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Mechanism design By the Spence–Mirrlees condition the optimal price and allocation schedules must be monotonic, so the designer must eliminate any interval over which the schedule changes direction by flattening it. Intuitively, what is going on is the designer finds it optimal to bunch certain types together and give ... | https://en.wikipedia.org/wiki?curid=689895 |
Mechanism design As before maximize the principal's expected payoff, but this time subject to the monotonicity constraint and use a Hamiltonian to do it, with shadow price formula_98 where formula_10 is a state variable and formula_101 the control. As usual in optimal control the costate evolution equation must satisfy... | https://en.wikipedia.org/wiki?curid=689895 |
Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997. During this period Stiglitz became d... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents These restrictions on the conditions under which markets result in efficiency are important—many of the key activities of government can be understood as responses to the resulting market failures. Stiglitz argues that IMF policies contributed to bringing about the 1997 Asian financial... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents Without equal access to information between employer and employee, company and consumer, or (in the IMF's case) lender and debtor, there is no chance of "free" markets operating efficiently. (This explanation also owes much to the earlier Nobel work of Kenneth Arrow and Gérard Debreu.)... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents Without government oversight, they reach decisions without public debate and resolve trade disputes involving "uncompetitive" or "onerous" environmental, labor, and capital laws in secret tribunals—without appeal to a nation's courts. In East Asia's financial crisis, Russia's failed co... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents Local social, political, and economic considerations were largely ignored. Privatization without land reform or strong competitive policies resulted in crony capitalism, large businesses run by organized crime, and neo-feudalism without a middle class. There is no doubt that monetary a... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents This fueled speculative runs on currency, and most of the bailout money soon wound up in Swiss and Caribbean bank accounts. As a result, Third World citizens carried much of the costs and few of the benefits of IMF loans, and a moral hazard ensued among the financial community: foreign... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents So why the consistent and disastrous failure to live up to this mandate? The IMF is pursuing not just the objectives set out in its original mandate, of enhancing global stability and ensuring that there are funds for countries facing a threat of recession to pursue expansionary polici... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents " Based on the recognition, there is a need of rectification of the developed nations oriented imbalances, and should focus on developing nations. Lastly, democratic disciplines are needed to ensure that financial institutions serve general interests. Debt forgiveness should be extende... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents IMF’s reckless liberalization, privatization, and deregulation violate developing countries’ sovereignties. Thus rather than working for equity and extermination of poverty, financial institutions become spokespersons of the financial community. The procedures and rhetoric of financial... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents He is not a global pessimist, but a realist - and instead of placing him in a neat box labelled 'important contribution to the debate,' we should listen to him urgently." The influential New York Review of Books stated that "Joseph Stiglitz [...] has made incisive and highly valued con... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents MacKenzie claims in the libertarian journal Public Choice that Stiglitz mischaracterizes government failures as market failures. Most of Stiglitz's examples refer to government intervention that benefited special interests. Such examples are collective action failures of government thr... | https://en.wikipedia.org/wiki?curid=693449 |
Globalization and Its Discontents by imposing capital controls to stem the flight of short term flows." Griswold also states that Stiglitz provided no evidence to support his belief that Malaysia was rewarded for their efforts. He counters that Malaysia's GDP growth rate had fallen much farther than the other countries... | https://en.wikipedia.org/wiki?curid=693449 |
Zur Geschichte der Handelsgesellschaften im Mittelalter Zur Geschichte der Handelgesellschaften im Mittelalter is a doctoral dissertation written in 1889 by Max Weber, a German economist and sociologist. The original edition was in German and the title is actually translated as The history of commercial partnerships in... | https://en.wikipedia.org/wiki?curid=694410 |
