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Labour market flexibility The degree of labour market flexibility is the speed with which labour markets adapt to fluctuations and changes in society, the economy or production. The most common definition of labour market flexibility has been the neo-liberal definition. This entailed the ease of labour market instituti... | https://en.wikipedia.org/wiki?curid=7500096 |
Labour market flexibility Internal numerical flexibility, sometimes known as working time flexibility or temporal flexibility, is achieved by adjusting working hours or schedules of workers already employed within the firm. This includes part-time, flexi time or flexible working hours or shifts (including night shifts ... | https://en.wikipedia.org/wiki?curid=7500096 |
Labour market flexibility It can also be used as a method to enable workers to "adjust working life and working hours to their own preferences and to other activities". As companies adapt to business cycles and facilitate their needs through the use of labour market flexibility strategies, workers adapt their life cycl... | https://en.wikipedia.org/wiki?curid=7500096 |
Chen model In finance, the is a mathematical model describing the evolution of interest rates. It is a type of "three-factor model" (short rate model) as it describes interest rate movements as driven by three sources of market risk. It was the first stochastic mean and stochastic volatility model and it was published ... | https://en.wikipedia.org/wiki?curid=7512317 |
Mean down time In organizational management, mean down time (MDT) is the average time that a system is non-operational. This includes all downtime associated with repair, corrective and preventive maintenance, self-imposed downtime, and any logistics or administrative delays. The inclusion of delay times distinguishes ... | https://en.wikipedia.org/wiki?curid=7513965 |
International MTM Directorate The (IMD) is a Federation of National Methods-Time Measurement Associations. It was originally constituted in Paris on June 25, 1957 and was then reincorporated under the laws of Ohio on November 6, 1968. Membership in the is held by National associations acknowledged by IMD as representin... | https://en.wikipedia.org/wiki?curid=7514501 |
Tax shift or Tax swap is a change in taxation that eliminates or reduces one or several taxes and establishes or increases others while keeping the overall revenue the same. The term can refer to desired shifts, such as towards Pigovian taxes (typically sin taxes and ecotaxes) as well as (perceived or real) undesired s... | https://en.wikipedia.org/wiki?curid=7520411 |
Tax shift It has the following three characteristics: (1) It is closely linked with price increase and decrease; (2) It is the redistribution of tax burdens among economic entities, and it is also a redistribution of economic interests. The result will inevitably lead to inconsistency between taxpayers and tax bearer; ... | https://en.wikipedia.org/wiki?curid=7520411 |
Tax shift It opens up a vast space for the taxation of goods and commodity circulation. It also makes it possible to pass on commodity taxation, and commodity taxation is also passed back or indirectly through price changes. The existence of a free pricing system is directly linked to the price movement, which is usual... | https://en.wikipedia.org/wiki?curid=7520411 |
Tax shift Within the range of fluctuations, the producers, operators and other market entities have a certain amount of freedom in pricing, and tax shift can be realized within a certain extent and within a certain range. Under the free pricing system, the producers, operators and other market players can freely set pr... | https://en.wikipedia.org/wiki?curid=7520411 |
Tax shift Therefore, the phenomenon of shifting the tax burden objectively existing in the commodity economy. The transfer of tax burdens is related to changes in costs. In the three situations of fixed, increasing and declining costs, tax transfer has different characteristics. For goods with fixed costs, the tax burd... | https://en.wikipedia.org/wiki?curid=7520411 |
Tax shift The following table lists tax shifts that have been proposed or introduced: Tax swap can also refer to the sale of a security that has declined in price since its purchase and the simultaneous purchase of a similar but not identical security, in order to realize a loss for tax purposes while maintaining a pos... | https://en.wikipedia.org/wiki?curid=7520411 |
Spread option In finance, a spread option is a type of option where the payoff is based on the difference in price between two underlying assets. For example, the two assets could be crude oil and heating oil; trading such an option might be of interest to oil refineries, whose profits are a function of the difference ... | https://en.wikipedia.org/wiki?curid=7525735 |
Spread option Used with an appropriate rotation of the domain and Gauss-Hermite quadrature, Choi (2018) showed that the numerical integral can be done very efficiently. Li, Deng and Zhou (2006) published accurate approximation formulas for both spread option prices and their Greeks. | https://en.wikipedia.org/wiki?curid=7525735 |
