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Rivalrous
In economics, a good is said to be rivalrous or a rival if its consumption by one consumer prevents simultaneous consumption by other consumers, or if consumption by one party reduces the ability of another party to consume it. A good is considered non-rivalrous or non-rival if, for any level of production, the cost of providing it to a marginal (additional) individual is zero. A good is anti-rivalrous and inclusive if each person benefits more when other people consume it. A good can be placed along a continuum from rivalrous through non-rivalrous to anti-rivalrous. The distinction between rivalrous and non-rivalrous is sometimes referred to as jointness of supply or subtractable or non-subtractable. Economist Paul Samuelson made the distinction between private and public goods in 1954 by introducing the concept of nonrival consumption. Economist Richard Musgrave followed on and added rivalry and excludability as criteria for defining consumption goods in 1959 and 1969. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods (economics)
In economics, goods are anything that is good, usually in the sense that it provides welfare or utility to someone. Alan V. Deardorff, 2006. ''Terms Of Trade: Glossary of International Economics'', World Scientific. Online version: Deardorffs' Glossary of International Economics"good" an Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. Goods are the result of the Secondary sector of the economy which involves the transformation of raw materials or intermediate goods into goods. Utility and characteristics of goods The change in utility (pleasu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good (economics)
In economics, goods are anything that is good, usually in the sense that it provides well-being, welfare or utility to someone.Alan V. Deardorff, 2006. ''Terms Of Trade: Glossary of International Economics'', World Scientific. Online version: Deardorffs' Glossary of International Economics"good" an Goods can be contrasted with bads, i.e. things that provide negative value for users, like chore division, chores or waste. A bad lowers a consumer's overall welfare. Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. Goods are the result of the Secondary sector of the economy which involves the transformation of raw materials or intermediate goods into goods. Utility and characteristics of goods The c ... [...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-rivalr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anti-rival Good
An anti-rival good is one where the more people share it, the more utility each person receives. It is the opposite of a rival good. Examples include software and other information goods created through the process of commons-based peer production. The term was coined by economist Steven Weber. An anti-rival good meets the test of a public good because it is non-excludable (freely available to all) and non-rival (consumption by one person does not reduce the amount available for others). However, it has the additional quality of being created by private individuals for common benefit without being motivated by pure altruism, because the individual contributor also receives benefits from the contributions of others. Free open-source software Lawrence Lessig described free and open-source software as anti-rivalrous: "It's not just that code is non-rival; it's that code in particular, and (at least some) knowledge in general, is, as Weber calls it, 'anti-rival'. I am not on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intellectual Property
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, copyrights, trademarks, and trade secrets. The modern concept of intellectual property developed in England in the 17th and 18th centuries. The term "intellectual property" began to be used in the 19th century, though it was not until the late 20th century that intellectual property became commonplace in most of the world's List of national legal systems, legal systems."property as a common descriptor of the field probably traces to the foundation of the World Intellectual Property Organization (WIPO) by the United Nations." in Mark A. Lemley''Property, Intellectual Property, and Free Riding'', Texas Law Review, 2005, Vol. 83:1031, page 1033, footnote 4. Supporters of intellectual property laws often describe their main purpose as encouragin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excludability
In economics, excludability is the degree to which a good, service or resource can be limited to only paying customers, or conversely, the degree to which a supplier, producer or other managing body (e.g. a government) can prevent consumption of a good. In economics, a good, service or resource is broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods, i.e. goods that are both non-rivalrous and non-excludable. Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods. Samuelson's theory of good classification was then further expanded upon by Richard Musgrave in 1959, Garrett Hardin in 1968 who expanded upon another key market inefficiency of non-excludeable goods; the tragedy of the commons. Excludability is not an inherent ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metcalfe's Law
Metcalfe's law states that the financial value or influence of a telecommunications network is proportional to the square of the number of connected users of the system (2). The law is named after Robert Metcalfe and was first proposed in 1980, albeit not in terms of users, but rather of "compatible communicating devices" (e.g., fax machines, telephones). It later became associated with users on the Ethernet after a September 1993 ''Forbes'' article by George Gilder. Network effects Metcalfe's law characterizes many of the network effects of communication technologies and networks such as the Internet, social networking and the World Wide Web. Former Chairman of the U.S. Federal Communications Commission Reed Hundt said that this law gives the most understanding to the workings of the present-day Internet. Mathematically, Metcalfe's Law shows that the number of unique possible connections in an n-node connection can be expressed as the triangular number n(n-1)/2, which is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Network Effect
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the Value (economics), value or utility a user derives from a Goods, good or Service (economics), service depends on the number of users of compatible products. Network effects are typically positive feedback systems, resulting in users deriving more and more value from a product as more users join the same network. The adoption of a product by an additional user can be broken into two effects: an increase in the value to all other users (''total effect'') and also the enhancement of other non-users' motivation for using the product (''marginal effect''). Network effects can be direct or indirect. Direct network effects arise when a given user's utility increases with the number of other users of the same product or technology, meaning that adoption of a product by different users is complementary. This effect is separate from effects related to price, suc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rent-seeking
Rent-seeking is the act of growing one's existing wealth by manipulating the social or political environment without creating new wealth. Rent-seeking activities have negative effects on the rest of society. They result in reduced economic efficiency through misallocation of resources, stifled competition, reduced wealth creation, lost government revenue, heightened income inequality, heightened debt levels, risk of growing corruption and cronyism, decreased public trust in institutions, and potential national decline. Successful capture of regulatory agencies (if any) to gain a coercive monopoly can result in advantages for rent-seekers in a market while imposing disadvantages on their uncorrupt competitors. This is one of many possible forms of rent-seeking behavior. Theory The term "rent", in the narrow sense of land rent, was coined by the British 19th-century economist David Ricardo, but rent-seeking only became the subject of durable interest among economists an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Climate Change Mitigation
Climate change mitigation (or decarbonisation) is action to limit the greenhouse gases in the atmosphere that cause climate change. Climate change mitigation actions include energy conservation, conserving energy and Fossil fuel phase-out, replacing fossil fuels with sustainable energy, clean energy sources. Secondary mitigation strategies include changes to land use and carbon sequestration, removing carbon dioxide (CO2) from the atmosphere. Current climate change mitigation policies are insufficient as they would still result in global warming of about 2.7 °C by 2100, significantly above the 2015 Paris Agreement's goal of limiting global warming to below 2 °C. Solar energy and wind power can replace fossil fuels at the lowest cost compared to other renewable energy options.IPCC (2022Summary for policy makersiClimate Change 2022: Mitigation of Climate Change. Contribution of Working Group III to the Sixth Assessment Report of the Intergovernmental Panel on Climate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Language
A natural language or ordinary language is a language that occurs naturally in a human community by a process of use, repetition, and change. It can take different forms, typically either a spoken language or a sign language. Natural languages are distinguished from constructed and formal languages such as those used to program computers or to study logic. Defining natural language Natural languages include ones that are associated with linguistic prescriptivism or language regulation. ( Nonstandard dialects can be viewed as a wild type in comparison with standard languages.) An official language with a regulating academy such as Standard French, overseen by the , is classified as a natural language (e.g. in the field of natural language processing), as its prescriptive aspects do not make it constructed enough to be a constructed language or controlled enough to be a controlled natural language. Natural language are different from: * artificial and constructed la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