The Stock Exchange (book) The Stock Exchange (in German: Die Börse) is an 1896 book written by Max Weber, a German economist and sociologist. During the 1890s the stock exchange had become the symbol of capitalism in Germany. During 1894–1896 Weber wrote a number of essays about stock exchange, in which he argued again... | https://en.wikipedia.org/wiki?curid=694438 |
Optimum sustainable yield In population ecology and economics, optimum sustainable yield is the level of effort (LOE) that maximizes the difference between total revenue and total cost. Or, where marginal revenue equals marginal cost. This level of effort maximizes the economic profit, or rent, of the resource being ut... | https://en.wikipedia.org/wiki?curid=694751 |
Niall Ferguson Niall Campbell Ferguson (; born 18 April 1964) is a Scottish-born historian. He is a senior fellow at the Hoover Institution. Previously, he was a professor at Harvard University and New York University, visiting professor at New College of the Humanities and senior research fellow at Jesus College, Oxfo... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson ascribes his decision to read History at University instead of English Literature to two main factors: Leo Tolstoy's reflections on History at the end of War and Peace (which he read at the age of fifteen), and his great admiration of historian A. J. P. Taylor. Ferguson received a demyship (high... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Tisch Professor of History at Harvard University and William Ziegler Professor of Business Administration at Harvard Business School. From 2010 to 2011, Ferguson held the Philippe Roman Chair in history and international affairs at the London School of Economics. In 2016 Ferguson left Harvard to become a... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson responded in his column saying, "Re-reading my emails now, I am struck by their juvenile, jocular tone. “A famous victory,” I wrote the morning after the Murray event. “Now we turn to the more subtle game of grinding them down on the committee. The price of liberty is eternal vigilance.” Then I ... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson was an advisor to John McCain's US presidential campaign in 2008, supported Mitt Romney in 2012 and was a vocal critic of Barack Obama. Ferguson is a trustee of the New York Historical Society and the London-based Centre for Policy Studies. Ferguson has written regularly for British newspapers a... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson These four lectures, titled "The Rule of Law and its Enemies", examine the role man-made institutions have played in the economic and political spheres. In the first lecture, held at the London School of Economics, titled "The Human Hive", Ferguson argues for greater openness from governments, saying the... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson The fourth and final lecture, "Civil and Uncivil Societies", focuses on institutions (outside the political, economic and legal realms) designed to preserve and transmit particular knowledge and values. Ferguson asks whether the modern state is quietly killing civil society in the Western world, and what... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson The American writer Michael Lind, responding to Ferguson's advocation of an enlarged American military through conscription, accused Ferguson of engaging in apocalyptic alarmism about the possibility of a world without the United States as the dominant power and of a casual disregard for the value of hum... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson While researching this book, in early 2007, Ferguson attended a session at a conference in Las Vegas at which a hedge fund manager stated there would never be another recession. Ferguson challenged this, and later the two agreed on a $14,000, 7 to 1 bet, that there would be a recession within five years.... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Thus, Ferguson argued the rowdy and savage competition between European merchants created far more wealth than did the static and ordered society of Qing China; that the tolerance extended to thinkers like Sir Isaac Newton in Stuart England had no counterpart in the Ottoman Empire where Takiyuddin's "bla... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson The book examines Kissinger's life from being a refugee and fleeing Germany in 1938, to serving in the US army as a "free man" in World War II, to studying at Harvard. The book also explores the history of Kissinger joining the Kennedy administration and later becoming critical of its foreign policy, to ... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson " The title refers to a transition from hierarchical, "tower" networks to flatter, "square" network connections between individuals. John Gray in a review of the book was not convinced. He wrote, "He offers a mix of metaphor and what purports to be a new science." "has again written a brilliant book," wr... