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Christ Sierra Sinn Serena South Cuban Bee Carmen Rose Tiffany Tyler Olivia La Roche Mary Hubay Lana Cox Savanna Jane Evie Delatosso cindy-carver laurie-smith tina-marie teresa-orlowski summer-rose gina-valentino nicole-west heather-wayne candy-samples annette-haven melanie-scott kimberly-carson nina-hartley karen-summer erica-idol nikki-knight carol-titian tamara-longley gina-carrera bonnie-holiday julia-perrin cathy-stewart laurien-dominique erica-boyer jeanna-fine lauryl-canyon lynn-lemay stephanie-rage dana-lynn bella-donna ebony-ayes bunny-bleu kristara-barrington mai-lin patti-cakes alexis-greco shaun-michelle nicole-black bridgette-monet cody-nicole mona-page loni-sanders connie-peterson desiree-west kristine-heller darby-lloyd-rains pat-manning linda-shaw maria-tortuga danica-rhea athena-star marlene-willoughby cris-cassidy ashley-welles liza-dwyer delania-raffino carol-connors nanci-suiter sandy-pinney yvonne-green desiree-cousteau dominique-saint-claire marianne-aubert 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angel-kelly shanna-mccullough ali-moore dallas-miko lady-stephanie fallon jade-east purple-passion barbara-dare cheri-taylor april-west tami-white kym-wilde jenna-wells gina-martell robin-cannes crystal-lovin brooke-fields lois-ayres carol-cross scarlet-scarleau charlie-latour siobhan-hunter danielle abigail-clayton lesllie-bovee crystal-dawn laura-lazare julia-parton laurien-wilde kay-parker angel misty-dawn pamela-mann andrea-adams lisa-lake stacey-donovan heather-thomas stevie-taylor renee-lovins tish-ambrose cassandra-leigh robin-byrd samantha-fox patricia-dale christie-ford rachel-ashley nikki-randall breezy-lane carolyn-connoly kimi-gee sahara mauvais-denoir jill-ferari gail-sterling alexa-parks tammy-reynolds lynn-franciss anna-pierce serena nancy-hoffman mimi-morgan laura-clair elisabeth-bure karine-gambier brigitte-lahaie celine-gallone elodie-delage jane-baker marilyn-jess france-lomay anna-veruska sophie-duflot brigitte-verbecq christine-black mika-barthel constance-money gina-gianetti starr-wood jacqueline-lorians connie-bennett carmen-de-la-torre georgina-spelvin barbara-bourbon cyndee-summers colleen-brennan angel-west tracy-duzit debi-diamond cory-wolf heather-torrance danyel-cheeks amanda-rae veronica-sage kaitlyn-ashley melissa-monet wendy-divine sabrina-johnson amber-michaels long-jean-silver kathy-harcourt vanessa-del-rio lenora-bruce marie-christine-chireix eva-kleber cathy-menard claudia-van-statt mascha-mouton carole-pierac sophie-guers barbara-moose porsche-lynn krista-lane rachel-ryan tanya-foxx beverly-glen gail-force davia-ardell kimberly-kyle caressa-savage astrid-bone mei-ling linda-wong chrissie-beauchamp marie-sharp jacy-allen eileen-wells jean-jennings amber-hunt tammy juliet-anderson dorothy-lemay kitty-shayne lisa-sue-corey angel-ducharme chris-petersen cindy-wong rita-ricardo gloria-leonard denise-sloan daniele-troeger marion-webb jenny-feeling diane-dubois erika-cool anne-magle tantala-ray pia-snow desiree-foxx kelly-blue lana-burner linnea-quigley keli-richards bionca heather-lere paula-price danielle-rodgers jamie-summers elle-rio regine-bardot tiffany-duponte gabriella lisa-de-leeuw lysa-thatcher ashlyn-gere carolyn-monroe kylie-channel avalon leanna-foxxx ashley-nicole tera-heart anna-malle jenna-jameson barbara-doll misty-rain shawnee-cates beatrice-valle deidre-holland angela-summers bridgette-monroe traci-winn zara-whites teri-weigel solange-shannon jackie-right crystal-sync clea-carson arcadia-lake merle-michaels heather-young erica-havens marcia-minor gloria-todd ming-toy jennifer-welles alexandria-cass tina-russell heather-ellis mary-stuart arlana-blue juliet-graham jennifer-jordan andrea-true lynn-stevens chris-jordan terri-hall bree-anthony ultramax kristin-steen angel-barrett paula-morton suzanne-mcbain brenda-basse jody-maxwell sarah-mills clair-dia andrea-lange ginger-lynn raven roxanne-rollan renee-summers renee-foxx racquel-darrian ashley-winger renee-morgan alicia-monet megan-leigh tasha-voux marita-ekberg tigr georgette-saunders brandy-wine jean-afrique holly-ryder heather-hart leilani alicyn-sterling delta-force patricia-kennedy amber-woods nicole-london dyanna-lauren bobbi-bliss candy-apples candy-hill golden-jade liza-harper daniella maren charmane-star alyssa-reece angelina-valentine sheri-st-clair tess-ferre aurora keisha tiffany-blake charlie-waters amanda-tyler carol-cummings sabrina-dawn brandy-alexandre kristarah-knight chessie-moore tiara miss-pomodoro cicciolina busty-belle stacy-lords mandi-wine alex-storm china-moon china-lee kim-kitaine kirsty-waay chasey-lain alexis-payne teri-diver marilyn-martyn micki-lynn debi-jointed stephanie-duvalle britt-morgan devon-shire erika-bella reka-gabor rikki-blake candi brittany-stryker viper kassi-nova suzie-bartlett alice-springs talia-james brittany kristina-king kimberly-kane michelle-monroe natasha-skyler elise tonisha-mills chris-collins tricia-yen sahara-sands selena chayse-manhattan ashley-renee 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nicole-grey nicole-scott amy-starz kitty-langdon regan-anthony amber-peach cassie-courtland gianna-lynn jamie-james ashley-coda ashley-perk brook-van-buuren dido-angel elle-devyne jana-irrova julie-simone kristina-klevits lezley-zen loni-bunny monika-unco moxxie-maddron nicolette-fauludi sunset-thomas sweet-nice vicky-vicci carole-dubois jennifer-janes jordan-nevaeh kimber-blake shelby-star sophie-evans vanessa-michaels abby-lane abby-rode cheyenne-hunter charisma-cole darla-crane jesse-capelli satine-phoenix tiffany-rayne wow-nikki dolly-darkley julia-paes kim-holland lia-fire taisa-banx whitney-wonders addie-juniper dusty-rose ava-lauren claire-robbins cynthia-lavigne karmen-kennedy emili-doll kylee-nash lea-magic lily-labeau marry-queen mia-lina michelle-maylene nadi-phuket nikki-rhodes rachel-ryder suzan-nielsen angelina-korrs mandy-mistery morrigan-hel adriana-amante aletta-ocean bridget-waters carmen-moore cinthya-marinho cory-everson harley-raine hayley-jade veronica-hill donna-marie angel-long olivia-alize katrina-isis deva-station olivia-outre ruby-richards carmel-nougat esme-monroe nikki-steele tori-sinclair michele-raven leslie-winston sabrina-scott rebecca-bardoux flame courtney shonna-lynn tricia-devereaux dillan-lauren kami-andrews katrina-kraven paige-turner eve-laurence ariana-jollee daphne-rosen kayla-kupcakes ava-devine victoria-slick drea bambi-allen tess-newheart kitty-yung janet-jacme monique-demoan chelsea-sinclaire alex-foxe devinn-lane april-flowers mulani-rivera kagney-linn-karter kacey-jordan chloe-dior ines-ridere natalia-wood monique-la-belle dia kat ashley-marie juliette-carelton bronze keri-windsor iveta skylar-price moni calisyn-heart antonia-dorian sandy-lee envy-mi mandy-bright kimmie-lee latoya coreena courtney-cummz marlena camila-sampaio mysti-may georgia-peach amanda-blue isabella-dior chanta-rose julia-swen kitty-lynxxx avy-lee-roth aimee-addison sabina-k drimla lara-roxx sasha agnes jenny greta-milos claudia-jackson skylar-knight miss-meadow tina-evil cameron-love coffee-brown gladys-laroche elza-brown nicki-hunter logan-labrent cataline-bullock mia-beck erica-lauren celeste-fox lexi-matthews mercedes-dragon syvette beata francoise andy edita-ungerova amanda-addams maryanne-fisher heather-deeley nikki-santana ann-marie-michelle flower mikki-taylor kylie-brooks krisztina-ventura camille-morgan candi-summers peyton-lafferty luci-diamond chantelle-stevens chloe-stevens suzi-sparks sunshine-seiber paula-brasile samantha-sterlyng miss-bunny victoria-knight kat-langer kelli-tyler tracy-williams lexi-lane keama-kim shay-hendrix gina-lee elena-berkova skyler-dupree jenna-presley tracy-love giselle-monet alexia-knight autumn-bliss eva-uettori jasmine-delatori roberta-pedon monica-baal djiana jenny-wings sara-faye shayne-ryder savannah-stern mercedes-lynn eva-lux kelly-adams madelina-ray kathy-heart leigh-livingston angie-knight porsha-carrera angela-baron claudia-nero nikki-grand victoria-evans heather-lyn crystal-knight jenna-jane mona-lisa edina-blond monika-peta loona-luxx amberlina-lynn kelly-broox isobel-wren delta-white missy-vega mandy-starr sasha-hollander addison-cain joanna-sweet jada-stevens kandee-licks lori-alexia lorelei-lee ashley-fires rachel-roxxx melissa-golden angel-cummings blond-cat anne-bie-warburg victoria-zdrok eva-dionisio melissa-del-prado samantha-ryan tammy-lee flick-shagwell rio-mariah nicole-parks christina-skye kelly-kline kiley-heart candy-barr lauren-montgomery vanessa-chase laura-paouck kelly-hearn yasmine-fitzgerald anastasia-christ sierra-sinn serena-south cuban-bee carmen-rose tiffany-tyler olivia-la-roche mary-hubay lana-cox savanna-jane evie-delatosso


abby-lane abby-rode abigail-clayton ada-tauler addie-juniper addison-cain adele-wiesenthal adeline-lange adeline-pollicina adriana-amante adrianna-laurenti adrianna-russo agnes agnes-ardant agnes-zalontai aimee-addison aisha-sun aja aleena-ferari alessandra-schiavo aletta-ocean alexandra-nice alexandria-cass alexa-parks alex-dane alex-foxe alexia-knight alexis-devell alexis-firestone alexis-greco alexis-payne alexis-x alex-storm alex-white aliana-love alice-springs alicia-alighatti alicia-monet alicia-rio alicyn-sterling alighiera-olena ali-moore aline-santos alissa-ashley allysin-chaynes alysin-embers alyssa-love alyssa-reece amanda-addams amanda-blake amanda-blue amanda-jane-adams amanda-rae amanda-stone amanda-tyler amber-hunt amberlina-lynn amber-lynn amber-michaels amber-peach amber-wild amber-woods ambrosia-fox amia-miley ami-rodgers amy-allison amy-brooke amy-rose amy-starz anastasia-christ anastasia-sands andrea-adams andrea-brittian andrea-lange andrea-true andy angel angela-baron angela-summers angel-barrett angel-cash angel-cruz angel-cummings angel-ducharme angelica-sin angelika-reschner angelina-brasini angelina-korrs angelina-valentine angel-kelly angel-long angel-west angie-knight anita-andic anita-blond anita-cannibal anita-dark anna-belle anna-malle anna-nikova anna-pierce anna-ventura anna-veruska anne-bie-warburg anne-libert anne-magle anne-sand annette-haven annie-sprinkle ann-kiray ann-marie-michelle antonia-dorian april-flowers april-may april-west arcadia-lake ariana-bali ariana-jollee arlana-blue ashley-anne ashley-brooks ashley-coda ashley-fires ashley-lauren ashley-long ashley-marie ashley-nicole ashley-perk ashley-renee ashley-robbins ashley-welles ashley-wells ashley-winger ashlyn-gere astrid-bone athena-star aubrey-nichols aurora aurora-snow autumn-bliss autumn-rayne ava-devine ava-lauren avalon ava-marteens avy-lee-roth bailey-monroe bambi-allen barbara-bourbon barbara-boutet barbara-dare barbara-doll barbara-moose barbarella 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christine-black christine-chavert christine-neona christine-rigoler christy-canyon cicciolina cindi-stephens cindy-carver cindy-crawford cindy-more cindy-shepard cindy-wong cinthya-marinho clair-dia claire-robbins claude-janna claudia-jackson claudia-jamsson claudia-mehringer claudia-nero claudia-van-statt claudia-zante claudine-beccarie clea-carson cleo-nichole cleo-patra cody-lane cody-love cody-nicole coffee-brown colleen-brennan connie-bennett connie-peterson constance-money copper-penny coreena corey-everson corinne-lemoine corneliah cory-everson cory-wolf courtney courtney-cummz courtney-james cris-cassidy crissy-moran cris-taliana crystal-breeze crystal-dawn crystal-holland crystal-knight crystal-lake crystal-lovin crystal-sync csilla-kalnay cuban-bee cynara-fox cyndee-summers cynthia-black cynthia-brooks cynthia-hammers cynthia-lavigne dagmar-lost daisy-layne dallas-miko dana-dylan dana-lynn danica-rhea daniela-nanou daniela-schiffer daniele-troeger daniella daniella-schiffer 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sabrina-chimaera sabrina-dawn sabrina-jade sabrina-johnson sabrina-love-cox sabrina-mastrolorenzi sabrina-rose sabrina-scott sabrina-summers sacha-davril sahara sahara-sands sai-tai-tiger samantha-fox samantha-ryan samantha-sterlyng samantha-strong samueline-de-la-rosa sandra-cardinale sandra-de-marco sandra-kalermen sandra-russo sandy-lee sandy-pinney sandy-reed sandy-samuel sandy-style sandy-summers sara-brandy-canyon sara-faye sarah-bernard sarah-cabrera sarah-hevyn sarah-mills sarah-shine sara-sloane sasha sasha-hollander sasha-ligaya sasha-rose satine-phoenix satin-summer savannah-stern savanna-jane scarlet-scarleau scarlet-windsor seka selena serena serena-south severine-amoux shana-evans shanna-mccullough shannon-kelly shannon-rush shantell-day sharon-da-vale sharon-kane sharon-mitchell shaun-michelle shawna-sexton shawnee-cates shay-hendrix shayne-ryder sheena-horne sheer-delight shelby-star shelby-stevens shelly-berlin shelly-lyons sheri-st-clair sheyla-cats shonna-lynn shyla-foxxx shy-love sierra-sinn sierra-skye sigrun-theil silver-starr silvia-bella silvia-saint silvie-de-lux silvy-taylor simone-west sindee-coxx sindy-lange sindy-shy siobhan-hunter skylar-knight skylar-price skyler-dupree smokie-flame smoking-mary-jane solange-shannon sonya-summers sophia-santi sophie-call sophie-duflot sophie-evans sophie-guers stacey-donovan stacy-lords stacy-moran stacy-nichols stacy-silver stacy-thorn starla-fox starr-wood stefania-bruni stella-virgin stephanie-duvalle stephanie-rage stephanie-renee stevie-taylor summer-knight summer-rose sunny-day sunset-thomas sunshine-seiber susan-hart susanne-brend susan-nero susi-hotkiss suzanne-mcbain suzan-nielsen suzie-bartlett suzie-carina suzi-sparks sweet-nice sweety-pie sybille-rossani sylvia-benedict sylvia-bourdon sylvia-brand sylvia-engelmann syreeta-taylor syren-de-mer syvette szabina-black szilvia-lauren tai-ellis taija-rae taisa-banx talia-james tamara-lee tamara-longley tamara-n-joy tamara-west tami-white tammy tammy-lee tammy-reynolds tania-lorenzo tantala-ray tanya-danielle tanya-fox tanya-foxx tanya-lawson tanya-valis tara-aire tasha-voux tatjana-belousova tatjana-skomorokhova tawnee-lee tawny-pearl tayla-rox taylor-wane teddi-austin teddi-barrett tera-bond tera-heart tera-joy teresa-may teresa-orlowski teri-diver teri-weigel terri-dolan terri-hall tess-ferre tess-newheart thais-vieira tia-cherry tianna tiara tiffany-blake tiffany-clark tiffany-duponte tiffany-rayne tiffany-rousso tiffany-storm tiffany-towers tiffany-tyler tiger-lily tigr timea-vagvoelgyi tina-blair tina-burner tina-evil tina-gabriel tina-loren tina-marie tina-russell tish-ambrose tommi-rose tonisha-mills topsy-curvey tori-secrets tori-sinclair tori-welles tracey-adams traci-lords traci-topps traci-winn tracy-duzit tracy-love tracy-williams tricia-devereaux tricia-yen trinity-loren trisha-rey trista-post trixie-tyler ultramax ursula-gaussmann ursula-moore uschi-karnat valentina valerie-leveau valery-hilton 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Kay Parker Ellen Brewster Harry Reems Vince Brewster Angel Gloria Jamie Gillis Jerry Tom Byron Mark Brewster Ginger Lynn Allen Stacy as Ginger Shanna McCullough Pam Wilson Ivory Essex Samantha Nikki Randall Leslie as Rachel Whitney Lynn Ray Cody Nicole nips xxx lisa gallery caught actresses michelle celebraty men year heard gemser pierced anne lesbian celiberty yvonne bitch legs megan sophie from blowjob trishelle 2008 wwwcelebrity sarandon victoria international camel elizabeth french out katy heels wendi taylor lee penis leaked best dupre shots body catterfeld bitches english naughty bodies 2009 hard sylvia all model jane talia shower wet sandrelli swimsuit Raven Candy Roxanne Rollan Blonde on beach as Roxanna Rollann Crystal Breeze Jackie as Crystal Braze Ken Starbuck Tom Byron Domination Client Greg Derek Crystal Breeze Victorian woman Venus DeLight Herself Stacey Donovan Sex Ed student Steve Drake Lord Chatsworthy Veronica Hart Dr Ruth Robert Kerman Gerard the photographer kathy hottest supermodel review for flashing kristel redhead singer sexiest hardcore rihanna inthe nicole rebecca mclendoncovey asian cum celebity spanish vanessa vanna fucked sudanese celebrty uncensored erect images carla tiny classic dutch photography hair stefania cumshot posing reality rachel huge breasts bra having cleavage kim top halloween boob high monk catherine hight Constance Rand Laurie Smith Diane Ginger Lynn Allen Gail as Ginger Lynn Stacey helena blood babes red galleries photo young clip latest girls true mattsson edmondson aussie celbrities family indian real british fenech susan laura ass skin babe old girl julie antonelli edie older brandy love celebritiy alonso Donovan Stewardess Paul Thomas Paul Rand Colleen Brennan Woman Trying on Lingerie Jerry Butler Captain Parker Debi Diamond Stewardess as Shelly Rey Sasha Gabor Walter Hibbel Jamie Gillis Mr Margold Gabrielle Behar Marilyn Bunny Bleu Girl Scout as Bunny Blue Larry Harwood Greg Rome Eric Edwards Paul Rosemarie edwige audrina andrea scandal with 70s teen feet hairy amber jennifer teens scene scenes hirivskaya eugenia head west american pink pamela suzee pokies big pai white celeberity cameltoe celebrety picture tennis diane ashley black fakes madeleine blog celebritie tapes adlon maria clebrity her fox celebirty welch jaime smith alice chelan ahmo gennifer pregnant mature larranaga russo goddess hall butler sunbathing goodwin shows beautiful kate boyer singers dress hawn booty falco olivia valeria something cheri angela goldie bootz Melissa as Rose Marie Danica Rhae Danica Peter North George Christy Canyon Louise Harrison Chanel Lindsay Janey Robbins Andrea Bunny Bleu Kelly Nichols Killer Kristara Barrington Jane Chelsea Blake Martha Taija Rae Wendy Jill Cumer Inmate Joey Silvera Guard Paul Thomas The Warden George Payne Jocko Danica Rhae Mrs Whittaker Susan Hart Becky Raven Claudia Whittaker Athena Star slips pussy videos the and hollywood pic tits clips actress boobs australian movie celbrity women grammer oops video beach fuck celibrity gone elena sarah recent swedish cullen anna carati carter brit conchita comshaw holly mrskin Judy Jones Britany Striker Brittany Striker Brittany Strycker Britany Stryker Brittany Styryker ashleyduprenet really handjob nguyen wendy cock petra lady kiper madison isild lombardo shirt blalock syndrome alex cannatella louise see attractive stiff woman celebritys Sally Whittaker Marc Wallice David as Mark Wallice Craig Roberts Tom Byron Blake Palmer Dick Howard Guard Frank Serrone Candye Kane as Candy Kane Gina Valentino as LaGina Valento Marc Wallice as Marc Wallace Jerry Butler Peter Stacey Donovan Kimo's girlfriend as Ashley Britton Lois Ayres Melanie Jay Serling Barry Brittany Speared 2003 Ultimate Ginger Lynn 2002 Cock Smokers 15 2000 Fire in the Hole 2000 Tasty Treats 1994 Fantasy World 1991 Girls Like Us 1991 Naughty Nymphs 1991 Raunch II 1989 also as Brittany Styryker Terry Raunch 2 USA video box title Submissive Women 1989 Take My Body 1989 Comimg in America 1988 Coming in America USA video box title Get Me While I'm Hot 1988 Outrageous Orgies 2 1988 Sins of Angel Kelly 1988 Soul Games 1988 Banana Splits 1987 Charmed and Dangerous 1987 Honey Buns 1987 Let's Get It On 1987 Alex deRenzy's Let's Get It On USA complete title Pumping Irene II 1987 Restless Passion 1987 Sky Foxes 1987 Switch Hitters 1987 Dolly Tailspin 1987 The Touchables The Men Girls Pay to Touch 1987 Lois California Gigolo USA alternative title Touchables USA alternative title Ginger's Sex Asylum 1986 Rusty All for His Ladies 1986 as Brittany Striker Back Door Bride 1986 Backdoor to Hollywood Part 2 1986 Maggie Woodson Beyond the Casting Couch 1986 Doctor Penetration 1986 Flasher 1986 as Brittany Strycker Isabel Lasse Braun's Flasher USA complete title Hard Ride 1986 Having It All! 1986 I Am Curious Black 1986 Kiss of the Dragon Lady 1986 Lust at Sea 1986 as Britany Striker Lusty Layout 1986 Pumping Irene 1986 Rears 1986 New waitress Super Wrestling Sluts of Hollywood 1986 Super Sluts of Hollywood USA informal short title Takin' It to the Streets 1986 The Brat 1986 Gwen Brat International English title alternative title White Trash 1986 Drug dealer's wife Angel of the Night 1985 Hot Nights at the Blue Note Cafe 1985 The Blue Note Cafe USA alternative title Indecent Itch 1985 Gale Martin Late After Dark 1985 Lucky in Love 1985 Barmaid Sex Life of a Nerd USA video title Tailgunners 1985 as Britany Stryker Talk Dirty to Me One More Time 1985 Virgin Heat 1985 For Your Thighs Only 1984 Dark Chambers 2000 Astrid Rocks Deeper Vol 11 1998 Best of Nina Hartley 1993 Read My Lips No More Bush 1993 All That Glitters 1992 Bad Conduct 1992 The Backdoor Club 1992 2 of a Kind 2 1991 Any Port in the Storm 1991 Body Fire 1991 Dark Corners 1991 Fantasy World 1991 Favorite Endings 1991 Bruce Seven's Favorite Endings USA complete title Imagine 1991 Sins of Tami 1991 The Sins of Tami Monroe USA video box title Snatched to the Future 1991 Michelle Transparent Desires 1991 Amazing Tails 4 1990 Bimbo Bowlers from Boston 1990 Buns N' Roses 1990 Buns & Roses USA video box title Buns and Roses USA video box title Easy Pickin's 1990 Ginger Then and Now 1990 Girls Don't Lie 1990 Girls Gone Bad II The Breakout 1990 Nurse Erica I Said a Butt Light 1990 Night Trips II 1990 Only the Best of Barbara Dare 1990 Passion from Behind 1990 Pump It Up 1990 Tori Welles Exposed 1990 Where the Sun Never Shines 1990 Body Music 1989 Girls Gone Bad 1989 Nurse Head Lock 1989 Sharon Mitchell Non stop 1989 Skin Games 1989 The Wild Brat 1989 Show Stoppers 1988 Bionca on Fire 1988 Chicks in Black Leather 1988 Debbie Goes to Hawaii 1988 Diamond Collection Double X 14 1988 Dreams in the Forbidden Zone 1988 Flaming Tongues 2 1988 Girls Who Dig Girls 6 1988 Girls Who Dig Girls 8 1988 Honeybuns 2 Grecian Formula 1988 I Love You Molly Flynn 1988 Inches for Keisha 1988 Jamie Loves Jeff 1988 Jeff Loves Jamie USA alternative title Lez'be Friends 1988 Loose Ends IV The Ultimate Tail 1988 Linda Outrageous Orgies 2 1988 Outrageous Orgies 3 1988 Samantha I Love You 1988 Sex Asylum III 1988 Soul Kiss This 1988 Taste of the Best 1988 Tawnee Be Good 1988 The Eleventh Commandment 1988 The Screwdriver Saloon 1988 Viper's Place 1988 Oral Majority 3 The Lust Continues 1987 Narrator Jerome Tanner's Oral Majority 3 The Lust Continues USA complete title Adult Video Therapist 1987 Angel's Got to Have It 1987 Back to Back 1987 Barbara Dare Devours Men 1987 Barbara Dare's Prime Choice 1987 Barbara the Barbarian 1987 Ophiria Blazing Bedrooms 1987 Babs Born to Be Bad 1987 Diamond Head 1987 Erica Dr Blacklove 1987 Endzone 1987 Furburgers Home of the Box Lunch 1987 Girl Games 1987 Girls Who Dig Girls 3 1987 Hard Rockin' Babes 1987 Paula Hard to Handle 1987 Immoral Miss Teeze 1987 Miss Teeze Loose Ends III 1987 Mile High Girls 1987 Erica Rio Heat! 1987 Robofox 1987 Woman in club Star Cuts 49 Erica Boyer 1987 Star Cuts Erica Boyer Volume Nine 49 USA alternative title The Best Little Whorehouse in Hong Kong 1987 Unveiled 1987 Gentlemen Prefer Ginger 1986 Nancy Sheets of San Francisco 1986 Joy Sum Ting Aerobics Girls Club 1986 Carol Another Kind of Love 1986 An Unnatural Act Part II 1986 Elizabeth Backside to the Future 1986 Elizabeth Best Little Whorehouse in Beverly Hills 1986 Owner of whorehouse Black to the the Future 1986 Marilyn Mansfield Black to the Future USA video box title Cheerleader Academy 1986 Deep Inside Vanessa del Rio 1986 Evil Angel 1986 Lisa Funky Brewster 1986 Margaux Girl Toys 1986 Morgan Hannah Does Her Sisters 1986 Oral Majority 1986 Pumping Flesh 1986 Jay Jay Reckless Passion 1986 Seduction of Jennifer 1986 Sex Asylum II 1986 Sex Game 1986 Sexy Delights 1986 Slippery When Wet 1986 Driver's wife Star Cuts 33 Kari Foxx 1986 uncredited Hooker Star Cuts Kari Foxx Volume Six 33 USA alternative title The Autobiography of Herman Flogger 1986 The Debutante 1986/I The Devil in Miss Jones 4 The Final Outrage 1986 Schoolgirl Devil in Miss Jones Part 4 The Final Outrage USA video box title The Honeymooners 1986 The Performers 1986 Erica The Sex Dancer 1986 This Butt's for You 1986 Virgin Cheeks 1986 Liz Wet Science 1986 69 Park Avenue 1985 Wife 69 Park Ave USA video catalogue title Backdoor Babes 1985 Billy Blue Black Throat 1985 Oil Girl Dance Fever 1985 Erica Enchantress 1985 Flesh Fire 1985 Nurse Randolph Paul Lyons' Flesh Fire USA complete title Gang Bang 1985 2nd Biker Bar Chic Gang Bangs USA video box title Ginger on the Rocks 1985 Tom's Girlfriend Grand Opening 1985 Hard to Swallow 1985 Holly Holly Does Hollywood 1985 Hot Nights at the Blue Note Cafe 1985 The Blue Note Cafe USA alternative title Loose Ends 1985 Loose Ends II 1985 Linda Losing Control 1985 Midslumber's Night Dream 1985 Roschelle Naked Night 1985 Once Upon a Madonna 1985 Pipe Dreams 1985 Tailenders 1985 Tail Enders USA video title The Good Time Girls 1985 The Magic Touch 1985 The Night of the Headhunter 1985 Ebony The Pleasure Party 1985 Party Organizer White Bunbusters 1985 Every Woman Has a Fantasy 1984 Bonnie Before She Says 'I Do' 1984 Cagney & Stacey 1984 Cagney For Your Thighs Only 1984 Indecent Pleasures 1984 Lesbian Las Vegas Hustle 1984 Let's Get Physical 1984 Shelley Hyapatia Lee's Let's Get Physical USA complete title Modeling Studio 1984 Suzie The Modeling Studio USA video box title Nasty Lady 1984 Sex Performer Open Up Traci 1984 Palomino Heat 1984 Mary Whitingham Rear Action Girls 1984 Mandy Six Shave Tail 1984 Star 84 the Tina Marie Story 1984 Trading Partners 1984 The Prostitute Where the Girls Are 1984 Candy Starr X Factor 1984 1st Nurse Young Girls Do 1984 Erica Thompson Body Girls 1983 Shelley Coffee Tea or Me 1983 Erica Passion for Bondage 1983 Working It Out 1983 Randy Campus Capers 1982 Erica Sexloose 1982 uncredited Melinda Sex Loose USA video box title Aunt Peg's Fulfillment 1981 as Joanne McRay Erica Manhattan Mistress 1981 Angel Horny Temptress USA reissue title Cells of Passion 1981 Erica Boyer/Terri Sheffield Bighouse Babes USA reissue title Desire for Men 1981 Couple 2 Nothing to Hide 1981 Karenda Please Mr Postman 1981 Mary Skin on Skin 1981 Boutique Saleslady Girls U S A 1980 Hooker with Boat Captain Gym Coach in Bondage 1980 uncredited Erica female wrestling auditioner Beyond De Sade 1979 Never a Tender Moment 1979 as Carol Christy Erica Bee Carol Christy Sue Gantt Joanne McRay as R Bolla Francois Papillon John the gardener Rhonda Jo Petty Mrs Abbey Craig Roberts Sex Ed student/Male model Roxanne Rollan Sex Ed Student Candy Samples Herself Gina Valentino Sex Ed student Marc Wallice Timothy Heather Wayne Ron Jeremy sex porn video free porno girl nude girls tube xxx young hot teen com model sexy pics pussy models fucking videos lolitas fuck index dog gratis forum pictures phillipinesyoutube years ladies naked extreme fotos asian sex52sex underage torrent hairy vedio the pre animal photo foto rapidshare arab webboard live net ebony wild breast gone 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Female Orgasms Elegant Angel X Real Female Orgasms Elegant Angel X Real Female Orgasms Elegant Angel X Real Female Orgasms Elegant Angel X Real Female Orgasms Elegant Angel X Real Female Orgasms Elegant Angel X Rebeca Linares Raw Elegant Angel X Remy Elegant Angel X Remy Elegant Angel X Rookie Cookies Elegant Angel X Rookie Cookies Elegant Angel X Rookie Cookies Elegant Angel X Rookie Cookies Elegant Angel X Rookie Cookies Elegant Angel X Rookie Cookies Elegant Angel X Round Latin Asses Elegant Angel X Round Latin Asses Elegant Angel X Roxanne Hall Elegant Angel X S M U T Elegant Angel X S M U T Elegant Angel X S M U T Elegant Angel X S M U T Elegant Angel X S M U T Elegant Angel X S M U T Elegant Angel X S M U T Candy Asses Elegant Angel X S M U T Bright Lights Dark City Elegant Angel X S M U T Double Edge Elegant Angel X S M U T Scared Stiff Elegant Angel X S M U T Elegant Angel X S M U T Moving Violations Elegant Angel X S M U T Tricks n Treats Elegant Angel X S M U T Devil Thumbed 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Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania Elegant Angel X Sodomania existence of institutions For Cheung if the term transaction costs were not already so popular in economics literatures they should more properly be called institutional costs But many economists seem to restrict the definition to exclude costs internal to an organization The latter definition parallels Coase s early analysis of costs of the price mechanism and the origins of the term as a market trading fee Starting with the broad definition many economists then ask what kind of institutions firms markets franchises etc minimize the transaction costs of producing and distributing a particular good or service Often these relationships are categorized by the kind of contract involved This approach sometimes goes under the rubric of New Institutional Economics Examples edit A supplier may bid in a very competitive environment with a customer to build a widget However to make the widget the supplier will be required to build specialized machinery which cannot be easily redeployed to make other products Once the contract is awarded to the supplier the relationship between customer and supplier changes from a competitive environment to a monopoly monopsony relationship known as a bilateral monopoly This means that the customer has greater leverage over the supplier such as when price cuts occur To avoid these potential costs hostages may be swapped to avoid this event These hostages could include partial ownership in the widget factory revenue sharing might be another way Car companies and their suppliers often fit into this category with the car companies forcing price cuts on their suppliers Defense suppliers and the military appear to have the opposite problem with cost overruns occurring quite often Technologies like enterprise resource planning ERP can provide technical support for these strategies Differences from neoclassical microeconomics edit Williamson argues in The Mechanisms of Governance that Transaction Cost Economics TCE differs from neoclassical microeconomics in the following six points Behavioral assumptions whereas neoclassical theory assumes hyperrationality and ignores most of the hazards related to opportunism TCE assumes bounded rationality Unit of analysis whereas neoclassical theory is concerned with composite goods and services TCE analyzes the transaction itself Governance structure whereas neoclassical theory describes the firm as a production function a technological construction TCE describes it as a governance structure an organizational construction Problematic property rights and contracts whereas neoclassical theory often assumes that property rights are clearly defined and the cost of enforcing those rights by the means of courts is negligible TCE treats property rights and contracts as problematic Discrete structural analysis whereas neoclassical theory uses continuous marginal modes of analysis in order to achieve second order economizing adjusting margins TCE analyzes the basic structures of the firm and its governance in order to achieve first order economizing improving the basic governance structure Remediableness whereas neoclassical theory recognizes profit maximization or cost minimization as criteria of efficiency TCE insists that there is no optimal solution and that all alternatives are flawed thus bounding optimal efficiency to the solution with no superior alternative and whose implementation produces net gains See also edit Diseconomy of scale Economic anthropology Herbert A Simon Market impact cost Market maker Property rights economics Switching costs Theory of the firm Transaction cost analysis Notes edit Jump up ^ Buy