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The Wisdom of Crowds The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better ... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds Consider, for example, mobs or crazed investors in a stock market bubble. According to Surowiecki, these key criteria separate wise crowds from irrational ones: Based on Surowiecki's book, Oinas-Kukkonen captures the wisdom of crowds approach with the following eight conjectures: Surowiecki studies... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds 0 in the context of the wisdom of crowds. Surowiecki is a very strong advocate of the benefits of decision markets and regrets the failure of DARPA's controversial Policy Analysis Market to get off the ground. He points to the success of public and internal corporate markets as evidence that a coll... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds The most common application is the prediction market, a speculative or betting market created to make verifiable predictions. Surowiecki discusses the success of prediction markets. Similar to Delphi methods but unlike opinion polls, prediction (information) markets ask questions like, "Who do you ... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds The principle of the prediction market is also used in project management software to let team members predict a project's "real" deadline and budget. The Delphi method is a systematic, interactive forecasting method which relies on a panel of independent experts. The carefully selected experts ans... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds When logged into the UNU platform, for example, groups of distributed users can collectively answer questions, generate ideas, and make predictions as a singular emergent entity. Early testing shows that human swarms can out-predict individuals across a variety of real-world projections. Hugo-winni... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds This was also shown in the television series East of Eden where a social network of roughly 10,000 individuals came up with ideas to stop missiles in a very short span of time. "Wisdom of Crowds" would have a significant influence on the naming of the crowdsourcing creative company Tongal, which is... | https://en.wikipedia.org/wiki?curid=1728337 |
The Wisdom of Crowds The sheer number of ideas, the complexity, and the contribution it has made to chess make it the most important game ever played." In his book "You Are Not a Gadget", Jaron Lanier argues that crowd wisdom is best suited for problems that involve optimization, but ill-suited for problems that requir... | https://en.wikipedia.org/wiki?curid=1728337 |
Recursive filter In signal processing, a recursive filter is a type of filter which re-uses one or more of its outputs as an input. This feedback typically results in an unending impulse response (commonly referred to as "infinite impulse response" (IIR)), characterised by either exponentially growing, decaying, or sin... | https://en.wikipedia.org/wiki?curid=1735759 |
Alpha (finance) Alpha is a measure of the active return on an investment, the performance of that investment compared with a suitable market index. An alpha of 1% means the investment's return on investment over a selected period of time was 1% better than the market during that same period; a negative alpha means the ... | https://en.wikipedia.org/wiki?curid=1736486 |
Alpha (finance) The alpha coefficient (formula_1) is a parameter in the single-index model (SIM). It is the intercept of the security characteristic line (SCL), that is, the coefficient of the constant in a market model regression. where the following inputs are: It can be shown that in an efficient market, the expecte... | https://en.wikipedia.org/wiki?curid=1736486 |
Alpha (finance) In fact, to many investors, this phenomenon created a new standard of performance that must be matched: an investment manager should not only avoid losing money for the client and should make a certain amount of money, but in fact should make more money than the passive strategy of investing in everythi... | https://en.wikipedia.org/wiki?curid=1736486 |
Alpha (finance) If the manager has had a high alpha, but also a high beta, investors might not find that acceptable, because of the chance they might have to withdraw their money when the investment is doing poorly. These concepts not only apply to investment managers, but to any kind of investment. | https://en.wikipedia.org/wiki?curid=1736486 |
Excess reserves In banking, excess reserves are bank reserves in excess of a reserve requirement set by a central bank. In the United States, bank reserves for a commercial bank are held in part as a credit balance in an account for the commercial bank at the applicable Federal Reserve bank (FRB). This credit balance i... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves Even with a substantial opportunity cost, banks may choose to hold some excess reserves to facilitate upcoming transactions or to meet contractual clearing balance requirements. The Financial Services Regulatory Relief Act of 2006 authorized the Federal Reserve Banks to pay interest on balances held by ... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves The day before the change was announced, on October 7, 2008, Chairman Ben Bernanke of the Board of Governors of the Federal Reserve System expressed some confusion about it, saying, "We're not quite sure what we have to pay in order to get the market rate, which includes some credit risk, up to the targ... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate." Also on January 13, 2009, "Financial Week" said Mr. Bernanke admitted that a hug... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves On April 1, 2009, reserve balances had again increased to $806 billion. By August 2011, they had reached $1.6 trillion. On March 20, 2013, excess reserves stood at $1.76 trillion. As the economy began to show signs of recovery in 2013, the Fed began to worry about the public relations problem that payin... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves " By July 2018, excess bank reserves had fallen to $1.8 trillion as the Federal Reserve Bank reduced its balance sheet and demand from the economy picked up. However, the Federal Reserve Bank was now paying 1.95% on IOER which was no longer within the requirements of paying "a rate or rates not to excee... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves When there are excess bank reserves, the Natural Equilibrium of Interest Rates (NEIR) points out the cost of capital is an integral part of inflation because fed funds are naturally near 0%, so when the Federal Reserve Bank increases the cost of capital by paying Interest On Excess Reserves (IOER), this... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves Nobel-prize winning economist Eugene Fama contends that paying interest on reserves has (in effect) increased the supply of short-term debt, which through standard demand/supply effects would increase bond yields. The post-GFC low interest-rate environment has therefore persisted in spite of, not becaus... | https://en.wikipedia.org/wiki?curid=1738260 |
Excess reserves However, excess reserves, instead of being wasted, may contribute to the overall stability of the banking system since they are a more than legally required buffer against losses sudden and unexpected. | https://en.wikipedia.org/wiki?curid=1738260 |
Law of one price The law of one price (LOOP) states that in the absence of trade frictions (such as transport costs and tariffs), and under conditions of free competition and price flexibility (where no individual sellers or buyers have power to manipulate prices and prices can freely adjust), identical goods sold in d... | https://en.wikipedia.org/wiki?curid=1739053 |
Law of one price This will force prices to decrease in the expensive area and increase in the cheap one.-priced location, while the lowered supply in the alternative location will drive up prices there. Both scenarios result in a single, equal price per homogeneous good in all locations. "For further discussion, see Ra... | https://en.wikipedia.org/wiki?curid=1739053 |
Penn effect The is the economic finding that real income ratios between high and low income countries are systematically exaggerated by gross domestic product (GDP) conversion at market exchange rates. It is associated with what became the Penn World Table, and it has been a consistent econometric result since at least... | https://en.wikipedia.org/wiki?curid=1743758 |
Penn effect However, subsequent analysis has provided many other mechanisms through which the can arise, and historical cases where it is expected, but not found. Up until 1994 the PPP-deviation tended to be known as the "Balassa-Samuelson effect", but in his review of progress "Facets of Balassa-Samuelson Thirty Years... | https://en.wikipedia.org/wiki?curid=1743758 |
Penn effect By reversing this law, we can infer that different countries do not share an efficient common market from the fact that prices for the same good are different. If a McDonald's patron in Oslo were able to eat in an identical Cairo restaurant at one quarter the price they would do so, and price competition wo... | https://en.wikipedia.org/wiki?curid=1743758 |
Penn effect If it did not apply, millions of the world's poorest people would find that their income was below the survival threshold. However, the effect implies that the money income level disparity as measured by international exchange rates is an illusion, because these exchange rates only apply to traded goods, a ... | https://en.wikipedia.org/wiki?curid=1743758 |
Social choice theory or social choice is a theoretical framework for analysis of combining individual opinions, preferences, interests, or welfares to reach a "collective decision" or "social welfare" in some sense. A non-theoretical example of a collective decision is enacting a law or set of laws under a constitution... | https://en.wikipedia.org/wiki?curid=1745670 |
Social choice theory Later work also considers approaches to compensations and fairness, liberty and rights, axiomatic domain restrictions on preferences of agents, variable populations, strategy-proofing of social-choice mechanisms, natural resources, capabilities and functionings, and welfare, justice, and poverty. S... | https://en.wikipedia.org/wiki?curid=1745670 |
Social choice theory Lionel Robbins questioned whether mental states, and the utilities they reflect, can be measured and, "a fortiori", interpersonal "comparisons" of utility as well as the social choice theory on which it is based. Consider for instance the law of diminishing marginal utility, according to which util... | https://en.wikipedia.org/wiki?curid=1745670 |
Social choice theory Sen proposes, however, that comparability of interpersonal utility need not be partial. Under Sen's theory of informational broadening, even complete interpersonal comparison of utility would lead to socially suboptimal choices because mental states are malleable. A starving peasant may have a part... | https://en.wikipedia.org/wiki?curid=1745670 |
Social choice theory The initial results emphasized the impossibility of satisfactorily providing a social choice function free of dictatorship and inefficiency in the most general settings. Later results have found natural restrictions that can accommodate many desirable properties. | https://en.wikipedia.org/wiki?curid=1745670 |
Group of 15 The (G-15) is an informal forum set up to foster cooperation and provide input for other international groups, such as the World Trade Organization (WTO) and the Group of Seven. It was established at the Ninth Non-Aligned Movement Summit Meeting in Belgrade, Yugoslavia, in September 1989, and is composed of... | https://en.wikipedia.org/wiki?curid=1748521 |
