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Pigovian Tax
A Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by third parties that are not included in the market price). It is a method that tries to internalize negative externalities to achieve the Nash equilibrium and optimal Pareto efficiency. The tax is normally set by the government to correct an undesirable or inefficient market outcome (a market failure) and does so by being set equal to the external marginal cost of the negative externalities. In the presence of negative externalities, social cost includes private cost and external cost caused by negative externalities. This means the social cost of a market activity is not covered by the private cost of the activity. In such a case, the market outcome is not efficient and may lead to over-consumption of the product. Often-cited examples of negative externalities are environmental pollution and increased public healthcare costs assoc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in Exchange (economics), exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the value of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emergence, emerges more or less spontaneous order, spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant Gift economy, gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Cecil Pigou
Arthur Cecil Pigou (; 18 November 1877 – 7 March 1959) was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, Index (economics), index numbers, and measurement of national output.Nahid Aslanbeigui, 2008. "Pigou, Arthur Cecil (1877–1959)," ''The New Palgrave Dictionary of Economics'', 2nd edAbstract./ref> His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Walter Cunliffe, 1st Baron Cunliffe, Cunliffe Committee and the 1919 Royal Commission on income tax. Early life and education Pigou was born at Ryde on the I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externality
In economics, an externality is an Indirect costs, 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 Air pollution#Health effects, 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 Cecil Pigou, Arthur Pigou in the 1920s. The prototypical example of a negative externality is environmental pollution. Pigou argued that a tax, equal to the m ... [...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] |
Command And Control Regulation
Command and Control (CAC) regulation finds common usage in academic literature and beyond. The relationship between CAC and environmental policy is considered in this article, an area that demonstrates the application of this type of regulation. However, CAC is not limited to the environmental sector and encompasses a variety of different fields. Definition Command and Control (CAC) Regulation can be defined as “the direct regulation of an industry or activity by legislation that states what is permitted and what is illegal”.McManus, P. (2009) Environmental Regulation. Australia: Elsevier Ltd. This approach differs from other regulatory techniques, e.g. the use of economic incentives, which frequently includes the use of taxes and subsidies as incentives for compliance.Baldwin, R., Cave, M., Lodge, M. (2011) Understanding Regulation: Theory, Strategy and Practice. 2nd ed. Oxford: Oxford University Press The ‘command’ is the presentation of quality standards/targets by a gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deadweight Loss
In economics, deadweight loss is the loss of societal economic welfare due to production/consumption of a good at a quantity where marginal benefit (to society) does not equal marginal cost (to society). In other words, there are either goods being produced despite the cost of doing so being larger than the benefit, or additional goods are not being produced despite the fact that the benefits of their production would be larger than the costs. The deadweight loss is the net benefit that is missed out on. While losses to one entity often lead to gains for another, deadweight loss represents the loss that is not regained by anyone else. This loss is therefore attributed to both producers and consumers. Deadweight loss can also be a measure of lost economic efficiency when the socially optimal quantity of a good or a service is not produced. Non-optimal production can be caused by monopoly pricing in the case of artificial scarcity, a positive or negative externality, a tax or s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lans Bovenberg
Arij Lans Bovenberg (born June 15, 1958) is a Dutch economist, and Professor of Economics at the Tilburg University and Erasmus University, known mainly due to his contribution to the Dutch debate on population ageing, pension reforms and public finances. Lans Bovenberg was awarded the Spinoza Prize in 2003. Biography Bovenberg was born and raised in Oosterbeek in the Netherlands. Between 1976 and 1981 he studied econometrics at the Erasmus University. Teun Kloek supervised his MSc thesis (doctoraalscriptie) From 1981 to 1984 he studied at the University of California, Berkeley. He obtained his PhD in economics there at the end of 1984 for the dissertation entitled ''Capital Accumulation and Capital Immobility: Q-theory in a Dynamic General Equilibrium Framework''. After graduation he lived in the US, working at the International Monetary Fund. In 1990 he returned to the Netherlands and after a brief period at the Ministry of Economic Affairs he became a professor of ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gilbert E
