|
Giffen Goods
In microeconomics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa, violating the law of demand. For ordinary goods, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; the income effect can either reinforce or weaken this decline in demand, but for an ordinary good never outweighs it. By contrast, a Giffen good is so strongly an inferior good (in higher demand at lower incomes) that the contrary income effect more than offsets the substitution effect, and the net effect of the good's price rise is to increase demand for it. This phenomenon is known as the Giffen paradox. Background Giffen goods are named after Scottish economist Sir Robert Giffen, to whom Alfred Marshall attributed this idea in his book '' Principles of Economics'', first published in 1890. Giffen first proposed the paradox from his observations of the purchasing habits of the V ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter Newman (economist)
Peter Kenneth Newman (5 October 1928, Mitcham, Surrey, England – 6 November 2001, Hamilton, New Zealand Hamilton (, ) is an inland city in the North Island of New Zealand. Located on the banks of the Waikato River, it is the seat and most populous city of the Waikato, Waikato region. With a territorial population of , it is the country's List of c ...) was an English economist and historian of economic thought. He helped to edit '' The New Palgrave: A Dictionary of Economics'', to which he contributed several articles. Bibliography Books * * * * *Newman, Peter K,; Englewoods Cliffs N.J./New York, Prentice-Hall. Inc. (1965) The Theory of Exchange: *Newman, Peter K,; London, Institute of Race Relations, Oxford University Press (1964) British Guiana Problems of Cohesion in an Immigrant Society, ASIN: B0007FQPTI *Newman, Peter K, ; (ed): Baltimore/London Johns Hopkins University Press (1968) Readings in Mathematical Economics Vols I & II, ASIN: B00NCPS9WG *Newman, Peter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Behaviour
Consumer behaviour is the study of individuals, groups, or organisations and all activities associated with the Purchasing, purchase, Utility, use and disposal of goods and services. It encompasses how the consumer's emotions, Attitude (psychology), attitudes, and Preference (economics), preferences affect Buyer decision process, buying behaviour, and how external cues—such as visual prompts, auditory signals, or tactile (haptic) feedback—can shape those responses. Consumer behaviour emerged in the 1940–1950s as a distinct sub-discipline of marketing, but has become an Interdisciplinarity, interdisciplinary social science that blends elements from psychology, sociology, Social Anthropology, social anthropology, anthropology, ethnography, ethnology, marketing, and economics (especially behavioural economics). The study of consumer behaviour formally investigates individual qualities such as demographics, personality lifestyles, and behavioural variables (like usage rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh. It is one of the " top five" journals in economics. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers presented at the annual meetings have been published in a separate journal, '' AEA Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China
China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after India, representing 17.4% of the world population. China spans the equivalent of five time zones and Borders of China, borders fourteen countries by land across an area of nearly , making it the list of countries and dependencies by area, third-largest country by land area. The country is divided into 33 Province-level divisions of China, province-level divisions: 22 provinces of China, provinces, 5 autonomous regions of China, autonomous regions, 4 direct-administered municipalities of China, municipalities, and 2 semi-autonomous special administrative regions. Beijing is the country's capital, while Shanghai is List of cities in China by population, its most populous city by urban area and largest financial center. Considered one of six ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Noodle
Noodles are a type of food made from unleavened dough which is either rolled flat and cut, stretched, or extruded, into long strips or strings. Noodles are a staple food in many cultures and made into a variety of shapes. The most common noodles are those derived from either Chinese cuisine or Italian cuisine. Chinese noodles are known by a variety of different names, while Italian noodles are known as pasta. While long, thin strips may be the most common, many varieties of noodles are cut into waves, helices, tubes, strings, or shells, or folded over, or cut into other shapes. Noodles are usually cooked in boiling water, sometimes with cooking oil or salt added. They can also be steamed, pan-fried, deep-fried, or baked. Noodles are often served with an accompanying sauce or in a soup, the latter being known as noodle soup. Noodles can be refrigerated for short-term storage or dried and stored for future use. Etymology The word for noodles in English was borrowed in the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wheat