Group of 15 The purpose of the FCCIS is to coordinate and maximize efforts which promote business, economic development and joint investment in G-15 nations. In 2010, the chairmanship of the G-15 was accepted by Sri Lanka at the conclusion of the 14th G-15 summit in Tehran. | https://en.wikipedia.org/wiki?curid=1748521 |
G33 (developing countries) The G33 (or the Friends of Special Products in agriculture) is a coalition of developing countries, established prior to the 2003 Cancun ministerial conference, that have coordinated during the Doha Round of World Trade Organization negotiations, specifically in regard to agriculture. Dominat... | https://en.wikipedia.org/wiki?curid=1748558 |
Durable good In economics, a durable good or a hard good or consumer durable is a good that does not quickly wear out, or more specifically, one that yields utility over time rather than being completely consumed in one use. Items like bricks could be considered perfectly durable goods because they should theoretically... | https://en.wikipedia.org/wiki?curid=1750677 |
Durable good According to Cooper (1994, p5) "durability is the ability of a product to perform its required function over a lengthy period under normal conditions of use without excessive expenditure on maintenance or repair". Several units may be used to measure the durability of a product according to its field of ap... | https://en.wikipedia.org/wiki?curid=1750677 |
Forward exchange market The forward exchange market is a market for contracts that ensure the future delivery of a foreign currency at a specified exchange rate. The price of a forward contract is known as the forward rate. Forward rates are usually negotiated for delivery one month, three months, or one year after the... | https://en.wikipedia.org/wiki?curid=1759885 |
NASDAQ MarketSite (or simply MarketSite) is the commercial marketing presence of the NASDAQ stock market. Located in Times Square in New York City, it occupies the northwest corner of the bottom of 4 Times Square. The exterior wall of the seven-story cylindrical tower is an LED electronic video display that provides ma... | https://en.wikipedia.org/wiki?curid=1760952 |
NASDAQ MarketSite Inventors were: Thomas Apple (Arlington, Virginia), Paul Noble (Short Hills, New Jersey), John Footen (Mount Arlington, New Jersey); and Andrew Klein (Brookline, Massachusetts). The initial installation of the MarketSite was in the former Whitehall street location of Nasdaq. The current Times Square s... | https://en.wikipedia.org/wiki?curid=1760952 |
Free silver was a major economic policy issue in late-19th-century America. Its advocates were in favor of an expansionary monetary policy featuring the unlimited coinage of silver into money on demand, as opposed to strict adherence to the more carefully fixed money supply implicit in the gold standard. Supporters of ... | https://en.wikipedia.org/wiki?curid=1762386 |
Free silver was especially popular among farmers in the Wheat Belt (the western Midwest) and the Cotton Belt (the Deep South), as well as silver miners in the West. It had little support among farmers in the Northeast and the Corn Belt (the eastern Midwest). was the central issue for Democrats in the presidential elect... | https://en.wikipedia.org/wiki?curid=1762386 |
Free silver As a result, the monetary value of silver coins was based on government fiat rather than on the commodity value of their contents, and this became especially true following the huge silver strikes in the West, which further depressed the silver price. From that time until the early 1960s the silver content ... | https://en.wikipedia.org/wiki?curid=1762386 |
Free silver Teller of Colorado led many western Republicans to bolt and form a third party that supported William Jennings Bryan, the short-lived Silver Republican Party. The Sherman Silver Purchase Act of 1890, while falling short of free silver's goals, required the U.S. government to buy millions of ounces of silver... | https://en.wikipedia.org/wiki?curid=1762386 |
Free silver Unbacked "paper" (wanted by the Greenbacks) represented a third option. A fourth option, currency backed by "land value", was advocated by Senator Leland Stanford through several Senate bills introduced in 1890-1892, but was always killed by the Senate Finance Committee. Three fraternal organizations rose t... | https://en.wikipedia.org/wiki?curid=1762386 |
Free silver Harvey's popular pamphlet "Coin's Financial School", issued in the aftermath of the Panic of 1893, illustrated the "restorative" properties of silver; through devaluation of the currency, closed factories would reopen, darkened furnaces would be relit, and the like. But Henry Demarest Lloyd was much harsher... | https://en.wikipedia.org/wiki?curid=1762386 |
Binary economics Binary economics, also known as Two-factor Economics, is a theory of economics that endorses both private property and a free market but proposes significant reforms to the banking system. According to theories first proposed by Louis Kelso, widespread use of central bank-issued interest-free loans to ... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics It argues that newly minted money invested on behalf of those "without access" to existing cash savings or collateral can be adequately repaid through the returns on those investments, which need not be inflationary if the economy is operating below capacity. The theory asserts that what matters is whe... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics Their analysis predicted that widely distributed capital ownership will create a more balanced economy. Kelso and Hetter proposed new "binary" share holdings which would pay out full net earnings as dividends (with exceptions for research, maintenance and depreciation). These could be obtained on credi... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics It has variously been characterized as an extreme right-wing ideology and as extremely left-wing by its critics. The 'binary' (in 'binary economics') means 'composed of two'’ because it suffices to view the physical factors of production as being but two (labour and capital (which includes land). It re... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics Binary productiveness attempts to quantify the proportion of output contributed by total labor input and total capital input respectively, Adding capital inputs to a production process increases labor productivity, but binary economic theory argues that it decreases "labor productiveness" (i.e. the pro... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics In "The Capitalist Manifesto", Kelso boldly asserted: "It is, if anything an underestimation rather than an exaggeration to say that the aggregate physical contribution to the production of the wealth of the workers in the United States today accounts for less than 10 percent of the wealth produced, an... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics These stem originally from Louis Kelso & Patricia Hetter Kelso (1967)"Two-Factor Theory: The Economics of Reality"; the founding of Kelso & Company in 1970; and then from conversations in the early 1970s between Louis Kelso, Norman Kurland (Center for Economic and Social Justice), Senator Russell Long ... | https://en.wikipedia.org/wiki?curid=1762631 |
Binary economics suggests that ownership of productive (and the associated consuming) capacity, particularly new capacity, could be spread by the use of central bank-issued interest-free loans. Interest-free loans should be allowed for private capital investment "IF such investment creates new owners of capital and is ... | https://en.wikipedia.org/wiki?curid=1762631 |
Poverty penalty The poverty penalty describes the phenomenon that poor people tend to pay more to eat, buy, and borrow than the rich. The term became widely known through a 2005 book by C. K. Prahalad, "The Fortune at the Bottom of the Pyramid". An earlier exploration of this was a 1960s sociology study published as "T... | https://en.wikipedia.org/wiki?curid=1763069 |
Salt tax A salt tax was a tax levied directly on salt, usually proportional to the amount of salt purchased. In ancient times, salt was extremely valuable as a preservant. Words such as "salary" are derived from the same root as salt and indicate its vitality to civilizations. As an example, ancient "salaries" could li... | https://en.wikipedia.org/wiki?curid=1778868 |
Reproduction (economics) In Marxian economics, economic reproduction refers to recurrent (or cyclical) processes. Michel Aglietta views economic reproduction as the process whereby the initial conditions necessary for economic activity to occur are constantly re-created. Marx viewed reproduction as the process by which... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) Reproduction in this case continues to occur, but investment, employment, and output fall absolutely, so that the national income falls. In the Great Depression of the 1930s, for example, about one-quarter of the workers became unemployed; as a result of the 2008–9 slump, the unemployed labour ... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) By treating gross profit as a "factor input" as well as a factor output, the respective total values of the input and output in Leontief's model are always exactly equal. In Marx's model, the output in an accounting period is normally always higher in value than the input. This is what Marx bel... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) Part of the role of the state is to secure those general (collective) conditions for the reproduction and maintenance of society that individuals and private enterprise cannot secure by themselves for one reason or another (e.g., because they transcend competing interests, because they are too ... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) Therefore, economic reproduction in capitalist society is "necessarily" expanded reproduction and requires market growth. Capital must grow, otherwise the whole process breaks down. Thus, economic growth is not simply desirable but also necessary in capitalism, not just because of population gr... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) In the latter case, the accumulation of one owner occurs at the expense of the other, there is no net growth. These two ways are usually combined, meaning that all or most owners make gains, but in unequal amounts. In considering the economic reproduction process as a whole, one therefore has t... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) At any time, a fraction of the population is not working or "economically active" (children, students, the sick and disabled, the unemployed, volunteer workers, housewives, pensioners, idlers, etc.), and assets are maintained or accumulated that are unrelated to the sphere of production. These ... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) In the worst case, an interruption in the normal reproduction process triggers a sequence of disturbances, a chain reaction, which spreads from some branches of production to the whole economy, meaning that products are left unsold and that producers receive insufficient income to pay their bil... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) If vastly more capital assets are created than are invested in production, one cannot explain economic crises simply in terms of disproportionalities in the sphere of production; one has to look at the process of capital accumulation as a whole, which includes the financial system, non-producti... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) But, as Marx would presumably argue, what makes a profit is not necessarily what people really need, and therefore the possibility exists that profit making may undermine the most basic conditions for economic reproduction, including the supply of food and clean water, sanitation, adequate shel... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) This consists of the tasks of everyday existence—food preparation, laundry, and so forth—that maintain the worker and his or her ability to work. Since roughly the 16th century, much of this domestic labor has been made the responsibility of women, through various developments put in motion by ... | https://en.wikipedia.org/wiki?curid=1781054 |