side Use TCA to Measure Execution Performance FIXGlobal June Jump up ^ North Douglass C Transaction costs institutions and economic performance San Francisco CA ICS Press Jump up ^ Dahlman Carl J The Problem of Externality Journal of Law and Economics – doi ISSN These then represent the first approximation to a workable concept of transaction costs search and information costs bargaining and decision costs policing and enforcement costs Jump up ^ Robert Kissell and Morton Glantz Optimal Trading Strategies AMACOM pp Jump up ^ Special Issue of Journal of Retailing in Honor of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Oliver E Williamson Volume Issue Pages September Edited by Arne Nygaard and Robert Dahlstrom Jump up ^ Steven N S Cheung On the New Institutional Economics Contract Economics Jump up ^ L Werin and H Wijkander eds Basil Blackwell pp Jump up ^ Harold Demsetz Ownership and the Externality Problem In T L Anderson and F S McChesney eds Property Rights Cooperation Conflict and Law Princeton N J Princeton University Press References edit North Douglass C Transaction costs institutions and economic performance San Francisco CA ICS Press Cheung Steven N S Economic organization and transaction costs The New Palgrave A Dictionary of Economics v – Commons J R Institutional Economics American Economic Review – Retrieved February Douma Sytse Schreuder Hein Economic Approaches to Organizations th ed London Pearson ISBN Klaes M transaction costs history of The New Palgrave Dictionary of Economics nd Edition Abstract Niehans Jürg Transaction costs The New Palgrave A Dictionary of Economics v pp – Pierre Schlag The Problem of Transaction Costs Southern California Law Review Coase Ronald The Nature of the Firm Economica – doi j tb x Coase Ronald The Problem of Social Cost Journal of Law and Economics – doi Williamson Oliver E The Economics of Organization The Transaction Cost Approach The American Journal of Sociology pp The Economic Institutions of Capitalism Firms Markets Relational Contracting Preview to p New York NY Free Press The Mechanisms of Governance Preview Oxford University Press The Theory of the Firm as Governance Structure From Choice to Contract Journal of Economic Perspectives pp Milgrom P and J Roberts Bargaining Costs Influence Costs and the Organization of Economic Activity in J E Alt and K A Shepsle eds Perspectives on Positive Political Economy Cambridge University of Cambridge Milgrom P Roberts J Economics Organization and Management Englewood Cliffs NJ Prentice Hall ISBN External links edit Wikiquote has quotations related to 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Heterodox economics Institutional economics Keynesian economics Mainstream economics Marxian economics Neoclassical economics Post Keynesian economics Schools overview Notable economists and thinkers within economics Marginal cost From Wikipedia the free encyclopedia A typical marginal cost curve with marginal revenue overlaid In economics marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit that is it is the cost of producing one more unit of a good In general terms marginal cost at each level of production includes any additional costs required to produce the next unit For example if producing additional vehicles requires building a new factory the marginal cost of the extra vehicles includes the cost of the new factory In practice this analysis is segregated into short and long run cases so that over the longest run all costs become marginal At each level of production and time period being considered marginal costs include all costs that vary with the level of production whereas other costs that do not vary with production are considered fixed The graph is plotted with Price Cost and Revenue on the Y axis and Quantity on the X axis If the good being produced is infinitely divisible the size of a marginal cost will change with volume so a non linear and non proportional cost function includes the following variable terms dependent on volume constant terms independent on volume and occurring with the respective lot size jump fix cost increase or decrease dependent on steps of volume increase In practice the above definition of marginal cost as the change in total cost as a result of an increase in output of one unit is inconsistent with the differential definition of marginal cost for virtually all non linear functions This is as the definition finds the tangent to the total cost curve at the point q which assumes that costs increase at the same rate as they were at q A new definition may be useful for marginal unit cost MUC using the current definition of the change in total cost as a result of an increase of one unit of output defined as TC q TC q and re defining marginal cost to be the change in total as a result of an infinitesimally small increase in q which is consistent with its use in economic literature and can be calculated differentially If the cost function is differentiable joining the marginal cost is the cost of the next unit produced referring to the basic volume displaystyle text Marginal Cost MC frac dC dQ text Marginal Cost MC frac dC dQ If the cost function is not differentiable the marginal cost can be expressed as follows displaystyle MC frac Delta C Delta Q MC frac Delta C Delta Q A number of other factors can affect marginal cost and its applicability to real world problems Some of these may be considered market failures These may include information asymmetries the presence of negative or positive externalities transaction costs price discrimination and others Contents hide Cost functions and relationship to average cost Economies of scale Perfectly competitive supply curve Decisions taken based on marginal costs Relationship to fixed costs Externalities Negative externalities of production Positive externalities of production Social costs See also References Cost functions and relationship to average cost edit In the simplest case the total cost function and its derivative are expressed as follows where Q represents the production quantity VC represents variable costs FC represents fixed costs and TC represents total costs Since by definition fixed costs do not vary with production quantity it drops out of the equation when it is differentiated The important conclusion is that marginal cost is not related to fixed costs This can be compared with average total cost or ATC which is the total cost divided by the number of units produced and does include fixed costs displaystyle ATC frac C Delta C Q ATC frac C Delta C Q For discrete calculation without calculus marginal cost equals the change in total or variable cost that comes with each additional unit produced In contrast incremental cost is the composition of total cost from the surrogate of contributions where any increment is determined by the contribution of the cost factors not necessarily by single units For instance suppose the total cost of making shoe is and the total cost of making shoes is The marginal cost of producing the second shoe is – Marginal cost is not the cost of producing the next or last unit As Silberberg and Suen note the cost of the last unit is the same as the cost of the first unit and every other unit In the short run increasing production requires using more of the variable input — conventionally assumed to be labor Adding more labor to a fixed capital stock reduces the marginal product of labor because of the diminishing marginal returns This reduction in productivity is not limited to the additional labor needed to produce the marginal unit – the productivity of every unit of labor is reduced Thus the costs of producing the marginal unit of output has two components the cost associated with producing the marginal unit and the increase in average costs for all units produced due to the damage to the entire productive process ?AC ?q q The first component is the per unit or average cost The second unit is the small increase in costs due to the law of diminishing marginal returns which increases the costs of all units of sold Marginal costs can also be expressed as the cost per unit of labor divided by the marginal product of labor displaystyle MC frac Delta VC Delta Q MC frac Delta VC Delta Q displaystyle Delta VC w Delta L Delta VC w Delta L displaystyle MC frac w Delta L Delta Q MC frac w Delta L Delta Q Because displaystyle frac Delta L Delta Q frac Delta L Delta Q is the change in quantity of labor that affects a one unit change in output this implies that this equals displaystyle frac MPL frac MPL where MPL is ratio of increase in the quantity produced per unit increase in labour i e ?Q ?L Therefore displaystyle MC frac w MPL MC frac w MPL Since the wage rate is assumed constant marginal cost and marginal product of labor have an inverse relationship—if marginal cost is increasing decreasing the marginal product of labor is decreasing increasing Economies of scale edit Economies of scale is a concept that applies to the long run a span of time in which all inputs can be varied by the firm so that there are no fixed inputs or fixed costs Production may be subject to economies of scale or diseconomies of scale Economies of scale are said to exist if an additional unit of output can be produced for less than the average of all previous units— that is if long run marginal cost is below long run average cost so the latter is falling Conversely there may be levels of production where marginal cost is higher than average cost and average cost is an increasing function of output For this generic case minimum average cost occurs at the point where average cost and marginal cost are equal when plotted the marginal cost curve intersects the average cost curve from below this point will not be at the mimum for marginal cost if fixed costs are greater than Perfectly competitive supply curve edit The portion of the marginal cost curve above its intersection with the average variable cost curve is the supply curve for a firm operating in a perfectly competitive market the portion of the MC curve below its intersection with the AVC curve is not part of the supply curve because a firm would not operate at price below the shut down point This is not true for firms operating in other market structures For example while a monopoly has an MC curve it does not have a supply curve In a perfectly competitive market a supply curve shows the quantity a seller s willing and able to supply at each price – for each price there is a unique quantity that would be supplied The one to one relationship simply is absent in the case of a monopoly With a monopoly there could be an infinite number of prices associated with a given quantity It all depends on the shape and position of the demand curve and its accompanying marginal revenue curve Decisions taken based on marginal costs edit In perfectly competitive markets firms decide the quantity to be produced based on marginal costs and sale price If the sale price is higher than the marginal cost then they supply the unit and sell it If the marginal cost is higher than the price it would not be profitable to produce it So the production will be carried out until the marginal cost is equal to the sale price In other words firms refuse to sell if the marginal cost is greater than the market price Relationship to fixed costs edit Marginal costs are not affected by changes in fixed cost Marginal costs can be expressed as ?C q /?Q Since fixed costs do not vary with depend on changes in quantity MC is ?VC/?Q Thus if fixed cost were to double the cost of MC would not be affected and consequently the profit maximizing quantity and price would not change This can be illustrated by graphing the short run total cost curve and the short run variable cost curve The shape of the curves are identical Each curve initially increases at a decreasing rate reaches an inflection point then increases at an increasing rate The only difference between the curves is that the SRVC curve begins from the origin while the SRTC curve originates on the y axis The distance of the origin of the SRTC above the origin represents the fixed cost – the vertical distance between the curves This distance remains constant as the quantity produced Q increases MC is the slope of the SRVC curve A change in fixed cost would be reflected by a change in the vertical distance between the SRTC and SRVC curve Any such change would have no effect on the shape of the SRVC curve and therefore its slope at any point – MC Externalities edit Externalities are costs or benefits that are not borne by the parties to the economic transaction A producer may for example pollute the environment and others may bear those costs A consumer may consume a good which produces benefits for society such as education because the individual does not receive all of the benefits he may consume less than efficiency would suggest Alternatively an individual may be a smoker or alcoholic and impose costs on others In these cases production or consumption of the good in question may differ from the optimum level Negative externalities of production edit Negative Externalities of Production Much of the time private and social costs do not diverge from one another but at times social costs may be either greater or less than private costs When marginal social costs of production are greater than that of the private cost function we see the occurrence of a negative externality of production Productive processes that result in pollution are a textbook example of production that creates negative externalities Such externalities are a result of firms externalising their costs onto a third party in order to reduce their own total cost As a result of externalising such costs we see that members of society will be negatively affected by such behavior of the firm In this case we see that an increased cost of production on society creates a social cost curve that depicts a greater cost than the private cost curve In an equilibrium state we see that markets creating negative externalities of production will overproduce that good As a result the socially optimal production level would be lower than that observed Positive externalities of production edit Positive Externalities of Production When marginal social costs of production are less than that of the private cost function we see the occurrence of a positive externality of production Production of public goods are a textbook example of production that create positive externalities An example of such a public good which creates a divergence in social and private costs includes the production of education It is often seen that education is a positive for any whole society as well as a positive for those directly involved in the market Examining the relevant diagram we see that such production creates a social cost curve that is less than that of the private curve In an equilibrium state we see that markets creating positive externalities of production will under produce that good As a result the socially optimal production level would be greater than that observed Social costs edit Main article Social cost Of great importance in the theory of marginal cost is the distinction between the marginal private and social costs The marginal private cost shows the cost associated to the firm in question It is the marginal private cost that is used by business decision makers in their profit maximization goals Marginal social cost is similar to private cost in that it includes the cost of private enterprise but also any other cost or offsetting benefit to society to parties having no direct association with purchase or sale of the product It incorporates all negative and positive externalities of both production and consumption Examples might include a social cost from air pollution affecting third parties or a social benefit from flu shots protecting others from infection See also edit Average cost Break even analysis Cost Cost curve Cost Volume Profit Analysis Cost sharing mechanism Economic surplus Marginal concepts Marginal factor cost Opportunity cost From Wikipedia the free encyclopedia Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e In microeconomic theory the opportunity cost also known as alternative cost is the value not a benefit of the choice of a best alternative cost while making a decision A choice needs to be made between several mutually exclusive alternatives assuming the best choice is made it is the cost incurred by not enjoying the benefit that would have been had by taking the second best available choice The New Oxford American Dictionary defines it as the loss of potential gain from other alternatives when one alternative is chosen Opportunity cost is a key concept in economics and has been described as expressing the basic relationship between scarcity and choice The notion of opportunity cost plays a crucial part in attempts to ensure that scarce resources are used efficiently Thus opportunity costs are not restricted to monetary or financial costs the real cost of output forgone lost time pleasure or any other benefit that provides utility should also be considered an opportunity cost Contents hide History Opportunity costs in production Explicit costs Implicit costs Evaluation Example See also References External links History edit The term was coined in by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft The idea had been anticipated by previous writers including Benjamin Franklin and Frédéric Bastiat Franklin coined the phrase Time is Money and spelt out the associated opportunity cost reasoning in his Advice to a Young Tradesman Remember that Time is Money He that can earn Ten Shillings a Day by his Labour and goes abroad or sits idle one half of that Day tho he spends but Sixpence during his Diversion or Idleness ought not to reckon That the only Expence he has really spent or rather thrown away Five Shillings besides Bastiat s essay What Is Seen and What Is Not Seen used opportunity cost reasoning in his critique of the broken window fallacy and of what he saw as spurious arguments for public expenditure Opportunity costs in production edit Explicit costs edit Explicit costs are opportunity costs that involve direct monetary payment by producers The explicit opportunity cost of the factors of production not already owned by a producer is the price that the producer has to pay for them For instance if a firm spends on electrical power consume its explicit opportunity cost is This cash expenditure represents a lost opportunity to purchase something else with the Implicit costs edit Implicit costs also called implied imputed or notional costs are the opportunity costs that are not reflected in cash outflow but implied by the failure of the firm to allocate its existing owned resources or factors of production to the best alternative use For example a manufacturer has previously purchased tons of steel and the machinery to produce a widget The implicit part of the opportunity cost of producing the widget is the revenue lost by not selling the steel and not renting out the machinery instead of using them for production One example of opportunity cost is in the evaluation of foreign to the US buyers and their allocation of cash assets in real estate or other types of investment vehicles With the recent downturn circa June July of the Chinese stock market more and more Chinese investors from Hong Kong and Taiwan are turning to the United States as an alternative vessel for their investment dollars the opportunity cost of leaving their money in the Chinese stock market or Chinese real estate market is too high relative to yields available in the US real estate market Evaluation edit Note that opportunity cost is not the sum of the available alternatives when those alternatives are in turn mutually exclusive to each other It is the next best alternative given up selecting the best option The opportunity cost of a city s decision to build the hospital on its vacant land is the loss of the land for a sporting center or the inability to use the land for a parking lot or the money the city could have made by selling the land Use for any one of those purposes precludes all the others If someone loses the opportunity to earn money that is part of the opportunity cost If someone chooses to spend money that money could be used to purchase other goods and services so the spent money is part of the opportunity cost as well Add the value of the next best alternatives and you have the total opportunity cost If you miss work to go to a concert your opportunity cost is the money you would have earned if you went to work plus the cost of the concert Example edit Question Suppose you have a free ticket to a concert by Band X The ticket has no resale value On the night of the concert your next best alternative entertainment is a performance by Band Y for which the tickets cost You like Band Y and would usually be willing to pay for a ticket to see them What is the opportunity cost of using your free ticket and seeing Band X instead of Band Y Answer The benefit you forgo that is the value to you is the benefit of seeing Band Y less the ticket cost of See also edit icon Economics portal Budget constraint Economic value added Fear of missing out Opportunity cost of capital Parable of the broken window Production possibility frontier There Ain t No Such Thing As A Free Lunch Time management Trade off Best alternative to a negotiated agreement References edit Jump up ^ Opportunity Cost Investopedia Retrieved Jump up ^ James M Buchanan Opportunity cost The New Palgrave Dictionary of Economics Online Second ed Retrieved Jump up ^ Opportunity Cost Economics A–Z The Economist Retrieved Jump up ^ Friedrich von Wieser A Ford Hinrichs translator ed Social Economics PDF New York Adelphi Retrieved • Friedrich von Wieser November Theorie der gesellschaftlichen Wirtschaft Theory of Social Economics in German Original publication Jump up ^ Explicit vs Implicit Cost Jump up ^ AP Economics Review Cost Revenue and Profit ReviewEcon com Retrieved Jump up ^ Gittins Ross April At the coal face economists are struggling to measure up The Sydney Morning Herald Retrieved April External links edit Wikiquote has quotations related to Opportunity cost The Opportunity Cost of Economics Education by Robert H Frank hide v t e Microeconomics Economics From Wikipedia the free encyclopedia This article is about the social science For other uses see Economics disambiguation and Economic Theory journal For a topical guide to this subject see Outline of economics Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Economics UK English i?k?'n?m?ks ?k?'n?m?ks US English ?k?'n??m?ks ik?'n??m?ks is a social science concerned chiefly with description and analysis of the production distribution and consumption of goods and services The discipline was renamed in the late th century primarily due to Alfred Marshall from political economy to economics as a shorter term for economic science at a time when it became more open to rigorous thinking and made increased use of mathematics which helped support efforts to have it accepted as a science and as a separate discipline outside of political science and other social sciences The ultimate goal of economics is to improve the living conditions of people in their everyday life Economics focuses on the behaviour and interactions of economic agents and how economies work Consistent with this focus textbooks often distinguish between microeconomics and macroeconomics Microeconomics examines the behaviour of basic elements in the economy including individual agents and markets their interactions and the outcomes of interactions Individual agents may include for example households firms buyers and sellers Macroeconomics analyzes the entire economy meaning aggregated production consumption savings and investment and issues affecting it including unemployment of resources labour capital and land inflation economic growth and the public policies that address these issues monetary fiscal and other policies Other broad distinctions within economics include those between positive economics describing what is and normative economics advocating what ought to be between economic theory and applied economics between rational and behavioural economics and between mainstream economics and heterodox economics Economic analysis can be applied throughout society in business finance health care and government Economic analyses is sometimes also applied to such diverse subjects as crime education the family law politics religion social institutions war science and the environment Countries by real GDP growth rate in Countries in red were in recession Contents hide Definitions Microeconomics Markets Production cost and efficiency Specialization Supply and demand Firms Uncertainty and game theory Market failure Public sector Macroeconomics Growth Business cycle Unemployment Inflation and monetary policy Fiscal policy International economics Practice Theory Empirical investigation Profession Related subjects History Classical political economy Marxism Neoclassical economics Keynesian economics Chicago school of economics Other schools and approaches Agreements Criticisms General criticisms Criticisms of assumptions See also References Further reading External links Definitions edit A map of world economies by size of GDP nominal in USD World Bank There are a variety of modern definitions of economics some reflect evolving views of the subject or different views among economists Scottish philosopher Adam Smith defined what was then called political economy as an inquiry into the nature and causes of the wealth of nations in particular as a branch of the science of a statesman or legislator with the twofold objectives of providing a plentiful revenue or subsistence for the people and to supply the state or commonwealth with a revenue for the publick services J B Say distinguishing the subject from its public policy uses defines it as the science of production distribution and consumption of wealth On the satirical side Thomas Carlyle coined the dismal science as an epithet for classical economics in this context commonly linked to the pessimistic analysis of Malthus John Stuart Mill defines the subject in a social context as The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth in so far as those phenomena are not modified by the pursuit of any other object Alfred Marshall provides a still widely cited definition in his textbook Principles of Economics that extends analysis beyond wealth and from the societal to the microeconomic level Economics is a study of man in the ordinary business of life It enquires how he gets his income and how he uses it Thus it is on the one side the study of wealth and on the other and more important side a part of the study of man Lionel Robbins developed implications of what has been termed p erhaps the most commonly accepted current definition of the subject Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses Robbins describes the definition as not classificatory in pick ing out certain kinds of behaviour but rather analytical in focus ing attention on a particular aspect of behaviour the form imposed by the influence of scarcity He affirmed that previous economists have usually centred their studies on the analysis of wealth how wealth is created production distributed and consumed and how wealth can grow But he said that economics can be used to study other things such as war that are outside its usual focus This is because war has as the goal winning it as a sought after end generates both cost and benefits and resources human life and other costs are used to attain the goal If the war is not winnable or if the expected costs outweigh the benefits the deciding actors assuming they are rational may never go to war a decision but rather explore other alternatives We cannot define economics as the science that studies wealth war crime education and any other field economic analysis can be applied to but as the science that studies a particular common aspect of each of those subjects they all use scarce resources to attain a sought after end Some subsequent comments criticized the definition as overly broad in failing to limit its subject matter to analysis of markets From the s however such comments abated as the economic theory of maximizing behaviour and rational choice modelling expanded the domain of the subject to areas previously treated in other fields There are other criticisms as well such as in scarcity not accounting for the macroeconomics of high unemployment Gary Becker a contributor to the expansion of economics into new areas describes the approach he favours as combin ing the assumptions of maximizing behaviour stable preferences and market equilibrium used relentlessly and unflinchingly One commentary characterizes the remark as making economics an approach rather than a subject matter but with great specificity as to the choice process and the type of social interaction that such analysis involves The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject matter that the texts treat Among economists more generally it argues that a particular definition presented may reflect the direction toward which the author believes economics is evolving or should evolve Microeconomics edit Main article Microeconomics Markets edit Main article Markets A vegetable vendor in a marketplace Economists study trade production and consumption decisions such as those that occur in a traditional marketplace Two men sit at computer monitors with financial information In Virtual Markets buyer and seller are not present and trade via intermediates and electronic information Pictured São Paulo Stock Exchange Brazil Microeconomics examines how entities forming a market structure interact within a market to create a market system These entities include private and public players with various classifications typically operating under scarcity of tradable units and government regulation The item traded may be a tangible product such as apples or a service such as repair services legal counsel or entertainment In theory in a free market the aggregates sum of of quantity demanded by buyers and quantity supplied by sellers will be equal and reach economic equilibrium over time in reaction to price changes in practice various issues may prevent equilibrium and any equilibrium reached may not necessarily be morally equitable For example if the supply of healthcare services is limited by external factors the equilibrium price may be unaffordable for many who desire it but cannot pay for it Various market structures exist In perfectly competitive markets no participants are large enough to have the market power to set the price of a homogeneous product In other words every participant is a price taker as no participant influences the price of a product In the real world markets often experience imperfect competition Forms include monopoly in which there is only one seller of a good duopoly in which there are only two sellers of a good oligopoly in which there are few sellers of a good monopolistic competition in which there are many sellers producing highly differentiated goods monopsony in which there is only one buyer of a good and oligopsony in which there are few buyers of a good Unlike perfect competition imperfect competition invariably means market power is unequally distributed Firms under imperfect competition have the potential to be price makers which means that by holding a disproportionately high share of