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Theory Of Taxation
Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a variety of sources to finance Public expenditure, public-sector expenditures. Adam Smith in ''The Wealth of Nations'' (1776) wrote: : "The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state. The expense of government to the individuals of a great nation is like the expense of management to the joint tenants of a great estate, who are all obliged to contribute in proportion to their respective interests in the estate. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation." The Wealth of Nations#Book V: Of the Revenue of the Sovereign or Commonwealth In modern public-finance literature, a who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Economics
Public economics ''(or economics of the public sector)'' is the study of government policy through the lens of economic efficiency and Equity (economics), equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being. Public economics provides a framework for thinking about whether or not the government should participate in economic markets and if so to what extent it should do so. Microeconomic theory is utilized to assess whether the private market (economics), market is likely to provide efficient outcomes in the absence of governmental interference; this study involves the analysis of government taxation and government spending, expenditures. This subject encompasses a host of topics notably market failures such as, Public good (economics), public goods, externalities and Imperfect competition, Imperfect Competition, and the cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the ''benefit'' that would have been had if the second best available choice had been taken instead. The '' New Oxford American Dictionary'' defines it as "the loss of potential gain from other alternatives when one alternative is chosen". As a representation of the relationship between scarcity and choice, the objective of opportunity cost is to ensure efficient use of scarce resources. It incorporates all associated costs of a decision, both explicit and implicit. Thus, opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure, or any other benefit that provides utility should also be considered an opportunity cost. Types Expl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lindahl Pricing
Lindahl is a Swedish surname. Notable people with the surname include: * Anna Lindahl (1904–1952), Swedish film actress * Axel Lindahl (1841–1906), Swedish photographer * Axel Lindahl (athlete) (born 1995), Swedish footballer * Axel Lindahl (footballer) (1841–1906), Swedish photographer *Bruce Lindahl (1919–2014), American politician * Bruce Lindahl (criminal) (1953–1981), American serial killer * Carl-Erhard Lindahl (born 1935), Swedish diplomat * Cathrine Lindahl (born 1970), Swedish curler * Erik Lindahl (1891–1960), Swedish economist * Fredrik Lindahl (born 1983), Swedish handball player * Fredrik Lindahl (politician) (born 1987), Swedish politician * Hans Lindahl (born 1954), Swedish comic book artist * Hedvig Lindahl (born 1983), Swedish football (soccer) goalkeeper * John Lindahl (born 1996), American singer & songwriter * Josua Lindahl (1844–1914), Swedish scientist * Karl Lindahl (1890–1960), Swedish gymnast who competed in the 1920 Su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ys Demand Curve Lindahls Model
Ys (pronounced ), also spelled Is or Kêr-Is in Breton language, Breton, and Ville d'Ys in French language, French, is a List of mythological places, mythical city on the coast of Brittany that was swallowed up by the ocean. Most versions of the legend place the city in the Baie de Douarnenez. Etymology In the original Breton, the city receives the name of , which translates as "low city". is the Breton word for "city", and is related to the Welsh and Cornish ''ker-'', while / is related to Welsh , Scottish Gaelic and Irish ("low"). The legend Different versions of the legend share several basic common elements. King Gradlon (Gralon in Breton language, Breton) ruled in Ys, a city built on land reclaimed from the sea, sometimes described as rich in commerce and the arts, with Gradlon's palace being made of marble, cedar and gold. In some versions, Gradlon built the city upon the request of his daughter Dahut, who loved the sea. To protect Ys from inundation, a Dike (constr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Efficiency
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society (strict inequality, non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto frontier, Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of productive efficiency, ''efficiency in prod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knut Wicksell
Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a Swedish economist of the Stockholm school. He was professor at Uppsala University and Lund University. He made contributions to theories of population, value, capital and money, as well as methodological contributions to econometrics. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge. Early life Wicksell was born in Stockholm on December 20, 1851. His father was a relatively successful businessman and real estate broker. He lost both his parents at a relatively early age. His mother died when he was only six, and his father died when he was fifteen. His father's considerable estate allowed him to enroll at the University of Uppsala in 1869 to study mathematics, astronomy and physics. Education He received his first degree in two years, and he engaged in graduate studies until 1885, when he received his ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility
Marginal utility, in mainstream economics, describes the change in ''utility'' (pleasure or satisfaction resulting from the consumption) of one unit of a good or service. Marginal utility can be positive, negative, or zero. Negative marginal utility implies that every consumed additional unit of a commodity causes more harm than good, leading to a decrease in overall utility. In contrast, positive marginal utility indicates that every additional unit consumed increases overall utility. In the context of cardinal utility, liberal economists postulate a law of diminishing marginal utility. This law states that the first unit of consumption of a good or service yields more satisfaction or utility than the subsequent units, and there is a continuing reduction in satisfaction or utility for greater amounts. As consumption increases, the additional satisfaction or utility gained from each additional unit consumed falls, a concept known as ''diminishing marginal utility.'' This idea is us ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