Reproduction (economics) His calculations suggested that in the United States, the value of unpaid household work declined from about 45% of conventional Gross National Product in 1945 to about 33% in 1981. | https://en.wikipedia.org/wiki?curid=1781054 |
Entry-level job An entry-level job is a job that is normally designed or designated for recent graduates of a given discipline and typically does not require prior experience in the field or profession. These roles may require some on-site training. Many entry-level jobs are part-time and do not include employee benefi... | https://en.wikipedia.org/wiki?curid=1792931 |
Poverty industry The terms poverty industry or poverty business refer to a wide range of money-making activities that attract a large portion of their business from the poor because they are poor. Businesses in the poverty industry often include payday loan centers, pawnshops, rent-to-own centers, casinos, liquor store... | https://en.wikipedia.org/wiki?curid=1796566 |
Primary labor market The primary labor market is a market that generally consists of high-wage paying jobs, social security, and longer-lasting careers, but others define it as jobs that "require formal education", but in addition to white collar jobs like teaching, accounting, and the law, it also includes the skilled... | https://en.wikipedia.org/wiki?curid=1798471 |
Part-time job A part-time job is a form of employment that carries fewer hours per week than a full-time job. They work in shifts. The shifts are often rotational. Workers are considered to be part-time if they commonly work fewer than 30 hours per week. According to the International Labour Organization, the number of... | https://en.wikipedia.org/wiki?curid=1798796 |
Part-time job " The highest percentage of part-time work is in the Netherlands (see below) and the lowest in Bulgaria. There is also a gap between women (32.1% EU average in 2015) and men (8.9%). The Netherlands has by far the highest percentage of part-time workers in the EU and in the OECD. In 2012, 76.9% of women an... | https://en.wikipedia.org/wiki?curid=1798796 |
Part-time job except it is covered on a 'pro-rata' (percentage) basis depending on the hours worked each week. Furthermore, as a part-time employee is guaranteed a ular roster within a workplace, they are given an annular salary paid each week, fortnight, or month. Employers within Australia are obliged to provide mini... | https://en.wikipedia.org/wiki?curid=1798796 |
Part-time job The Institute for Women's Policy Research reports that females are nine times likelier than males to work in a part-time capacity over a full-time capacity as a result of caregiving demands of their family members. Increasing use of part-time workers in the United States is associated with employee schedu... | https://en.wikipedia.org/wiki?curid=1798796 |
Full-time job A full-time job is employment in which a person works a minimum number of hours defined as such by their employer. Full-time employment often comes with benefits that are not typically offered to part-time, temporary, or flexible workers, such as annual leave, sickleave, and health insurance. Part-time jo... | https://en.wikipedia.org/wiki?curid=1798797 |
Full-time job Twelve-hour shifts are often three days per week, unless the company has the intention of paying out the employee overtime. Overtime is legally paid out anytime an employee works more than 40 hours per week. The legal minimum for overtime starts at Base Pay + One-Half. The increased payout is considered t... | https://en.wikipedia.org/wiki?curid=1798797 |
Full-time job Adult students (typically up to age 22 or 23) may also fall under their parents' health insurance (and possibly car insurance and other services) if they are full-time, except for one term per year (usually summer). Students may also be eligible for elected office in student government or other student or... | https://en.wikipedia.org/wiki?curid=1798797 |
International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. examines the dynamics of the global financial system, international monetary s... | https://en.wikipedia.org/wiki?curid=1799316 |
International finance The three major components setting international finance apart from its purely domestic counterpart are as follows: These major dimensions of international finance largely stem from the fact that sovereign nations have the right and power to issue currencies, formulate their own economic policies,... | https://en.wikipedia.org/wiki?curid=1799316 |
