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Government Success
In public choice, a government failure is a counterpart to a market failure in which government regulatory action creates economic inefficiency. A government failure occurs if the costs of an intervention outweigh its benefits. Government failure often arises from an attempt to solve market failure. The idea of government failure is associated with the policy argument that, even if particular markets may not meet the standard conditions of perfect competition required to ensure social optimality, government intervention may make matters worse rather than better. As with a market failure, government failure is not a failure to bring a particular or favored solution into existence but is rather a problem that prevents an efficient outcome. The problem to be solved does not need to be market failure; governments may act to create inefficiencies even when an efficient market solution is possible. Government failure (by definition) does not occur when government action creates winner ... [...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] |
Invisible Hand
The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended. Smith originally mentioned the term in two specific, but different, economic examples. It is used once in his '' Theory of Moral Sentiments'' when discussing a hypothetical example of wealth being concentrated in the hands of one person, who wastes his wealth, but thereby employs others. More famously, it is also used once in his '' Wealth of Nations'', when arguing that governments do not normally need to force international traders to invest in their own home country. In both cases, Adam Smith speaks of ''an'' invisible hand, never of ''the'' invisible hand. Going far beyond the original intent of Smith's metaphor, twentieth-century economists, especially Paul Samuelson, popularized the use of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Choice
Public choice, or public choice theory, is "the use of economic tools to deal with traditional problems of political science."Gordon Tullock, 9872008, "public choice," ''The New Palgrave Dictionary of Economics''. . It includes the study of political behavior. In political science, it is the subset of positive political theory that studies self-interested agents (voters, politicians, bureaucrats) and their interactions, which can be represented in a number of ways—using (for example) standard constrained utility maximization, game theory, or decision theory. It is the origin and intellectual foundation of contemporary work in political economics.Alberto Alesina, Torsten Persson, Guido Tabellini, 2006. “Reply to Blankart and Koester's Political Economics versus Public Choice Two Views of Political Economy in Competition,” Kyklos, 59(2), pp. 201–208 In popular use, "public choice" is often used as a shorthand for components of modern public choice theory that focus on h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction-cost Economics
In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931. Oliver E. Williamson's ''Transaction Cost Economics'' article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs can boost economic growth.North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press. Alongside production costs, transaction costs are one of the most significant factors in business operation and management. Definition Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Tullock
Gordon Tullock (; February 13, 1922 – November 3, 2014) was an American professor of law and economics at the George Mason University School of Law. He is best known for his work on public choice theory, the application of economic thinking to political issues. He was one of the founding figures in his field. Early life and education Tullock was born February 13, 1922, in Rockford, Illinois, where he attended and graduated from Rockford Central High School. Tullock attended the University of Chicago where, after a break for military service during World War II, he received a J.D. in 1947. He later completed Chinese language instruction at Yale and Cornell universities. Career Following a brief period in private practice, he joined the Foreign Service in fall 1947, and was posted to Tianjin, China and later to Hong Kong and Korea. In 1956, he resigned from the Foreign Service. While he originally intended to pursue a career as a foreign trader in the Far East, his work on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James M
James may refer to: People * James (given name) * James (surname) * James (musician), aka Faruq Mahfuz Anam James, (born 1964), Bollywood musician * James, brother of Jesus * King James (other), various kings named James * Prince James (other) * Saint James (other) Places Canada * James Bay, a large body of water * James, Ontario United Kingdom * James College, a college of the University of York United States * James, Georgia, an unincorporated community * James, Iowa, an unincorporated community * James City, North Carolina * James City County, Virginia ** James City (Virginia Company) ** James City Shire * James City, Pennsylvania * St. James City, Florida Film and television * ''James'' (2005 film), a Bollywood film * ''James'' (2008 film), an Irish short film * ''James'' (2022 film), an Indian Kannada-language film * "James", a television episode of ''Adventure Time'' Music * James (band), a band from Manchester ** ''James'', ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federico Sturzenegger
