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Economic Welfare
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, "man earns money to get material welfare." Others since Marshall have described his remark as the "welfare definition" of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone. In his widely read textbook, '' Principles of Economics'', published in 1890, Marshall defines economics as follows: Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environment (biophysical)
The natural environment or natural world encompasses all biotic and abiotic things occurring naturally, meaning in this case not artificial. The term is most often applied to Earth or some parts of Earth. This environment encompasses the interaction of all living species, climate, weather and natural resources that affect human survival and economic activity. The concept of the ''natural environment'' can be distinguished as components: * Complete ecological units that function as natural systems without massive civilized human intervention, including all vegetation, microorganisms, soil, rocks, plateaus, mountains, the atmosphere and natural phenomena that occur within their boundaries and their nature. * Universal natural resources and physical phenomena that lack clear-cut boundaries, such as air, water and climate, as well as energy, radiation, electric charge and magnetism, not originating from civilized human actions. In contrast to the natural environment is the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Literacy
Literacy is the ability to read and write, while illiteracy refers to an inability to read and write. Some researchers suggest that the study of "literacy" as a concept can be divided into two periods: the period before 1950, when literacy was understood solely as alphabetical literacy (word and letter recognition); and the period after 1950, when literacy slowly began to be considered as a wider concept and process, including the social and cultural aspects of reading, writing, and functional literacy. Definition The range of definitions of literacy used by Non-governmental organization, NGOs, think tanks, and advocacy groups since the 1990s suggests that this shift in understanding from "discrete skill" to "social practice" is both ongoing and uneven. Some definitions remain fairly closely aligned with the traditional "ability to read and write" connotation, whereas others take a broader view: * The 2003 National Assessment of Adult Literacy (USA) included "quantitativ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ökologisches Wirtschaften
''Ökologisches Wirtschaften'' is an academic journal for socioeconomics and ecological economics. The journal was introduced in 1986 by (IÖW) and (VÖW). Since 1996 it has been published four times a year with a focus on a specific topic by , Munich Munich is the capital and most populous city of Bavaria, Germany. As of 30 November 2024, its population was 1,604,384, making it the third-largest city in Germany after Berlin and Hamburg. Munich is the largest city in Germany that is no .... The journal relates new research approaches to practical experience in politics and business. Discussions of the conflict between economy, ecology and society, and new ideas for a future-oriented, sustainable economy are presented. In the archive, all articles published since 1986 are available online. See also * journal Ecological Economics External links Ökologisches Wirtschaften online– Open Access Portal Academic journals established in 1986 Ecology journals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Distribution
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. About Classical economists such as Adam Smith (1723–1790), Thomas Malthus (1766–1834), and David Ricardo (1772–1823) concentrated their attention on factor income-distribution, that is, the Distribution (economics), distribution of income between the primary factors of production (Land (economics), land, Labour economics, labour and Capital (economics), capital). Modern economists have also addressed issues of income distribution, but have focused more on the distribution of income across individuals and households. Important theoretical and policy concerns include the balance between income inequality and economic growth, and their often inverse relati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics (textbook)
''Economics'' (''Economics: An Introductory Analysis'' in later editions) is an introductory textbook by American economists Paul Samuelson and William Nordhaus. The textbook was first published in 1948, and has appeared in nineteen different editions, the most recent in 2009. It was the bestselling economics textbook for many decades and still remains popular, selling over 300,000 copies of each edition from 1961 through 1976. The book has been translated into forty-one languages and in total has sold over four million copies. ''Economics'' was written entirely by Samuelson until the 12th edition (2001). Newer editions have been revised with others, including Nordhaus for the 17th edition (2001) and afterwards. Influence ''Economics'' has been called a "canonical textbook", and the development of mainstream economic thought has been traced by comparing the fourteen editions under Samuelson's editing. ''Economics'' coined the term "neoclassical synthesis" and popularized the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Surplus
In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: * Consumer surplus, or consumers' surplus, is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. * Producer surplus, or producers' surplus, is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for; this is roughly equal to profit (since producers are not normally willing to sell at a loss and are normally indifferent to selling at a break-even price). The sum of consumer and producer surplus is sometimes known as social surplus or total surplus; a decrease in that total from inefficiencies is called deadweight loss. Overview In the mid-19th century, engineer Jules Dupuit first propounded the concept of e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods And Services
Goods are items that are usually (but not always) tangible, such as pens or Apple, apples. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and Service (economics), services which underpins all economic activity and trade. According to Economics, economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also Distribution (marketing)#Channels and intermediaries, consume goods and services in the course of producing their own. History Physiocracy, Physiocratic economists categorized production into productive labour and unproductive labour. Adam Smith expanded this thought by arguing that any economic activities directly related to material products (goods) were productive, and those activities which involved no ... [...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] |
Standard Of Living
Standard of living is the level of income, comforts and services available to an individual, community or society. A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. Individuals or groups use the standard of living to evaluate where to live in the world, or when assessing the success of society. In international law, an "adequate standard of living" was first described in the Universal Declaration of Human Rights and further described in the International Covenant on Economic, Social and Cultural Rights. To evaluate the impact of policy for sustainable development, different disciplines have defined ''Decent Living Standards'' in order to evaluate or compare relative living experience. During much of its use in economics, improvements to standard of living were thought to be directly connected to eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