Mutualism (economic theory) Mutualism is an anarchist school of thought and economic theory that advocates a socialist society based on free markets and usufructs, i.e. occupation and use property norms. One implementation of this system involves the establishment of a mutual-credit bank that would lend to producers at... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) As long as they ensure the worker's right to the full product of their labor, mutualists support markets and property in the product of labor, differentiating between capitalist private property (productive property) and personal property (private property). Mutualists argue for conditional ... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Mutualism has been retrospectively characterized sometimes as being a form of individualist anarchism and as ideologically situated between individualist and collectivist forms of anarchism as well. Proudhon himself described the liberty he pursued as "the synthesis of communism and property... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) By 1846, Proudhon was speaking of "mutualité" in his writings and he used the term "mutuellisme" at least as early as 1848 in his "Programme Révolutionnaire". In 1850, William Batchelder Greene used the term mutualism to describe a mutual credit system similar to that of Proudhon. In 1850, t... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) However, he had misgivings about the new provisional government headed by Jacques-Charles Dupont de l'Eure (1767–1855), who since the French Revolution in 1789 had been a longstanding politician, although often in the opposition. Proudhon published his own perspective for reform which was co... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Historian Wendy McElroy reports that American individualist anarchism received an important influence of three European thinkers. One of the most important of these influences was the French political philosopher Pierre-Joseph Proudhon, whose words "Liberty is not the Daughter But the Mother... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) For this reason, he demands "mutuality" in marriage—the equal right of a woman to her own personal freedom and property". Tucker later connected his economic views with those of Proudhon, Warren and Karl Marx, taking sides with the first two while also arguing against American anti-socialist... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Pi i Margall was a dedicated theorist in his own right, especially through book-length works such as "La reacción y la revolución" ("Reaction and Revolution" from 1855), "Las nacionalidades" ("Nationalities" from 1877) and "La Federación" ("The Federation" from 1880). For prominent anarcho-s... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Since the deputation was one of Proudhonists, of course this emancipation was to be secured, not by political methods, but purely by economic means, through the foundation of productive and distributive co-operatives". Stekloff continues by saying that "[i]t was in the 1863 elections that fo... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) They looked upon the International Workingmen's Association as a sort of academy or synagogue, where Talmudists or similar experts could "investigate" the workers' problem; wherein the spirit of Proudhon they could excogitate means for an accurate solution of the problem, without being distu... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) 19th-century mutualists considered themselves libertarian socialists and are still considered libertarian socialists to this day. While oriented towards cooperation, mutualists favor free market solutions, believing that most inequalities are the result of preferential conditions created by ... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) In the preface to his "Studies in Mutualist Political Economy", Carson describes this work as "an attempt to revive individualist anarchist political economy, to incorporate the useful developments of the last hundred years, and to make it relevant to the problems of the twenty-first century... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Carson argues that the centralization of wealth into a class hierarchy is due to state intervention to protect the ruling class by using a money monopoly, granting patents and subsidies to corporations, imposing discriminatory taxation and intervening militarily to gain access to internation... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) The labor theory of value holds that the actual price of a thing (or the true cost) is the amount of labor that was undertaken to produce it. In Warren's terms, cost should be the limit of price, with cost referring to the amount of labor required to produce a good or service. Anyone who sel... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Dual power should not be confused with the dual power popularized by Vladimir Lenin as it was also theorized by Proudhon and it refers to a more specific scenario where a revolutionary entity intentionally maintains the structure of the previous political institutions until the power of the ... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) ] because without that they would remain isolated as subordinates and superiors, and there would ensue two industrial castes of masters and wage workers, which is repugnant in a free and democratic society. But where the product can be obtained by the action of an individual or a family, [..... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) ..] would enable the workers to determine jointly by election how the enterprise was to be directed and operated on a day-to-day basis". Mutualists argue that free banking should be taken back by the people to establish systems of free credit. They contend that banks have a monopoly on credi... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) Specifically, Proudhon's proposed law would have required all capitalists and stockholders to disburse one-sixth of their income to their tenants and debtors and another sixth to the national treasury to fund the bank. This scheme was vehemently objected to by others in the legislature, incl... | https://en.wikipedia.org/wiki?curid=1799997 |
Mutualism (economic theory) ] to tools of a trade" and the fruits of that cultivation—but not to ownership or control of the lands and lives of others. The former is considered illegitimate property, the latter legitimate property. Proudhon argued that property in the product of labor is essential to liberty while prop... | https://en.wikipedia.org/wiki?curid=1799997 |
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