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Furthermore, Ferguson expressed disagreement with the "Sonderweg" interpretation of German history championed by some German historians such as Fritz Fischer, Hans-Ulrich Wehler, Hans Mommsen and Wolfgang Mommsen, who argued that the German Empire deliberately started an aggressive war in 1914. Likewise,... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson They are listed here (with his counter-arguments in parentheses): Another controversial aspect of "The Pity of War" is Ferguson's use of counterfactual history also known as "speculative" or "hypothetical" history. In the book, Ferguson presents a hypothetical version of Europe being, under Imperial Germ... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson According to Ferguson, Britain should have stayed out of World War I and allowed Imperial Germany to smash France and Russia and create a continental empire from the Atlantic to the Middle East. The joke is on Ferguson's American conservative admirers, inasmuch as he laments the defeat of the Kaiser's Ge... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Finally, Weinberg attacked Ferguson for claiming that the Tirpitz Plan was not a danger to Britain and that Britain had no reason to fear Germany's naval ambitions, sarcastically asking if that was really the case, then why did the British redeploy so much of their fleet from around the world to the Nort... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson In a mixed review of a later book by Ferguson, "The War of the World: History's Age of Hatred", a reviewer for "The Economist" described how many regard Ferguson's two books on the Rothschilds "as one of the finest studies of its kind." Writing in The New York Review of Books, Robert Skidelsky praised Fe... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson In a 2011 review of Ferguson's book "Civilization: The West and the Rest", Noel Malcolm (Senior Research Fellow in History at All Souls College at Oxford University) stated that: "Students may find this an intriguing introduction to a wide range of human history; but they will get an odd idea of how hist... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson In the related TV documentary of 2003, "Empire", which professor Dr Jon Wilson of the Department of History at KCL described as "false and dangerous" apologia, Ferguson argued that the mantle of the British Empire as the world's foremost power was passed on to the United States during the Second World Wa... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson On the contrary, I have tried to show how often it failed to live up to its own ideal of individual liberty, particularly in the early era of enslavement, transportation and the 'ethnic cleansing' of indigenous peoples." Ferguson argues however that the British Empire was preferable to the alternatives: ... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Matthew Carr wrote in "Race & Class" that "Niall Ferguson, the conservative English [sic] historian and enthusiastic advocate of a new American empire, has also embraced the Eurabian idea in a widely reproduced article entitled 'Eurabia?', in which he laments the 'de-Christianization of Europe' and the s... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson compared the modern European Union to the Western Roman Empire, describing modern Europe as not that different from the world depicted by Edward Gibbon in his book "The Decline and Fall of the Roman Empire". Ferguson wrote that:Uncannily similar processes are destroying the European Union today.... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson supported the 2003 Iraq War, and he is on record as being not necessarily opposed to future western incursions around the world. It's all very well for us to sit here in the West with our high incomes and cushy lives, and say it's immoral to violate the sovereignty of another state. But if the e... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson The only question is how bad does his [Trump's] flaming out affect candidates for the Senate, candidates for the House, further down on the ballot." However after Brexit, Ferguson stated that Trump could win via the Electoral College if certain demographics turned out to vote in key swing states. Trump w... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Kotlikoff, a professor of economics at Boston University. The two scholars called for the following changes to the American government's fiscal and income security policies: In November 2012, Ferguson stated in a video with CNN that the U.S. has enough energy resources to move towards energy independence... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson He also stated that Ferguson is a "poseur" who "hasn't bothered to understand the basics, relying on snide comments and surface cleverness to convey the impression of wisdom. It's all style, no comprehension of substance." In 2012, Jonathan Portes, the director of the National Institute of Economic and S... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson In 2013, Ferguson, naming Dean Baker, Josh Barro, Brad DeLong, Matthew O'Brien, Noah Smith, Matthew Yglesias and Justin Wolfers, attacked "Krugman and his acolytes," in his three-part essay on why he dislikes Paul Krugman. The essay title ('Krugtron the Invincible') originally comes from a post by Noah S... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson He later apologized and resigned from the said initiative when emails were leaked revealing his involvement in the events. "I very much regret the publication of these emails. I also regret having written them," Ferguson wrote in a statement to The Daily. Ferguson was an early skeptic of cryptocurrencies... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson Ferguson married Hirsi Ali on 10 September 2011 and Hirsi Ali gave birth to their son Thomas in December 2011. In an interview in April 2011, Ferguson complained about the media coverage of his relationship with Ali, stating: "No, I never read their shitty coverage of people's private lives. I don't care... | https://en.wikipedia.org/wiki?curid=697242 |
Niall Ferguson In an interview, Ferguson described his relationship with the left: "No, they love being provoked by me! Honestly, it makes them feel so much better about their lives to think that I'm a reactionary; it's a substitute for thought. 'Imperialist scumbag' and all that. Oh dear, we're back in a 1980s student... | https://en.wikipedia.org/wiki?curid=697242 |
Abnormal profit In economics, abnormal profit, also called excess profit, supernormal profit or pure profit, is "profit of a firm over and above what provides its owners with a normal (market equilibrium) return to capital." Normal profit (return) in turn is defined as opportunity cost of the owner's resources. A relat... | https://en.wikipedia.org/wiki?curid=703105 |
Black budget A black budget is a government budget that is allocated for classified or other secret operations of a nation. The black budget is an account expenses and spending related to military research and covert operations. The black budget is mostly classified due to security reasons. The black budget can be comp... | https://en.wikipedia.org/wiki?curid=704368 |
Black budget This kind of research is responsible for the creation of new aircraft, weapons, and satellites. In 2018, some newspapers reported that the Trump administration asked for $81.1 billion for the 2019 black budget. The request included $59.9 billion for the National Intelligence Program, covering non-military ... | https://en.wikipedia.org/wiki?curid=704368 |
Bracket creep is usually defined as the process by which inflation pushes wages and salaries into higher tax brackets, leading to fiscal drag. However, even if there is only one tax bracket, or one remains within the same tax bracket, there will still be bracket creep resulting in a higher proportion of income being pa... | https://en.wikipedia.org/wiki?curid=709199 |
Bracket creep The Alternative Minimum Tax originally (1971) targeted 155 high-income households; based on 2004 law, it would affect 20% of households by 2010. Nominal bracket creep can easily be countered by a system of index-linked tax brackets, but this may be politically undesirable. Many voters do not perceive the ... | https://en.wikipedia.org/wiki?curid=709199 |
Corporation (feudal Europe) In feudal Europe, a corporation (from the Latin , a body) was an aggregation of business interests into a single legal body, entity or compact, usually with an explicit license from city, church, or national leaders. These functioned as effective monopolies for a particular good or labor. Th... | https://en.wikipedia.org/wiki?curid=712560 |
Rational pricing is the assumption in financial economics that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away". This assumption is useful in pricing fixed income securities, particularly bonds, and is fundamental... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing (a) where the discounted future price is "higher" than today's price: (b) where the discounted future price is "lower" than today's price: Point (b) is only possible for those holding the asset but not needing it until the future date. There may be few such parties if short-term demand exceeds supply, ... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing Mathematical finance assumes that any imbalance between the two markets will be arbitraged away. Thus, in a correctly priced derivative contract, the derivative price, the strike price (or reference rate), and the spot price will be related such that arbitrage is not possible. See Fundamental theorem o... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing To be arbitrage free, the terms of a swap contract are such that, initially, the "Net" present value of these future cash flows is equal to zero; see Swap (finance) #Valuation and Pricing. Once traded, swaps can (must) also be priced using rational pricing. The examples below are for Interest rate swap... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing In an option contract, however, exercise is dependent on the price of the underlying, and hence payment is uncertain. Option pricing models therefore include logic that either "locks in" or "infers" this future value; both approaches deliver identical results. Methods that lock-in future cash flows ass... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing The assumption of binomial behaviour in the underlying price is defensible as the number of time steps between today (valuation) and exercise increases, and the period per time-step is correspondingly short. The Binomial options model allows for a high number of very short time-steps (if coded correctl... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing The position created is known as a "replicating portfolio" since its cash flows replicate those of the option. As shown above ("Assets with identical cash flows"), in the absence of arbitrage opportunities, since the cash flows produced are identical, the price of the option today must be the same as t... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing The expected value is calculated using the intrinsic values from the later two nodes: "Option up" and "Option down", with u and d as price multipliers as above. These are then weighted by their respective probabilities: "probability" p of an up move in the underlying, and "probability" (1-p) of a down ... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing APT holds that the expected return of a financial asset can be modelled as a linear function of various macro-economic factors, where sensitivity to changes in each factor is represented by a factor specific beta coefficient: The model derived rate of return will then be used to price the asset correct... | https://en.wikipedia.org/wiki?curid=716969 |
Rational pricing Although based on different assumptions, the CAPM can, in some ways, be considered a "special case" of the APT; specifically, the CAPM's security market line represents a single-factor model of the asset price, where beta is exposure to changes in the "value of the market" as a whole. Classical valuati... | https://en.wikipedia.org/wiki?curid=716969 |
The Calculus of Consent The Calculus of Consent: Logical Foundations of Constitutional Democracy is a book published by economists James M. Buchanan and Gordon Tullock in 1962. It is considered to be one of the classic works from the discipline of public choice in economics and political science. This work presents the... | https://en.wikipedia.org/wiki?curid=719505 |
The Calculus of Consent public interest struggle, Buchanan and Tullock suggest that the public interest is simply the aggregation of private decision makers. They show that in classical political science theory, the "public interest" is always the correct choice with the same appeal to all voters, which may or may not ... | https://en.wikipedia.org/wiki?curid=719505 |
The Calculus of Consent Employing the theoretical concepts of game theory and Pareto optimality, Buchanan and Tullock show that symmetry in benefits sharing may be at most a "necessary", but never a "sufficient" condition for the attainment of a Pareto optimal position. The introduction of side payments is the crucial ... | https://en.wikipedia.org/wiki?curid=719505 |
May's theorem In social choice theory, states that simple majority voting is the only anonymous, neutral, and positively responsive social choice function between two alternatives. Further, this procedure is resolute when there are an odd number of voters and ties (indecision) are not allowed. Kenneth May first publish... | https://en.wikipedia.org/wiki?curid=719575 |
Population ageing is an increasing median age in a population due to declining fertility rates and rising life expectancy. Most countries have rising life expectancy and an ageing population (trends that emerged first in developed countries, but which are now seen in virtually all developing countries). This is the cas... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing It is most advanced in the most highly developed countries, but it is growing faster in less developed regions, which means that older persons will be increasingly concentrated in the less developed regions of the world. The Oxford Institute of Population Ageing, however, concluded that population age... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing More specifically, it is the large decline in the overall fertility rate over the last half century that is primarily responsible for the population ageing in the world's most developed countries. Because many developing countries are going through faster fertility transitions, they will experience ev... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing The Global Ageing Survey, exploring attitudes, expectations and behaviours towards later life and retirement, directed by George Leeson, and covering 44,000 people aged 40–80 in 24 countries from across the globe has revealed that many people are now fully aware of the ageing of the world's population... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing Its research reveals that many of the views of global ageing are based on myths and that there will be considerable opportunities for the world as its population matures. The Institute's Director, Professor Sarah Harper highlights in her book "Ageing Societies" the implications for work, families, hea... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing They emphasise a shift from GDP to personal well-being. However, population ageing also increases some categories of expenditure, including some met from public finances. The largest area of expenditure in many countries is now health care, whose cost is likely to increase dramatically as populations ... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing In the early 2000s, the World Health Organization set up guidelines to encourage “active ageing” and to help local governments address the challenges of an ageing population (Global Age-Friendly Cities) with regard to urbanization, housing, transportation, social participation, health services, etc. L... | https://en.wikipedia.org/wiki?curid=720684 |
Population ageing Generally in West Africa and specifically in Ghana, social policy implications of demographic ageing are multidimensional (such as rural-urban distribution, gender composition, levels of literacy/illiteracy as well as their occupational histories and income security). Current policies on ageing in Gha... | https://en.wikipedia.org/wiki?curid=720684 |
John Bates Clark Medal The is awarded by the American Economic Association to "that American economist under the age of forty who is adjudged to have made a significant contribution to economic thought and knowledge." According to "The Chronicle of Higher Education", it "is widely regarded as one of the field's most pr... | https://en.wikipedia.org/wiki?curid=723189 |
Economic unit In an economy, production, consumption and exchange are carried out by three basic economic units: the firm, the household, and the government. | https://en.wikipedia.org/wiki?curid=724629 |
Gold gram A gold gram is the amount of value represented by exactly one gram of gold. It is a unit of account frequently used for digital gold currencies. It is sometimes denoted by the symbol "gg", "AUG", or "GAU". A milligram of gold is sometimes referred to as a mil or mgg. Therefore, 1 AUG = 1 gg = 1000 mgg = 1000 ... | https://en.wikipedia.org/wiki?curid=730228 |
Philosophy, politics and economics or politics, philosophy and economics (PPE) is an interdisciplinary undergraduate or postgraduate degree which combines study from three disciplines. The first institution to offer degrees in PPE was the University of Oxford in the 1920s. This particular course has produced a signific... | https://en.wikipedia.org/wiki?curid=730473 |
Philosophy, politics and economics It is now offered at several other leading colleges and universities around the world. More recently Warwick University and King’s College added a new degree under the name of PPL (Politics, Philosophy and Law) with the aim to bring an alternative to the more classical PPE degrees. In... | https://en.wikipedia.org/wiki?curid=730473 |
Philosophy, politics and economics Philosophy, Politics and Economics was established as a degree course at the University of Oxford in the 1920s, as a modern alternative to classics (known as "literae humaniores" or "greats" at Oxford) because it was thought as a more modern alternative for those entering the civil se... | https://en.wikipedia.org/wiki?curid=730473 |
Philosophy, politics and economics The pamphlet advocated incorporating the study of sociology, anthropology and art, and to take on the aim of "assist(ing) the radicalisation and mobilisation of political opinion outside the university". In response, some minor changes were made, with influential leftist writers such ... | https://en.wikipedia.org/wiki?curid=730473 |
Philosophy, politics and economics Finally, studying economics is seen as vital in the modern world because political decisions often concern economic matters, and government decisions are often influenced by economic events. The vast majority of students at Oxford drop one of the three subjects for the second and thir... | https://en.wikipedia.org/wiki?curid=730473 |
Philosophy, politics and economics The argument itself intended as a paternalistic ethical reflection on how governments and peoples can perpetuate social stratification. Stewart Wood, a former adviser to Ed Miliband who studied PPE at Oxford in the 1980s and taught politics there in the 1990s and 2000s, acknowledged t... | https://en.wikipedia.org/wiki?curid=730473 |
Lump of labour fallacy In economics, the lump of labour fallacy is the misconception that there is a fixed amount of work—a lump of labour—to be done within an economy which can be distributed to create more or fewer jobs. It was considered a fallacy in 1891 by economist David Frederick Schloss, who held that the amoun... | https://en.wikipedia.org/wiki?curid=732763 |
Lump of labour fallacy Given a fixed availability of employment, the lump of labour position argues that allowing immigration of working-age people reduces the availability of work for native-born workers ("they are taking our jobs"). However, skilled immigrating workers can bring capabilities that are not available in... | https://en.wikipedia.org/wiki?curid=732763 |