Umberto Meoli (26 August 1920 – 17 May 2002) was an Italian historian of economics, known as a maverick of the Italian Left who eschewed Marxism in favour of British pragmatism. Meoli was born in Padua, one of nineteen brothers; his father was a pharmacist from a small town near Benevento, and his mother was from Padua... | https://en.wikipedia.org/wiki?curid=7535573 |
Umberto Meoli Meoli was briefly a Communist, and after graduating, he worked for a time in the trade unions ("Camera del Lavoro") in Vicenza, but he was soon at odds with the rigid militancy of organized labor. He found his vocation in the late 1950s, when he obtained a teaching post at the University of Parma. It was ... | https://en.wikipedia.org/wiki?curid=7535573 |
Umberto Meoli Meoli always thought of himself as a man of the Left. However, he early became convinced of the unacceptable limitations of Marxist economic theory, and his books and articles struck many of his leftist colleagues as a kind of apostasy. Meoli's writings exhibited an ever-growing respect for British pragma... | https://en.wikipedia.org/wiki?curid=7535573 |
History of monopoly The history of monopoly pertains to the historical tendency of a successful commercial enterprise to dominate an industry. The practice started during Advanced Industrialization with such companies as Standard Oil and the Carnegie Steel Company. The Sherman Antitrust Act was the first Federal statut... | https://en.wikipedia.org/wiki?curid=7566631 |
Seasonal adjustment or deseasonalization is a statistical method for removing the seasonal component of a time series. It is usually done when wanting to analyse the trend, and cyclical deviations from trend, of a time series independently of the seasonal components. It is normal to report seasonally adjusted data for ... | https://en.wikipedia.org/wiki?curid=7579959 |
Seasonal adjustment Different statistical research groups have developed different methods of seasonal adjustment, for example X-13-ARIMA and X-12-ARIMA developed by the United States Census Bureau; TRAMO/SEATS developed by the Bank of Spain; MoveReg (for weekly data) developed by the United States Bureau of Labor Stat... | https://en.wikipedia.org/wiki?curid=7579959 |
Seasonal adjustment Some versions are also included as parts of larger products, and some are commercially available. For example, SAS includes X-12-ARIMA, while Oxmetrics includes STAMP. A recent move by public organisations to harmonise seasonal adjustment practices has resulted in the development of Demetra+ by Euro... | https://en.wikipedia.org/wiki?curid=7579959 |
Seasonal adjustment If it is made up of a sum or index aggregation of time series which have been seasonally adjusted, it is said to have been "indirectly seasonally adjusted". Indirect seasonal adjustment is used for large components of GDP which are made up of many industries, which may have different seasonal patter... | https://en.wikipedia.org/wiki?curid=7579959 |
Seasonal adjustment Since seasonal adjustment introduces a "non-revertible" moving average (MA) component into time series data, unit root tests (such as the Phillips–Perron test) will be biased towards non-rejection of the unit root null. Use of seasonally adjusted time series data can be misleading. This is because t... | https://en.wikipedia.org/wiki?curid=7579959 |
Decomposition of time series The decomposition of time series is a statistical task that deconstructs a time series into several components, each representing one of the underlying categories of patterns. There are two principal types of decomposition, which are outlined below. This is an important technique for all ty... | https://en.wikipedia.org/wiki?curid=7579995 |
Decomposition of time series The theory of time series analysis makes use of the idea of decomposing a times series into deterministic and non-deterministic components (or predictable and unpredictable components). See Wold's theorem and Wold decomposition. Kendall shows an example of a decomposition into smooth, seaso... | https://en.wikipedia.org/wiki?curid=7579995 |
Pension term assurance Pension Term Assurance (PTA) was a form of life insurance available within the United Kingdom. Although PTA had been available for several years, it only became mainstream when changes were made to pension legislation on "A Day", 6 April 2006. Following these changes, PTA became a popular way of ... | https://en.wikipedia.org/wiki?curid=7589172 |
Design brief A design brief is a document for a design project developed by a person or team (the "designer" or "design team") in consultation with the "client/customer". They outline the deliverables and scope of the project including any products or works (function and aesthetics), timing and budget. They can be used... | https://en.wikipedia.org/wiki?curid=7613845 |