market power they can influence the prices of their products Microeconomics studies individual markets by simplifying the economic system by assuming that activity in the market being analysed does not affect other markets This method of analysis is known as partial equilibrium analysis supply and demand This method aggregates the sum of all activity in only one market General equilibrium theory studies various markets and their behaviour It aggregates the sum of all activity across all markets This method studies both changes in markets and their interactions leading towards equilibrium Production cost and efficiency edit Main articles Production theory basics Opportunity cost Economic efficiency and Production–possibility frontier In microeconomics production is the conversion of inputs into outputs It is an economic process that uses inputs to create a commodity or a service for exchange or direct use Production is a flow and thus a rate of output per period of time Distinctions include such production alternatives as for consumption food haircuts etc vs investment goods new tractors buildings roads etc public goods national defence smallpox vaccinations etc or private goods new computers bananas etc and guns vs butter Opportunity cost refers to the economic cost of production the value of the next best opportunity foregone Choices must be made between desirable yet mutually exclusive actions It has been described as expressing the basic relationship between scarcity and choice For example if a baker uses a sack of flour to make pretzels one morning then the baker cannot use either the flour or the morning to make bagels instead Part of the cost of making pretzels is that neither the flour nor the morning are available any longer for use in some other way The opportunity cost of an activity is an element in ensuring that scarce resources are used efficiently such that the cost is weighed against the value of that activity in deciding on more or less of it Opportunity costs are not restricted to monetary or financial costs but could be measured by the real cost of output forgone leisure or anything else that provides the alternative benefit utility Inputs used in the production process include such primary factors of production as labour services capital durable produced goods used in production such as an existing factory and land including natural resources Other inputs may include intermediate goods used in production of final goods such as the steel in a new car Economic efficiency describes how well a system generates desired output with a given set of inputs and available technology Efficiency is improved if more output is generated without changing inputs or in other words the amount of waste is reduced A widely accepted general standard is Pareto efficiency which is reached when no further change can make someone better off without making someone else worse off An example production–possibility frontier with illustrative points marked The production–possibility frontier PPF is an expository figure for representing scarcity cost and efficiency In the simplest case an economy can produce just two goods say guns and butter The PPF is a table or graph as at the right showing the different quantity combinations of the two goods producible with a given technology and total factor inputs which limit feasible total output Each point on the curve shows potential total output for the economy which is the maximum feasible output of one good given a feasible output quantity of the other good Scarcity is represented in the figure by people being willing but unable in the aggregate to consume beyond the PPF such as at X and by the negative slope of the curve If production of one good increases along the curve production of the other good decreases an inverse relationship This is because increasing output of one good requires transferring inputs to it from production of the other good decreasing the latter The slope of the curve at a point on it gives the trade off between the two goods It measures what an additional unit of one good costs in units forgone of the other good an example of a real opportunity cost Thus if one more Gun costs units of butter the opportunity cost of one Gun is Butter Along the PPF scarcity implies that choosing more of one good in the aggregate entails doing with less of the other good Still in a market economy movement along the curve may indicate that the choice of the increased output is anticipated to be worth the cost to the agents By construction each point on the curve shows productive efficiency in maximizing output for given total inputs A point inside the curve as at A is feasible but represents production inefficiency wasteful use of inputs in that output of one or both goods could increase by moving in a northeast direction to a point on the curve Examples cited of such inefficiency include high unemployment during a business cycle recession or economic organization of a country that discourages full use of resources Being on the curve might still not fully satisfy allocative efficiency also called Pareto efficiency if it does not produce a mix of goods that consumers prefer over other points Much applied economics in public policy is concerned with determining how the efficiency of an economy can be improved Recognizing the reality of scarcity and then figuring out how to organize society for the most efficient use of resources has been described as the essence of economics where the subject makes its unique contribution Specialization edit Main articles Division of labour Comparative advantage and Gains from trade A map showing the main trade routes for goods within late medieval Europe Specialization is considered key to economic efficiency based on theoretical and empirical considerations Different individuals or nations may have different real opportunity costs of production say from differences in stocks of human capital per worker or capital labour ratios According to theory this may give a comparative advantage in production of goods that make more intensive use of the relatively more abundant thus relatively cheaper input Even if one region has an absolute advantage as to the ratio of its outputs to inputs in every type of output it may still specialize in the output in which it has a comparative advantage and thereby gain from trading with a region that lacks any absolute advantage but has a comparative advantage in producing something else It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs including high income countries This has led to investigation of economies of scale and agglomeration to explain specialization in similar but differentiated product lines to the overall benefit of respective trading parties or regions The general theory of specialization applies to trade among individuals farms manufacturers service providers and economies Among each of these production systems there may be a corresponding division of labour with different work groups specializing or correspondingly different types of capital equipment and differentiated land uses An example that combines features above is a country that specializes in the production of high tech knowledge products as developed countries do and trades with developing nations for goods produced in factories where labour is relatively cheap and plentiful resulting in different in opportunity costs of production More total output and utility thereby results from specializing in production and trading than if each country produced its own high tech and low tech products Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage so that relatively low cost inputs go to producing low cost outputs In the process aggregate output may increase as a by product or by design Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other more highly valued goods A measure of gains from trade is the increased income levels that trade may facilitate Supply and demand edit Main article Supply and demand A graph depicting Quantity on the X axis and Price on the Y axis The supply and demand model describes how prices vary as a result of a balance between product availability and demand The graph depicts an increase that is right shift in demand from D to D along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve S Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy The theory of supply and demand is an organizing principle for explaining how prices coordinate the amounts produced and consumed In microeconomics it applies to price and output determination for a market with perfect competition which includes the condition of no buyers or sellers large enough to have price setting power For a given market of a commodity demand is the relation of the quantity that all buyers would be prepared to purchase at each unit price of the good Demand is often represented by a table or a graph showing price and quantity demanded as in the figure Demand theory describes individual consumers as rationally choosing the most preferred quantity of each good given income prices tastes etc A term for this is constrained utility maximization with income and wealth as the constraints on demand Here utility refers to the hypothesized relation of each individual consumer for ranking different commodity bundles as more or less preferred The law of demand states that in general price and quantity demanded in a given market are inversely related That is the higher the price of a product the less of it people would be prepared to buy other things unchanged As the price of a commodity falls consumers move toward it from relatively more expensive goods the substitution effect In addition purchasing power from the price decline increases ability to buy the income effect Other factors can change demand for example an increase in income will shift the demand curve for a normal good outward relative to the origin as in the figure All determinants are predominantly taken as constant factors of demand and supply Supply is the relation between the price of a good and the quantity available for sale at that price It may be represented as a table or graph relating price and quantity supplied Producers for example business firms are hypothesized to be profit maximizers meaning that they attempt to produce and supply the amount of goods that will bring them the highest profit Supply is typically represented as a function relating price and quantity if other factors are unchanged That is the higher the price at which the good can be sold the more of it producers will supply as in the figure The higher price makes it profitable to increase production Just as on the demand side the position of the supply can shift say from a change in the price of a productive input or a technical improvement The Law of Supply states that in general a rise in price leads to an expansion in supply and a fall in price leads to a contraction in supply Here as well the determinants of supply such as price of substitutes cost of production technology applied and various factors inputs of production are all taken to be constant for a specific time period of evaluation of supply Market equilibrium occurs where quantity supplied equals quantity demanded the intersection of the supply and demand curves in the figure above At a price below equilibrium there is a shortage of quantity supplied compared to quantity demanded This is posited to bid the price up At a price above equilibrium there is a surplus of quantity supplied compared to quantity demanded This pushes the price down The model of supply and demand predicts that for given supply and demand curves price and quantity will stabilize at the price that makes quantity supplied equal to quantity demanded Similarly demand and supply theory predicts a new price quantity combination from a shift in demand as to the figure or in supply For a given quantity of a consumer good the point on the demand curve indicates the value or marginal utility to consumers for that unit It measures what the consumer would be prepared to pay for that unit The corresponding point on the supply curve measures marginal cost the increase in total cost to the supplier for the corresponding unit of the good The price in equilibrium is determined by supply and demand In a perfectly competitive market supply and demand equate marginal cost and marginal utility at equilibrium On the supply side of the market some factors of production are described as relatively variable in the short run which affects the cost of changing output levels Their usage rates can be changed easily such as electrical power raw material inputs and over time and temp work Other inputs are relatively fixed such as plant and equipment and key personnel In the long run all inputs may be adjusted by management These distinctions translate to differences in the elasticity responsiveness of the supply curve in the short and long runs and corresponding differences in the price quantity change from a shift on the supply or demand side of the market Marginalist theory such as above describes the consumers as attempting to reach most preferred positions subject to income and wealth constraints while producers attempt to maximize profits subject to their own constraints including demand for goods produced technology and the price of inputs For the consumer that point comes where marginal utility of a good net of price reaches zero leaving no net gain from further consumption increases Analogously the producer compares marginal revenue identical to price for the perfect competitor against the marginal cost of a good with marginal profit the difference At the point where marginal profit reaches zero further increases in production of the good stop For movement to market equilibrium and for changes in equilibrium price and quantity also change at the margin more or less of something rather than necessarily all or nothing Other applications of demand and supply include the distribution of income among the factors of production including labour and capital through factor markets In a competitive labour market for example the quantity of labour employed and the price of labour the wage rate depends on the demand for labour from employers for production and supply of labour from potential workers Labour economics examines the interaction of workers and employers through such markets to explain patterns and changes of wages and other labour income labour mobility and un employment productivity through human capital and related public policy issues Demand and supply analysis is used to explain the behaviour of perfectly competitive markets but as a standard of comparison it can be extended to any type of market It can also be generalized to explain variables across the economy for example total output estimated as real GDP and the general price level as studied in macroeconomics Tracing the qualitative and quantitative effects of variables that change supply and demand whether in the short or long run is a standard exercise in applied economics Economic theory may also specify conditions such that supply and demand through the market is an efficient mechanism for allocating resources Firms edit Main articles Theory of the firm Industrial organization Business economics and Managerial economics People frequently do not trade directly on markets Instead on the supply side they may work in and produce through firms The most obvious kinds of firms are corporations partnerships and trusts According to Ronald Coase people begin to organize their production in firms when the costs of doing business becomes lower than doing it on the market Firms combine labour and capital and can achieve far greater economies of scale when the average cost per unit declines as more units are produced than individual market trading In perfectly competitive markets studied in the theory of supply and demand there are many producers none of which significantly influence price Industrial organization generalizes from that special case to study the strategic behaviour of firms that do have significant control of price It considers the structure of such markets and their interactions Common market structures studied besides perfect competition include monopolistic competition various forms of oligopoly and monopoly Managerial economics applies microeconomic analysis to specific decisions in business firms or other management units It draws heavily from quantitative methods such as operations research and programming and from statistical methods such as regression analysis in the absence of certainty and perfect knowledge A unifying theme is the attempt to optimize business decisions including unit cost minimization and profit maximization given the firm s objectives and constraints imposed by technology and market conditions Uncertainty and game theory edit Main articles Information economics Game theory and Financial economics Uncertainty in economics is an unknown prospect of gain or loss whether quantifiable as risk or not Without it household behaviour would be unaffected by uncertain employment and income prospects financial and capital markets would reduce to exchange of a single instrument in each market period and there would be no communications industry Given its different forms there are various ways of representing uncertainty and modelling economic agents responses to it Game theory is a branch of applied mathematics that considers strategic interactions between agents one kind of uncertainty It provides a mathematical foundation of industrial organization discussed above to model different types of firm behaviour for example in an oligopolistic industry few sellers but equally applicable to wage negotiations bargaining contract design and any situation where individual agents are few enough to have perceptible effects on each other As a method heavily used in behavioural economics it postulates that agents choose strategies to maximize their payoffs given the strategies of other agents with at least partially conflicting interests In this it generalizes maximization approaches developed to analyse market actors such as in the supply and demand model and allows for incomplete information of actors The field dates from the classic Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern It has significant applications seemingly outside of economics in such diverse subjects as formulation of nuclear strategies ethics political science and evolutionary biology Risk aversion may stimulate activity that in well functioning markets smooths out risk and communicates information about risk as in markets for insurance commodity futures contracts and financial instruments Financial economics or simply finance describes the allocation of financial resources It also analyses the pricing of financial instruments the financial structure of companies the efficiency and fragility of financial markets financial crises and related government policy or regulation Some market organizations may give rise to inefficiencies associated with uncertainty Based on George Akerlof s Market for Lemons article the paradigm example is of a dodgy second hand car market Customers without knowledge of whether a car is a lemon depress its price below what a quality second hand car would be Information asymmetry arises here if the seller has more relevant information than the buyer but no incentive to disclose it Related problems in insurance are adverse selection such that those at most risk are most likely to insure say reckless drivers and moral hazard such that insurance results in riskier behaviour say more reckless driving Both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market incomplete markets Moreover attempting to reduce one problem say adverse selection by mandating insurance may add to another say moral hazard Information economics which studies such problems has relevance in subjects such as insurance contract law mechanism design monetary economics and health care Applied subjects include market and legal remedies to spread or reduce risk such as warranties government mandated partial insurance restructuring or bankruptcy law inspection and regulation for quality and information disclosure Market failure edit Main articles Market failure Government failure Information economics Environmental economics and Agricultural economics A smokestack releasing smoke Pollution can be a simple example of market failure If costs of production are not borne by producers but are by the environment accident victims or others then prices are distorted The term market failure encompasses several problems which may undermine standard economic assumptions Although economists categorize market failures differently the following categories emerge in the main texts Information asymmetries and incomplete markets may result in economic inefficiency but also a possibility of improving efficiency through market legal and regulatory remedies as discussed above Natural monopoly or the overlapping concepts of practical and technical monopoly is an extreme case of failure of competition as a restraint on producers Extreme economies of scale are one possible cause Public goods are goods which are undersupplied in a typical market The defining features are that people can consume public goods without having to pay for them and that more than one person can consume the good at the same time Externalities occur where there are significant social costs or benefits from production or consumption that are not reflected in market prices For example air pollution may generate a negative externality and education may generate a positive externality less crime etc Governments often tax and otherwise restrict the sale of goods that have negative externalities and subsidize or otherwise promote the purchase of goods that have positive externalities in an effort to correct the price distortions caused by these externalities Elementary demand and supply theory predicts equilibrium but not the speed of adjustment for changes of equilibrium due to a shift in demand or supply In many areas some form of price stickiness is postulated to account for quantities rather than prices adjusting in the short run to changes on the demand side or the supply side This includes standard analysis of the business cycle in macroeconomics Analysis often revolves around causes of such price stickiness and their implications for reaching a hypothesized long run equilibrium Examples of such price stickiness in particular markets include wage rates in labour markets and posted prices in markets deviating from perfect competition A woman takes samples of water from a river Environmental scientist sampling water Some specialized fields of economics deal in market failure more than others The economics of the public sector is one example Much environmental economics concerns externalities or public bads Policy options include regulations that reflect cost benefit analysis or market solutions that change incentives such as emission fees or redefinition of property rights Public sector edit Main articles Economics of the public sector and Public finance See also Welfare economics Public finance is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity usually government The subject addresses such matters as tax incidence who really pays a particular tax cost benefit analysis of government programmes effects on economic efficiency and income distribution of different kinds of spending and taxes and fiscal politics The latter an aspect of public choice theory models public sector behaviour analogously to microeconomics involving interactions of self interested voters politicians and bureaucrats Much of economics is positive seeking to describe and predict economic phenomena Normative economics seeks to identify what economies ought to be like Welfare economics is a normative branch of economics that uses microeconomic techniques to simultaneously determine the allocative efficiency within an economy and the income distribution associated with it It attempts to measure social welfare by examining the economic activities of the individuals that comprise society Macroeconomics edit The circulation of money in an economy in a macroeconomic model Main article Macroeconomics Macroeconomics examines the economy as a whole to explain broad aggregates and their interactions top down that is using a simplified form of general equilibrium theory Such aggregates include national income and output the unemployment rate and price inflation and subaggregates like total consumption and investment spending and their components It also studies effects of monetary policy and fiscal policy Since at least the s macroeconomics has been characterized by further integration as to micro based modelling of sectors including rationality of players efficient use of market information and imperfect competition This has addressed a long standing concern about inconsistent developments of the same subject Macroeconomic analysis also considers factors affecting the long term level and growth of national income Such factors include capital accumulation technological change and labour force growth Growth edit Main article Economic growth Growth economics studies factors that explain economic growth – the increase in output per capita of a country over a long period of time The same factors are used to explain differences in the level of output per capita between countries in particular why some countries grow faster than others and whether countries converge at the same rates of growth Much studied factors include the rate of investment population growth and technological change These are represented in theoretical and empirical forms as in the neoclassical and endogenous growth models and in growth accounting Business cycle edit Main article Business cycle See also Circular flow of income Aggregate supply Aggregate demand and Unemployment A basic illustration of economic business cycles The economics of a depression were the spur for the creation of macroeconomics as a separate discipline field of study During the Great Depression of the s John Maynard Keynes authored a book entitled The General Theory of Employment Interest and Money outlining the key theories of Keynesian economics Keynes contended that aggregate demand for goods might be insufficient during economic downturns leading to unnecessarily high unemployment and losses of potential output He therefore advocated active policy responses by the public sector including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle Thus a central conclusion of Keynesian economics is that in some situations no strong automatic mechanism moves output and employment towards full employment levels John Hicks IS LM model has been the most influential interpretation of The General Theory Over the years understanding of the business cycle has branched into various research programmes mostly related to or distinct from Keynesianism The neoclassical synthesis refers to the reconciliation of Keynesian economics with neoclassical economics stating that Keynesianism is correct in the short run but qualified by neoclassical like considerations in the intermediate and long run New classical macroeconomics as distinct from the Keynesian view of the business cycle posits market clearing with imperfect information It includes Friedman s permanent income hypothesis on consumption and rational expectations theory led by Robert Lucas and real business cycle theory In contrast the new Keynesian approach retains the rational expectations assumption however it assumes a variety of market failures In particular New Keynesians assume prices and wages are sticky which means they do not adjust instantaneously to changes in economic conditions Thus the new classicals assume that prices and wages adjust automatically to attain full employment whereas the new Keynesians see full employment as being automatically achieved only in the long run and hence government and central bank policies are needed because the long run may be very long Unemployment edit Main article Unemployment The percentage of the US population employed – The amount of unemployment in an economy is measured by the unemployment rate the percentage of workers without jobs in the labour force The labour force only includes workers actively looking for jobs People who are retired pursuing education or discouraged from seeking work by a lack of job prospects are excluded from the labour force Unemployment can be generally broken down into several types that are related to different causes Classical models of unemployment occurs when wages are too high for employers to be willing to hire more workers Wages may be too high because of minimum wage laws or union activity Consistent with classical unemployment frictional unemployment occurs when appropriate job vacancies exist for a worker but the length of time needed to search for and find the job leads to a period of unemployment Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers skills and the skills required for open jobs Large amounts of structural unemployment can occur when an economy is transitioning industries and workers find their previous set of skills are no longer in demand Structural unemployment is similar to frictional unemployment since both reflect the problem of matching workers with job vacancies but structural unemployment covers the time needed to acquire new skills not just the short term search process While some types of unemployment may occur regardless of the condition of the economy cyclical unemployment occurs when growth stagnates Okun s law represents the empirical relationship between unemployment and economic growth The original version of Okun s law states that a increase in output would lead to a decrease in unemployment Inflation and monetary policy edit Main articles Inflation and Monetary policy See also Money Quantity theory of money Monetary policy and History of money Money is a means of final payment for goods in most price system economies and the unit of account in which prices are typically stated An apt statement by Francis Amasa Walker a well known economist is Money is what money does citation needed Money has a general acceptability a relative consistency in value divisibility durability portability elastic in supply and survives with mass public confidence It includes currency held by the nonbank public and checkable deposits It has been described as a social convention like language useful to one largely because it is useful to others As a medium of exchange money facilitates trade It is essentially a measure of value and more importantly a store of value being a basis for credit creation Its economic function can be contrasted with barter non monetary exchange Given a diverse array of produced goods and specialized producers barter may entail a hard to locate double coincidence of wants as to what is exchanged say apples and a book Money can reduce the transaction cost of exchange because of its ready acceptability Then it is less costly for the seller to accept money in exchange rather than what the buyer produces At the level of an economy theory and evidence are consistent with a positive relationship running from the total money supply to the nominal value of total output and to the general price level For this reason management of the money supply is a key aspect of monetary policy Fiscal policy edit Main articles Fiscal policy and Government spending Governments