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Gibrat's law More recently, the Weibull distribution has been derived as the limiting distribution for Gibrat processes, by recognizing that (a) the increments of the growth process are not independent, but rather correlated, in magnitude, and (b) the increment magnitudes typically have monotonic PDFs. The Weibull PDF ... | https://en.wikipedia.org/wiki?curid=1466015 |
Monique Wittig (; July 13, 1935 – January 3, 2003) was a French author and feminist theorist who wrote about overcoming socially enforced gender roles and who coined the phrase "heterosexual contract". She published her first novel, "L'Opoponax", in 1964. Her second novel, "Les Guérillères" (1969), was a landmark in le... | https://en.wikipedia.org/wiki?curid=1467673 |
Monique Wittig She published various other works, some of which include the 1973 "Le Corps lesbien" (or "The Lesbian Body") and the 1976 "Brouillon pour un dictionnaire des amantes" (or "Lesbian Peoples: Material for a Dictionary"), which her partner, Sande Zeig, coauthored. In 1976 Wittig and Zeig moved to the United ... | https://en.wikipedia.org/wiki?curid=1467673 |
Monique Wittig " There is no such thing as women literature for me, that does not exist. In literature, I do not separate women and men. One is a writer, or one is not. This is a mental space where sex is not determining. One has to have some space for freedom. Language allows this. This is about building an idea of th... | https://en.wikipedia.org/wiki?curid=1467673 |
Monique Wittig Defining herself as a radical lesbian, she and other lesbians during the early 1980s in France and Quebec reached a consensus that "radical lesbianism" posits heterosexuality as a political regime that must be overthrown. Wittig criticized contemporary feminism for not questioning this heterosexual polit... | https://en.wikipedia.org/wiki?curid=1467673 |
Monique Wittig The category of "man" and "woman" exists only in a heterosexual system, and to destroy the heterosexual system will end the categories of men and women. Wittig states that "Gender is the linguistic index of the political opposition between the sexes." Only one gender exists: the feminine, the masculine n... | https://en.wikipedia.org/wiki?curid=1467673 |
Monique Wittig O.L., 1999 Most collected in La Pensée straight. Paris: Balland, 2001 and in The Straight Mind and Other Essays. Boston: Beacon Press, 1992 | https://en.wikipedia.org/wiki?curid=1467673 |
Affine pricing In economics, affine pricing is a situation where buying more than zero of a good gains a fixed benefit or cost, and each purchase after that gains a per-unit benefit or cost. Denoting "T" is the total price paid, "q" is the quantity in units purchased, "p" is a constant price per unit, and "k" is the fi... | https://en.wikipedia.org/wiki?curid=1469552 |
Pork cycle In economics, the term pork cycle, hog cycle, or cattle cycle describes the phenomenon of cyclical fluctuations of supply and prices in livestock markets. It was first observed in 1925 in pig markets in the US by Mordecai Ezekiel and in Europe in 1927 by the German scholar . Nicholas Kaldor proposed a model ... | https://en.wikipedia.org/wiki?curid=1472653 |
Pork cycle breeding cattle rather than slaughtering them) when prices are high causes future prices to fall - foreseeing this (i.e. slaughtering more when prices are high) can yield higher profits for the investors. Sherwin Rosen, Kevin M. Murphy, and José Scheinkman (1994) proposed an alternative model in which cattle... | https://en.wikipedia.org/wiki?curid=1472653 |
Cobweb model The cobweb model or cobweb theory is an economic model that explains why prices might be subject to periodic fluctuations in certain types of markets. It describes cyclical supply and demand in a market where the amount produced must be chosen before prices are observed. Producers' expectations about price... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model The equilibrium price is at the intersection of the supply and demand curves. A poor harvest in period 1 means supply falls to Q, so that prices rise to P. If producers plan their period 2 production under the expectation that this high price will continue, then the period 2 supply will be higher, at Q. Pr... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model If we evaluate these two elasticities at the equilibrium point, that is formula_4 and formula_5, then we see that the "convergent case" requires whereas the "divergent case" requires In words, the "convergent case" occurs when the demand curve is more elastic than the supply curve, at the equilibrium point... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model This seems to indicate that adaptive expectations is a misleading assumption—how could farmers fail to notice that last period's price is "not" a good predictor of this period's price? The fact that agents with adaptive expectations may make ever-increasing errors over time has led many economists to concl... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model The idea of expectations-variation and thus modeled and induced expectations is shown clearly in Oskar Morgenstern's "Vollkommene Voraussicht und Wirtschaftliches Gleichgewicht". This article shows also that the concept of perfect foresight (vollkommene Voraussicht) is not a Robert E. Lucas or rational exp... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model This makes sense when considering the argument of Hans-Peter Martin and Harald Schumann. The truth-value of a prediction is one measure in differentiating between non-deceiving and deceiving models. In Martin and Schumann's context, a claim that anti-Keynesian policies lead to a greater welfare of the majo... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model Nicholas Kaldor's work "The Scourge of Monetarism" is an analysis of how the policies described by Martin and Schumann came to the United Kingdom. The cobweb model has been interpreted as an explanation of fluctuations in various livestock markets, like those documented by Arthur Hanau in German hog market... | https://en.wikipedia.org/wiki?curid=1476440 |
Cobweb model The increasing population, financing methods, higher income, and investment needs converged and came to be reflected through the skyrocketing demand for housing. On the other hand, technology, private and public entrepreneurship, the housing inventory and the availability of workforce have converged on the... | https://en.wikipedia.org/wiki?curid=1476440 |
Housing starts is an economic indicator that reflects the number of privately owned new houses (technically "housing units") on which construction has been started in a given period. These data are divided into three types: single-family houses, townhouses or small condos, and apartment buildings with five or more unit... | https://en.wikipedia.org/wiki?curid=1478098 |
Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in... | https://en.wikipedia.org/wiki?curid=1481119 |
Cournot competition Specifically, Cournot constructed profit functions for each firm, and then used partial differentiation to construct a function representing a firm's best response for given (exogenous) output levels of the other firm(s) in the market. He then showed that a stable equilibrium occurs where these func... | https://en.wikipedia.org/wiki?curid=1481119 |
Cournot competition Hence, the maximum of formula_41 with respect to formula_40 is to be found. First take the derivative of formula_41 with respect to formula_40: Setting this to zero for maximization: The values of formula_40 that satisfy this equation are the best responses. The Nash equilibria are where both formul... | https://en.wikipedia.org/wiki?curid=1481119 |
Cournot competition With linear demand and identical, constant marginal cost the equilibrium values are as follows: Market demand; formula_75 Cost function; formula_76, for all i which is each individual firm's output which is total industry output which is the market clearing price, and The Cournot Theorem then states... | https://en.wikipedia.org/wiki?curid=1481119 |
Edgeworth paradox In economics, the describes a situation in which two players cannot reach a state of equilibrium with pure strategies, i.e. each charging a stable price. Suppose two companies, A and B, sell an identical commodity product, and that customers choose the product solely on the basis of price. Each compan... | https://en.wikipedia.org/wiki?curid=1481140 |
Lag operator In time series analysis, the lag operator (L) or backshift operator (B) operates on an element of a time series to produce the previous element. For example, given some time series then or similarly in terms of the backshift operator "B": formula_4 for all formula_3. Equivalently, this definition can be re... | https://en.wikipedia.org/wiki?curid=1481533 |
Lag operator Note that formula_19 denotes the sum of coefficients: In time series analysis, the first difference operator :formula_21 Similarly, the second difference operator works as follows: The above approach generalises to the "i"-th difference operator formula_24 It is common in stochastic processes to care about... | https://en.wikipedia.org/wiki?curid=1481533 |
Seniority (financial) In finance, seniority refers to the order of repayment in the event of a sale or bankruptcy of the issuer. Seniority can refer to either debt or preferred stock. Senior debt must be repaid before subordinated (or junior) debt is repaid. Each security, either debt or equity, that a company issues h... | https://en.wikipedia.org/wiki?curid=1482294 |
TeleFile was the U.S. Internal Revenue Service's automated voice-response system in place from 1992 through 2005. The initial 1992 test involved 125,983 returns from Ohio residents. In 1997 for employment taxes was introduced. In 2001 was expanded to include the ability to file automatic extensions. The system allowed ... | https://en.wikipedia.org/wiki?curid=1485032 |
Beveridge curve A Beveridge curve, or UV curve, is a graphical representation of the relationship between unemployment and the job vacancy rate, the number of unfilled jobs expressed as a proportion of the labour force. It typically has vacancies on the vertical axis and unemployment on the horizontal. The curve, named... | https://en.wikipedia.org/wiki?curid=1485108 |
