supposedly enshrined in the Universal Declaration of Human Rights) according to which every family has a right to choose the number of its offspring, and to replace it by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stone Soup
Stone Soup is a European Folklore, folk story in which hungry strangers convince the people of a town to each share a small amount of their food in order to make a meal. In varying traditions, the stone has been replaced with other common inedible objects, and therefore the parable is also known as axe soup, button soup, nail soup, bolt soup, and wood soup. Story Some travelers come to a village, carrying nothing more than an empty cooking pot. Upon their arrival, the villagers are unwilling to share any of their food stores with the very hungry travelers. Then the travelers go to a stream and fill the pot with water, drop a large Rock (geology), stone in it, and place it over a fire. One of the villagers becomes curious and asks what they are doing. The travelers answer that they are making "stone soup", which tastes wonderful and which they would be delighted to share with the villager, although it still needs a little bit of Garnish (food), garnish, which they are missing, to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Trap
In psychology, a social trap is a conflict of interest or perverse incentive where individuals or a group of people act to obtain short-term individual gains, which in the long run leads to a loss for the group as a whole. Social traps are the cause of countless environmental issues, including overfishing, energy "brownout" and "blackout" power outages during periods of extreme temperatures, the overgrazing of cattle on the Sahelian Desert, the destruction of the rainforest by logging interests and agriculture, and, most importantly, climate change. Origin of the concept The term ''social trap'' was first introduced to the scientific community by John Platt's 1973 paper in ''American Psychologist'', and in a book developed in an interdisciplinary symposium held at the University of Michigan. Building upon the concept of the "tragedy of the commons" in Garrett Hardin's pivotal article in ''Science'' (1968), Platt and others in the seminar applied behavioral psychology concepts to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Goods
In economics, a public good (also referred to as a social good or collective good)Oakland, W. H. (1987). Theory of public goods. In Handbook of public economics (Vol. 2, pp. 485–535). Elsevier. is a commodity, product or service that is both non-excludable and non-rivalrous and which is typically provided by a government and paid for through taxation. Use by one person neither prevents access by other people, nor does it reduce availability to others, so the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, its simultaneous availability to more than one person would be economically irrelevant. Capital goods may be used to produce public goods or services that are "...typi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common-pool Resource
In economics, a common-pool resource (CPR) is a type of good consisting of a natural or human-made resource system (e.g. an irrigation system or fishing grounds), whose size or characteristics makes it costly, but not impossible, to exclude potential beneficiaries from obtaining benefits from its use. Unlike pure public goods, common pool resources face problems of congestion or overuse, because they are subtractable. A common-pool resource typically consists of a core resource (e.g., water or fish), which defines the ''stock variable'', while providing a limited quantity of extractable fringe units, which defines the ''flow variable''. While the core resource is to be protected or nurtured in order to allow for its continuous exploitation, the fringe units can be harvested or consumed. Examples of a Common-Pool Resource Common-pool goods are typically regulated and nurtured in order to prevent demand from overwhelming supply and allow for their continued exploitation. Examples o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Good
In economics, a normal good is a type of a Good (economics), 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 c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good ( law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Curve
A demand curve is a graph depicting the inverse demand function, a relationship between the price of a certain commodity (the ''y''-axis) and the quantity of that commodity that is demanded at that price (the ''x''-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image. This is because of the law of demand: for most goods, the quantity demanded falls if the price rises. Certain unusual situations do not follow this law. These include Veblen goods, Giffen goods, and speculative bubbles where buyers are attracted to a commodity if its price rises. Demand curves are used to estimate behaviour in competitive markets and are often combined with supply curves to find the equilibrium price (the price at which sellers together are willing to sell the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Goods
In economics, a normal good is a type of a Good (economics), 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 c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Rights
The right to property, or the right to own property (cf. ownership), is often classified as a human right for natural persons regarding their Possession (law), possessions. A general recognition of a right to private property is found more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for Production (economics), production rather than Consumption (economics), consumption. Fourth Amendment to the United States Constitution, The Fourth Amendment to the United States Constitution is credited as a significant precedent for the legal protection of individual property rights. A right to property is specified in Article 17 of the 1948 Universal Declaration of Human Rights, but it is not recognised in the 1966 International Covenant on Civil and Political Rights or in the 1966 International Covenant on Economic, Social and Cultural Rights. The 1950 European Convention on Human Rights acknowledges a right ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