Wheat is a group of wild and crop domestication, domesticated Poaceae, grasses of the genus ''Triticum'' (). They are Agriculture, cultivated for their cereal grains, which are staple foods around the world. Well-known Taxonomy of wheat, wheat species and hybrids include the most widely grown common wheat (''T. aestivum''), spelt, durum, emmer, einkorn, and Khorasan wheat, Khorasan or Kamut. The archaeological record suggests that wheat was first cultivated in the regions of the Fertile Crescent around 9600 BC. Wheat is grown on a larger area of land than any other food crop ( in 2021). World trade in wheat is greater than that of all other crops combined. In 2021, world wheat production was , making it the second most-produced cereal after maize (known as corn in North America and Australia; wheat is often called corn in countries including Britain). Since 1960, world production of wheat and other grain crops has tripled and is expected to grow further through the middle of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rice
Rice is a cereal grain and in its Domestication, domesticated form is the staple food of over half of the world's population, particularly in Asia and Africa. Rice is the seed of the grass species ''Oryza sativa'' (Asian rice)—or, much less commonly, ''Oryza glaberrima'' (African rice). Asian rice was domesticated in China some 13,500 to 8,200 years ago; African rice was domesticated in Africa about 3,000 years ago. Rice has become commonplace in many cultures worldwide; in 2023, 800 million tons were produced, placing it third after sugarcane and maize. Only some 8% of rice is traded internationally. China, India, and Indonesia are the largest consumers of rice. A substantial amount of the rice produced in developing nations is lost after harvest through factors such as poor transport and storage. Rice yields can be reduced by pests including insects, rodents, and birds, as well as by weeds, and by List of rice diseases, diseases such as rice blast. Traditional rice polyc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market
A stock market, equity market, or share market is the aggregation of buyers and sellers of stocks (also called shares), which represent ownership claims on businesses; these may include ''securities'' listed on a public stock exchange as well as stock that is only traded privately, such as shares of private companies that are sold to investors through equity crowdfunding platforms. Investments are usually made with an investment strategy in mind. Size of the market The total market capitalization of all publicly traded stocks worldwide rose from US$2.5 trillion in 1980 to US$111 trillion by the end of 2023. , there are 60 stock exchanges in the world. Of these, there are 16 exchanges with a market capitalization of $1 trillion or more, and they account for 87% of global market capitalization. Apart from the Australian Securities Exchange, these 16 exchanges are all in North America, Europe, or Asia. By country, the largest stock markets as of January 2022 are in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rob Arnott
Robert D. Arnott (born June 29, 1954) is an American businessman, investor, and writer who focuses on articles about quantitative investing. He is the founder and chairman of the board of Research Affiliates, an asset management firm. Research Affiliates develops investment strategies for other firms, and there are over US$166 billion assets under the management of firms using their strategies as of September 2021. He edited CFA Institute's ''Financial Analysts Journal'' from 2002 to 2006, and has edited three books on equity management and tactical asset allocation. Arnott is a co-author of the book ''The Fundamental Index: A Better Way to Invest'', and co-editor of three other books relating to asset allocation and equity market investing. Arnott has also served as a Visiting Professor of Finance at the UCLA Anderson School of Management, on the editorial board of the ''Journal of Portfolio Management'', the product advisory board of the Chicago Mercantile Exchange, and the C ... [...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] |
Poverty
Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse Biophysical environment, environmental, legal, social, economic, and political causes and effects. When evaluating poverty in statistics or economics there are two main measures: ''absolute poverty'' which compares income against the amount needed to meet basic needs, basic personal needs, such as food, clothing, and Shelter (building), shelter; secondly, ''relative poverty'' measures when a person cannot meet a minimum level of living standards, compared to others in the same time and place. The definition of ''relative poverty'' varies from one country to another, or from one society to another. Statistically, , most of the world's population live in poverty: in Purchasing Power Parity, PPP dollars, 85% of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