Beveridge curve By 1958, they had 12 years of data available since the British government had started collecting data on unfilled vacancies from notification at labour exchanges in 1946. Dow and Dicks-Mireaux presented the unemployment and vacancy data in an unemployment-vacancy (UV) space and derived an idealised UV-c... | https://en.wikipedia.org/wiki?curid=1485108 |
Beveridge curve The Beveridge Curve can move for the following reasons: Skill shortages should not be confused with "labour shortages", which identify an objective lack of workers in the market, independently of their skills, and it may arise because of limited geographical mobility, ageing populations or a labour mark... | https://en.wikipedia.org/wiki?curid=1485108 |
Beveridge curve In addition, skill shortages may be caused by both "horizontal" skill mismatch, when workers have qualifications/skills which are different than the one required by the firms, or by "vertical" skill mismatch, when workers' skills and qualifications are lower level than what firms require. In the literat... | https://en.wikipedia.org/wiki?curid=1485108 |
Beveridge curve In such instances, adverse equilibria, characterized by more structural unemployment, long-term unfilled vacancies and/or lower labour force participation may arise, and employers may eventually be forced to hire workers who possess lower or just different skills, giving place to the mismatch "on the jo... | https://en.wikipedia.org/wiki?curid=1485108 |
Dazdie was the tax paid by Romani state serfs in Bessarabia to the Russian Empire after the region was incorporated in 1812. Roma state serfs were organised in 3 categories: Privately owned Roma serfs were not obliged to pay the tax. The Roma serfs often emigrated to avoid state and private exploitation. | https://en.wikipedia.org/wiki?curid=1486336 |
Forward rate The forward rate is the future yield on a bond. It is calculated using the yield curve. For example, the yield on a three-month Treasury bill six months from now is a "forward rate". To extract the forward rate, we need the zero-coupon yield curve. We are trying to find the future interest rate formula_1 f... | https://en.wikipedia.org/wiki?curid=1486933 |
Forward rate Mathematically it reads as follows: Solving for formula_1 yields: Thus formula_18 The discount factor formula for period (0, t) formula_19 expressed in years, and rate formula_20 for this period being formula_21, the forward rate can be expressed in terms of discount factors: formula_22 Solving for formula... | https://en.wikipedia.org/wiki?curid=1486933 |
Race and Economics is a book by Thomas Sowell, in which the author analyzes the relationship between race and wealth in the United States, specifically, that of blacks. The book was initially published by David McKay Company in January 1975. He makes three basic arguments. First, he examines the economic impact of slav... | https://en.wikipedia.org/wiki?curid=1487009 |
Race and Economics He has criticisms to make of liberals, radicals, and conservatives, each of whom, he finds, protect their favorite illusions with respect to blacks. "Race and Economics" greatly influenced Supreme Court Justice Clarence Thomas. | https://en.wikipedia.org/wiki?curid=1487009 |
Theory of the second best In economics, the theory of the second best concerns the situation when one or more optimality conditions cannot be satisfied. The economists Richard Lipsey and Kelvin Lancaster showed in 1956, that if one optimality condition in an economic model cannot be satisfied, it is possible that the n... | https://en.wikipedia.org/wiki?curid=1488111 |
Theory of the second best For example, consider a mining monopoly that is also a polluter: mining leads to tailings being dumped in the river and deadly dust in the workers’ lungs. Suppose in addition that there is nothing at all that can be done about the pollution without also reducing production. However, the govern... | https://en.wikipedia.org/wiki?curid=1488111 |
Offer curve In economics and particularly in international trade, an offer curve shows the quantity of one type of product that an agent will export ("offer") for each quantity of another type of product that it imports. The offer curve was first derived by English economists Edgeworth and Marshall to help explain inte... | https://en.wikipedia.org/wiki?curid=1490201 |
Forward price The forward price (or sometimes forward rate) is the agreed upon price of an asset in a forward contract. Using the rational pricing assumption, for a forward contract on an underlying asset that is "tradeable", we can express the forward price in terms of the spot price and any dividends. For forwards on... | https://en.wikipedia.org/wiki?curid=1491119 |
Forward price The spot price of the asset is simply the market value at the instant in time when the forward contract is entered into. So and his net gain can only come from the opportunity cost of keeping the asset for that time period (he could have sold it and invested the money at the risk-free rate). let Solving f... | https://en.wikipedia.org/wiki?curid=1491119 |
