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Fixed-pie Fallacy
In economics, the lump of labour fallacy is the misconception that there is a finite amount of work—a lump of labour—to be done within an economy which can be distributed to create more or fewer jobs. It is also known as the lump of jobs fallacy, fallacy of labour scarcity, fixed pie fallacy, and the zero-sum fallacy—due to its ties to zero-sum games. The term "fixed pie fallacy" is also used more generally to refer to the idea that there is a fixed amount of wealth in the world. This and other zero-sum fallacies can be caused by zero-sum bias. It was considered a fallacy in 1891 by economist David Frederick Schloss, who held that the amount of work is not fixed. The term originated to rebut the idea that reducing the number of hours employees are allowed to labour during the working day would lead to a reduction in unemployment. The term is also commonly used to describe the false belief that increasing labour productivity, automation, immigration, or women's participatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), 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 Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-cooperative Games
In game theory, a non-cooperative game is a game in which there are no external rules or binding agreements that enforce the cooperation of the players. A non-cooperative game is typically used to model a competitive environment. This is stated in various accounts most prominent being John Nash's 1951 paper in the journal ''Annals of Mathematics''. Counterintuitively, non-cooperative game models can be used to model cooperation as well, and vice versa, cooperative game theory can be used to model competition. Some examples of this would be the use of non-cooperative game models in determining the stability and sustainability of cartels and coalitions. The difference between cooperative and non-cooperative game theory According to Nash, the difference between cooperative game theory and non-cooperative game theory is that “(cooperative game) theory is based on an analysis of the interrelationships of the various coalitions which can be formed by the players of the game. Our (no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zero-sum Bias
Zero-sum thinking perceives situations as zero-sum games, where one person's gain would be another's loss.Burleigh, T. J. (2016). ''"Your gain is my loss": An examination of zero-sum thinking with love in multi-partner romantic relationships and with grades in the university classroom'' (Doctoral dissertation). http://hdl.handle.net/10214/10034 The term is derived from game theory. However, unlike the game theory concept, zero-sum thinking refers to a psychological construct—a person's subjective interpretation of a situation. Zero-sum thinking is captured by the saying "your gain is my loss" (or conversely, "your loss is my gain"). Rozycka-Tran et al. (2015) defined zero-sum thinking as: A general belief system about the antagonistic nature of social relations, shared by people in a society or culture and based on the implicit assumption that a finite amount of goods exists in the world, in which one person's winning makes others the losers, and vice versa ... a relatively ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Working Time
Working time or laboring time is the period of time that a person spends at paid Wage labour, labor. Unpaid work, Unpaid labor such as personal housework or caring for children or pets is not considered part of the working week. Many countries regulate the work week by law, such as stipulating minimum daily Break (work), rest periods, annual Civic holiday, holidays, and a Eight-hour day, maximum number of working hours per week. Working time may vary from person to person, often depending on economic conditions, location, culture, lifestyle choice, and the profitability of the individual's livelihood. For example, someone who is supporting children and paying a large mortgage might need to work more hours to meet basic cost of living, costs of living than someone of the same earning power with lower housing costs. In developed countries like the United Kingdom, some workers are part-time because they are unable to find full-time work, but many choose reduced work hours to care ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technological Unemployment
The term technological unemployment is used to describe the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include Textile manufacture during the Industrial Revolution, artisan weavers reduced to poverty after the introduction of Power loom, mechanized looms. Thousands of man-years of work was performed in a matter of hours by the bombe codebreaking machine during World War II. A contemporary example of technological unemployment is the displacement of retail cashiers by Self-checkout, self-service tills and cashierless stores. That techn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robot Tax
A robot tax is a legislative strategy to disincentivize the replacement of workers by machines and bolster the social safety net for those who are displaced. While the automation of manual labour has been contemplated since before the Industrial Revolution, the issue has received increased discussion in the 21st century due to newer developments such as machine learning. Assessments of the risk vary widely, with one study finding that 47% of the workforce is automatable in the United States, and another study finding that this figure is 9% across 21 OECD countries. The idea of taxing companies for deploying robots is controversial with opponents arguing that such measures will stifle innovation and impede the economic growth that technology has consistently brought in the past. Proponents have pointed to the phenomenon of "income polarization" which threatens the jobs of low-income workers who lack the means to enter the knowledge-based fields in high demand. Arguments for Suppo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parable Of The Broken Window
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay " That Which Is Seen, and That Which Is Not Seen" ("") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy. Parable Bastiat's original parable of the broken window from "Ce qu'on voit et ce qu'on ne voit pas" (1850): Interpretations and evidence Bastiat's argument Suppose it were discovered that the little boy was actually hired by the glazier, and paid a franc for every window he broke. Suddenly the same act would be regarded as theft: the glazier was breaking windows to force people to hire his services. Yet the facts observed b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luddite Fallacy
The term technological unemployment is used to describe the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. Thousands of man-years of work was performed in a matter of hours by the bombe codebreaking machine during World War II. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores. That technological change can cause short-term job losses is widely accepted. The view ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour (economics)
Labour economics seeks to understand the functioning and dynamics of the Market (economics), markets for wage labour. Labour (human activity), Labour is a commodity that is supplied by labourers, usually in exchange for a wage paid by demanding firms. Because these labourers exist as parts of a social, institutional, or political system, labour economics must also account for social, cultural and political variables. Labour markets or job markets function through the interaction of workers and employers. Labour economics looks at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. These patterns exist because each individual in the market is presumed to make rational choices based on the information that they know regarding wage, desire to provide labour, and desire for leisure. Labour markets are normally geographically bounded, but the rise of the internet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indivisibility Of Labour
In macroeconomics, indivisibility of labor is the idea that labor cannot be used in continuous units but must be purchased from workers in blocks of time, such as eight hours a day or forty hours a week. This model can result in differences in the number of hours worked even though the workers are assumed to be identical: some workers may be unemployed while others are fully employed or even overemployed. The opposite presumption would be that labor may be purchased in continuous units, that workers are identical, and workers' utility functions as concave in leisure and income. Under this model, an optimal outcome is for all workers to work some of the time: all workers are at least partially employed and none are unemployed. Selling Labor is sold in blocks rather than in continuous units because there are fixed costs to the employer attributable to each employee and fixed costs to the employee attributable to each employer. The concept of labor as indivisible has been introduc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Early Retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job for health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