Gilbert may refer to: People and fictional characters *Gilbert (given name), including a list of people and fictional characters * Gilbert (surname), including a list of people Places Australia * Gilbert River (Queensland) * Gilbert River (South Australia) Kiribati * Gilbert Islands, a chain of atolls and islands in the Pacific Ocean United States * Gilbert, Arizona, a town * Gilbert, Arkansas, a town * Gilbert, Florida, the airport of Winterhaven * Gilbert, Iowa, a city * Gilbert, Louisiana, a village * Gilbert, Michigan, and unincorporated community * Gilbert, Minnesota, a city * Gilbert, Nevada, ghost town * Gilbert, Ohio, an unincorporated community * Gilbert, Pennsylvania, an unincorporated community * Gilbert, South Carolina, a town * Gilbert, West Virginia, a town * Gilbert, Wisconsin, an unincorporated community * Mount Gilbert (other), various mountains * Gilbert River (Oregon) Outer space * Gilbert (lunar crater) * Gilbert (Martian crater) Arts an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Analysis Of Climate Change
An economic analysis of climate change uses economic tools and models to calculate the magnitude and distribution of damages Effects of climate change, caused by climate change. It can also give guidance for the best policies for Climate change mitigation, mitigation and Climate change adaptation, adaptation to climate change from an economic perspective. There are many economic models and frameworks. For example, in a cost–benefit analysis, the trade offs between climate change impacts, adaptation, and mitigation are made explicit. For this kind of analysis, Integrated assessment modelling, integrated assessment models (IAMs) are useful. Those models link main features of society and economy with the biosphere and atmosphere into one modelling framework. The total economic impacts from climate change are difficult to estimate. In general, they increase the more the Instrumental temperature record, global surface temperature increases (see Climate change scenario, climate change ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Glenn Loury
Glenn Cartman Loury (born September 3, 1948) is an American economist, academic, and author. He is the Merton P. Stoltz Professor of the Social Sciences at Brown University, where he has taught since 2005 also as a professor of economics. At the age of 33, Loury became the first African American professor of economics at Harvard University to gain tenure. Loury achieved prominence during the Reagan Era as a leading black conservative intellectual. In the mid-1990s, following a period of seclusion, he adopted more progressive views. Loury has somewhat re-aligned with views of the American right, with ''The New York Times'' describing his political orientation in 2020 as "conservative-leaning." Early life and education Loury was born on September 3, 1948, in the South Side of Chicago, Illinois, growing up in a redlined neighborhood. Before going to college he fathered two children, and supported them with a job in a printing plant. When he wasn't working he took classes at S ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dennis Carlton
Dennis or Denis is a first or last name from the Greco-Roman name Dionysius, via one of the Christian saints named Dionysius. The name came from Dionysus, the Greek god of ecstatic states, particularly those produced by wine, which is sometimes said to be derived from the Greek Dios (Διός, "of Zeus") and Nysos or Nysa (Νῦσα), where the young god was raised. Dionysus (or Dionysos; also known as Bacchus in Roman mythology and associated with the Italic Liber), the Thracian god of wine, represents not only the intoxicating power of wine, but also its social and beneficent influences. He is viewed as the promoter of civilization, a lawgiver, and a lover of peace—as well as the patron deity of both agriculture and the theatre. Dionysus is a god of mystery religious rites, such as those practised in honour of Demeter and Persephone at Eleusis near Athens. In the Thracian mysteries, he wears the "bassaris" or fox-skin, symbolizing new life. (See also Maenads.) A mediaeval ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Cost With Tax
Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from the Latin word ''socii'' ("allies"). It is particularly derived from the Italian ''Socii'' states, historical allies of the Roman Republic (although they rebelled against Rome in the Social War of 91–87 BC). Social theorists In the view of Karl Marx,Morrison, Ken. ''Marx, Durkheim, Weber. Formations of modern social thought'' human beings are intrinsically, necessarily and by definition social beings who, beyond being "gregarious creatures", cannot survive and meet their needs other than through social co-operation and association. Their social characteristics are therefore to a large extent an objectively given fact, stamped on them from birth and affirmed by socialization processes; and, according to Marx, in producing and reproduci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