Sow's ear effect In economics, the sow's ear effect is the inability of a country to raise its productivity or per capita gross domestic product relative to other countries of similar development despite adjustments in macroeconomic policy, such as the exchange rate or the interest rate. This is due to deficiencies on ... | https://en.wikipedia.org/wiki?curid=1493824 |
Base point pricing is the system of firms setting prices of their goods based on a base cost plus transportation costs to a given market. Although some consider this a form of collusion between the selling firms (it lowers the ability of buying firms to gain a competitive advantage by location or private transportation... | https://en.wikipedia.org/wiki?curid=1494075 |
Dynamic inconsistency In economics, dynamic inconsistency or time inconsistency is a situation in which a decision-maker's preferences change over time in such a way that a preference can become inconsistent at another point in time. This can be thought of as there being many different "selves" within decision makers, ... | https://en.wikipedia.org/wiki?curid=1494164 |
Dynamic inconsistency However, the firm might not be able to commit its future self to taking such an action because if the rival does in fact end up entering, the firm's future self might determine that, given the fact that the rival is now actually in the market and there is no point in trying to discourage entry, it... | https://en.wikipedia.org/wiki?curid=1494164 |
Dynamic inconsistency The self control literature relies heavily on this type of time inconsistency, and it relates to a variety of topics including procrastination, addiction, efforts at weight loss, and saving for retirement. Time inconsistency basically means that there is disagreement between a decision-maker's dif... | https://en.wikipedia.org/wiki?curid=1494164 |
Dynamic inconsistency Exponential discounting posits that the decision maker assigns future utility of any good according to the formula where formula_2 is the present, formula_3 is the utility assigned to the good if it were consumed immediately, and formula_4 is the "discount factor", which is the same for all goods ... | https://en.wikipedia.org/wiki?curid=1494164 |
Dynamic inconsistency , an optimal choice) as time advances, unless utilities themselves change. However, empirical research makes a strong case that time inconsistency is, in fact, standard in human preferences. This would imply disagreement by people's different selves on decisions made and a rejection of the time co... | https://en.wikipedia.org/wiki?curid=1494164 |
Dynamic inconsistency One way that time-inconsistent preferences have been formally introduced into economic models is by first giving the decision-maker standard exponentially discounted preferences, and then adding another term that heavily discounts any time that is not now. Preferences of this sort have been called... | https://en.wikipedia.org/wiki?curid=1494164 |
Scot and lot is a phrase common in the records of English medieval boroughs, referring to local rights and obligations. The term "scot" comes from the Old English word "sceat", meaning a sceat, an ordinary coin in Anglo-Saxon times, equivalent to the later penny. In Anglo-Saxon times, a payment was levied locally to co... | https://en.wikipedia.org/wiki?curid=1494611 |
Scot and lot Before the mid 19th century, burghs varied in their choice of franchise. In some burghs, the franchise was set at "scot and lot"; that is, people were only permitted to vote if they were liable for the local levies. In mediaeval times, this could mean dozens of people, and by the 19th century tens of thous... | https://en.wikipedia.org/wiki?curid=1494611 |
John C. Hull (born March 5, 1946) is a Professor of Derivatives and Risk Management at the Rotman School of Management at the University of Toronto. He is a respected researcher in the academic field of quantitative finance (see for example the Hull-White model) and is the author of two books on financial derivatives t... | https://en.wikipedia.org/wiki?curid=1498731 |
Strip financing is the repackaging of different types of obligations—debt, preferred stock, common stock etc.—into one security. The idea is to ease conflicts of interest and agency costs between the holders of the initial components, bond and stockholders. In deals that are strip financed, returns to investors are gen... | https://en.wikipedia.org/wiki?curid=1500459 |
Structural adjustment loan (SAL) The SAL is issued by the International Monetary Fund and the World Bank to qualified member countries that have adopted strong macroeconomic policies and structural adjustment plans. The purpose is to adjust the country ’s economic structure, improve international competitiveness, and r... | https://en.wikipedia.org/wiki?curid=1502293 |