Federico Sturzenegger (born 11 February 1966) is an Argentine economist who is the current head of the Ministry of Deregulation and State Transformation under Javier Milei's presidency. He previously served as President of the Central Bank between 2015 and 2018. He was a professor of economics at University of California, Los Angeles, Torcuato di Tella University (where he also was Dean of the Business School), and Kennedy School of Government of Harvard University. Currently he teaches at University of San Andres and is Honoris Causa Professor at HEC Paris. Throughout his academic career he has published close to fifty articles in refereed journals as well as eight books. He was also Chief Economist of YPF, President of Bank of the City of Buenos Aires and a National Congressman for the PRO party. Early life and education Sturzenegger was born 11 February 1966 in Rufino, Santa Fe, to Adolfo Sturzenegger, an economist and professor. His mother was an attorney and pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political or comparative economy is a branch of political science and economics studying economic systems (e.g. Marketplace, markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely-studied phenomena within the discipline are systems such as labour market, labour and international markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 18th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western moral philosophy, with theoretical works exploring the administration of states' wealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Julian Le Grand
Sir Julian Ernest Michael Le Grand, FBA FRSA (born 29 May 1945) is a British academic specialising in public policy. He is the Richard Titmuss Professor of Social Policy at the London School of Economics (LSE) and was a senior policy advisor to former Prime Minister Tony Blair. Le Grand is the author, co-author or editor of seventeen books and over ninety articles on economics, philosophy and public policy. One of his books, '' Motivation, Agency and Public Policy: Of Knights and Knaves, Pawns and Queens'', was described by ''The Economist'' as "accessible – and profound" and by ''The Times'' as "one of the most important books on public policy in recent years". He was one of ''Prospect'' magazine's 100 top British public intellectuals, and one of the ESRC's ten Heroes of Dissemination. He is one of the principal architects of the UK Government's current ‘ quasi-market’ reforms introducing choice and competition into health care and education. In addition, he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Science
Political science is the scientific study of politics. It is a social science dealing with systems of governance and Power (social and political), power, and the analysis of political activities, political philosophy, political thought, political behavior, and associated constitutions and laws. Specialists in the field are political scientists. History Origin Political science is a social science dealing with systems of governance and power, and the analysis of political activities, political institutions, political thought and behavior, and associated constitutions and laws. As a social science, contemporary political science started to take shape in the latter half of the 19th century and began to separate itself from political philosophy and history. Into the late 19th century, it was still uncommon for political science to be considered a distinct field from history. The term "political science" was not always distinguished from political philosophy, and the modern dis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ecological Economics
Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economy, economies and natural ecosystems, both intertemporally and spatially. By treating the economy as a subsystem of Earth's larger ecosystem, and by emphasizing the preservation of natural capital, the field of ecological economics is differentiated from environmental economics, which is the mainstream economics, mainstream economic analysis of the environment. One survey of German economists found that ecological and environmental economics are different schools of economic thought, with ecological economists emphasizing strong sustainability and rejecting the proposition that Physical capital, physical (human-made) capital can substitute for natural capital (see the section on #Weak versus strong sustainability, weak versus strong sustainability below). Ecological ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anne O
Anne, alternatively spelled Ann, is a form of the Latin female name Anna. This in turn is a representation of the Hebrew Hannah, which means 'favour' or 'grace'. Related names include Annie and Ana. Anne is sometimes used as a male name in the Netherlands, particularly in the Frisian speaking part (for example, author Anne de Vries). In this incarnation, it is related to Germanic arn-names and means 'eagle'.See entry on "Anne" in th''Behind the Name'' databaseand th"Anne"an"Ane"entries (in Dutch) in the Nederlandse Voornamenbank (Dutch First Names Database) of the Meertens Instituut (23 October 2018). It has also been used for males in France (Anne de Montmorency) and Scotland (Lord Anne Hamilton). In Ireland the name is used as an anglicized version of Áine. Anne is a common name and the following lists represent a small selection. For a comprehensive list, see instead: . As a feminine name Anne * Saint Anne, Mother of the Virgin Mary * Anne, Queen of Great Britain (1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
