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Free-rider
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 of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tragedy Of The Commons
The tragedy of the commons is the concept that, if many people enjoy unfettered access to a finite, valuable resource, such as a pasture, they will tend to overuse it and may end up destroying its value altogether. Even if some users exercised voluntary restraint, the other users would merely replace them, the predictable result being a "tragedy" for all. The concept has been widely discussed, and criticised, in economics, ecology and other sciences. The metaphorical term is the title of a 1968 essay by ecologist Garrett Hardin. The concept itself did not originate with Hardin but rather extends back to classical antiquity, being discussed by Aristotle. The principal concern of Hardin's essay was overpopulation of the planet. To prevent the inevitable tragedy (he argued) it was necessary to reject the principle (supposedly enshrined in the Universal Declaration of Human Rights) according to which every family has a right to choose the number of its offspring, and to replace it b ... [...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] |
Rivalry (economics)
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] |
Prisoner's Dilemma
The prisoner's dilemma is a game theory thought experiment involving two rational agents, each of whom can either cooperate for mutual benefit or betray their partner ("defect") for individual gain. The dilemma arises from the fact that while defecting is rational for each agent, cooperation yields a higher payoff for each. The puzzle was designed by Merrill Flood and Melvin Dresher in 1950 during their work at the RAND Corporation. They invited economist Armen Alchian and mathematician John Williams to play a hundred rounds of the game, observing that Alchian and Williams often chose to cooperate. When asked about the results, John_Forbes_Nash_Jr., John Nash remarked that rational behavior in the Prisoner's dilemma#The_iterated_prisoner's_dilemma, iterated version of the game can differ from that in a single-round version. This insight anticipated a Folk_theorem_(game_theory), key result in game theory: cooperation can emerge in repeated interactions, even in situations where it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John F
John is a common English name and surname: * John (given name) * John (surname) John may also refer to: New Testament Works * Gospel of John, a title often shortened to John * First Epistle of John, often shortened to 1 John * Second Epistle of John, often shortened to 2 John * Third Epistle of John, often shortened to 3 John People * John the Baptist (died ), regarded as a prophet and the forerunner of Jesus Christ * John the Apostle (died ), one of the twelve apostles of Jesus Christ * John the Evangelist, assigned author of the Fourth Gospel, once identified with the Apostle * John of Patmos, also known as John the Divine or John the Revelator, the author of the Book of Revelation, once identified with the Apostle * John the Presbyter, a figure either identified with or distinguished from the Apostle, the Evangelist and John of Patmos Other people with the given name Religious figures * John, father of Andrew the Apostle and Saint Peter * Pope Jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Altruism
Altruism is the concern for the well-being of others, independently of personal benefit or reciprocity. The word ''altruism'' was popularised (and possibly coined) by the French philosopher Auguste Comte in French, as , for an antonym of egoism. He derived it from the Italian , which in turn was derived from Latin , meaning "alterity, other people" or "somebody else". Altruism may be considered a synonym of selflessness, the opposite of self-centeredness. Altruism is an important moral value in many cultures and religions. It can Moral circle expansion, expand beyond care for humans to include other Sentience, sentient beings and future generations. Altruism, as observed in populations of organisms, is when an individual performs an action at a cost to itself (in terms of e.g. pleasure and quality of life, time, probability of survival or reproduction) that benefits, directly or indirectly, another individual, without the expectation of reciprocity or compensation for that ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action
Collective action refers to action taken together Advocacy group, by a group of people whose goal is to enhance their condition and achieve a common objective. It is a term that has formulations and theories in many areas of the social sciences including psychology, sociology, anthropology, political science and economics. The social identity model Researchers Martijn van Zomeren, Tom Postmes, and Russell Spears conducted a meta-analysis of over 180 studies of collective action, in an attempt to integrate three dominant socio-psychological perspectives explaining antecedent conditions to this phenomenon – injustice, efficacy, and identity. In their resultant 2008 review article, an integrative Social Identity Model of Collective Action (SIMCA) was proposed which accounts for interrelationships among the three predictors as well as their predictive capacities for collective action. An important assumption of this approach is that people tend to respond to subjective states of di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Capital
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. Human capital has a substantial impact on individual earnings. Research indicates that human capital investments have high economic returns throughout childhood and young adulthood. Companies can invest in human capital; for example, through education and training, improving levels of quality and production. History Adam Smith included in his definition of Capital (economics), capital "the acquired and useful abilities of all the inhabitants or members of the society". The first use of the term "human capital" may be by Irving Fisher. An early discussion with the phrase "human capital" was from Arthur Cecil Pigou: But the term only found widespread use in economics after its popularization by economists of the Chicago School of economics, Chicago School, in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shifting Interest
In property law and real estate, a future interest is a legal right to property ownership that does not include the right to present possession or enjoyment of the property. Future interests are created on the formation of a defeasible estate; that is, an estate with a condition or event triggering transfer of possessory ownership. A common example is the landlord-tenant relationship. The landlord may own a house, but has no general right to enter it while it is being rented. The conditions triggering the transfer of possession, first to the tenant then back to the landlord, are usually detailed in a lease. As a slightly more complicated example, suppose O is the owner of Blackacre. Consider what happens when O transfers the property, "to A for life, then to B". Person A acquires possession of Blackacre. Person B does not receive any right to possess Blackacre immediately; however, once person A dies, possession will fall to person B (or his estate, if he died before person A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalist Economics
In economics, a free market is an economic system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a coordinated market in fields of study such as political economy, new institutional economics, economic sociology, and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to the simple forces of supply and demand which create space for those f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Albert O
Albert may refer to: Companies * Albert Computers, Inc., a computer manufacturer in the 1980s * Albert Czech Republic, a supermarket chain in the Czech Republic * Albert Heijn, a supermarket chain in the Netherlands * Albert Market, a street market in The Gambia * Albert Music, an Australian music company now known as Alberts ** Albert Productions, a record label * Albert (organisation), an environmental organisation concerning film and television productions Entertainment * ''Albert'' (1985 film), a Czechoslovak film directed by František Vláčil * ''Albert'' (2015 film), a film by Karsten Kiilerich * ''Albert'' (2016 film), an American TV movie * ''Albert'' (album), by Ed Hall, 1988 * "Albert" (short story), by Leo Tolstoy * Albert (comics), a character in Marvel Comics * Albert (''Discworld''), a character in Terry Pratchett's ''Discworld'' series * Albert, a character in Dario Argento's 1977 film '' Suspiria'' People * Albert (given name) * Albert (surname) * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Optimal
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society ( non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of ''efficiency in production'' vs. ''x-inefficiency'': a set of outputs of goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