Structural adjustment loan From the perspective of loan targets * SAL can be divided into three categories: economic growth-oriented, correction of balance of payments structural deficits, and poverty alleviation. It is worth mentioning that, with the increasing demand for structural adjustments in various countries, t... | https://en.wikipedia.org/wiki?curid=1502293 |
Structural adjustment loan The International Monetary Fund and the World Bank have always taken flexible measures to avoid rigid lending regulations due to insufficient understanding of a country ’s situation. For example, taking into account the difficulties and uncertainties in the implementation of long-term policie... | https://en.wikipedia.org/wiki?curid=1502293 |
Structural adjustment loan Thoroughness: The purpose of rooting out bad economic performance and supplemented by a series of supporting comprehensive policy measures, although this may make a country pay adjustment costs in the short term, but in the long run, it will definitely help As a country ’s economy is on track... | https://en.wikipedia.org/wiki?curid=1502293 |
Structural adjustment loan They believe that South Korea has been closer to the developed countries after the IMF's structural adjustment. However, others doubt whether South Korea is a successful case of IMF structural adjustment. In the process of South Korea and the International Monetary Fund reaching an agreement,... | https://en.wikipedia.org/wiki?curid=1502293 |
Structural adjustment loan " Some have argued that, based on only mild improvement of growth in the 1990s from the 1980s, that the IMF should focus more on remedying management of a country's balance of payments position as originally envisaged by the IMF instead of its focusing on structural adjustments. One study poi... | https://en.wikipedia.org/wiki?curid=1502293 |
Tax cap A tax cap places an upper bound on the amount of government tax a person might be required to pay. In this case the tax is said to be capped. | https://en.wikipedia.org/wiki?curid=1506480 |
Mixed-data sampling (MIDAS) is an econometric regression or filtering method developed by Ghysels "et al." There is now a substantial literature on MIDAS regressions and their applications, including Andreou et al. (2010), and especially Andreou et al. (2013). A simple regression example has the independent variable ap... | https://en.wikipedia.org/wiki?curid=1508682 |
Polytomous choice In economics, polytomous choice is a setting (model) with more than "two" choices; contrast to dichotomous choice. The use of the term polychotomous is also in common usage in the prior research literature; however, polytomous is the more technically correct spelling. | https://en.wikipedia.org/wiki?curid=1509761 |
Predetermined variables are variables that were determined prior to the current period. In econometric models this implies that the current period error term is uncorrelated with current and lagged values of the predetermined variable but may be correlated with future values. This is a weaker restriction than strict ex... | https://en.wikipedia.org/wiki?curid=1509791 |
Keynes effect The is the effect that changes in the price level have upon goods market spending via changes in interest rates. As prices fall, a given nominal money supply will be associated with a larger real money supply, causing interest rates to fall and in turn causing investment spending on physical capital to in... | https://en.wikipedia.org/wiki?curid=1512727 |
Hard money (policy) Hard money policies (as opposed to fiat currency policies) support a specie standard, usually gold or silver, typically implemented with representative money. In 1836, when President Andrew Jackson's veto of the recharter of the Second Bank of the United States took effect, he issued the Specie Circ... | https://en.wikipedia.org/wiki?curid=1514318 |
The Motley Fool is a private financial and investing advice company based in Alexandria, Virginia. It was founded in July 1993 by co-chairmen and brothers David Gardner and Tom Gardner, and Erik Rydholm, who has since left the company. Its main business is online subscription services with investing recommendations, st... | https://en.wikipedia.org/wiki?curid=1515931 |
The Motley Fool com, where it continued to provide investing advice under an advertising-based revenue model. In 1999, the Motley Fool was criticized by Jason Zweig for its "Foolish Four" investment theory. This idea had been marketed as a way to "crush mutual funds [in] only 15 minutes a year" by using a mathematical ... | https://en.wikipedia.org/wiki?curid=1515931 |
The Motley Fool Representatives of have testified before Congress against mutual fund fees, in support of fair financial disclosure, on the collapse of Enron, and the IPO process. In 1999, the Securities and Exchange Commission proposed Regulation Fair Disclosure, which would require companies to simultaneously give im... | https://en.wikipedia.org/wiki?curid=1515931 |