implement fiscal policy that influence macroeconomic conditions by adjusting spending and taxation policies to alter aggregate demand When aggregate demand falls below the potential output of the economy there is an output gap where some productive capacity is left unemployed Governments increase spending and cut taxes to boost aggregate demand Resources that have been idled can be used by the government For example unemployed home builders can be hired to expand highways Tax cuts allow consumers to increase their spending which boosts aggregate demand Both tax cuts and spending have multiplier effects where the initial increase in demand from the policy percolates through the economy and generates additional economic activity The effects of fiscal policy can be limited by crowding out When there is no output gap the economy is producing at full capacity and there are no excess productive resources If the government increases spending in this situation the government use resources that otherwise would have been used by the private sector so there is no increase in overall output Some economists think that crowding out is always an issue while others do not think it is a major issue when output is depressed Sceptics of fiscal policy also make the argument of Ricardian equivalence They argue that an increase in debt will have to be paid for with future tax increases which will cause people to reduce their consumption and save money to pay for the future tax increase Under Ricardian equivalence any boost in demand from fiscal policy will be offset by the increased savings rate intended to pay for future higher taxes International economics edit Main articles International economics and Economic system List of countries by GDP PPP per capita in International trade studies determinants of goods and services flows across international boundaries It also concerns the size and distribution of gains from trade Policy applications include estimating the effects of changing tariff rates and trade quotas International finance is a macroeconomic field which examines the flow of capital across international borders and the effects of these movements on exchange rates Increased trade in goods services and capital between countries is a major effect of contemporary globalization The distinct field of development economics examines economic aspects of the economic development process in relatively low income countries focusing on structural change poverty and economic growth Approaches in development economics frequently incorporate social and political factors Economic systems is the branch of economics that studies the methods and institutions by which societies determine the ownership direction and allocation of economic resources An economic system of a society is the unit of analysis Among contemporary systems at different ends of the organizational spectrum are socialist systems and capitalist systems in which most production occurs in respectively state run and private enterprises In between are mixed economies A common element is the interaction of economic and political influences broadly described as political economy Comparative economic systems studies the relative performance and behaviour of different economies or systems The U S Export Import Bank defines a Marxist Lenninist state as having a centrally planned economy They are now rare examples can still be seen in Cuba North Korea and Laos needs update Practice edit Main articles Economic methodology Mathematical economics and Schools of economics Contemporary economics uses mathematics Economists draw on the tools of calculus linear algebra statistics game theory and computer science Professional economists are expected to be familiar with these tools while a minority specialize in econometrics and mathematical methods Theory edit Mainstream economic theory relies upon a priori quantitative economic models which employ a variety of concepts Theory typically proceeds with an assumption of ceteris paribus which means holding constant explanatory variables other than the one under consideration When creating theories the objective is to find ones which are at least as simple in information requirements more precise in predictions and more fruitful in generating additional research than prior theories In microeconomics principal concepts include supply and demand marginalism rational choice theory opportunity cost budget constraints utility and the theory of the firm Early macroeconomic models focused on modeling the relationships between aggregate variables but as the relationships appeared to change over time macroeconomists including new Keynesians reformulated their models in microfoundations The aforementioned microeconomic concepts play a major part in macroeconomic models – for instance in monetary theory the quantity theory of money predicts that increases in the money supply increase inflation and inflation is assumed to be influenced by rational expectations In development economics slower growth in developed nations has been sometimes predicted because of the declining marginal returns of investment and capital and this has been observed in the Four Asian Tigers Sometimes an economic hypothesis is only qualitative not quantitative Expositions of economic reasoning often use two dimensional graphs to illustrate theoretical relationships At a higher level of generality Paul Samuelson s treatise Foundations of Economic Analysis used mathematical methods to represent the theory particularly as to maximizing behavioural relations of agents reaching equilibrium The book focused on examining the class of statements called operationally meaningful theorems in economics which are theorems that can conceivably be refuted by empirical data Empirical investigation edit Main articles Econometrics and Experimental economics Economic theories are frequently tested empirically largely through the use of econometrics using economic data The controlled experiments common to the physical sciences are difficult and uncommon in economics and instead broad data is observationally studied this type of testing is typically regarded as less rigorous than controlled experimentation and the conclusions typically more tentative However the field of experimental economics is growing and increasing use is being made of natural experiments Statistical methods such as regression analysis are common Practitioners use such methods to estimate the size economic significance and statistical significance signal strength of the hypothesized relation s and to adjust for noise from other variables By such means a hypothesis may gain acceptance although in a probabilistic rather than certain sense Acceptance is dependent upon the falsifiable hypothesis surviving tests Use of commonly accepted methods need not produce a final conclusion or even a consensus on a particular question given different tests data sets and prior beliefs Criticism based on professional standards and non replicability of results serve as further checks against bias errors and over generalization although much economic research has been accused of being non replicable and prestigious journals have been accused of not facilitating replication through the provision of the code and data Like theories uses of test statistics are themselves open to critical analysis although critical commentary on papers in economics in prestigious journals such as the American Economic Review has declined precipitously in the past years This has been attributed to journals incentives to maximize citations in order to rank higher on the Social Science Citation Index SSCI In applied economics input output models employing linear programming methods are quite common Large amounts of data are run through computer programs to analyse the impact of certain policies IMPLAN is one well known example Experimental economics has promoted the use of scientifically controlled experiments This has reduced long noted distinction of economics from natural sciences allowed direct tests of what were previously taken as axioms In some cases these have found that the axioms are not entirely correct for example the ultimatum game has revealed that people reject unequal offers In behavioural economics psychologist Daniel Kahneman won the Nobel Prize in economics in for his and Amos Tversky s empirical discovery of several cognitive biases and heuristics Similar empirical testing occurs in neuroeconomics Another example is the assumption of narrowly selfish preferences versus a model that tests for selfish altruistic and cooperative preferences These techniques have led some to argue that economics is a genuine science Profession edit Main article Economist The professionalization of economics reflected in the growth of graduate programmes on the subject has been described as the main change in economics since around Most major universities and many colleges have a major school or department in which academic degrees are awarded in the subject whether in the liberal arts business or for professional study In the private sector professional economists are employed as consultants and in industry including banking and finance Economists also work for various government departments and agencies for example the national Treasury Central Bank or Bureau of Statistics The Nobel Memorial Prize in Economic Sciences commonly known as the Nobel Prize in Economics is a prize awarded to economists each year for outstanding intellectual contributions in the field Related subjects edit Main articles Law and Economics Natural resource economics Philosophy and economics and Political economy Economics is one social science among several and has fields bordering on other areas including economic geography economic history public choice energy economics cultural economics family economics and institutional economics Law and economics or economic analysis of law is an approach to legal theory that applies methods of economics to law It includes the use of economic concepts to explain the effects of legal rules to assess which legal rules are economically efficient and to predict what the legal rules will be A seminal article by Ronald Coase published in suggested that well defined property rights could overcome the problems of externalities Political economy is the interdisciplinary study that combines economics law and political science in explaining how political institutions the political environment and the economic system capitalist socialist mixed influence each other It studies questions such as how monopoly rent seeking behaviour and externalities should impact government policy Historians have employed political economy to explore the ways in the past that persons and groups with common economic interests have used politics to effect changes beneficial to their interests Energy economics is a broad scientific subject area which includes topics related to energy supply and energy demand Georgescu Roegen reintroduced the concept of entropy in relation to economics and energy from thermodynamics as distinguished from what he viewed as the mechanistic foundation of neoclassical economics drawn from Newtonian physics His work contributed significantly to thermoeconomics and to ecological economics He also did foundational work which later developed into evolutionary economics The sociological subfield of economic sociology arose primarily through the work of Émile Durkheim Max Weber and Georg Simmel as an approach to analysing the effects of economic phenomena in relation to the overarching social paradigm i e modernity Classic works include Max Weber s The Protestant Ethic and the Spirit of Capitalism and Georg Simmel s The Philosophy of Money More recently the works of Mark Granovetter Peter Hedstrom and Richard Swedberg have been influential in this field History edit Main articles History of economic thought and History of macroeconomic thought Economic writings date from earlier Mesopotamian Greek Roman Indian subcontinent Chinese Persian and Arab civilizations Notable writers from Antiquity through to the Renaissance include Aristotle Xenophon Chanakya also known as Kautilya Qin Shi Huang Thomas Aquinas and Ibn Khaldun Joseph Schumpeter described Aquinas as coming nearer than any other group to being the founders of scientific economics as to monetary interest and value theory within a natural law perspective not in citation given A seaport with a ship arriving A painting of a French seaport during the heyday of mercantilism Two groups later called mercantilists and physiocrats more directly influenced the subsequent development of the subject Both groups were associated with the rise of economic nationalism and modern capitalism in Europe Mercantilism was an economic doctrine that flourished from the th to th century in a prolific pamphlet literature whether of merchants or statesmen It held that a nation s wealth depended on its accumulation of gold and silver Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver The doctrine called for importing cheap raw materials to be used in manufacturing goods which could be exported and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in the colonies Physiocrats a group of th century French thinkers and writers developed the idea of the economy as a circular flow of income and output Physiocrats believed that only agricultural production generated a clear surplus over cost so that agriculture was the basis of all wealth Thus they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture including import tariffs Physiocrats advocated replacing administratively costly tax collections with a single tax on income of land owners In reaction against copious mercantilist trade regulations the physiocrats advocated a policy of laissez faire which called for minimal government intervention in the economy Adam Smith – was an early economic theorist Smith was harshly critical of the mercantilists but described the physiocratic system with all its imperfections as perhaps the purest approximation to the truth that has yet been published on the subject Classical political economy edit Main article Classical economics A man facing the right The publication of Adam Smith s The Wealth of Nations in is considered to be the first formalisation of economic thought The publication of Adam Smith s The Wealth of Nations in has been described as the effective birth of economics as a separate discipline The book identified land labour and capital as the three factors of production and the major contributors to a nation s wealth as distinct from the Physiocratic idea that only agriculture was productive Smith discusses potential benefits of specialization by division of labour including increased labour productivity and gains from trade whether between town and country or across countries His theorem that the division of labor is limited by the extent of the market has been described as the core of a theory of the functions of firm and industry and a fundamental principle of economic organization To Smith has also been ascribed the most important substantive proposition in all of economics and foundation of resource allocation theory – that under competition resource owners of labour land and capital seek their most profitable uses resulting in an equal rate of return for all uses in equilibrium adjusted for apparent differences arising from such factors as training and unemployment In an argument that includes one of the most famous passages in all economics Smith represents every individual as trying to employ any capital they might command for their own advantage not that of the society and for the sake of profit which is necessary at some level for employing capital in domestic industry and positively related to the value of produce In this He generally indeed neither intends to promote the public interest nor knows how much he is promoting it By preferring the support of domestic to that of foreign industry he intends only his own security and by directing that industry in such a manner as its produce may be of the greatest value he intends only his own gain and he is in this as in many other cases led by an invisible hand to promote an end which was no part of his intention Nor is it always the worse for the society that it was no part of it By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it The Rev Thomas Robert Malthus used the concept of diminishing returns to explain low living standards Human population he argued tended to increase geometrically outstripping the production of food which increased arithmetically The force of a rapidly growing population against a limited amount of land meant diminishing returns to labour The result he claimed was chronically low wages which prevented the standard of living for most of the population from rising above the subsistence level Economist Julian Lincoln Simon has criticized Malthus s conclusions While Adam Smith emphasized the production of income David Ricardo focused on the distribution of income among landowners workers and capitalists Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other He posited that the growth of population and capital pressing against a fixed supply of land pushes up rents and holds down wages and profits Ricardo was the first to state and prove the principle of comparative advantage according to which each country should specialize in producing and exporting goods in that it has a lower relative cost of production rather relying only on its own production It has been termed a fundamental analytical explanation for gains from trade Coming at the end of the Classical tradition John Stuart Mill parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system Mill pointed to a distinct difference between the market s two roles allocation of resources and distribution of income The market might be efficient in allocating resources but not in distributing income he wrote making it necessary for society to intervene Value theory was important in classical theory Smith wrote that the real price of every thing is the toil and trouble of acquiring it as influenced by its scarcity Smith maintained that with rent and profit other costs besides wages also enter the price of a commodity Other classical economists presented variations on Smith termed the labour theory of value Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth capital and a constant population size Marxism edit Main article Marxian economics A man facing the viewer The Marxist school of economic thought comes from the work of German economist Karl Marx Marxist later Marxian economics descends from classical economics It derives from the work of Karl Marx The first volume of Marx s major work Das Kapital was published in German in In it Marx focused on the labour theory of value and the theory of surplus value which he believed explained the exploitation of labour by capital The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid a proportion of the value their work had created Neoclassical economics edit Main article Neoclassical economics At the dawn as a social science economics was defined and discussed at length as the study of production distribution and consumption of wealth by Jean Baptiste Say in his Treatise on Political Economy or The Production Distribution and Consumption of Wealth These three items are considered by the science only in relation to the increase or diminution of wealth and not in reference to their processes of execution Say s definition has prevailed up to our time saved by substituting the word wealth for goods and services meaning that wealth may include non material objects as well One hundred and thirty years later Lionel Robbins noticed that this definition no longer sufficed because many economists were making theoretical and philosophical inroads in other areas of human activity In his Essay on the Nature and Significance of Economic Science he proposed a definition of economics as a study of a particular aspect of human behaviour the one that falls under the influence of scarcity which forces people to choose allocate scarce resources to competing ends and economize seeking the greatest welfare while avoiding the wasting of scarce resources For Robbins the insufficiency was solved and his definition allows us to proclaim with an easy conscience education economics safety and security economics health economics war economics and of course production distribution and consumption economics as valid subjects of the economic science Citing Robbins Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses After discussing it for decades Robbins definition became widely accepted by mainstream economists and it has opened way into current textbooks Although far from unanimous most mainstream economists would accept some version of Robbins definition even though many have raised serious objections to the scope and method of economics emanating from that definition Due to the lack of strong consensus and that production distribution and consumption of goods and services is the prime area of study of economics the old definition still stands in many quarters A body of theory later termed neoclassical economics or marginalism formed from about to The term economics was popularized by such neoclassical economists as Alfred Marshall as a concise synonym for economic science and a substitute for the earlier political economy This corresponded to the influence on the subject of mathematical methods used in the natural sciences Neoclassical economics systematized supply and demand as joint determinants of price and quantity in market equilibrium affecting both the allocation of output and the distribution of income It dispensed with the labour theory of value inherited from classical economics in favour of a marginal utility theory of value on the demand side and a more general theory of costs on the supply side In the th century neoclassical theorists moved away from an earlier notion suggesting that total utility for a society could be measured in favour of ordinal utility which hypothesizes merely behaviour based relations across persons In microeconomics neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making An immediate example of this is the consumer theory of individual demand which isolates how prices as costs and income affect quantity demanded In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathizers Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalize earlier analysis such as econometrics game theory analysis of market failure and imperfect competition and the neoclassical model of economic growth for analysing long run variables affecting national income Neoclassical economics studies the behaviour of individuals households and organizations called economic actors players or agents when they manage or use scarce resources which have alternative uses to achieve desired ends Agents are assumed to act rationally have multiple desirable ends in sight limited resources to obtain these ends a set of stable preferences a definite overall guiding objective and the capability of making a choice There exists an economic problem subject to study by economic science when a decision choice is made by one or more resource controlling players to attain the best possible outcome under bounded rational conditions In other words resource controlling agents maximize value subject to the constraints imposed by the information the agents have their cognitive limitations and the finite amount of time they have to make and execute a decision Economic science centres on the activities of the economic agents that comprise society They are the focus of economic analysis An approach to understanding these processes through the study of agent behaviour under scarcity may go as follows The continuous interplay exchange or trade done by economic actors in all markets sets the prices for all goods and services which in turn make the rational managing of scarce resources possible At the same time the decisions choices made by the same actors while they are pursuing their own interest determine the level of output production consumption savings and investment in an economy as well as the remuneration distribution paid to the owners of labour in the form of wages capital in the form of profits and land in the form of rent Each period as if they were in a giant feedback system economic players influence the pricing processes and the economy and are in turn influenced by them until a steady state equilibrium of all variables involved is reached or until an external shock throws the system toward a new equilibrium point Because of the autonomous actions of rational interacting agents the economy is a complex adaptive system Keynesian economics edit Main articles Keynesian economics and Post Keynesian economics John Maynard Keynes right was a key theorist in economics Keynesian economics derives from John Maynard Keynes in particular his book The General Theory of Employment Interest and Money which ushered in contemporary macroeconomics as a distinct field The book focused on determinants of national income in the short run when prices are relatively inflexible Keynes attempted to explain in broad theoretical detail why high labour market unemployment might not be self correcting due to low effective demand and why even price flexibility and monetary policy might be unavailing The term revolutionary has been applied to the book in its impact on economic analysis Keynesian economics has two successors Post Keynesian economics also concentrates on macroeconomic rigidities and adjustment processes Research on micro foundations for their models is represented as based on real life practices rather than simple optimizing models It is generally associated with the University of Cambridge and the work of Joan Robinson New Keynesian economics is also associated with developments in the Keynesian fashion Within this group researchers tend to share with other economists the emphasis on models employing micro foundations and optimizing behaviour but with a narrower focus on standard Keynesian themes such as price and wage rigidity These are usually made to be endogenous features of the models rather than simply assumed as in older Keynesian style ones Chicago school of economics edit Main article Chicago school economics The Chicago School of economics is best known for its free market advocacy and monetarist ideas According to Milton Friedman and monetarists market economies are inherently stable if the money supply does not greatly expand or contract Ben Bernanke former Chairman of the Federal Reserve is among the economists today generally accepting Friedman s analysis of the causes of the Great Depression Milton Friedman effectively took many of the basic principles set forth by Adam Smith and the classical economists and modernized them One example of this is his article in the September issue of The New York Times Magazine where he claims that the social responsibility of business should be to use its resources and engage in activities designed to increase its profits through open and free competition without deception or fraud Other schools and approaches edit Main article Schools of economics Other well known schools or trends of thought referring to a particular style of economics practised at and disseminated from well defined groups of academicians that have become known worldwide include the Austrian School the Freiburg School the School of Lausanne post Keynesian economics and the Stockholm school Contemporary mainstream economics is sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US and the Freshwater or Chicago school approach Within macroeconomics there is in general order of their appearance in the literature classical economics Keynesian economics the neoclassical synthesis post Keynesian economics monetarism new classical economics and supply side economics Alternative developments include ecological economics constitutional economics institutional economics evolutionary economics dependency theory structuralist economics world systems theory econophysics feminist economics and biophysical economics Agreements edit Unbalanced scales svg This article may be unbalanced towards certain viewpoints Please improve the article by adding information on neglected viewpoints or discuss the issue on the talk page February According to various random and anonymous surveys of members of the American Economic Association economists have agreement about the following propositions by percentage A ceiling on rents reduces the quantity and quality of housing available agree Tariffs and import quotas usually reduce general economic welfare agree Flexible and floating exchange rates offer an effective international monetary arrangement agree Fiscal policy e g tax cut and or government expenditure increase has a significant stimulative impact on a less than fully employed economy agree The United States should not restrict employers from outsourcing work to foreign countries agree Economic growth in developed countries like the United States leads to greater levels of well being agree The United States should eliminate agricultural subsidies agree An appropriately designed fiscal policy can increase the long run rate of capital formation agree Local and state governments should eliminate subsidies to professional sports franchises agree If the federal budget is to be balanced it should be done over the business cycle rather than yearly agree The gap between Social Security funds and expenditures will become unsustainably large within the next fifty years if current policies remain unchanged agree Cash payments increase the welfare of recipients to a greater degree than do transfers in kind of equal cash value agree A large federal budget deficit has an adverse effect on the economy agree The redistribution of income in the United States is a legitimate role for the government agree Inflation is caused primarily by too much growth in the money supply agree The United States should not ban genetically modified crops agree A minimum wage increases unemployment among young and unskilled workers agree The government should restructure the welfare system along the lines of a negative income tax agree Effluent taxes and marketable pollution permits represent a better approach to pollution control than imposition of pollution ceilings agree Government subsidies on ethanol in the United States should be reduced or eliminated agree Criticisms edit General criticisms edit The dismal science is a derogatory alternative name for economics devised by the Victorian historian Thomas Carlyle in the th century It is often stated that Carlyle gave economics the nickname the dismal science as a response to the late th century writings of The Reverend Thomas Robert Malthus who grimly predicted that starvation would result as projected population growth exceeded the rate of increase in the food supply However the actual phrase was coined by Carlyle in the context of a debate with John Stuart Mill on slavery in which Carlyle argued for slavery while Mill opposed it Some economists like John Stuart Mill or Léon Walras have maintained that the production of wealth should not be tied to its distribution In The Wealth of Nations Adam Smith addressed many issues that are currently also the subject of debate and dispute Smith repeatedly attacks groups of politically aligned individuals who attempt to use their collective influence to