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Negative Externality
In economics, an externality is an indirect cost (external cost) or indirect benefit (external benefit) to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer consumption. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport. Water pollution from mills and factories are another example. All (water) consumers are made worse off by pollution but are not compensated by the market for this damage. The concept of externality was first developed by Alfred Marshall in the 1890s and achieved broader attention in the works of economist Arthur Pigou in the 1920s. The prototypical example of a negative externality is environmental pollution. Pigou argued that a tax, equal to the marginal damage or marginal external cost, (later called a "Pigou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Cost
Indirect costs are costs that are not directly accountable to a cost object (such as a particular project, facility, function or product). Like direct costs, indirect costs may be either fixed or variable. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead, but other overhead costs can be directly attributed to a project and are direct costs. There are two types of indirect costs. One are the fixed indirect costs, which are unchanged for a particular project or company, like transportation of labor to the working site, building temporary roads, etc. The other are recurring indirect costs, which repeat for a particular company, like maintenance of records or the payment of salaries. Indirect vs direct costs Most cost estimates are broken down into direct costs and indirect costs. Direct costs are directly attributable to the object. In construction, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
BLOGS
A blog (a Clipping (morphology), truncation of "weblog") is an informational website consisting of discrete, often informal diary-style text entries also known as posts. Posts are typically displayed in Reverse chronology, reverse chronological order so that the most recent post appears first, at the top of the web page. In the 2000s, blogs were often the work of a single individual, occasionally of a small group, and often covered a single subject or topic. In the 2010s, multi-author blogs (MABs) emerged, featuring the writing of multiple authors and sometimes professionally Editing, edited. MABs from newspapers, other News media, media outlets, universities, think tanks, advocacy groups, and similar institutions account for an increasing quantity of blog Web traffic, traffic. The rise of Twitter and other "microblogging" systems helps integrate MABs and single-author blogs into the news media. ''Blog'' can also be used as a verb, meaning ''to maintain or add content to a blog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Empire State Building Night
An empire is a political unit made up of several territories, military outposts, and peoples, "usually created by conquest, and divided between a dominant center and subordinate peripheries". The center of the empire (sometimes referred to as the metropole) has political control over the peripheries. Within an empire, different populations may have different sets of rights and may be governed differently. The word "empire" derives from the Roman concept of . Narrowly defined, an empire is a sovereign state whose head of state uses the title of "emperor" or "empress"; but not all states with aggregate territory under the rule of supreme authorities are called "empires" or are ruled by an emperor; nor have all self-described empires been accepted as such by contemporaries and historians (the Central African Empire of 1976 to 1979, and some Anglo-Saxon kingdoms in early England being examples). There have been "ancient and modern, centralized and decentralized, ultra-brut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; ; September 29, 1881 – October 10, 1973) was an Austrian-American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical liberalism and the central role of consumers in a market economy. He is best known for his work in praxeology, particularly for studies comparing communism and capitalism, as well as for being a defender of classical liberalismHayek, Friedrich A. "Introduction". In ''Socialism: An Economic and Sociological Analysis'', by Ludwig von Mises. London: Jonathan Cape, 1936. in the face of rising illiberalism and authoritarianism throughout much of Europe during the 20th century. In 1940, Mises emigrated from Austria to the United States to escape the Nazis. On the day German forces entered Vienna, they raided his apartment, confiscating his papers and library, which were believed lost or destroyed until rediscovered decades later in Soviet archive ... [...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] |
Friedrich Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( , from , ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e., the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." The original phrase was ''laissez faire, laissez passer'', with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay. Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. The Physiocrats were early advocates of ''laissez-faire'' and advocated for an ''impôt unique'', a tax on land rent to replace the "monstrous and crippling net ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Graph Of Positive Externality In Production
Graph may refer to: Mathematics *Graph (discrete mathematics), a structure made of vertices and edges **Graph theory, the study of such graphs and their properties * Graph (topology), a topological space resembling a graph in the sense of discrete mathematics *Graph of a function * Graph of a relation * Graph paper *Chart, a means of representing data (also called a graph) Computing *Graph (abstract data type), an abstract data type representing relations or connections * graph (Unix), Unix command-line utility * Conceptual graph, a model for knowledge representation and reasoning *Microsoft Graph, a Microsoft API developer platform that connects multiple services and devices Other uses * HMS ''Graph'', a submarine of the UK Royal Navy See also * Complex network *Graf *Graff (other) *Graph database *Grapheme, in linguistics *Graphemics *Graphic (other) *-graphy (suffix from the Greek for "describe," "write" or "draw") * List of information graphics software *S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Rider Problem
In economics, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods and common pool resources do not pay for them or under-pay. Free riders may overuse common pool resources by not paying for them, neither directly through fees or tolls, nor indirectly through taxes. Consequently, the common pool resource may be under-produced, overused, or degraded. Additionally, despite evidence that people tend to be cooperative by nature (a prosocial behaviour), the presence of free-riders has been shown to cause cooperation to deteriorate, perpetuating the free-rider problem. In social science, the free-rider problem is the question of how to limit free riding and its negative effects in these situations, such as the free-rider problem of when property rights are not clearly defined and imposed. The free-rider problem is common with public goods which are non-excludable and non-rivalrous. The non-excludability and non-rivalry o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political
Politics () is the set of activities that are associated with decision-making, making decisions in social group, groups, or other forms of power (social and political), power relations among individuals, such as the distribution of Social status, status or resources. The branch of social science that studies politics and government is referred to as political science. Politics may be used positively in the context of a "political solution" which is compromising and non-violent, or descriptively as "the art or science of government", but the word often also carries a negative connotation.. The concept has been defined in various ways, and different approaches have fundamentally differing views on whether it should be used extensively or in a limited way, empirically or normatively, and on whether conflict or co-operation is more essential to it. A variety of methods are deployed in politics, which include promoting one's own political views among people, negotiation with other ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ethical
Ethics is the philosophical study of moral phenomena. Also called moral philosophy, it investigates normative questions about what people ought to do or which behavior is morally right. Its main branches include normative ethics, applied ethics, and metaethics. Normative ethics aims to find general principles that govern how people should act. Applied ethics examines concrete ethical problems in real-life situations, such as abortion, treatment of animals, and business practices. Metaethics explores the underlying assumptions and concepts of ethics. It asks whether there are objective moral facts, how moral knowledge is possible, and how moral judgments motivate people. Influential normative theories are consequentialism, deontology, and virtue ethics. According to consequentialists, an act is right if it leads to the best consequences. Deontologists focus on acts themselves, saying that they must adhere to duties, like telling the truth and keeping promises. Virtue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