Rosenfeld's law is an axiom relating physics to economics, that states that the amount of energy required to produce one dollar of GDP has decreased by about one percent per year since 1845. The original quote by Arthur H. Rosenfeld is: From 1845 to the present, the amount of energy required to produce the same amount ... | https://en.wikipedia.org/wiki?curid=7625061 |
Intertemporal CAPM The Intertemporal Capital Asset Pricing Model, or ICAPM, is an alternative to the CAPM provided by Robert Merton. It is a linear factor model with wealth as state variable that forecast changes in the distribution of future returns or income. In the ICAPM investors are solving lifetime consumption de... | https://en.wikipedia.org/wiki?curid=7634908 |
Intertemporal CAPM Using Ito's lemma we can rewrite: and the expected value: After some algebra , we have the following objective function: where formula_17 is the risk-free return. First order conditions are: In matrix form, we have: where formula_20 is the vector of expected returns, formula_21 the covariance matrix ... | https://en.wikipedia.org/wiki?curid=7634908 |
Floating capital denotes currency in circulation and assets which can be used for many purposes. It is therefore opposed to "sunk capital", which can be used only for one purpose (for example, a mineshaft). It comprises the materials and components, constantly supplied in the effecting of all manufactures; currency use... | https://en.wikipedia.org/wiki?curid=7637935 |
Banestes (Banco do Estado do Espirito Santo) is Brazilian state owned bank responsible for the public execution of loans for the state of Espírito Santo, it is one of the state's major instruments of economic development. The bank was established in 1937 and has operations outside its home state and an office in São Pa... | https://en.wikipedia.org/wiki?curid=7654503 |
Annual enrollment In the United States, annual enrollment (also known as open enrollment or open season) is a period of time, usually but not always occurring once per year, when employees of companies and organizations may make changes to their elected fringe benefit options, such as health insurance. The term also ap... | https://en.wikipedia.org/wiki?curid=7656907 |
Annual enrollment This can be done either with group presentations, "benefit fairs" or meetings one on one with each employee. As travel expenses continue to rise many vendors and insurance providers have turned to using independent "contract enrollers" to do the communication on their behalf. Open season is a prominen... | https://en.wikipedia.org/wiki?curid=7656907 |
Annual enrollment During annual enrollment anyone who wants to purchase insurance through the public exchange has the opportunity to do so despite circumstances, such as health or age. Outside annual enrollment, it can be difficult to obtain insurance, either public or private unless circumstances dictate. | https://en.wikipedia.org/wiki?curid=7656907 |
Option screener An option screener is a tool that evaluates options based on criteria and generates a list of potential trading ideas. Most people who trade options are technical traders. It essentially means they look for patterns in charts. Also they use statistical correlations and deviations and give them Greek nam... | https://en.wikipedia.org/wiki?curid=7662138 |
Artiluc (, ) was a silver coin forged and used in the 17th century in the Republic of Ragusa that had its capital city in Dubrovnik, modern-day Croatia. | https://en.wikipedia.org/wiki?curid=7674307 |
Socio-Economic Panel The "German" (SOEP [], for "Sozio-oekonomisches Panel") is a longitudinal panel dataset of the population in Germany. It is a household based study which started in 1984 and which reinterviews adult household members annually. Additional samples have been taken from time to time. In 2015, there wil... | https://en.wikipedia.org/wiki?curid=7675670 |
Latifundio–minifundio land tenure structure The land tenure structure of Latin America is called as the 'Latifundio–minifundio' land tenure structure. This dualistic tenure system is characterized by relatively few large commercial estates known as latifundios, which are over 500 hectares and numerous small properties ... | https://en.wikipedia.org/wiki?curid=7692289 |
Demand vacuum in economics and marketing is the effect created by consumer demand on the supply chain. The term refers to an analogy whereby consumer demand for a product or service creates a "vacuum" at the end of the supply chain which "pulls" the product through the chain by causing the suppliers to provide more pro... | https://en.wikipedia.org/wiki?curid=7693214 |
Egalitarianism as a Revolt Against Nature and Other Essays is a 1974 book by economist Murray Rothbard. The book represents the author's theorizing on topics impacting human liberty. Rothbard looks beyond conventional left-right thinking and hence contributes to the groundwork for the current intellectual challenge aga... | https://en.wikipedia.org/wiki?curid=7705752 |