Lump of labour fallacy These can include additional costs in recruitment, training, and management that would increase average cost per unit of output. This overall would lead to a reduced production per worker, and may even result in higher unemployment. Early retirement has been used to induce workers to accept termi... | https://en.wikipedia.org/wiki?curid=732763 |
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber. began as a branch of economics that specifically dealt with land usage, it focused on maximizing the crop yield while maintaining a good soil ecosyst... | https://en.wikipedia.org/wiki?curid=733141 |
Agricultural economics Schultz was also instrumental in establishing econometrics as a tool for use in analyzing agricultural economics empirically; he noted in his landmark 1956 article that agricultural supply analysis is rooted in "shifting sand", implying that it was and is simply not being done correctly. One scho... | https://en.wikipedia.org/wiki?curid=733141 |
Agricultural economics In Asia, agricultural economics was offered first by the University of the Philippines Los Baños Department of Agricultural Economics in 1919. Today, the field of agricultural economics has transformed into a more integrative discipline which covers farm management and production economics, rural... | https://en.wikipedia.org/wiki?curid=733141 |
Agricultural economics While at one time, the field of agricultural economics was focused primarily on farm-level issues, in recent years agricultural economists have studied diverse topics related to the economics of food consumption. In addition to economists' long-standing emphasis on the effects of prices and incom... | https://en.wikipedia.org/wiki?curid=733141 |
Agricultural economics Development economics is broadly concerned with the improvement of living conditions in low-income countries, and the improvement of economic performance in low-income settings. Because agriculture is a large part of most developing economies, both in terms of employment and share of GDP, agricul... | https://en.wikipedia.org/wiki?curid=733141 |
Agricultural economics The AAEA publishes the "American Journal of Agricultural Economics" and "Applied Economic Perspectives and Policy". Graduates from agricultural and applied economics departments find jobs in many sectors of the economy: agricultural management, agribusiness, commodities markets, education, the fi... | https://en.wikipedia.org/wiki?curid=733141 |
Trickle-down economics Trickle-down economics, also called trickle-down theory, refers to the economic proposition that taxes on businesses and the wealthy in society should be reduced as a means to stimulate business investment in the short term and benefit society at large in the long term. In recent history, the ter... | https://en.wikipedia.org/wiki?curid=735201 |
Trickle-down economics A 2019 study in the "Journal of Political Economy" found, contrary to trickle-down theory, that "the positive relationship between tax cuts and employment growth is largely driven by tax cuts for lower-income groups and that the effect of tax cuts for the top 10 percent on employment growth is sm... | https://en.wikipedia.org/wiki?curid=735201 |
Trickle-down economics Presidential speechwriter Samuel Rosenman wrote:The philosophy that had prevailed in Washington since 1921, that the object of government was to provide prosperity for those who lived and worked at the top of the economic pyramid, in the belief that prosperity would trickle down to the bottom of ... | https://en.wikipedia.org/wiki?curid=735201 |
Trickle-down economics In particular, economist William Baumol argues that "the bulk of the unprecedented and widespread rise in the developed world’s living standards since the Industrial Revolution could not have occurred without the revolution’s innovations." Speaking on the Senate floor in 1992, Senator Hank Brown ... | https://en.wikipedia.org/wiki?curid=735201 |
Trickle-down economics Bush had derided the trickle-down approach as "voodoo economics". In the 1992 presidential election, independent candidate Ross Perot also referred to trickle-down economics "political voodoo". In the same election during a presidential town hall debate, Bill Clinton said: In New Zealand, Labour ... | https://en.wikipedia.org/wiki?curid=735201 |
Trickle-down economics Tcherneva described the failings of increasing economic gains of the rich without commensurate participation by the working and middle classes, referring to the problematic policies as "Reagan-style trickle-down economics," and "a trickle-down, financial-sector-driven policy regime." In a 2016 pr... | https://en.wikipedia.org/wiki?curid=735201 |
Rostow's stages of growth Rostow's Stages of Economic Growth model is one of the major historical models of economic growth. It was published by American economist Walt Whitman Rostow in 1960. The model postulates that economic growth occurs in five basic stages, of varying length: Rostow's model is one of the more str... | https://en.wikipedia.org/wiki?curid=739974 |
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