manipulate a government into doing their bidding In Smith s day these were referred to as factions but are now more commonly called special interests a term which can comprise international bankers corporate conglomerations outright oligopolies monopolies trade unions and other groups Economics per se as a social science is independent of the political acts of any government or other decision making organization however many policymakers or individuals holding highly ranked positions that can influence other people s lives are known for arbitrarily using a plethora of economic concepts and rhetoric as vehicles to legitimize agendas and value systems and do not limit their remarks to matters relevant to their responsibilities The close relation of economic theory and practice with politics is a focus of contention that may shade or distort the most unpretentious original tenets of economics and is often confused with specific social agendas and value systems Notwithstanding economics legitimately has a role in informing government policy It is indeed in some ways an outgrowth of the older field of political economy Some academic economic journals are currently focusing increased efforts on gauging the consensus of economists regarding certain policy issues in hopes of effecting a more informed political environment Currently there exists a low approval rate from professional economists regarding many public policies Policy issues featured in a recent survey of American Economic Association economists include trade restrictions social insurance for those put out of work by international competition genetically modified foods curbside recycling health insurance several questions medical malpractice barriers to entering the medical profession organ donations unhealthy foods mortgage deductions taxing internet sales Wal Mart casinos ethanol subsidies and inflation targeting In Steady State Economics leading ecological economist and steady state theorist Herman Daly argues that there exist logical inconsistencies between the emphasis placed on economic growth and the limited availability of natural resources Issues like central bank independence central bank policies and rhetoric in central bank governors discourse or the premises of macroeconomic policies monetary and fiscal policy of the state are focus of contention and criticism Deirdre McCloskey has argued that many empirical economic studies are poorly reported and she and Stephen Ziliak argue that although her critique has been well received practice has not improved This latter contention is controversial A International Monetary Fund study looked at consensus forecasts the forecasts of large groups of economists that were made in advance of different national recessions in the s in of the cases the economists did not predict the contraction a year in advance On those rare occasions when economists did successfully predict recessions they significantly underestimated their severity Criticisms of assumptions edit Economics has been subject to criticism that it relies on unrealistic unverifiable or highly simplified assumptions in some cases because these assumptions simplify the proofs of desired conclusions Examples of such assumptions include perfect information profit maximization and rational choices The field of information economics includes both mathematical economical research and also behavioural economics akin to studies in behavioural psychology Nevertheless prominent mainstream economists such as Keynes and Joskow have observed that much of economics is conceptual rather than quantitative and difficult to model and formalize quantitatively In a discussion on oligopoly research Paul Joskow pointed out in that in practice serious students of actual economies tended to use informal models based upon qualitative factors specific to particular industries Joskow had a strong feeling that the important work in oligopoly was done through informal observations while formal models were trotted out ex post He argued that formal models were largely not important in the empirical work either and that the fundamental factor behind the theory of the firm behaviour was neglected In recent years feminist critiques of neoclassical economic models gained prominence leading to the formation of feminist economics Contrary to common conceptions of economics as a positive and objective science feminist economists call attention to the social construction of economics and highlight the ways in which its models and methods reflect masculine preferences Primary criticisms focus on failures to account for the selfish nature of actors homo economicus exogenous tastes the impossibility of utility comparisons the exclusion of unpaid work and the exclusion of class and gender considerations Feminist economics developed to address these concerns and the field now includes critical examinations of many areas of economics including paid and unpaid work economic epistemology and history globalization household economics and the care economy In Marilyn Waring published the book If Women Counted in which she argues that the discipline of economics ignores women s unpaid work and the value of nature according to Julie A Nelson If Women Counted showed exactly how the unpaid work traditionally done by women has been made invisible within national accounting systems and issued a wake up call to issues of ecological sustainability Bjørnholt and McKay argue that the financial crisis of – and the response to it revealed a crisis of ideas in mainstream economics and within the economics profession and call for a reshaping of both the economy economic theory and the economics profession They argue that such a reshaping should include new advances within feminist economics that take as their starting point the socially responsible sensible and accountable subject in creating an economy and economic theories that fully acknowledge care for each other as well as the planet Philip Mirowski observes that The imperatives of the orthodox research programme of economic science leave little room for maneuver and less room for originality These mandates Appropriate as many mathematical techniques and metaphorical expressions from contemporary respectable science primarily physics as possible Preserve to the maximum extent possible the attendant nineteenth century overtones of natural order Deny strenuously that neoclassical theory slavishly imitates physics Above all prevent all rival research programmes from encroaching by ridiculing all external attempts to appropriate twentieth century physics models All theorizing is in this way held hostage to nineteenth century concepts of energy In a series of peer reviewed journal and conference papers and books published over a period of several decades John McMurtry has provided extensive criticism of what he terms the unexamined assumptions and implications of economics and their consequent cost to people s lives Nassim Nicholas Taleb and Michael Perelman are two additional scholars who criticized conventional or mainstream economics Taleb opposes most economic theorizing which in his view suffers acutely from the problem of overuse of Plato s Theory of Forms and calls for cancellation of the Nobel Memorial Prize in Economics saying that the damage from economic theories can be devastating Michael Perelman provides extensive criticism of economics and its assumptions in all his books and especially his books published from to date papers and interviews Despite these concerns mainstream graduate programs have become increasingly technical and mathematical See also edit icon Business and economics portal Book icon Book Economics Business ethics Economics terminology that differs from common usage Economic ideology Economic policy Economic union Free trade List of economic communities List of economics films List of free trade agreements Socioeconomics General Glossary of economics Index of economics articles Outline of economics References edit Jump up ^ Oxford Living Dictionaries ^ Jump up to a b Merriam Webster com Jump up ^ economics Oxford English Dictionary rd ed Oxford University Press September Subscription or UK public library membership required Jump up ^ st Century Economics A Reference Handbook Volume edited by Rhona C Free p ^ Jump up to a b • Marshall Alfred and Mary Paley Marshall The Economics of Industry Macmillan p • Jevons W Stanley The Theory of Political Economy nd ed Macmillan p xiv Jump up ^ So the term economics is derived from economic science and the word economic is perhaps shortened from economical or derived from the French word économique or directly from the Latin word oeconomicus of domestic economy This in turn comes from the Ancient Greek ??????µ???? oikonomikos practiced in the management of a household or family and therefore frugal thrifty which in turn comes from ??????µ?a oikonomia household management which in turn comes from ????? oikos house and ??µ?? nomos custom or law Jump up ^ Harper Douglas February Online Etymology Dictionary – Economy Retrieved October Jump up ^ By Paul Samuelson Economics Jump up ^ Andrew Caplin and Andrew Schotter The Foundations of Positive and Normative Economics Oxford University Press ISBN Jump up ^ The World Bank Economics of Education Retrieved October Jump up ^ Iannaccone Laurence R Introduction to the Economics of Religion Journal of Economic Literature pp – Jump up ^ Nordhaus William D The Economic Consequences of a War with Iraq in War with Iraq Costs Consequences and Alternatives pp – Archived February at the Wayback Machine American Academy of Arts and Sciences Cambridge Massachusetts Retrieved October Jump up ^ Arthur M Diamond Jr science economics of The New Palgrave Dictionary of Economics nd Edition Basingstoke and New York Palgrave Macmillan Pre publication cached ccpy Jump up ^ Towards a Green Economy Pathways to Sustainable Development and Poverty Eradication United Nations Environment Programme ISBN Retrieved Jump up ^ GDP Official Exchange Rate PDF World Bank Retrieved August Jump up ^ • Backhouse Roger E and Steven Medema economics definition of The New Palgrave Dictionary of Economics nd Edition pp – Abstract • Retrospectives On the Definition of Economics Journal of Economic Perspectives pp – Jump up ^ Smith Adam An Inquiry into the Nature and Causes of the Wealth of Nations and Book IV as quoted in Peter Groenwegen political economy and economics The New Palgrave A Dictionary of Economics v pp – brief link Jump up ^ Say Jean Baptiste A Treatise on Political Economy or the Production Distribution and Consumption of Wealth trans C C Biddle ed Grigg and Elliot ^ Jump up to a b • Carlyle Thomas Occasional Discourse on the N egro Question Fraser s Magazine republished in Works of Thomas Carlyle v Charles Scribner s Sons pp – • Malthus Thomas An Essay on the Principle of Population • Persky Joseph Retrospectives A Dismal Romantic Journal of Economic Perspectives pp – pp Jump up ^ Mill John Stuart On the Definition of Political Economy and on the Method of Investigation Proper to It Essay V in Essays on Some Unsettled Questions of Political Economy V Jump up ^ Marshall 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of Economics pp – Archived August at the Wayback Machine ^ Jump up to a b Lippman S S and J J McCall Information Economics of International Encyclopedia of the Social Behavioral Sciences pp – doi B Jump up ^ From The New Palgrave Dictionary of Economics nd Edition • Wilson Charles adverse selection Abstract • Kotowitz Y moral hazard TOC • Myerson Roger B revelation principle Abstract Jump up ^ • Cf Nicholas Barr whose list of market failures is melded with failures of economic assumptions which are producers as price takers i e presence of oligopoly or monopoly but why is this not a product of the following equal power of consumers what labour lawyers call an imbalance of bargaining power complete markets public goods external effects i e externalities increasing returns to scale i e practical monopoly perfect information in his Economics of the Welfare State th ed Oxford University Press pp – • Joseph E Stiglitz classifies market failures as from failure of competition including natural monopoly information asymmetries incomplete markets externalities public good situations and macroeconomic disturbances in his Economics of the Public Sector rd ed Ch W W Norton Jump up ^ Laffont J J externalities The New Palgrave A Dictionary of Economics v p – Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannicav p Chicago ISBN Jump up ^ • Kneese Allen K and Clifford S Russell environmental economics The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics ch Protecting the Environment McGraw Hill Jump up ^ Musgrave R A public finance The New Palgrave A Dictionary of Economics v pp – Jump up ^ Feldman Allan M welfare economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ Ng Yew Kwang Business Confidence and Depression Prevention A Mesoeconomic Perspective The American Economic Review American Economic Association – ISSN JSTOR – via JSTOR Registration required help Jump up ^ Howitt Peter M Macroeconomics Relations with Microeconomics edited by John Eatwell Murray Milgate Peter Newman The New Palgrave A Dictionary of Economics pp – London and New York Macmillan and Stockton ISBN Jump up ^ Blaug Mark The Social Sciences Economics Macroeconomics The New Encyclopædia Britannica v p Jump up ^ • Samuelson Paul A and William D Nordhaus Economics ch The Process of Economic Growth McGraw Hill ISBN • Uzawa H models of growth The New Palgrave A Dictionary of Economics v pp – Jump up ^ O Sullivan Arthur Sheffrin Steven M Economics Principles in Action Upper Saddle River New Jersey Pearson Prentice Hall p ISBN ^ Jump up to a b Blanchard Olivier Jean neoclassical synthesis The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ The Macroeconomist as Scientist and Engineer Gregory Mankiw Harvard University May Archived January at the Wayback Machine Jump up ^ Fischer Stanley new classical macroeconomics The New Palgrave Dictionary of Economics nd Edition Contents ^ Jump up to a b Dixon Huw David new Keynesian macroeconomics The New Palgrave Dictionary of Economics nd Edition Abstract ^ Jump up to a b Dwivedi Jump up ^ Freeman Dictionary of Economics Jump up ^ Dwivedi Jump up ^ Dwivedi Jump up ^ Neely Christopher J Okun s Law Output and Unemployment Economic Synopses Number Jump up ^ Tobin James Money Money as a Social Institution and Public Good The New Palgrave Dictionary of Finance and Money v pp – Jump up ^ • Milton Friedman quantity theory of money The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics ch Money The Lubroicant of Exchange section ch Fig – Jump up ^ • Anderson James E international trade theory The New Palgrave Dictionary of Economics nd Edition Abstract • Venables A international trade economic integration International Encyclopedia of the Social Behavioral Sciences pp – doi B • Obstfeld Maurice international finance The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ • Bell Clive development economics The New Palgrave A Dictionary of Economics v pp – • Blaug Mark The Social Sciences Economics Growth and development The New Encyclopædia Britannica v p Chicago Jump up ^ • Heilbroner Robert L and Peter J Boettke Economic Systems The New Encyclopædia Britannica v pp – • NA economic system Encyclopædia Britannica online Concise Encyclopedia entry Archived April at the Wayback Machine ^ Jump up to a b THOMAS FULLER September Communism and Capitalism Are Mixing in Laos New York Times Jump up ^ von Brabant Jozef M The Planned Economies and International Economic Organizations Cambridge University Press p Jump up ^ Debreu Gérard mathematical economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Friedman Milton The Methodology of Positive Economics Essays in Positive Economics University of Chicago Press p Jump up ^ Boland Lawrence A methodology The New Palgrave A Dictionary of Economics v pp – ^ Jump up to a b Frey Bruno S Pommerehne Werner W Schneider Friedrich Gilbert Guy Consensus and Dissension among Economists An Empirical Inquiry The American Economic Review American Economic Association – ISSN JSTOR – via JSTOR Registration required help Jump up ^ Quirk James qualitative economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Samuelson Paul A Foundations of Economic Analysis Enlarged Edition Boston Harvard University Press p ISBN Jump up ^ Hashem M Pesaren econometrics The New Palgrave A Dictionary of Economics v p Jump up ^ Probability econometrics and truth the methodology of econometrics By Hugo A Keuzenkamp Published by Cambridge University Press ISBN ISBN pages page in economics controlled experiments are rare and reproducible controlled experiments even more so Jump up ^ Blaug Mark The Social Sciences Economics Methods of inference and Testing theories The New Encyclopædia Britannica v p Jump up ^ McCullough B D Got Replicability The Journal of Money Banking and Credit Archive PDF Econ Journal Watch – Retrieved Jump up ^ • Kennedy Peter A Guide to Econometrics th ed The Ten Commandments of Applied Econometrics pp – excerpts • McCloskey Deirdre N and Stephen T Ziliak The Standard Error of Regressions Journal of Economic Literature pp – • Hoover Kevin D and Mark V Siegler Sound and Fury McCloskey and Significance Testing in Economics Journal of Economic Methodology pp – prepubication version Reply of McCloskey and Ziliak and rejoinder pp – Jump up ^ Whaples R The Costs of Critical Commentary in Economics Journals Econ Journal Watch – Archived from the original on Retrieved Jump up ^ • Bastable C F experimental methods in economics Palgrave s Dictionary of Economics reprinted in The New Palgrave A Dictionary of Economics v p • Smith Vernon L experimental methods in economics ii The New Palgrave A Dictionary of Economics v pp – Jump up ^ • Fehr Ernst and Urs Fischbacher The Nature of Human Altruism Nature October pp – • Sigmund Karl Ernst Fehr and Martin A Nowak The Economics of Fair Play Scientific American January pp – Archived August at the Wayback Machine Jump up ^ Lazear Edward P Economic Imperialism Quarterly Journal of Economics – doi JSTOR Jump up ^ O Ashenfelter Economics Overview The Profession of Economics International Encyclopedia of the Social Behavioral Sciences v p Jump up ^ • Friedman David law and economics The New Palgrave A Dictionary of Economics v p • Posner Richard A Economic Analysis of Law Aspen th ed ISBN Jump up ^ Coase Ronald The Problem of Social Cost The Journal of Law and Economics Vol No This issue was actually published in Jump up ^ • Groenewegen Peter political economy The New Palgrave Dictionary of Economics • Krueger Anne O The Political Economy of the Rent Seeking Society American Economic Review pp – Jump up ^ McCoy Drew R The Elusive Republic Political Ecocomy in Jeffersonian America Chapel Hill University of North Carolina Jump up ^ • Cleveland C and Ruth M When where and by how much do biophysical limits constrain the economic process A survey of Georgescu Roegen s contribution to ecological economics Ecological Economics – • Daly H On Nicholas Georgescu Roegen s Contributions to Economics An Obituary essay Ecological Economics – • Mayumi K Nicholas Georgescu Roegen – an admirable epistemologist Structural Change and Economic Dynamics – • Mayumi K and Gowdy J M eds Bioeconomics and Sustainability Essays in Honor of Nicholas Georgescu Roegen Cheltenham Edward Elgar • Mayumi K The Origins of Ecological Economics The Bioeconomics of Georgescu Roegen London Routledge Jump up ^ Principles of Economic Sociology by Richard Swedberg – An extract Retrieved Jump up ^ Schumpeter Joseph A History of Economic Analysis pp – Oxford Jump up ^ • NA mercantilism The New Encyclopædia Britannica pp v p • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ NA physiocrat The New Encyclopædia Britannica pp v p • Blaug Mark th ed Economic Theory in Retrospect pp – – Cambridge Jump up ^ E K Hunt History of Economic Thought A Critical Perspective p ISBN Jump up ^ The making of modern economics the lives and ideas of the great thinkers Mark Skousen p ISBN Jump up ^ Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Jump up ^ Deardorff Alan V Glossary of International Economics Division of labor Jump up ^ Stigler George J The Division of Labor Is Limited by the Extent of the Market Journal of Political Economy pp – Jump up ^ Stigler George J The Successes and Failures of Professor Smith Journal of Political Economy p pp Also published as Selected Papers No PDF Graduate School of Business University of Chicago Jump up ^ Samuelson Paul A and William D Nordhaus Economics th ed McGraw Hill ch Markets and Government in a Modern Economy The Invisible Hand p Jump up ^ Capital in Smith s usage includes fixed capital and circulating capital The latter includes wages and labour maintenance money and inputs from land mines and fisheries associated with production per The Wealth of Nations Bk II ch and Jump up ^ Smith Adam The Wealth of Nations Bk IV Of Systems of political Œconomy ch II Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home IV para and Jump up ^ Smith Adam The Wealth of Nations Bk IV Of Systems of political Œconomy ch II Of Restraints upon the Importation from Foreign Countries of such Goods as can be Produced at Home para Jump up ^ Malthus Thomas An Essay on the Principle of Population Jump up ^ Simon J L The ultimate resource and The ultimate resource II Jump up ^ David Ricardo On the Principles of Political Economy and Taxation Jump up ^ Ronald Findlay comparative advantage The New Palgrave Dictionary of Economics nd Edition st paragraph Abstract Jump up ^ Mill John Stuart th ed Principles of Political Economy Jump up ^ Smith Adam The Wealth of Nations Bk Ch Jump up ^ • Roemer J E Marxian value analysis The New Palgrave A Dictionary of Economics v • Mandel Ernest Marx Karl Heinrich The New Palgrave A Dictionary of Economics v pp Jump up ^ This science indicates the cases in which commerce is truly productive where whatever is gained by one is lost by another and where it is profitable to all it also teaches us to appreciate its several processes but simply in their results at which it stops Besides this knowledge the merchant must also understand the processes of his art He must be acquainted with the commodities in which he deals their qualities and defects the countries from which they are derived their markets the means of their transportation the values to be given for them in exchange and the method of keeping accounts The same remark is applicable to the agriculturist to the manufacturer and to the practical man of business to acquire a thorough knowledge of the causes and consequences of each phenomenon the study of political economy is essentially necessary to them all and to become expert in his particular pursuit each one must add thereto a knowledge of its processes Say Jean Baptiste A Treatise on Political Economy First American Edition Reprint of Edition ed New York Augustus M Kelley Publishers p XVI Jump up ^ And when we submit the definition in question to this test it is seen to possess deficiencies which so far from being marginal and subsidiary amount to nothing less than a complete failure to exhibit either the scope or the significance of the most central generalisations of all Robbins Lionel An Essay on the Nature and Significance of Economic Science Great Britain Macmillan and Co Limited p Jump up ^ The conception we have adopted may be described as analytical It does not attempt to pick out certain kinds of behaviour but focuses attention on a particular aspect of behaviour the form imposed by the influence of scarcity Robbins ibid p Jump up ^ Robbins ibid p Jump up ^ Defining Economics the Long Road to Acceptance of the Robbins Definition Roger E Backhouse and Steven G Medema th anniversary conference proceedings p in Lionel Robbins s essay on the Nature and Significance of Economic Science Jump up ^ There remained division over whether economics was defined by a method or a subject matter but both sides in that debate could increasingly accept some version of the Robbins definition Roger E Backhouse and Steven G Medema ibid p Jump up ^ Clark Barry Political Economy A Comparative Approach Praeger Jump up ^ Campos Antonietta marginalist economics The New Palgrave A Dictionary of Economics v p Jump up ^ R D Collison Black utility The New Palgrave A Dictionary of Economics v p Jump up ^ Hicks J R Mr Keynes and the Classics A Suggested Interpretation Econometrica p p – Jump up ^ See LEIGH TESFATSION Agent Based Computational Economics Growing Economies from the Bottom Up ISU Economics Working Paper No March http www econ iastate edu tesfatsi acealife pdf Jump up ^ Agent based computational economics Jump up ^ Interest payments are considered a form of rent on credit money Jump up ^ Complex adaptive system Jump up ^ Dynamic network analysis Jump up ^ • Keynes John Maynard The General Theory of Employment Interest and Money London Macmillan ISBN • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Chicago Jump up ^ • Tarshis L Keynesian Revolution The New Palgrave A Dictionary of Economics v pp – • Samuelson Paul A and William D Nordhaus Economics p • Blaug Mark The Social Sciences Economics The New Encyclopædia Britannica v p Chicago Jump up ^ Harcourt G C Post Keynesian Economics The New Palgrave A Dictionary of Economics v pp – Jump up ^ Ben Bernanke Remarks by Governor Ben S Bernanke The Federal Reserve Board Retrieved Jump up ^ Friedman Milton The Social Responsibility of Business is to Increase its Profits The New York Times Magazine Sep Jump up ^ New School of Thought Brings Energy to the Dismal Science New York Times Retrieved Oct Jump up ^ Greg Mankiw s Blog News Flash Economists Agree Jump up ^ Mankiw N Gregory Principles of Microeconomics th ed Cengage Learning p ISBN Jump up ^ Alston Richard M Kearl J R Vaughan Michael B May Is There a Consensus Among Economists in the s PDF The American Economic Review American Economic Association – Retrieved October Jump up ^ Fuller Dan Geide Stevenson Doris Consensus Among Economists Revisited The Journal of Economic Education Taylor Francis – JSTOR – via JSTOR Registration required help Jump up ^ Whaples Robert Do Economists Agree on Anything Yes PDF The Economists Voice Columbia University Press – doi Retrieved October Jump up ^ Whaples Robert September The Policy Views of American Economic Association Members The Results of a New Survey Econ Journal Watch Atlas Network – Retrieved October Jump up ^ The Origin of Economic Ideas Guy Routh Jump up ^ See Noam Chomsky Understanding Power on Smith s emphasis on class conflict in the Wealth of Nations Jump up ^ Sara Ledwith and Antonella Ciancio Special Report Crisis forces dismal science to get real Reuters July Jump up ^ Research Paper No Ethics Rhetoric and Politics of Post conflict Reconstruction How Can the Concept of Social ContractHelp Us in Understanding How to Make Peace Work Sirkku K Hellsten pg Archived December at the Wayback Machine Jump up ^ Dan F Hahn New York University Political Communication Rhetoric Government and Citizens second edition Dan F Hahn Stratapub com Retrieved Jump up ^ Whaples Robert The Policy Views of American Economic Association Members The Results of a New Survey Econ Journal Watch – Jump up ^ Steady State Economics by Herman Daly Jump up ^ Johan Scholvinck Director of the UN Division for Social Policy and Development in New York Making the Case for the Integration of Social and Economic Policy The Social Development Review Jump up ^ • Bernd Hayo Georgetown University University of Bonn Do We Really Need Central Bank Independence A Critical Re examination IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut • Gabriel Mangano Centre Walras Pareto University of Lausanne BFSH Lausanne Switzerland and London School of Economics Measuring Central Bank Independence A Tale of Subjectivity and of Its Consequences Oxford Economic Papers – • Friedrich Heinemann Does it Pay to Watch Central Bankers Lips The Information Content of ECB Wording IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut • Stephen G Cecchetti Central Bank Policy Rules Conceptual Issues and Practical Considerations IDEAS at the Department of Economics College of Liberal Arts and Sciences University of Connecticut Jump up ^ Ziliak S T McCloskey D N Size Matters The Standard Error of Regressions in the American Economic Review PDF Econ Journal Watch – Archived from the original PDF on Retrieved Jump up ^ Sound and Fury McCloskey and Significance Testing in Economics Retrieved Jump up ^ How Accurate Are Private Sector Forecasts Cross Country Evidence from Consensus Forecasts of Output Growth by Prakash Loungani International Monetary Fund IMF December Jump up ^ Rappaport Steven Abstraction and Unrealistic Assumptions in Economics Journal of Economic Methodology pp – Abstract Models and Reality in Economics Edward Elgar p ch – Jump up ^ Friedman Milton The Methodology of Positive Economics Essays in Positive Economics University of Chicago Press pp – • Boland Lawrence A assumptions controversy The New Palgrave Dictionary of Economics nd Edition Online abstract Accessed May Jump up ^ Hodgson G M Evolutionary and Institutional Economics as the New Mainstream Evolutionary and Institutional Economics Review – doi eier Retrieved dead link Jump up ^ Keynes J M September Alfred Marshall – The Economic Journal – doi JSTOR Jump up ^ Joskow Paul May Firm Decision making Policy and Oligopoly Theory The American Economic Review Papers and Proceedings of the Eighty–seventh Annual Meeting of the American Economic Association – Particularly JSTOR Jump up ^ England Paula The Separative Self Androcentric Bias in Neoclassical Assumptions Beyond Economic Man Feminist Theory and Economics University of Chicago Press pp – Jump up ^ Ferber M A and Julie A Nelson Beyond Economic Man Ten Years Later in Marianne A Ferber and Julie A Nelson eds Feminist Economics Today Beyond Economic Man Chicago University of Chicago Press Jump up ^ Marilyn Waring If Women Counted San Francisco Harper Row ISBN Jump up ^ Nelson Julie A Foreword In Bjørnholt Margunn McKay Ailsa Counting on Marilyn Waring New Advances in Feminist Economics Demeter Press ISBN Jump up ^ Bjørnholt Margunn McKay Ailsa Advances in Feminist Economics in Times of Economic Crisis PDF In Bjørnholt Margunn McKay Ailsa Counting on Marilyn Waring New Advances in Feminist Economics Demeter Press pp – ISBN Jump up ^ Philip Mirowski More Heat Than Light Economics as Social Physics New York Cambridge University Press pp – Jump up ^ Please see partial list of publications including peer reviewed papers and books on John McMurtry s wikipedia page as well as links to the text of several of his peer reviewed papers and peer reviewed secondary references analyzing and discussing his work Jump up ^ John McMurtry The Cancer Stage of Capitalism London Pluto Books The book is a scholarly examination and criticism of economics The book is available for free download from several sites online for example here In April the author stated he is working on an updated edition Jump up ^ Cox Adam Blame Nobel for crisis says author of Black Swan Reuters Jump up ^ Taleb Nassim Nicholas October The pseudo science hurting markets PDF Jump up ^ Johansson D Economics without Entrepreneurship or Institutions A Vocabulary Analysis of Graduate Textbooks PDF Econ Journal Watch – Archived from the original PDF on Retrieved Jump up ^ Sutter Daniel and Rex Pjesky Where Would Adam Smith Publish Today The