Comisión Clasificadora de Riesgo (CCR) (Risk Rating Commission, RRC) is a Chilean organization which was established in 1985 with the incorporation of Chilean Decree Law Nº 3500 for approving or rejecting domestic and foreign debt instruments and equity securities that can be purchased by Pension Funds. Its risk rating... | https://en.wikipedia.org/wiki?curid=7706806 |
Land banking is the practice of aggregating parcels of land for future sale or development. While in many countries "land banking" may refer to various private real estate investment schemes, in the United States it refers to the establishment of quasi-governmental county or municipal authorities purposed with managing... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking While additional municipalities continued to adopt them at a trickle it wasn’t until the mid 2000s that land banks became viewed as a tested, reliable, and accepted model and experienced widespread implementation – particularly after the success of the Genesee County Land Bank. In 2009 the Department of Ho... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking Section 26 provides that an agreement made by a person in contravention of this is unenforceable and any sums paid to him may be recovered together with compensation for any loss suffered. After recent FCA enforcement of this regulation many companies selling UK land plots have moved outside of the Europea... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking A company representative may contact an individual by telephone, in temporary shopping center booths, or at property shows and offer a strategic land investment in the UK. Very often UK government or industry statistics, the proximity of the land to built up areas, or the recent history of UK house prices ... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking The sales person will typically never mention that the land is protected, or greenbelt land and cannot be developed under current planning regulations. There is typically no possibility of planning permission in any reasonable timeframe. The investor may end up paying a considerable amount of money for a s... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking A land banking scam is based on the very low chance of any of the plots receiving planning permission and the very high profit margins taken on the land plots, with the seller using misleading marketing tactics to convince the buyers that they are making a sound investment. A key strategy used for selling ... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking Residents of these countries may be naive of the UK property market and local planning regulations such as green belt zoning. In 2008, the land banking firm UKLI was placed into administration due to insolvency, despite having taken £69 million from 4,500 people for land plots. Land International was close... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking In 2011 New York State passed a land bank statute authorizing the establishment of nonprofits in each county to take title to vacant abandoned homes so they can be rehabilitated, sold or demolished in an orderly fashion. Many counties upstate including Erie County, Onondaga County, Schenectady County and A... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking Polk County, being the land that lies between the city of Tampa, in Hillsborough County Florida and the city of Orlando, in Orange County Florida has been a hot bed for speculative land development. North Polk County falls within the lower Green Swamp. The State of Florida has declared the Green Swamp "lan... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking On April 24, 2010, Assistant Treasurer Senator Nick Sherry announced the tightening of foreign investment laws as a result of a public backlash to the changes made a year earlier. Whilst they are still entitled to purchase a property of any value, temporary Residents must now sell their residence upon leav... | https://en.wikipedia.org/wiki?curid=7710343 |
Land banking The investor anticipates that, because of the area's natural productive potential, an agricultural infrastructure (sufficient roads, specialised contractors, grain storages) will develop, with more land put under cultivation and land values multiplying. Agricultural land banking is found where large tracts... | https://en.wikipedia.org/wiki?curid=7710343 |
BTAN A or Bon à Taux Annuel Normalisé ("Pl.: Bons à Taux Annuel Normalisés") was a coupon-bearing French government bond with a two to five year maturity. The last of these matured on 25 July 2017. | https://en.wikipedia.org/wiki?curid=7710965 |
Extended sympathy in welfare economics refers to interpersonal value judgments of the form that social state "x" for person "A" is ranked better than, worse than, or as good as social state "y" for person "B" (Arrow, 1963, pp. 114-15). (For example: it would, perhaps, be preferable to lower a wealthy person's income in... | https://en.wikipedia.org/wiki?curid=7719872 |
