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Effective Competition
Effective competition is a concept first proposed by John Maurice Clark, then under the name of "workable competition," as a "workable" alternative to the economic theory of perfect competition, as perfect competition is seldom observed in the real world. His proposal resulted in extensive debate in the economic literature over the next several decades in which George W. Stocking Sr., George Stigler, Jesse W. Markham, Joe S. Bain, and many others participated. No consensus has yet been reached over which of many potential criteria should be used to judge competition to be effective, but as an alternative to identifying specific structural criteria by which to constitute effectiveness or workability, Jesse W. Markham suggested the following definition: An industry may be judged to be workably competitive when, after the structural characteristics of its market and the dynamic forces that shaped them have been thoroughly examined, there is no clearly indicated change than can be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maurice Clark
John Maurice Clark (1884–1963) was an American economist whose work combined the rigor of traditional economic analysis with an "institutionalist" attitude. Clark was a pioneer in developing the notion of workable competition and the theoretical basis of modern Keynesian economics, including the concept of the economic multiplier. Biography Early career John Maurice Clark was born November 30, 1884, in Northampton, Massachusetts. He studied at Amherst College, graduating in 1905, and received his Ph.D. from Columbia University in 1910.Paul J. Miranti, Jr."Clark, John Maurice (1884–1963)."In Michael Chatfield and Richard Vangermeersch (eds.), ''History of Accounting: An International Encyclopedia.'' New York: Garland Publishing. pp. 125–127. J.M. Clark was the son of economist John Bates Clark (1847–1938) and shared his father's concern with ethical and policy issues, in keeping with much intellectual thought during the Progressive Era. Father and son worked jointly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theory
Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and 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 investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perfect Competition
In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In Economic model, theoretical models where conditions of perfect competition hold, it has been demonstrated that a Market (economics), market will reach an Economic equilibrium, equilibrium in which the quantity supplied for every Goods and services, product or service, including Workforce, labor, equals the quantity demanded at the current price. This equilibrium would be a Pareto optimum. Perfect competition provides both allocative efficiency and productive efficiency: * Such markets are ''allocatively efficient'', as output will always occur where marginal cost is equal to average revenue i.e. price (MC = AR). In perfect competition, any Profit maximization, profit-maximizing producer faces a market price equal to its marginal cost (P = MC). This implies that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George W
George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he is the eldest son of the 41st president, George H. W. Bush, and was the 46th governor of Texas from 1995 to 2000. Bush flew warplanes in the Texas Air National Guard in his twenties. After graduating from Harvard Business School in 1975, he worked in the oil industry. He later co-owned the Major League Baseball team Texas Rangers (baseball), Texas Rangers before being elected governor of Texas 1994 Texas gubernatorial election, in 1994. Governorship of George W. Bush, As governor, Bush successfully sponsored legislation for tort reform, increased education funding, set higher standards for schools, and reformed the criminal justice system. He also helped make Texas the Wind power in Texas, leading producer of wind-generated electricity in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Hungarian Elsie Elizabeth (Erzsébet Hungler, born in Bakonypéterd, Veszprém county, Kingdom of Hungary) and Bavarian Joseph Stigler. He was of German and Hungarian descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a B.A. and then spent a year at Northwestern University, from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics in 1938. Career Stigler t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jesse W
Jesse may refer to: People * Jesse (biblical figure), father of David in the Bible * Jesse (given name), including a list of people * Jesse (surname), a list of people Music * ''Jesse'' (album), a 2003 album by Jesse Powell * "Jesse" (song), a 1980 song by Carly Simon * "Jesse", a 1973 song by Janis Ian from the 1974 album ''Stars'', also covered by Roberta Flack on ''Killing Me Softly'' and by Joan Baez * "Jesse", a song from the album '' Valotte'' by Julian Lennon * "Jesse", a song from the album ''The People Tree'' by Mother Earth * "Jesse", a song from the album '' The Drift'' by Scott Walker * "Jesse", a song from the album '' If I Were Your Woman'' by Stephanie Mills * "Jesse", a song from the album ''Donda 2'' by Kanye West Other * ''Jesse'' (film), a 1988 American television film * ''Jesse'' (TV series), a sitcom starring Christina Applegate * ''Jesse'' (novel), a 1994 novel by Gary Soto * ''Jesse'' (picture book), a 1988 children's book by Tim Winton * Je ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joe S
Joe or JOE may refer to: Arts Film and television * ''Joe'' (1970 film), starring Peter Boyle * ''Joe'' (2013 film), starring Nicolas Cage, based on the novel ''Joe'' (1991) by Larry Brown * Joe (2023 film), an Indian film * ''Joe'' (TV series), a British TV series airing from 1966 to 1971 * ''Joe'', a 2002 Canadian animated short about Joe Fortes Music and radio * "Joe" (Inspiral Carpets song) * "Joe" (Red Hot Chili Peppers song) * "Joe", a song by The Cranberries on their album '' To the Faithful Departed'' *"Joe", a song by PJ Harvey on her album '' Dry'' *"Joe", a song by AJR on their album '' OK Orchestra'' * Joe FM (other), any of several radio stations Computing * Joe's Own Editor, a text editor for Unix systems * Joe, an object-oriented Java computing framework based on Sun's Distributed Objects Everywhere project Media * Joe (website), a news website for the UK and Ireland * ''Joe'' (magazine), a defunct periodical developed originally for Kenyan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Antitrust
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust law (or just antitrust), anti-monopoly law, and trade practices law; the act of pushing for antitrust measures or attacking monopolistic companies (known as Trust (business), trusts) is commonly known as trust busting. The history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, and sometimes severe sanctions. Since the 20th century, competition law has become global. The two largest and most influential systems of competition regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support and enforcement networks. Modern co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Policy
Public policy is an institutionalized proposal or a Group decision-making, decided set of elements like laws, regulations, guidelines, and actions to Problem solving, solve or address relevant and problematic social issues, guided by a conception and often implemented by programs. These policies govern and include various aspects of life such as education, health care, employment, finance, economics, transportation, and all over elements of society. The implementation of public policy is known as public administration. Public policy can be considered the sum of a government's direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public, typically by a government. Sometimes they are made by Non-state actors or are made in Co-production (public services), co-production with communities or citizens, which can include potential experts, scientists, engineers and stakeholders or scientific data, or sometimes u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperfect Competition
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure. Imperfect competition usually describes behaviour of suppliers in a market, such that the level of competition between sellers is below the level of competition in perfectly competitive market conditions. The competitive structure of a market can significantly impact the financial performance and conduct of the firms competing within it. There is a causal relationship between competitive structure, behaviour and performance paradigm. Market structure can be determined by measuring the degree of suppliers' market concentration, which in turn reveals the nature of market competition. The degree of market power refers to firms' ability to affect the price of a good and thus, raise the market price of the good or service abov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