Near Absence of Math free Research in Top Journals Econ Journal Watch pp Abstract Retrieved Further reading edit Grinin L Korotayev A and Tausch A Economic Cycles Crises and the Global Periphery Springer International Publishing Heidelberg New York Dordrecht London ISBN http www springer com de book McCann Charles Robert Jr The Elgar Dictionary of Economic Quotations Edward Elgar Preview Jean Baptiste Say A Treatise on Political Economy Or The Production Distribution and Consumption of Wealth one Wells and Lilly Jean Baptiste Say A Treatise on Political Economy Or The Production Distribution and Consumption of Wealth two Wells and Lilly Tausch Arno The political algebra of global value change General models and implications for the Muslim world With Almas Heshmati and Hichem Karoui st ed Nova Science Publishers New York ISBN External links edit Find more about Economics at Wikipedia s sister projects Definitions from Wiktionary Media from Commons News from Wikinews Quotations from Wikiquote Texts from 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hypothesis Externality General equilibrium theory Indifference curve Intertemporal choice Marginal cost Market failure Market structure Monopoly Monopsony Non convexity Oligopoly Opportunity cost Preference Production set Profit Public good Returns to scale Risk aversion Scarcity Social choice theory Sunk costs Supply and demand Theory of the firm Trade Transaction cost Value Uncertainty Utility Microeconomics publications Applied fields Agricultural Business Demographic Development Economic history Education Environmental Financial Health Industrial organization International Knowledge Labour Law and economics Monetary Natural resource Public Service Urban Welfare Methodology Behavioral economics Computational economics Econometrics Economic systems Experimental economics Mathematical economics Methodological publications Economic thought Ancient economic thought Austrian school of economics Chicago school of economics Classical economics Feminist economics Heterodox economics Institutional economics Keynesian economics Mainstream economics Marxian economics Neoclassical economics Post Keynesian economics Schools overview Notable economists and Microeconomics From Wikipedia the free encyclopedia Further information Evolution of microeconomics Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Microeconomics from Greek prefix mikro meaning small is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses Microeconomics shows conditions under which free markets lead to desirable allocations It also analyzes market failure where markets fail to produce efficient results Microeconomics stands in contrast to macroeconomics which involves the sum total of economic activity dealing with the issues of growth inflation and unemployment and with national policies relating to these issues Microeconomics also deals with the effects of economic policies such as changing taxation levels on the aforementioned aspects of the economy Particularly in the wake of the Lucas critique much of modern macroeconomic theory has been built upon microfoundations —i e based upon basic assumptions about micro level behavior Contents hide Assumptions and definitions Topics Demand supply and equilibrium Measurement of elasticities Consumer demand theory Theory of production Costs of production Perfect competition Monopoly Oligopoly Market structure Game theory Labour economics Welfare economics Economics of information Opportunity cost Applied References Further reading External links Assumptions and definitions edit Microeconomic theory typically begins with the study of a single rational and utility maximizing individual To economists rationality means an individual possesses stable preferences that are both complete and transitive The technical assumption that preference relations are continuous is needed to ensure the existence of a utility function Although microeconomic theory can continue without this assumption it would make comparative statics impossible since there is no guarantee that the resulting utility function would be differentiable Microeconomic theory progresses by defining a competitive budget set which is a subset of the consumption set It is at this point that economists make the technical assumption that preferences are locally non satiated Without the assumption of LNS local non satiation there is no guarantee that a rational individual would maximize utility With the necessary tools and assumptions in place the utility maximization problem UMP is developed The utility maximization problem is the heart of consumer theory The utility maximization problem attempts to explain the action axiom by imposing rationality axioms on consumer preferences and then mathematically modeling and analyzing the consequences The utility maximization problem serves not only as the mathematical foundation of consumer theory but as a metaphysical explanation of it as well That is the utility maximization problem is used by economists to not only explain what or how individuals make choices but why individuals make choices as well The utility maximization problem is a constrained optimization problem in which an individual seeks to maximize utility subject to a budget constraint Economists use the extreme value theorem to guarantee that a solution to the utility maximization problem exists That is since the budget constraint is both bounded and closed a solution to the utility maximization problem exists Economists call the solution to the utility maximization problem a Walrasian demand function or correspondence The utility maximization problem has so far been developed by taking consumer tastes i e consumer utility as the primitive However an alternative way to develop microeconomic theory is by taking consumer choice as the primitive This model of microeconomic theory is referred to as Revealed preference theory The supply and demand model describes how prices vary as a result of a balance between product availability at each price supply and the desires of those with purchasing power at each price demand The graph depicts a right shift in demand from D to D along with the consequent increase in price and quantity required to reach a new market clearing equilibrium point on the supply curve S The theory of supply and demand usually assumes that markets are perfectly competitive This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services In many real life transactions the assumption fails because some individual buyers or sellers have the ability to influence prices Quite often a sophisticated analysis is required to understand the demand supply equation of a good model However the theory works well in situations meeting these assumptions Mainstream economics does not assume a priori that markets are preferable to other forms of social organization In fact much analysis is devoted to cases where market failures lead to resource allocation that is suboptimal and creates deadweight loss A classic example of suboptimal resource allocation is that of a public good In such cases economists may attempt to find policies that avoid waste either directly by government control indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare or by creating missing markets to enable efficient trading where none had previously existed This is studied in the field of collective action and public choice theory Optimal welfare usually takes on a Paretian norm which is a mathematical application of the Kaldor–Hicks method This can diverge from the Utilitarian goal of maximizing utility because it does not consider the distribution of goods between people Market failure in positive economics microeconomics is limited in implications without mixing the belief of the economist and their theory The demand for various commodities by individuals is generally thought of as the outcome of a utility maximizing process with each individual trying to maximize their own utility under a budget constraint and a given consumption set Topics edit The study of microeconomics involves several key areas Demand supply and equilibrium edit Main article Supply and demand Supply and demand is an economic model of price determination in a perfectly competitive market It concludes that in a perfectly competitive market with no externalities per unit taxes or price controls the unit price for a particular good is the price at which the quantity demanded by consumers equals the quantity supplied by producers This price results in a stable economic equilibrium Measurement of elasticities edit Main article Elasticity economics Elasticity is the measurement of how responsive an economic variable is to a change in another variable Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable when the later variable has a causal influence on the former It is a tool for measuring the responsiveness of a variable or of the function that determines it to changes in causative variables in unitless ways Frequently used elasticities include price elasticity of demand price elasticity of supply income elasticity of demand elasticity of substitution between factors of production and elasticity of intertemporal substitution Consumer demand theory edit Main article Consumer choice Consumer demand theory relates preferences for the consumption of both goods and services to the consumption expenditures ultimately this relationship between preferences and consumption expenditures is used to relate preferences to consumer demand curves The link between personal preferences consumption and the demand curve is one of the most closely studied relations in economics It is a way of analyzing how consumers may achieve equilibrium between preferences and expenditures by maximizing utility subject to consumer budget constraints Theory of production edit Main article Production theory Production theory is the study of production or the economic process of converting inputs into outputs Production uses resources to create a good or service that is suitable for use gift giving in a gift economy or exchange in a market economy This can include manufacturing storing shipping and packaging Some economists define production broadly as all economic activity other than consumption They see every commercial activity other than the final purchase as some form of production Costs of production edit Main article Cost of production theory of value The cost of production theory of value states that the price of an object or condition is determined by the sum of the cost of the resources that went into making it The cost can comprise any of the factors of production labour capital land Technology can be viewed either as a form of fixed capital ex plant or circulating capital ex intermediate goods Perfect competition edit Main article Perfect competition Perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product A good example would be that of digital marketplaces such as eBay on which many different sellers sell similar products to many different buyers Benefits of Perfect Competition All the knowledge such as price and information pertaining goods is equally dispersed among all buyers and sellers As there are no barriers to enter into the market monopoly does not usually occur As all goods and products are same advertisement is not required and it helps save the advertisement cost Monopoly edit Main article monopoly A monopoly from Greek monos µ???? alone or single polein p??e?? to sell exists when a single company is the only supplier of a particular commodity Benefits of Monopoly Market Prices in monopoly market are stable as there is only one firm and so there is no competition Due to the absence of competition there are high profits and leads to high number of sales monopoly firms tend to receive super profits from their operations Monopoly firms also offers services effectively and efficiently citation needed Oligopoly edit Main article Oligopoly An oligopoly is a market form in which a market or industry is dominated by a small number of sellers oligopolists Oligopolies can create the incentive for firms to engage in collusion and form cartels that reduce competition leading to higher prices for consumers and less overall market output Benefits of oligopoly market As there is less competition in the firm it tends to have massive profit It is also able to easily compare prices forces these companies to keep their prices in competition with the other companies involved in the market Each company scrambles to come out with latest and greatest thing in order to sway consumers to go with their company over a different one Market structure edit The market structure can have several types of interacting market systems Different forms of markets are a feature of capitalism and advocates of socialism often criticize markets and aim to substitute markets with economic planning to varying degrees Competition is the regulatory mechanism of the market system Monopolistic competition also called competitive market where there is a large number of firms each having a small proportion of the market share and slightly differentiated products Oligopoly in which a market is run by a small number of firms that together control the majority of the market share Duopoly a special case of an oligopoly with two firms Game theory tends to govern duopoly and oligopoly behavior Monopsony when there is only one buyer in a market Oligopsony a market where many sellers can be present but meet only a few buyers Monopoly where there is only one provider of a product or service Natural monopoly a monopoly in which economies of scale cause efficiency to increase continuously with the size of the firm A firm is a natural monopoly if it is able to serve the entire market demand at a lower cost than any combination of two or more smaller more specialized firms Perfect competition a theoretical market structure that features no barriers to entry an unlimited number of producers and consumers and a perfectly elastic demand curve Examples of markets include but are not limited to commodity markets insurance markets bond markets energy markets flea markets debt markets stock markets online auctions media exchange markets real estate market Game theory edit Main article Game theory Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents The term game here implies the study of any strategic interaction between people Applications include a wide array of economic phenomena and approaches such as auctions bargaining mergers acquisitions pricing fair division duopolies oligopolies social network formation agent based computational economics general equilibrium mechanism design and voting systems and across such broad areas as experimental economics behavioral economics information economics industrial organization and political economy Labour economics edit Main article Labour economics Labour economics seeks to understand the functioning and dynamics of the markets for wage labour Labour markets function through the interaction of workers and employers Labour economics looks at the suppliers of labour services workers the demands of labour services employers and attempts to understand the resulting pattern of wages employment and income In economics labour is a measure of the work done by human beings It is conventionally contrasted with such other factors of production as land and capital There are theories which have developed a concept called human capital referring to the skills that workers possess not necessarily their actual work although there are also counter posing macro economic system theories that think human capital is a contradiction in terms Welfare economics edit Main article Welfare economics Welfare economics is a branch of economics that uses microeconomics techniques to evaluate well being from allocation of productive factors as to desirability and economic efficiency within an economy often relative to competitive general equilibrium It analyzes social welfare however measured in terms of economic activities of the individuals that compose the theoretical society considered Accordingly individuals with associated economic activities are the basic units for aggregating to social welfare whether of a group a community or a society and there is no social welfare apart from the welfare associated with its individual units Economics of information edit Main article Information economics Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions Information has special characteristics It is easy to create but hard to trust It is easy to spread but hard to control It influences many decisions These special characteristics as compared with other types of goods complicate many standard economic theories Opportunity cost edit Main article Opportunity cost Opportunity cost of an activity or goods is equal to the best next alternative uses forgone Although opportunity cost can be hard to quantify the effect of opportunity cost is universal and very real on the individual level In fact this principle applies to all decisions not just economic ones Opportunity cost is one way to measure the cost of something Rather than merely identifying and adding the costs of a project one may also identify the next best alternative way to spend the same amount of money The forgone profit of this next best alternative is the opportunity cost of the original choice A common example is a farmer that chooses to farm their land rather than rent it to neighbors wherein the opportunity cost is the forgone profit from renting In this case the farmer may expect to generate more profit alone This kind of reasoning is a very important part of the calculation of discount rates in discounted cash flow investment valuation methodologies Similarly the opportunity cost of attending university is the lost wages a student could have earned in the workforce rather than the cost of tuition books and other requisite items whose sum makes up the total cost of attendance Note that opportunity cost is not the sum of the available alternatives but rather the benefit of the single best alternative Possible opportunity costs of a city s decision to build a hospital on its vacant land are the loss of the land for a sporting center or the inability to use the land for a parking lot or the money that could have been made from selling the land or the loss of any of the various other possible uses — but not all of these in aggregate The true opportunity cost would be the forgone profit of the most lucrative of those listed One question that arises here is how to determine a money value for each alternative to facilitate comparison and assess opportunity cost which may be more or less difficult depending on the things we are trying to compare For example many decisions involve environmental impacts whose monetary value is difficult to assess because of scientific uncertainty Valuing a human life or the economic impact of an Arctic oil spill involves making subjective choices with ethical implications It is imperative to understand that no decision on allocating time is free No matter what one chooses to do they are always giving something up in return An example of opportunity cost is deciding between going to a concert and doing homework If one decides to go the concert then they are giving up valuable time to study but if they choose to do homework then the cost is giving up the concert Any decision in allocating capital is likewise there is an opportunity cost of capital or a hurdle rate defined as the expected rate one could get by investing in similar projects on the open market Opportunity cost is vital in understanding microeconomics and decisions that are made Applied edit United States Capitol Building meeting place of the United States Congress where many tax laws are passed which directly impact economic welfare This is studied in the subject of public economics Applied microeconomics includes a range of specialized areas of study many of which draw on methods from other fields Industrial organization examines topics such as the entry and exit of firms innovation and the role of trademarks Labor economics examines wages employment and labor market dynamics Financial economics examines topics such as the structure of optimal portfolios the rate of return to capital econometric analysis of security returns and corporate financial behavior Public economics examines the design of government tax and expenditure policies and economic effects of these policies e g social insurance programs Political economy examines the role of political institutions in determining policy outcomes Health economics examines the organization of health care systems including the role of the health care workforce and health insurance programs Education economics examines the organization of education provision and its implication for efficiency and equity including the effects of education on productivity Urban economics which examines the challenges faced by cities such as sprawl air and water pollution traffic congestion and poverty draws on the fields of urban geography and sociology Law and economics applies microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies Economic history examines the evolution of the economy and economic institutions using methods and techniques from the fields of economics history geography sociology psychology and political science References edit Jump up ^ Marchant Mary A Snell William M Macroeconomic and International Policy Terms PDF University of Kentucky Retrieved ^ Jump up to a b Economics Glossary Monroe County Women s Disability Network Retrieved Jump up ^ Social Studies Standards Glossary New Mexico Public Education Department Archived from the original on Retrieved Jump up ^ Glossary ECON Retrieved Jump up ^ http www ftc gov bc edu pubs consumer general zgen shtm Jump up ^ AP Microeconomics Review Jump up ^ Deardorff s Glossary of International Economics Welfare economics Jump up ^ • Beth Allen Information as an Economic Commodity American Economic Review pp – • Kenneth J Arrow Information and the Organization of Industry ch in Graciela Chichilnisky Markets Information and Uncertainty Cambridge University Press pp – • The Economics of Information An Exposition Empirica pp – • Collected Papers of Kenneth J Arrow v The Economics of Information Description and chapter preview links • Jean Jacques Laffont The Economics of Uncertainty and Information MIT Press Description and chapter preview links Further reading edit Bade Robin Michael Parkin Foundations of Microeconomics Addison Wesley Paperback st Edition Bouman John Principles of Microeconomics – free fully comprehensive Principles of Microeconomics and Macroeconomics texts Columbia Maryland Colander David Microeconomics McGraw Hill Paperback th Edition Dunne Timothy J Bradford Jensen Mark J Roberts Producer Dynamics New Evidence from Micro Data University of Chicago Press ISBN Eaton B Curtis Eaton Diane F and Douglas W Allen Microeconomics Prentice Hall th Edition Frank Robert H Microeconomics and Behavior McGraw Hill Irwin th Edition Friedman Milton Price Theory Aldine Transaction Hagendorf Klaus Labour Values and the Theory of the Firm Part I The Competitive Firm Paris EURODOS Harnerger Arnold C Microeconomics In David R Henderson ed Concise Encyclopedia of Economics nd ed Indianapolis Library of Economics and Liberty ISBN OCLC Hicks John R Value and Capital Clarendon Press nd ed Hirshleifer Jack Glazer Amihai and Hirshleifer David Price theory and applications Decisions markets and information Cambridge University Press th Edition Jehle Geoffrey A and Philip J Reny Advanced Microeconomic Theory Addison Wesley Paperback nd Edition Katz Michael L and Harvey S Rosen Microeconomics McGraw Hill Irwin rd Edition Kreps David M A Course in Microeconomic Theory Princeton University Press Landsburg Steven Price Theory and Applications South Western College Pub th Edition Mankiw N Gregory Principles of Microeconomics South Western Pub nd Edition Mas Colell Andreu Whinston Michael D and Jerry R Green Microeconomic Theory Oxford University Press US McGuigan James R Moyer R Charles and Frederick H Harris Managerial Economics Applications Strategy and Tactics South Western Educational Publishing th Edition Nicholson Walter Microeconomic Theory Basic Principles and Extensions South Western College Pub th Edition Perloff Jeffrey M Microeconomics Pearson – Addison Wesley th Edition Perloff Jeffrey M Microeconomics Theory and Applications with Calculus Pearson – Addison Wesley st Edition Pindyck Robert S and Daniel L Rubinfeld Microeconomics Prentice Hall th Edition Ruffin Roy J and Paul R Gregory Principles of Microeconomics Addison Wesley th Edition Varian Hal R microeconomics The New Palgrave A Dictionary of Economics v pp – Varian Hal R Intermediate Microeconomics A Modern Approach W W Norton Company th Edition Varian Hal R Microeconomic Analysis W W Norton Company rd Edition External links edit Wikibooks has a book on the topic of Microeconomics Library resources about Microeconomics Economic problem From Wikipedia the free encyclopedia This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed December Learn how and when to remove this template message The economic problem – sometimes called the basic or central economic problem – asserts that an economy s finite resources are insufficient to satisfy all human wants and needs It assumes that human wants are unlimited but the means to satisfy human wants are scarce Three questions arise from this What to produce What and how much will you produce This question lies with selecting the type of supply and the quantity of the supply focusing on efficiency e g What should I produce more laptops or tablets How to produce Capital goods or consumer goods How do you produce this This question deals with the assets and procedures used while making the product also focusing on efficiency e g Should I hire more workers or do I invest in more machinery For whom to produce To whom and how will you distribute the goods and For whom will you produce this for arises from this question This question deals with distributing goods that have been produced focusing on efficiency and equity e g Do I give more dividends to stock holders or do I increase worker wages Economics revolve around these fundamental economic problems Contents hide Overview Needs and wants Four parts of the problem Problem of allocation of resources The problem of all economic efficiency The problem of full employment of resources The problem of economic growth See also References Overview edit The economic problem is most simply explained by the question How do we satisfy unlimited wants with limited resources The premise of the economic problem model is that wants are constant and infinite due to constantly changing demands often closely related to changing demographics of the population but resources in the world to satisfy human wants are always limited to the amount of natural or human resources available The economic problem—and methods to curb it—revolve around the idea of choice in prioritizing which wants can be fulfilled and what to produce for the economy Opportunity cost is the loss in terms of potential benefit had another action been taken We make choices every day We have to as we have limited resources but so many wants We therefore must decide which wants to satisfy and which not to All choices involve giving something up This leads to opportunity cost This problem of what to give up exists not only for consumers like us but for governments and businesses too Needs and wants edit Needs are material items people need for survival such as food clothing housing and water Until the Industrial Revolution the vast majority of the world s population struggled for access to basic human needs Wants are effective desires for a particular product or for something that can only be obtained by working for it While the fundamental needs of survival are key in the function of the economy wants are the driving force that stimulates demand for goods and services To curb the economic problem economists must classify the nature and different wants of consumers as well as prioritize wants and organize production to satisfy as many wants as possible An assumption often made in mainstream neoclassical economics and methods that try to solve the economic problem is that humans inherently pursue their self interest and that the market mechanism best satisfies the various wants different individuals might have These wants are often divided into individual wants which depend on the individual s preferences and purchasing power parity and collective wants which are the wants of entire groups of people Things such as food and clothing can be classified as either wants or needs depending on what type and how often a good is requested Four parts of the problem edit The economic problem can be divided into different parts which are given below Problem of allocation of resources edit The problem of allocation of resources arises due to the scarcity of resources and refers to the question of which wants should be satisfied and which should be left unsatisfied In other words what to produce and how much to produce More production of a good implies more resources required for the production of that good and resources are scarce These two facts together mean that if a society decides to increase production of some good it has to withdraw some resources from the production of other goods In other words more production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods The problem of allocation deals with the question of whether to produce capital goods or consumer goods If the community decides to produce capital goods resources must be withdrawn from the production of consumer goods In the long run however investment in capital goods augments the production of consumer goods Thus both capital and consumer goods are important The problem is determining the optimal production ratio between the two The problem of all economic efficiency edit Resources are scarce and it is important to use them as efficiently as possible Thus it is essential to know if the production and distribution of national product made by an economy is maximally efficient The production becomes efficient only if the productive resources are utilized in such a way that any reallocation does not produce more of one good without reducing the output of any other good In other words efficient distribution means that redistributing goods cannot make anyone better off without making someone else worse off See Pareto efficiency The inefficiencies of production and distribution exist in all types of economies The welfare of the people can be increased if these inefficiencies are ruled out Some cost must be incurred to remove these inefficiencies If the cost of removing these inefficiencies of production and distribution is more than the gain then it is not worthwhile to remove them The problem of full employment of resources edit In view of the scarce resources the question of whether all available resources are fully utilized is an important one A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently There are two types of employment of resources Labour intensive Capital intensive Economic growth From Wikipedia the free encyclopedia Gross domestic product real growth rates – and – in selected countries Rate of change of Gross domestic product world and Organisation for Economic Co operation and Development since Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e Public finance Detail from the mural Government by Elihu Vedder in the Library of Congress Policies show Fiscal policy show Monetary policy show Trade policy show Revenue Spending show Optimum show Reform show v t e Economic growth is the increase in the inflation adjusted market value of the goods and services produced by an economy over time It is conventionally measured as the percent rate of increase in real gross domestic product or real GDP usually in per capita terms Growth is usually calculated in real terms – i e inflation adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced Measurement of economic growth uses national income accounting Since economic growth is measured as the annual percent change of gross domestic product GDP it has all the advantages and drawbacks of that measure The rate of economic growth refers to the geometric annual rate of growth in GDP between the first and the last year over a period of time Implicitly this growth rate is the trend in the average level of GDP over the period which implicitly ignores the fluctuations in the GDP around this trend An increase in economic growth caused by more efficient use of inputs such as labor productivity physical capital energy or materials is referred to as intensive growth GDP growth caused only by increases in the amount of inputs available for use increased population new territory is called extensive growth Contents hide Measuring economic growth Determinants of per capita GDP growth Productivity Historical sources of productivity growth Intensity hours worked Demographic changes Other factors affecting growth Political institutions property rights and rule of law Capital New products and services Growth phases and sector shares Theories and models Classical growth theory Solow Swan model Endogenous growth theory Unified growth theory The big push Schumpeterian growth Institutions and growth Human capital and growth Energy consumption and growth Importance of long run growth Quality of life Business cycle Income equality Equitable growth Environmental and physical constraints Environmental impacts Global warming Resource substitution Declining resource quality Physical constraints See also References Further reading External links Articles and lectures Data Measuring economic growth edit Main article Gross domestic product The economic growth rate is calculated from data on GDP estimated by countries´statistical agencies The rate of growth of GDP capita is calculated from data on GDP and people for the initial and final periods included in the analysis Determinants of per capita GDP growth edit In national income accounting per capita output can be calculated using the following factors output per unit of labor input labor productivity hours worked intensity the percentage of the working age population actually working participation rate and the proportion of the working age population to the total population demography The rate of change of GDP population is the sum of the rates of change of these four variables plus their cross products Productivity edit Increases in labor productivity the ratio of the value of output to labor input have historically been the most important source of real per capita economic growth In a famous estimate MIT Professor Robert Solow concluded that technological progress has accounted for percent of the long term rise in U S per capita income with increased investment in capital explaining only the remaining percent Note There are various measures of productivity The term used here applies to a broad measure of productivity By contrast Total factor productivity TFP growth measures the change in total output relative to the change in capital and labor inputs Many of the cited references use TFP Increases in productivity lower the real cost of goods Over the th century the real price of many goods fell by over Historical sources of productivity growth edit Main article Productivity improving technologies economic history Economic growth has traditionally been attributed to the accumulation of human and physical capital and the increase in productivity arising from technological innovation Before industrialization technological progress resulted in an increase in the population which was kept in check by food supply and other resources which acted to limit per capita income a condition known as the Malthusian trap The rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth providing an escape from the Malthusian trap Countries that industrialized eventually saw their population growth slow down a phenomenon known as the demographic transition Increases in productivity are the major factor responsible for per capita economic growth – this has been especially evident since the mid th century Most of the economic growth in the th century was due to increased output per unit of labor materials energy and land less input per widget The balance of the growth in output has come from using more inputs Both of these changes increase output The increased output included more of the same goods produced previously and new goods and services During the Industrial Revolution mechanization began to replace hand methods in manufacturing and new processes streamlined production of chemicals iron steel and other products Machine tools made the economical production of metal parts possible so that parts could be interchangeable See Interchangeable parts During the Second Industrial Revolution a major factor of productivity growth was the substitution of inanimate power for human and animal labor Also there was a great increase in power as steam powered electricity generation and internal combustion supplanted limited wind and water power Since that replacement the great expansion of total power was driven by continuous improvements in energy conversion efficiency Other major historical sources of productivity were automation transportation infrastructures canals railroads and highways new materials steel and power which includes steam and internal combustion engines and electricity Other productivity improvements included mechanized agriculture and scientific agriculture including chemical fertilizers and livestock and poultry management and the Green Revolution Interchangeable parts made with machine tools powered by electric motors evolved into mass production which is universally used today Productivity lowered the cost of most items in terms of work time required to purchase Real food prices fell due to improvements in transportation and trade mechanized agriculture fertilizers scientific farming and the Green Revolution Great sources of productivity improvement in the late th century were railroads steam ships horse pulled reapers and combine harvesters and steam powered factories The invention of processes for making cheap steel were important for many forms of mechanization and transportation By the late th century both prices and weekly work hours fell because less labor materials and energy were required to produce and transport goods However real wages rose allowing workers to improve their diet buy consumer goods and afford better housing Mass production of the s created overproduction which was arguably one of several causes of the Great Depression of the s Following the Great Depression economic growth resumed aided in part by increased demand for existing goods and services such as automobiles telephones radios electricity and household appliances New goods and services included television air conditioning and commercial aviation after creating enough new demand to stabilize the work week The building of highway infrastructures also contributed to post World War II growth as did capital investments in manufacturing and chemical industries The post World War II economy also benefited from the discovery of vast amounts of oil around the world particularly in the Middle East By John W Kendrick s estimate three quarters of increase in U S per capita GDP from to was due to increased productivity Economic growth in the United States slowed down after In contrast growth in Asia has been strong since then starting with Japan and spreading to Korea China the Indian subcontinent and other parts of Asia In South Korea had a lower per capita GDP than Ghana and by it was times as high as Ghana s The Japanese economic growth has slackened considerably since the late s Productivity in the United States grew at an increasing rate throughout the th century and was most rapid in the early to middle decades of the th century US productivity growth spiked towards the end of the century in – due to an acceleration in the rate of technological innovation known as Moore s law After U S productivity growth returned to the low levels of – Intensity hours worked edit The work week declined considerably over the th century By the s the average work week in the U S was hours but the work week was reduced to hours after which overtime premium was applied as part of the National Industrial Recovery Act of Demographic changes edit Demographic factors may influence growth by changing the employment to population ratio and the labor force participation rate Industrialization creates a demographic transition in which birth rates decline and the average age of the population increases Women with fewer children and better access market employment tend to join the labor force in higher percentages There is a reduced demand for child labor and children spend more years in school The increase in the percentage of women in the labor force in the U S contributed to economic growth as did the entrance of the baby boomers into the work force See Spending wave Other factors affecting growth edit Political institutions property rights and rule of law edit See also Great Divergence § Property rights Great Divergence § Efficiency of markets and state intervention and Great Divergence § State prohibition of new technology As institutions influence behavior and incentives in real life they forge the success or failure of nations In economics and economic history the transition to capitalism from earlier economic systems was enabled by the adoption of government policies that facilitated commerce and gave individuals more personal and economic freedom These included new laws favorable to the establishment of business including contract law and laws providing for the protection of private property and the abolishment of anti usury laws When property rights are less certain transaction costs can increase hindering economic development Enforcement of contractual rights is necessary for economic development because it determines the rate and direction of investments When the rule of law is absent or weak the enforcement of property rights depends on threats of violence which causes bias against new firms because they can not demonstrate reliability to their customers Much of this literature was built on the success story of the British state that after the Glorious Revolution of combined high fiscal capacity with constraints on the power of the king generating some respect for the rule of law However others have questioned that this institutional formula is not so easily replicable elsewhere as a change in the Constitution –and the type of institutions created by that change –does not necessarily create a change in political power if the economic powers of that society are not aligned with the new set of rule of law institutions In England a dramatic increase in the state s fiscal capacity followed the creation of constraints on the crown but elsewhere in Europe increases in state capacity happened before major rule of law reforms There are many different ways through which states achieved state fiscal capacity and this different capacity accelerated or hindered their economic development Thanks to the underlying homogeneity of its land and people England was able to achieve a unified legal and fiscal system since the Middle Ages that enabled it to substantially increase the taxes it raised after On the other hand the French experience of state building faced much stronger resistance from local feudal powers keeping it legally and fiscally fragmented until the French Revolution despite significant increases in state capacity during the seventeenth century Furthermore Prussia and the Habsburg empire –much more heterogeneous states than England –were able to increase state capacity during the eighteenth century without constraining the powers of the executive Nevertheless it is unlikely that a country will generate institutions that respect property rights and the rule of law without having had first intermediate fiscal and political institutions that create incentives for elites to support them Many of these intermediate level institutions relied on informal private order arrangements that combined with public order institutions associated with states to lay the foundations of modern rule of law states In many poor and developing countries much land and housing is held outside the formal or legal property ownership registration system In many urban areas the poor invade private or government land to build their houses so they do not hold title to these properties Much unregistered property is held in informal form through various property associations and other arrangements Reasons for extra legal ownership include excessive bureaucratic red tape in buying property and building In some countries it can take over steps and up to years to build on government land Other causes of extra legal property are failures to notarize transaction documents or having documents notarized but failing to have them recorded with the official agency Not having clear legal title to property limits its potential to be used as collateral to secure loans depriving many poor countries one of their most important potential sources of capital Unregistered businesses and lack of accepted accounting methods are other factors that limit potential capital Businesses and individuals participating in unreported business activity and owners of unregistered property face costs such as bribes and pay offs that offset much of any taxes avoided Democracy Does Cause Growth according to Acemoglu et al Specifically democracy increases future GDP by encouraging investment increasing schooling inducing economic reforms improving public goods provision and reducing social unrest Capital edit Capital in economics ordinarily refers to physical capital which consists of structures and equipment used in business machinery factory equipment computers and office equipment construction equipment business vehicles etc Up to a point increases in the amount of capital per worker are an important cause of economic output growth Capital is subject to diminishing returns because of the amount that can be effectively invested and because of the growing burden of depreciation In the development of economic theory the distribution of income was considered to be between labor and the owners of land and capital In recent decades there have been several Asian countries with high rates of economic growth driven by capital investment New products and services edit Another major cause of economic growth is the introduction of new products and services and the improvement of existing products New products create demand which is necessary to offset the decline in employment that occurs through labor saving technology Growth phases and sector shares edit Main article Rostow s stages of growth Economic growth in the U S and other developed countries went through phases that affected growth through changes in the labor force participation rate and the relative sizes of economic sectors The transition from an agricultural economy to manufacturing increased the size of the sector with high output per hour the high productivity manufacturing sector while reducing the size of the sector with lower output per hour the lower productivity agricultural sector Eventually high productivity growth in manufacturing reduced the sector size as prices fell and employment shrank relative to other sectors The service and government sectors where output per hour and productivity growth is low saw increases in their shares of the economy and employment during the s The public sector has since contracted while the service economy expanded in the s Theories and models edit Classical growth theory edit In classical Ricardian economics the theory of production and the theory of growth are based on the theory or law of variable proportions whereby increasing either of the factors of production labor or capital while holding the other constant and assuming no technological change will increase output but at a diminishing rate that eventually will approach zero These concepts have their origins in Thomas Malthus s theorizing about agriculture Malthus s examples included the number of seeds harvested relative to the number of seeds planted capital on a plot of land and the size of the harvest from a plot of land versus the number of workers employed See Diminishing returns Criticisms of classical growth theory are that technology an important factor in economic growth is held constant and that economies of scale are ignored Natural rate of growth According to Prof Harrod Natural growth rate which is the maximum rate of growth allowed by the increase of variables like population growth technological improvement growth in natural resources In fact Natural growth rate is the highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy Solow Swan model edit This section is about a neoclassical growth model It is not to be confused with Steady state economy Robert Solow and Trevor Swan developed what eventually became the main model used in growth economics in the s This model assumes that there are diminishing returns to capital and labor Capital accumulates through investment but its level or stock continually decreases due to depreciation Due to the diminishing returns to capital with increases in capital worker and absent technological progress economic output worker eventually reaches a point where capital per worker and economic output worker remain constant because annual investment in capital equals annual depreciation This condition is called the steady state In the Solow Swan model if productivity increases through technological progress then output worker increases even when the economy is in the steady state If productivity increases at a constant rate output worker also increases at a related steady state rate As a consequence growth in the model can occur either by increasing the share of GDP invested or through technological progress But at whatever share of GDP invested capital worker eventually converges on the steady state leaving the growth rate of output worker determined only by the rate of technological progress As a consequence with world technology available to all and progressing at a constant rate all countries have the same steady state rate of growth Each country has a different level of GDP worker determined by the share of GDP it invests but all countries have the same rate of economic growth Implicitly in this model rich countries are those that have invested a high share of GDP for a long time Poor countries can become rich by increasing the share of GDP they invest One important prediction of the model mostly borne out by the data is that of conditional convergence the idea that poor countries will grow faster and catch up with rich countries as long as they have similar investment and saving rates and access to the same technology The Solow Swan model is considered an exogenous growth model because it does not explain why countries invest different shares of GDP in capital nor why technology improves over time Instead the rate of investment and the rate of technological progress are exogenous The value of the model is that it predicts the pattern of economic growth once these two rates are specified Its failure to explain the determinants of these rates is one of its limitations Although the rate of investment in the model is exogenous under certain conditions the model implicitly predicts convergence in the rates of investment across countries In a global economy with a global financial capital market financial capital flows to the countries with the highest return on investment In the Solow Swan model countries with less capital worker poor countries have a higher return on investment due to the diminishing returns to capital As a consequence capital worker and output worker in a global financial capital market should converge to the same level in all countries Since historically financial capital has not flowed to the countries with less capital worker the basic Solow Swan model has a conceptual flaw Beginning in the s this flaw has been addressed by adding additional variables to the model that can explain why some countries are less productive than others and therefore do not attract flows of global financial capital even though they have less physical capital worker Endogenous growth theory edit Main article Endogenous growth theory Growth theory advanced again with theories of economist Paul Romer and Robert Lucas Jr in the late s and early s Unsatisfied with the assumption of exogenous technological progress in the Solow Swan model economists worked to endogenize technology in the s They developed the endogenous growth theory that includes a mathematical explanation of technological advancement This model also incorporated a new concept of human capital the skills and knowledge that make workers productive Unlike physical capital human capital has increasing rates of return Research done in this area has focused on what increases human capital e g education or technological change e g innovation Unified growth theory edit Unified growth theory was developed by Oded Galor and his co authors to address the inability of endogenous growth theory to explain key empirical regularities in the growth processes of individual economies and the world economy as a whole Endogenous growth theory was satisfied with accounting for empirical regularities in the growth process of developed economies over the last hundred years As a consequence it was not able to explain the qualitatively different empirical regularities that characterized the growth process over longer time horizons in both developed and less developed economies Unified growth theories are endogenous growth theories that are consistent with the entire process of development and in particular the transition from the epoch of Malthusian stagnation that had characterized most of the process of development to the contemporary era of sustained economic growth The big push edit One popular theory in the s was the Big Push which suggested that countries needed to jump from one stage of development to another through a virtuous cycle in which large investments in infrastructure and education coupled with private investments would move the economy to a more productive stage breaking free from economic paradigms appropriate to a lower productivity stage The idea was revived and formulated rigorously in the late s by Kevin Murphy Andrei Shleifer and Robert Vishny Schumpeterian growth edit Schumpeterian growth is an economic theory named after the th century Austrian economist Joseph Schumpeter The approach explains growth as a consequence of innovation and a process of creative destruction that captures the dual nature of technological progress in terms of creation entrepreneurs introduce new products or processes in the hope that they will enjoy temporary monopoly like profits as they capture markets In doing so they make old technologies or products obsolete This can be seen as an annulment of previous technologies which makes them obsolete and destroys the rents generated by previous innovations Aghion A major model that illustrates Schumpeterian growth is the Aghion Howitt model Institutions and growth edit According to Acemoglu Simon Johnson and James Robinson the positive correlation between high income and cold climate is a by product of history Europeans adopted very different colonization policies in different colonies with different associated institutions In places where these colonizers faced high mortality rates e g due to the presence of tropical diseases they could not settle permanently and they were thus more likely to establish extractive institutions which persisted after independence in places where they could settle permanently e g those with temperate climates they established institutions with this objective in mind and modeled them after those in their European homelands In these neo Europes better institutions in turn produced better development outcomes Thus although other economists focus on the identity or type of legal system of the colonizers to explain institutions these authors look at the environmental conditions in the colonies to explain institutions For instance former colonies have inherited corrupt governments and geo political boundaries set by the colonizers that are not properly placed regarding the geographical locations of different ethnic groups creating internal disputes and conflicts that hinder development In another example societies that emerged in colonies without solid native populations established better property rights and incentives for long term investment than those where native populations were large Human capital and growth edit Many theoretical and empirical analyses of economic growth attribute a major role to a country s level of human capital defined as the skills of the population or the work force Human capital has been included in both neoclassical and endogenous growth models A country s level of human capital is difficult to measure since it is created at home at school and on the job Economists have attempted to measure human capital using numerous proxies including the population s level of literacy its level of numeracy its level of book production capita its average level of formal schooling its average test score on international tests and its cumulative depreciated investment in formal schooling The most commonly used measure of human capital is the level average years of school attainment in a country building upon the data development of Robert Barro and Jong Wha Lee This measure is widely used because Barro and Lee provide data for numerous countries in five year intervals for a long period of time One problem with the schooling attainment measure is that the amount of human capital acquired in a year of schooling is not the same at all levels of schooling and is not the same in all countries This measure also presumes that human capital is only developed in formal schooling contrary to the extensive evidence that families neighborhoods peers and health also contribute to the development of human capital Despite these potential limitations Theodore Breton has shown that this measure can represent human capital in log linear growth models because across countries GDP adult has a log linear relationship to average years of schooling which is consistent with the log linear relationship between workers personal incomes and years of schooling in the Mincer model Eric Hanushek and Dennis Kimko introduced measures of students mathematics and science skills from international assessments into growth analysis They found that this measure of human capital was very significantly related to economic growth Eric Hanushek and Ludger Woessmann have extended this analysis Theodore Breton shows that the correlation between economic growth and students average test scores in Hanushek and Woessmann s analyses is actually due to the relationship in countries with less than eight years of schooling He shows that economic growth is not correlated with average scores in more educated countries Hanushek and Woessmann further investigate whether the relationship of knowledge capital to economic growth is causal They show that the level of students cognitive skills can explain the slow growth in Latin America and the rapid growth in East Asia Energy consumption and growth edit For more details on Energy efficiency see Productivity improving technologies historical § Energy efficiency Energy economic theories hold that rates of energy consumption and energy efficiency are linked causally to economic growth A fixed relationship between historical rates of global energy consumption and the historical accumulation of global economic wealth has been observed Increases in energy efficiency were a portion of the increase in Total factor productivity Some of the most technologically important innovations in history involved increases in energy efficiency These include the great improvements in efficiency of conversion of heat to work the reuse of heat the reduction in friction and the transmission of power especially through electrification Electricity consumption and economic growth are strongly correlated Per capita electric consumption correlates almost perfectly with economic development Importance of long run growth edit Over long periods of time even small rates of growth such as a annual increase have large effects For example the United Kingdom experienced a average annual increase in its inflation adjusted GDP between and In the GDP was million pounds It grew to million pounds by A growth rate that averaged over years resulted in a fold increase in GDP by The large impact of a relatively small growth rate over a long period of time is due to the power of exponential growth The rule of a mathematical result states that if something grows at the rate of x per year then its level will double every x years For example a growth rate of per annum leads to a doubling of the GDP within years whilst a growth rate of per year leads to a doubling of GDP within years Thus a small difference in economic growth rates between countries can result in very different standards of living for their populations if this small difference continues for many years Quality of life edit One theory that relates economic growth with quality of life is the Threshold Hypothesis which states that economic growth up to a point brings with it an increase in quality of life But at that point – called the threshold point – further economic growth can bring with it a deterioration in quality of life This results in an upside down U shaped curve where the vertex of the curve represents the level of growth that should be targeted Happiness has been shown to increase with a higher GDP per capita at least up to a level of per person Economic growth has the indirect potential to alleviate poverty as a result of a simultaneous increase in employment opportunities and increased labor productivity A study by researchers at the Overseas Development Institute ODI of countries that experienced growth found that in cases poverty was alleviated In some instances quality of life factors such as healthcare outcomes and educational attainment as well as social and political liberties do not improve as economic growth occurs dubious – discuss Productivity increases do not always lead to increased wages as can be seen in the United States where the gap between productivity and wages has been rising since the s Business cycle edit For more details on this topic see Business cycle Economists distinguish between short run economic changes in production and long run economic growth Short run variation in economic growth is termed the business cycle