Steady-state economy A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the eco... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Critics of the steady-state economy usually object to it by arguing that resource decoupling, technological development, and the unrestrained operation of market mechanisms are capable of overcoming any resource scarcity, any rampant pollution, or population overshoot. Proponents of the steady-stat... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The first component, the constant stocks, is similar to the concept of the "stationary state", originally used in classical economics; the second component, the flow of natural resources, is a new ecological feature, presently also used in the academic discipline of ecological economics. The "durab... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy This vision is opposed to mainstream neoclassical economics, where the economy is represented by an isolated and circular model with goods and services exchanging endlessly between companies and households, without exhibiting any physical contact to the natural environment. In the early 2010s, revi... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The accumulation of capital (net investments) would sooner or later come to an end as the rate of profit fell to a minimum or to nil. At that point, the economy would settle in a final stationary state with a constant population size and a constant stock of capital. Adam Smith's magnum opus on "The... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy In China, on the other hand, wages were low, the condition of poor people was scantier than in any nation in Europe, and more marriages were contracted here because the 'horrid' killing of newborn babies was permitted and even widely practised; hence, China was in the 'dull' stationary state, altho... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Smith was unable to provide any contemporary examples of a nation in the world that had in fact reached the full complement of riches and thus had settled in stationarity, because, as he conjectured, "... perhaps no country has ever yet arrived at this degree of opulence." In the early 19th century... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The tightening was opposed by both the capitalist and the labouring classes, as the high price of bread effectively reduced real profits and real wages in the economy. So was the political setting when Ricardo published his treatise "On the Principles of Political Economy and Taxation" in 1817. Acc... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy In the meantime, the British economy kept growing, a fact that effectively undermined the credibility and thrust of Ricardian economics in Britain; but Ricardo had by now established himself as the first stationary state theorist in the history of economic thought. Ricardo's preoccupation with clas... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy " Instead, Mill attributed many important qualities to this future state, he even believed the state would bring about "... a very considerable improvement on our present condition." According to Mill, the stationary state was at one and the same time inevitable, necessary and desirable: It was "in... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy This development led to the exclusion of any concern with natural resource scarcity in economic modelling and analysis: Taken together, it has been argued that "... if Judeo-Christian monotheism took nature out of religion, Anglo-American economists (after about 1880) took nature out of economics."... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy People would find themselves liberated from such economic activities as saving and capital accumulation, and be able to get rid of 'pseudo-moral principles' — avarice, exaction of interest, love of money — that had characterized capitalistic societies so far. Instead, people would devote themselves... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy " Keynes believed this development would bring about the disappearance of the rentier class, something he welcomed: Keynes argued that rentiers incurred no sacrifice for their earnings, and their savings did not lead to productive investments unless aggregate demand in the economy was sufficiently ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Throughout this era, mainstream economics — dominated by both neoclassical economics and Keynesian economics — developed theories and models where natural resources and environmental constraints were neglected. Conservation issues related specifically to agriculture and forestry were left to specia... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Although most of the theoretical and foundational work behind ecological economics was in place by the early 1970s, a long gestation period elapsed before this new academic subdiscipline in economics was properly named and institutionalized. Ecological economics was formally founded in 1988 as the ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy This development has been deplored by activistic ecological economists as an 'incoherent', 'shallow' and overly 'pragmatic' slide. Since the 1970s, Herman Daly has been the world's leading proponent of a steady-state economy. Throughout his career, Daly has published several books and articles on t... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Recycling of material resources is possible, but only by using up some energy resources as well as an additional amount of other material resources; and energy resources, in turn, cannot be recycled at all, but are dissipated as waste heat. Out of necessity, then, any subsystem of a fixed nongrowin... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The Industrial Revolution changed this situation completely, as man began extracting the terrestrial mineral stock at a rapidly increasing rate. The original solar-income budget was thereby broken and supplemented by the new, but much scarcer source of wealth. Mankind still lives in the after-effec... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy there "is" such a thing as absolute scarcity, and there "is" such a thing as purely relative and trivial wants". Once it is recognised that scarcity is imposed by nature in an absolute form by the laws of thermodynamics and the finitude of earth; and that some human wants are only relative and not ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy However, both Georgescu-Roegen and Boulding have assessed that a steady-state economy may serve only as a temporary societal arrangement for mankind when facing the long-term issue of global mineral resource exhaustion: Even with a constant stock of people and capital, and a minimised (yet constant... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy In effect, mankind is confronted with planetary overshoot-and-collapse in our time. The significant impact of human activities on earth's ecosystems has motivated some geologists to propose the present epoch be named the "anthropocene". The following issues have raised much concern worldwide: World... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Even worse, the loss of Arctic permafrost may be triggering a massive release of methane and other greenhouse gases from thawing soils in the region, thereby overwhelming political action to counter climate change. If critical temperature thresholds are crossed, Earth's climate may transit from an ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Another report referring to all the environmental and health effects of plastic says the same. Non-renewable mineral reserves are currently extracted at high and unsustainable rates from earth's crust. Remaining reserves are likely to become ever more costly to extract in the near future, and will ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy By 2025, water scarcity could impact the living conditions of two-thirds of the world's population. The destructive impact of human activity on wildlife habitats worldwide is accelerating the extinction of rare species, thereby substantially reducing earth's biodiversity. The natural nitrogen cycle... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy Damage to ecosystems undermines 35 of 44 selected UN targets, including the UN General Assembly's Sustainable Development Goals for poverty, hunger, health, water, cities' climate, oceans and land. It can cause problems with food, water and humanity's air supply. 4. To fix the problem, humanity wil... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy By the time food reaches the consumer, 9% (160 million tons) goes uneaten and 10% is lost to overconsumption - meaning consumers ate more than the calorie intake requirement. When the consumer takes in too much, this not only explains losses at the beginning of the stage at production (and overprod... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The World Health Organization stated that: "60 to 85% of people in the world—from both developed and developing countries—lead sedentary lifestyles, making it one of the more serious yet insufficiently addressed public health problems of our time. ". By 2012 according to a study published in 'The L... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy The Center for the Advancement of the Steady State Economy (CASSE) define steady state economy, not only as an economy with some constant level of consumption, but as an economy with the best possible level of consumption maintained constantly. To define what is this level, it consider not only eco... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy This ultra-egalitarian path will then make ecological room for poorer countries to catch up and combine into a final world steady-state, maintained at some internationally agreed upon intermediate and 'optimum' level of activity for some period of time — although not forever. Kerschner admits that ... | https://en.wikipedia.org/wiki?curid=1517620 |
Steady-state economy It does not give a clear answer about future attempts. Herman Daly's approach to these issues are presented throughout the text. Technology is usually defined as the application of scientific method in the production of goods or in other social achievements. Historically, technology has mostly been... | https://en.wikipedia.org/wiki?curid=1517620 |
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