Stop-loss insurance is insurance that protects insurers against large claims. Stop-loss policies take effect after a certain threshold has been exceeded in claims. Insurance companies themselves, as well as self-insuring employers, purchase stop-loss coverage for a premium to protect themselves. In the case of a partic... | https://en.wikipedia.org/wiki?curid=7725383 |
Stop-loss insurance Most of the time there is an annual limit for the stop loss amount for each participant and an aggregate amount for each policy year. The premium is calculated for each employee for each month. The premium is based on the number of participants, age of the participants and various other information.... | https://en.wikipedia.org/wiki?curid=7725383 |
Fama–MacBeth regression The is a method used to estimate parameters for asset pricing models such as the capital asset pricing model (CAPM). The method estimates the betas and risk premia for any risk factors that are expected to determine asset prices. The method works with multiple assets across time (panel data). Th... | https://en.wikipedia.org/wiki?curid=7735247 |
Rendleman–Bartter model The (Richard J. Rendleman, Jr. and Brit J. Bartter) in finance is a short rate model describing the evolution of interest rates. It is a "one factor model" as it describes interest rate movements as driven by only one source of market risk. It can be used in the valuation of interest rate deriva... | https://en.wikipedia.org/wiki?curid=7757177 |
Cox–Ingersoll–Ross model In mathematical finance, the Cox–Ingersoll–Ross (CIR) model describes the evolution of interest rates. It is a type of "one factor model" (short rate model) as it describes interest rate movements as driven by only one source of market risk. The model can be used in the valuation of interest ra... | https://en.wikipedia.org/wiki?curid=7759194 |
Cox–Ingersoll–Ross model Consequently, when the rate gets close to zero, its evolution becomes dominated by the drift factor, which pushes the rate upwards (towards equilibrium). This process can be defined as a sum of squared Ornstein–Uhlenbeck process. The CIR is an ergodic process, and possesses a stationary distrib... | https://en.wikipedia.org/wiki?curid=7759194 |
Fall (unit) A fall or fa is a Scottish measurement of length. Other variants of the name include "faw", "faa" and "fa", the spelling with an apologetic apostrophe is not favoured now. The measurement was mostly out of use by the 19th century, and English measurements were imposed in 1824 by an act of parliament. There... | https://en.wikipedia.org/wiki?curid=7761303 |
Market distortion In neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ... | https://en.wikipedia.org/wiki?curid=7761402 |
Market distortion In the context of markets, "perfect competition" means: Many different kinds of events, actions, policies, or beliefs can bring about a market distortion. For example: | https://en.wikipedia.org/wiki?curid=7761402 |
Control environment A control environment, also called "Internal control environment", is a term of financial audit, internal audit and Enterprise Risk Management. It means the overall attitude, awareness and actions of directors and management (i.e. "those charged with governance") regarding the internal control syste... | https://en.wikipedia.org/wiki?curid=7764175 |
Closure by stealth is a term most frequently used in the UK and Ireland to refer to the deliberate downgrading of a service by the management or owners with the intention of driving away users or customers. The aim is to make the service uneconomical, and thereby justify its closure or withdrawal. It is most widely use... | https://en.wikipedia.org/wiki?curid=7770903 |
Closure by stealth , have been accused of using closure by stealth, as calls cost much more than were they made by mobile phone. Apparent closures by stealth have been observed in other services, such as post offices, hospitals, public libraries and magistrate courts. | https://en.wikipedia.org/wiki?curid=7770903 |
Consumption-based capital asset pricing model The consumption-based capital asset pricing model (CCAPM) is a model of the determination of expected (i.e. required) return on an investment. The foundations of this concept were laid by the research of Robert Lucas (1978) and Douglas Breeden (1979). The model is a general... | https://en.wikipedia.org/wiki?curid=7772738 |
Inside contracting is the practice of hiring contractors who work inside the proprietor's factory. It replaced the putting out system, where contractors worked in their own facilities. was the system favored by the Springfield and Harper's Ferry Armories. Since the manufacturing system developed in the armories also be... | https://en.wikipedia.org/wiki?curid=7772916 |
Governor's Award (Albania) The Governor's Award () is a prestigious annual award given to Albanian students worldwide that have developed the best diploma theses at the completion of their undergraduate studies. The undergraduate dissertations should be of high scientific standards and should concern crucial issues rel... | https://en.wikipedia.org/wiki?curid=7781749 |
Copy Exactly! is a factory strategy model developed by the computer chip manufacturer, Intel, to build new manufacturing facilities with high capacity practices already in place. The model allows factories that successfully design and manufacture chips to be replicated in locations globally, The methodology focuses on ... | https://en.wikipedia.org/wiki?curid=7833127 |
Copy Exactly! Advanced Semiconductor Manufacturing Conference and Workshop, IEEE/SEMI, 1997 Cambridge, MA. IEEE, 414-417. | https://en.wikipedia.org/wiki?curid=7833127 |
Benefits.gov (formerly GovBenefits.gov) was launched by the U.S. Department of Labor in April 2002, as a website designed to provide American citizens with access to government benefit eligibility information. helps citizens determine their potential eligibility for more than 1,000 government-funded benefit and assista... | https://en.wikipedia.org/wiki?curid=7840840 |
Order condition The order condition is the state of a set of simultaneous equations in an econometric system such that all its parameters may be identified. For an equation in a system of equations to be identified, the number of excluded exogenous variables in that equation must be at least as great as the number of i... | https://en.wikipedia.org/wiki?curid=7851126 |
Free agent (business) In business, free agents are people who work independently for themselves, rather than for a single employer. These include self-employed workers, freelancers, independent contractors and temporary workers, who altogether represent about 44 percent of the U.S. labor force. The term free agent is b... | https://en.wikipedia.org/wiki?curid=7855907 |
National Investor Relations Institute The National Investor Relations Institute, known as "NIRI," is a United States professional association for investor relations (IR) professionals. Located in Alexandria, Virginia, NIRI is the professional association of corporate officers and investor relations consultants responsi... | https://en.wikipedia.org/wiki?curid=7865683 |
History of economic thought The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought The Arthashastra then posits its own theory that there are four necessary fields of knowledge, the Vedas, the Anvikshaki (philosophy of Samkhya, Yoga and Lokayata), the science of government and the science of economics (Varta of agriculture, cattle and trade). It is from these four that all... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought "It is clearly better that property should be private", wrote Aristotle, "but the use of it common; and the special business of the legislator is to create in men this benevolent disposition." In "Politics" Book I, Aristotle discusses the general nature of households and market exchanges. Fo... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought He taught in both Cologne and Paris, and was part of a group of Catholic scholars known as the Schoolmen, who moved their enquiries beyond theology to philosophical and scientific debates. In the treatise "Summa Theologica" Aquinas dealt with the concept of a just price, which he considered ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought In his work "Sententiae" (1295), he thought it possible to be more precise than Aquinas in calculating a just price, emphasizing the costs of labor and expenses, although he recognized that the latter might be inflated by exaggeration because buyer and seller usually have different ideas of ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought and yet, in the Prolegomena (Muqaddimat) to his Universal History he has conceived and formulated a philosophy of history which is undoubtedly the greatest work of its kind that has ever yet been created by any mind in any time or place." Ibn Khaldoun expressed a theory of the lifecycle of c... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Like Duns Scotus, he distinguishes between the natural value of a good and its practical value. The latter is determined by its suitability to satisfy needs (virtuositas), its rarity (raritas) and its subjective value (complacibilitas). Due to this subjective component there can not only be ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Despite the prevalence of the model, the term mercantilism was not coined until 1763, by Victor de Riqueti, marquis de Mirabeau (1715–1789), and popularized by Adam Smith in 1776, who vigorously opposed it. In the 16th century the Jesuit School of Salamanca in Spain developed economic theory... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought In 1605 Flemish Jesuit theologian Leonardus Lessius (1554–1623) published "On Justice and Law", the deepest moral-theological study of economics since Aquinas, whose just price approach he claimed was no longer workable. After comparing money's growth via avarice to the propagation of hares,... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought In 1662 English economist Sir William Petty (1623–1687) began publishing short works applying the rational scientific tradition of Francis Bacon to economics, requiring that it only use measurable phenomena and seek quantitative precision, coining the term "political arithmetic", introducing... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought " In 1695 French economist Pierre Le Pesant, sieur de Boisguilbert (1646–1714) wrote a plea to Louis XIV to end Colbert's mercantilist program, containing the first notion of an economical market, becoming the first economist to question mercantile economic policy and value the wealth of a c... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought The restoration of the monarchy under Charles II, who had Roman Catholic sympathies, led to turmoil and strife, and his Catholic-leaning successor King James II was swiftly ousted. Invited in his place were Protestant William of Orange and Mary, who assented to the Bill of Rights 1689, ensur... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought He is considered one of the most significant philosophers of his era mainly for his critique of Thomas Hobbes' defense of absolutism in "Leviathan" (1651) and of his social contract theory. Locke believed that people contracted into society, which was bound to protect their property rights. ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Regulation of trade interferes with these benefits, he said. David Hume (1711–1776) agreed with North's philosophy and denounced mercantilist assumptions. His contributions were set down in "Political Discourses" (1752), and later consolidated in his "Essays, Moral, Political, Literary" (177... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Francis Hutcheson (1694–1746), the teacher of Adam Smith from 1737 to 1740 is considered the end of a long tradition of thought on economics as "household or family (οἶκος) management", stemming from Xenophon's work "Oeconomicus". Similarly disenchanted with regulation on trade inspired by m... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Firstly, said Quesnay, regulation impedes the flow of income throughout all social classes and therefore economic development. Secondly, taxes on the productive classes, such as farmers, should be reduced in favour of rises for unproductive classes, such as landowners, since their luxurious ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Two edicts in particular, one suppressing corvées (charges from farmers to aristocrats) and another renouncing privileges given to guilds, inflamed influential opinion. He was forced from office in 1776. In 1751, Neapolitan philosopher Ferdinando Galiani published a nearly exhaustive treatis... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought This gained Smith more popularity than his next work, "The Wealth of Nations", which the general public initially ignored. Yet Smith's political economic magnum opus was successful in circles that mattered. Smith argued for a "system of natural liberty" where individual effort was the produc... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Thirdly, Smith criticised government support of any kind of monopoly which always charges the highest price "which can be squeezed out of the buyers". The existence of monopoly and the potential for cartels, which would later form the core of competition law policy, could distort the benefit... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought The times produced a common need among thinkers to explain social upheavals of the Industrial revolution taking place, and in the seeming chaos without the feudal and monarchical structures of Europe, show there was order still. Jeremy Bentham (1748–1832) was perhaps the most radical thinker... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought People produce things, to fulfill their own wants rather than those of others, therefore production is not a question of supply but an indication of producers demanding goods. Say agreed that a part of income is saved by households, but in the long term, savings are invested. Investment and ... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Therefore, the cost of the production of the wheat increases, as well as the price of the wheat: The rents increase also, the wages, indexed to inflation (because they must allow workers to survive) as well. Profits decrease, until the capitalists can no longer invest. The economy, Ricardo c... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought The classical economists were referred to as a group for the first time by Karl Marx. One unifying part of their theories was the labour theory of value, contrasting to value deriving from a general equilibrium theory of supply and demand. These economists had seen the first economic and soc... | https://en.wikipedia.org/wiki?curid=7881361 |
History of economic thought Before capitalism, says Marx, production was based on slavery – in ancient Rome for example – then serfdom in the feudal societies of medieval Europe. The current mode of labor exchange has produced an erratic and unstable situation allowing the conditions for revolution. People buy and sell... | https://en.wikipedia.org/wiki?curid=7881361 |
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