Generally economists attribute the ups and downs in the business cycle to fluctuations in aggregate demand In contrast economic growth is concerned with the long run trend in production due to structural causes such as technological growth and factor accumulation Income equality edit Unbalanced scales svg The neutrality of this section is disputed Relevant discussion may be found on the talk page Please do not remove this message until conditions to do so are met September Learn how and when to remove this template message For more details on this topic see Economic inequality Some theories developed in the s suggested possible avenues through which inequality may have a positive effect on economic development Savings by the wealthy if these increase with inequality were thought to offset reduced consumer demand Later analysis such as the political economy approach developed by Alesina and Rodrik and Persson and Tabellini stressed the negative impacts of inequality on economic development inequality generates a pressure to adopt redistributive policies that have an adverse effect on investment and economic growth However empirical tests of an extended version of Alesina and Rodrik s model by Li and Zou found that income inequality is positively and most of the time significantly associated with economic growth The credit market imperfection approach developed by Galor and Zeira argued that inequality in the presence of credit market imperfections has a long lasting detrimental effect on human capital formation and economic development A study by Perotti showed that in accordance with the credit market imperfection approach inequality is associated with lower level of human capital formation education experience apprenticeship and higher level of fertility while lower level of human capital is associated with lower growth and lower levels of economic growth In contrast his examination of the political economy channel found no support for the political economy mechanism A review in the Journal of Economic Literature stated that high inequality lowers growth perhaps because it increases social and political instability however changes in the degree of inequality have a relatively minor effect on growth Research by Harvard economist Robert Barro found that there is little overall relation between income inequality and rates of growth and investment According to Barro high levels of inequality reduce growth in relatively poor countries but encourage growth in richer countries Princeton economist Roland Benabou s research shows that inequality does not matter per se to growth but inequality in the relative distribution of earnings and political power does matter According to Andrew Berg and Jonathan Ostry of the International Monetary Fund inequality in wealth and income is negatively correlated with subsequent economic growth Likewise economists Dierk Herzer and Sebastian Vollmer found that increased income inequality reduces economic growth but growth itself also increases income inequality in the long run In French economist Thomas Piketty postulated that in periods when the average annual rate on return on investment in capital r exceeds the average annual growth in economic output g the rate of inequality will increase According to Piketty this is the case because wealth that is already held or inherited which is expected to grow at the rate r will grow at a rate faster than wealth accumulated through labor which is more closely tied to g An advocate of reducing inequality levels Piketty suggests levying a global wealth tax in order to reduce the divergence in wealth caused by inequality Equitable growth edit Main article Inclusive growth While acknowledging the central role economic growth can potentially play in human development poverty reduction and the achievement of the Millennium Development Goals it is becoming widely understood amongst the development community that special efforts must be made to ensure poorer sections of society are able to participate in economic growth The effect of economic growth on poverty reduction – the growth elasticity of poverty – can depend on the existing level of inequality For instance with low inequality a country with a growth rate of per head and of its population living in poverty can halve poverty in ten years but a country with high inequality would take nearly years to achieve the same reduction In the words of the Secretary General of the United Nations Ban Ki Moon While economic growth is necessary it is not sufficient for progress on reducing poverty Environmental and physical constraints edit Although resource depletion in the past has been addressed by technological advances and substitution citation needed dubious – discuss emergent environmental and physical constraints may limit economic growth Environmental impacts edit See also The Limits to Growth Forest in Indonesia being cut for palm oil plantation Critics such as the Club of Rome argue that a narrow view of economic growth combined with globalization is creating a scenario where we could see a systemic collapse of our planet s natural resources Concerns about negative environmental effects of growth have prompted some people to advocate lower levels of growth or the abandoning of growth altogether In academia concepts like uneconomic growth steady state economy and degrowth have been developed in order to achieve this In politics green parties embrace the Global Greens Charter recognising that the dogma of economic growth at any cost and the excessive and wasteful use of natural resources without considering Earth s carrying capacity are causing extreme deterioration in the environment and a massive extinction of species Those more optimistic about the environmental impacts of growth believe that though localized environmental effects may occur large scale ecological effects are minor The argument as stated by commentator Julian Lincoln Simon states that if these global scale ecological effects exist human ingenuity will find ways to adapt to them Global warming edit See also Economics of global warming Up to the present there is a close correlation between economic growth and the rate of carbon dioxide emissions across nations although there is also a considerable divergence in carbon intensity carbon emissions per GDP Up to the present there is also a direct relation between global economic wealth and the rate of global emissions The Stern Review notes that the prediction that Under business as usual global emissions will be sufficient to propel greenhouse gas concentrations to over ppm CO by and over – ppm by the end of this century is robust to a wide range of changes in model assumptions The scientific consensus is that planetary ecosystem functioning without incurring dangerous risks requires stabilization at – ppm As a consequence growth oriented environmental economists propose government intervention into switching sources of energy production favouring wind solar hydroelectric and nuclear This would largely confine use of fossil fuels to either domestic cooking needs such as for kerosene burners or where carbon capture and storage technology can be cost effective and reliable The Stern Review published by the United Kingdom Government in concluded that an investment of of GDP later changed to would be sufficient to avoid the worst effects of climate change and that failure to do so could risk climate related costs equal to of GDP Because carbon capture and storage is as yet widely unproven and its long term effectiveness such as in containing carbon dioxide leaks unknown and because of current costs of alternative fuels these policy responses largely rest on faith of technological change British conservative politician and journalist Nigel Lawson has deemed carbon emission trading an inefficient system of rationing Instead he favours carbon taxes to make full use of the efficiency of the market However in order to avoid the migration of energy intensive industries the whole world should impose such a tax not just Britain Lawson pointed out There is no point in taking the lead if nobody follows suit Resource substitution edit See also Energy returned on energy invested and Substitute good Many earlier predictions of resource depletion such as Thomas Malthus predictions about approaching famines in Europe The Population Bomb and the Simon–Ehrlich wager have not materialized Diminished production of most resources has not occurred so far one reason being that advancements in technology and science have allowed some previously unavailable resources to be produced In some cases substitution of more abundant materials such as plastics for cast metals lowered growth of usage for some metals In the case of the limited resource of land famine was relieved firstly by the revolution in transportation caused by railroads and steam ships and later by the Green Revolution and chemical fertilizers especially the Haber process for ammonia synthesis Declining resource quality edit See also Mining and Peak minerals Resource quality is composed of a variety of factors including ore grades location altitude above or below sea level proximity to railroads highways water supply and climate These factors affect the capital and operating cost of extracting resources In the case of minerals lower grades of mineral resources are being extracted requiring higher inputs of capital and energy for both extraction and processing Copper ore grades have declined significantly over the last century Another example is natural gas from shale and other low permeability rock which can be developed with much higher inputs of energy capital and materials than conventional gas in previous decades Offshore oil and gas has exponentially increasing cost as water depth increases Physical constraints edit Some physical scientists like Al Bartlett regard continuous economic growth as unsustainable Several factors may constrain economic growth – for example finite peaked or depleted resources In the The Limits to Growth study modeled limitations to infinite growth originally ridiculed these models have been validated and updated Malthusians such as William R Catton Jr are skeptical of technological advances that improve resource availability Such advances and increases in efficiency they suggest merely accelerate the drawing down of finite resources Catton claims that increasing rates of resource extraction are stealing ravenously from the future See also edit Degrowth Economic development Export oriented industrialization Growth accounting The Limits to Growth List of countries by real GDP growth rate Post growth Productivism Uneconomic growth References edit Jump up ^ Statistics on the Growth of the Global Gross Domestic Product GDP from to IMF October ^ Jump up to a b Bjork p Jump up ^ Bjork Gordon J The Way It Worked and Why It Won t Structural Change and the Slowdown of U S Economic Growth Westport CT London Praeger pp ISBN Jump up ^ Bjork p ^ Jump up to a b c d Bjork Jump up ^ Roubini Nouriel Backus David Lectures in Macroeconomics Jump up ^ Wang Ping Growth Accounting PDF p Jump up ^ Corry Dan Valero Anna Van Reenen John Nov UK Economic Performance Since PDF < The UK?s high GDP per capita growth was driven by strong growth in productivity GDP per hour which was second only to the US > ^ Jump up to a b c Kendrick John W Productivity Trends in the United States PDF Princeton University Press for NBER p Jump up ^ Krugman Paul The Myth of Asia s Miracle Foreign Affairs – Jump up ^ Rosenberg Nathan Inside the Black Box Technology and Economics Cambridge New York Cambridge University Press p ISBN Jump up ^ Lucas R E On the mechanics of economic development Journal of monetary economics pp – Jump up ^ Galor Oded From Stagnation to Growth Unified Growth Theory Handbook of Economic Growth Elsevier pp – Jump up ^ Clark Gregory A Farewell to Alms A Brief Economic History of the World Princeton University Press ISBN Part I The Malthusian Trap Jump up ^ Clark pp Part The Industrial Revolution Jump up ^ Kendrick J W Productivity trends in the United States Princeton University Press ^ Jump up to a b Landes David S The Unbound Prometheus Technological Change and Industrial Development in Western Europe from to the Present Cambridge New York Press Syndicate of the University of Cambridge ISBN ^ Jump up to a b Hounshell David A From the American System to Mass Production The Development of Manufacturing Technology in the United States Baltimore Maryland Johns Hopkins University Press ISBN LCCN Jump up ^ Ayres Robert U Warr Benjamin Accounting for Growth The Role of Physical Work PDF Jump up ^ Grubler Arnulf The Rise and Fall of Infrastructures PDF Jump up ^ Taylor George Rogers The Transportation Revolution – ISBN ^ Jump up to a b Wells David A Recent Economic Changes and Their Effect on Production and Distribution of Wealth and Well Being of Society New York D Appleton and Co ISBN Jump up ^ Atack Jeremy Passell Peter A New Economic View of American History New York W W Norton and Co ISBN Jump up ^ Beaudreau Bernard C Mass Production the Stock Market Crash and the Great Depression New York Lincoln Shanghi Authors Choice Press Jump up ^ Moore Stephen Simon Julian December The Greatest Century That Ever Was Miraculous Trends of the last Years PDF Policy Analysis No The Cato Institute Diffusion curves for various innovations start at Fig Jump up ^ Field Alexander J A Great Leap Forward s Depression and U S Economic Growth New Haven London Yale University Press ISBN Jump up ^ St Louis Federal Reserve Real GDP per capita in the U S rose from in to in for a growth rate of yr Calculation ^ From to the growth rate was Calculation ^ From to average annual growth was Jump up ^ Leading article Africa has to spend carefully The Independent July Jump up ^ Data refer to the year GDP for Korea for Ghana World Economic Outlook Database – October International Monetary Fund Jump up ^ Kendrick John U S Productivity Performance in Perspective Business Economics October doi Jump up ^ Field Alezander J U S Economic Growth in the Gilded Age Journal of Macroeconomics PDF – Jump up ^ Field Alexander Technological Change and Economic Growth the Interwar Years and the s SSRN ?Freely accessible Jump up ^ Gordon Robert J Interpreting the One Big Wave in U S Long Term Productivity Growth National Bureau of Economic Research Working paper Jump up ^ Abramovitz Moses David Paul A Two Centuries of American Macroeconomic Growth From Exploitation of Resource Abundance to Knowledge Driven Development PDF Stanford University pp – pdf pp – ^ Jump up to a b Gordon Robert J Spring U S Productivity Growth The Slowdown Has Returned After a Temporary Revival PDF International Productivity Monitor Centre for the Study of Living Standards – Retrieved The U S economy achieved a growth rate of labour productivity of per cent per year for years followed by years of per cent then a temporary recovery back to per cent per cent and a final slowdown to per cent The similarity of the growth rates in – with – and of – with – is quite remarkable ^ Jump up to a b Dale W Jorgenson Mun S Ho Jon D Samuels Long term Estimates of U S Productivity and Growth PDF World KLEMS Conference Retrieved Jump up ^ Dale W Jorgenson Mun S Ho Kevin J Stiroh A Retrospective Look at the U S Productivity Growth Resurgence Journal of Economic Perspectives Retrieved Jump up ^ Bruce T Grimm Brent R Moulton David B Wasshausen Information Processing Equipment and Software in the National Accounts PDF U S Department of Commerce Bureau of Economic Analysis Retrieved Jump up ^ Hours of Work in U S History Jump up ^ Whaples Robert June The Shortening of the American Work Week An Economic and Historical Analysis of Its Context Causes and Consequences The Journal of Economic History – ^ Jump up to a b Acemoglu Daron Robinson James A Why Nations Fail The Origins of Power Prosperity and Poverty United States Crown Business division of Random House p ISBN Jump up ^ Hunt E K Lautzenheiser Mark History of Economic Thought A Critical Perspective PHI Learning ISBN Jump up ^ Landes David S The Unbound Prometheus Technological Change and Industrial Development in Western Europe from to the Present Cambridge New York Press Syndicate of the University of Cambridge pp – ISBN Jump up ^ Li Rita Yi Man and Li Yi Lut The relationship between law and economic growth A paradox in China Cities Asian Social Science Jump up ^ North Douglass C and Barry Weingast Constitutions and Commitment the evolutions of institutions governing public choice in seventeenth century England Journal of Economic History – Jump up ^ Barker J H Personal Liberty under Common Law of England – in R W Davis ed The Origins of Modern Freedom in the West Stanford University Press Stanford pp – Jump up ^ Acemolgu Daron Simon Johnson and James A Robinson Institutions as a Fundamental Cause of Long Run Growth in Philippe Aghion and Steven Durlauf eds Handbook of Economic Growth vol of Handbook of Economic Growth Elsevier July chapter pp – Jump up ^ Rajan R and L Zingales Saving Capitalism from the Capitalists Random House New York chapters ^ Jump up to a b c d Johnson Noel D and Mark Koyama States and Economic Growth Working Paper Jump up ^ Johnson Noel D Banking on the King The Evolution of the Royal Revenue Farms in Old Regime France The Journal of Economic History December – Jump up ^ Johnson Noel D and Mark Koyama Tax Farming and the Origins of State Capacity in England and France Explorations in Economic History – ^ Jump up to a b c De Soto Hernando The Mystery of Capital Why Capitalism Triumphs in the West and Fails Everywhere Else Basic Books ISBN Jump up ^ Acemoglu Daron Naidu Suresh Restrepo Pascual Robinson James A December Democracy Does Cause Growth MIT Department of Economics Retrieved Jump up ^ Hunt E K Lautzenheiser Mark History of Economic Thought A Critical Perspective PHI Learning ISBN Jump up ^ Krugman Paul The Myth of Asia s Miracle Foreign Affairs – Jump up ^ Ayres Robert Technological Transformations and Long Waves PDF Jump up ^ Manufacturing s declining share of GDP is a global phenomenon and it s something to celebrate U S Chamber of Commerce Foundation Jump up ^ All Employees Manufacturing Jump up ^ Bjork pp – Jump up ^ Bjork p Jump up ^ Robert M Solow A Contribution to the Theory of Economic Growth Quarterly Journal of Economics p pp – Jump up ^ Swan Trevor W Economic Growth and Capital Accumulation Economic Record – doi j tb x Jump up ^ Lucas Robert E Why Doesn t Capital Flow from Rich to Poor Countries American Economic Review pp – Jump up ^ D Romer Jump up ^ Lucas Jump up ^ Elhanah Helpman The Mystery of Economic Growth Harvard University Press Jump up ^ Galor O From Stagnation to Growth Unified Growth Theory Handbook of Economic Growth Elsevier Jump up ^ Paul Rosenstein Rodan specify Jump up ^ Jump up ^ Quote from Philippe Aghion Schumpeterian Growth Theory and the Dynamics of Income Inequality Econometrica – • Also see Wendy Carlin and David Soskice Macroeconomics Imperfections Institutions Policies specifically chapter Jump up ^ • Philippe Aghion and Peter Howitt A Model of Growth Through Creative Destruction Econometrica – Philippe Aghion Schumpeterian Growth Theory and the Dynamics of Income Inequality Econometrica – Jump up ^ Daron Acemoglu Simon Johnson and James A Robinson The Colonial Origins of Comparative Development An Empirical Investigation American Economic Review – Jump up ^ • Mankiw N Gregory David Romer and David Weil A contribution to the empirics of economic growth Quarterly Journal of Economics no May pp – Sala i Martin Xavier Gernot Doppelhofer and Ronald I Miller Determinants of long term growth A Bayesian Averaging of Classical Estimates BACE approach American Economic Review no September – • LudRomer Paul Human capital and growth Theory and evidence Carnegie Rochester Conference Series on Public Policy – Jump up ^ Barro Robert J and Jong Wha Lee International data on educational attainment Updates and implications Oxford Economic Papers no July – ^ Jump up to a b Breton Theodore R Higher Test Scores or More Schooling Another Look at the Causes of Economic Growth Journal of Human Capital v n – Jump up ^ Hanushek Eric A and Dennis D Kimko Schooling labor force quality and the growth of nations American Economic Review no December – Jump up ^ • Hanushek Eric A and Ludger Woessmann The role of cognitive skills in economic development Journal of Economic Literature no September – • Hanushek Eric A and Ludger Woessmann How much do educational outcomes matter in OECD countries Economic Policy no – Jump up ^ Hanushek Eric Woessmann Ludger The Knowledge Capital of Nations Education and the Economics of Growth MIT Press ISBN Jump up ^ Garrett T J Long run evolution of the global economy Physical basis Earth s Future doi EF Jump up ^ Landes David S The Unbound Prometheus Technological Change and Industrial Development in Western Europe from to the Present Cambridge New York Press Syndicate of the University of Cambridge pp ISBN Jump up ^ Devine Jr Warren D From Shafts to Wires Historical Perspective on Electrification Journal of Economic History Vol Issue PDF Jump up ^ Committee on Electricity in Economic Growth Energy Engineering Board Commission on Engineering and Technical Systems National Research Council Electricity in Economic Growth Washington DC National Academy Press pp ISBN Jump up ^ Paepke C Owen The Evolution of Progress The End of Economic Growth and the Beginning of Human Transformation New York Toronto Random House p ISBN Jump up ^ Lawrence H Officer What Was the U K GDP Then MeasuringWorth URL http www measuringworth com ukgdp Jump up ^ Economic Growth and Quality of Life A Threshold Hypothesis Jump up ^ In Pursuit of Happiness Research Is It Reliable What Does It Imply for Policy The Cato institute April ^ Jump up to a b c Claire Melamed Renate Hartwig and Ursula Grant Jobs growth and poverty what do we know what don t we know what should we know London Overseas Development Institute Jump up ^ Drèze Jean Sen Amartya An uncertain glory India and its contradictions Princeton Princeton University Press ISBN ^ Jump up to a b Berg Andrew G Ostry Jonathan D Equality and Efficiency Finance and Development International Monetary Fund Retrieved July Jump up ^ Andrew Berg and Jonathan Ostry Inequality and Unsustainable Growth Two Sides of the Same Coin IMF Staff Discussion Note No SDN International Monetary Fund Jump up ^ Kaldor Nicoals Alternative Theories of Distribution Review of Economic Studies – Jump up ^ Alesina Alberto and Dani Rodrik Distributive Politics and Economic Growth Quarterly Journal of Economics – Persson Torsten and Guido Tabellini Is Inequality Harmful for Growth American Economic Review – Jump up ^ https ideas repec org p cuf wpaper html Jump up ^ Galor Oded and Joseph Zeira Income Distribution and Macroeconomics Review of Economic Studies – Jump up ^ Perotti Roberto Growth Income Distribution and Democracy What the Data Say Journal of Economic Growth – Jump up ^ Temple J The New Growth Evidence PDF Journal of Economic Literature – doi jel Jump up ^ Jump up ^ http www nber org papers w Jump up ^ Herzer Dierk Vollmer Sebastian Rising top incomes do not raise the tide Journal of Policy Modeling – doi j jpolmod Jump up ^ Piketty Thomas Capital in the Twenty first Century Brilliance Audio ISBN ^ Jump up to a b Claire Melamed Kate Higgins and Andy Sumner Economic growth and the MDGs Overseas Development Institute Jump up ^ Anand Rahul et al August Inclusive growth revisited Measurement and evolution VoxEU org Centre for Economic Policy Research Retrieved January Jump up ^ Anand Rahul et al May Inclusive Growth Measurement and Determinants PDF IMF Working Paper Asia Pacific Department International Monetary Fund Retrieved January Jump up ^ Ranieri Rafael Ramos Raquel Almeida March Inclusive Growth Building up a Concept PDF Working Paper Brazil International Policy Centre for Inclusive Growth ISSN X Retrieved January Jump up ^ Bourguignon Francois Growth Elasticity of Poverty Reduction Explaining Heterogeneity across Countries and Time Periods in Inequality and Growth Ch Jump up ^ Ravallion M Inequality is bad for the poor in S Jenkins and J Micklewright eds Inequality and Poverty Re examined Oxford University Press Oxford Jump up ^ Elena Ianchovichina and Susanna Lundstrom Inclusive growth analytics Framework and application Policy Research Working Paper Series The World Bank Jump up ^ Donella H Meadows Jorgen Randers Dennis L Meadows Limits to Growth The Year Update White River Junction Vermont Chelsea Green Jump up ^ Allan Schnaiberg The Environment From Surpus to Scarcity New York Oxford University Press Jump up ^ Charter of the Global Greens PDF contains full charter Global Greens Dakar Jump up ^ The Ultimate Resource Julian Simon Jump up ^ Stern Review Part III Stabilization Table p Jump up ^ Garrett T J Are there basic physical constraints on future anthropogenic emissions of carbon dioxide Climatic Change – doi s Jump up ^ Stern Review Economics of Climate Change Part III Stabilization p Jump up ^ Jaccard M Sustainable Fossil Fuels Cambridge University Press Jump up ^ Examination of Witnesses Questions – May Retrieved ^ Jump up to a b Chapter Growth and Productivity The Long Run Possibilities Oswego edu Retrieved ^ Jump up to a b Bailey Ronald Science and Public Policy Reason com Retrieved ^ Jump up to a b Regis Ed The Doomslayer Wired Archived from the original on Jump up ^ Wells David A Recent Economic Changes and Their Effect on Production and Distribution of Wealth and Well Being of Society New York D Appleton and Co ISBN Opening line of the Preface Jump up ^ Smil Vaclav Enriching the Earth Fritz Haber Carl Bosch and the Transformation of World Food Production MIT Press ISBN Jump up ^ Hall Charles A S Cleveland Cutler J Kaufmann Robert Energy and Resource Quality The ecology of the Economic Process Niwot Colorado University Press of Colorado Jump up ^ Lyon Christioher July Declining South America copper ore grades require ingenuity Mining Weekly Jump up ^ Bartlett Albert Allen Arithmetic Population and Energy albartlett org Retrieved You cannot sustain population growth and or growth in the rates of consumption of resources Jump up ^ Murphy Tom Galactic Scale Energy Do the Math Retrieved continued growth in energy use becomes physically impossible within conceivable timeframes all economic growth must similarly end Jump up ^ Hayward Steven F That Old Time Religion AEI Retrieved Jump up ^ Turner Graham A Comparison of the Limits of Growth with Thirty Years of Reality CSIRO Working Paper Series Available at http www csiro au files files plje pdf Jump up ^ Hall C Day J Revisiting the Limits to Growth After Peak Oil American Scientist pp – Jump up ^ Meadows D H Randers Limits to Growth The Year Update Chelsea Green Publishing ISBN Jump up ^ Overshoot by William Catton p Further reading edit Acemoglu Daron Robinson James A Why Nations Fail The Origins of Power Prosperity and Poverty Crown Business division of Random House ISBN Argyrous G Forstater M and Mongiovi G eds Growth Distribution And Effective Demand Essays in Honor of Edward J Nell New York M E Sharpe Barro Robert J Determinants of Economic Growth A Cross Country Empirical Study MIT Press Cambridge MA Galor O From Stagnation to Growth Unified Growth Theory Handbook of Economic Growth Elsevier Halevi Joseph Laibman David and Nell Edward J eds Beyond the Steady State Essays in the Revival of Growth Theory edited with London UK Jones Charles I Introduction to Economic Growth nd ed W W Norton Company New York N Y Lucas Robert E Jr The Industrial Revolution Past and Future Federal Reserve Bank of Minneapolis Annual Report online edition Schumpeter Jospeph A The Theory of Economic Development reprint Transaction Publishers Weil David N Economic Growth nd ed Addison Wesley External links edit Articles and lectures edit Economic growth Encyclopædia Britannic Encyclopædia Britannica Online November Beyond Classical and Keynesian Macroeconomic Policy Paul Romer s plain English explanation of endogenous growth theory CEPR Economics Seminar Series Two seminars on the importance of growth with economists Dean Baker and Mark Weisbrot On global economic history by Jan Luiten van Zanden Explores the idea of the inevitability of the Industrial Revolution The Economist Has No Clothes – essay by Robert Nadeau in Scientific American on the basic assumptions behind current economic theory World Growth Institute An organization dedicated to helping the developing world realize its full potential via economic growth Why Does Growth Keep Slowing Down St Louis Federal Reserve Bank Data edit Angus Maddison s Historical Dataseries – Series for almost all countries on GDP Population and GDP per capita from the year up to OECD Economic growth statistics multinational data sets easy to use data set showing gdp per capita and population by country and region to Updated regularly show v t e Economics Measures of national income and output From Wikipedia the free encyclopedia A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region including gross domestic product GDP gross national product GNP net national income NNI and adjusted national income NNI adjusted for natural resource depletion All are specially concerned with counting the total amount of goods and services produced within some the economy and by different sectors The boundary is usually defined by geography or citizenship and may also restrict the goods and services that are counted For instance some measures count only goods services that are exchanged for money excluding bartered goods while other measures may attempt to include bartered goods by imputing monetary values to them Contents hide National accounts Market value Methods of measuring national income Output Expenditure Gross domestic product and gross national product National income and welfare Difficulties in measurement of national income Conceptual difficulties Practical difficulties See also References Bibliography External links National accounts edit Main article National accounts Arriving at a figure for the total production of goods and services in a large region like a country entails a large amount of data collection and calculation Although some attempts were made to estimate national incomes as long ago as the th century the systematic keeping of national accounts of which these figures are a part only began in the s in the United States and some European countries The impetus for that major statistical effort was the Great Depression and the rise of Keynesian economics which prescribed a greater role for the government in managing an economy and made it necessary for governments to obtain accurate information so that their interventions into the economy could proceed as well informed as possible Market value edit Main article Market value In order to count a good or service it is necessary to assign value to it The value that the measures of national income and output assign to a good or service is its market value – the price it fetches when bought or sold The actual usefulness of a product its use value is not measured – assuming the use value to be any different from its market value Three strategies have been used to obtain the market values of all the goods and services produced the product or output method the expenditure method and the income method The product method looks at the economy on an industry by industry basis The total output of the economy is the sum of the outputs of every industry However since an output of one industry may be used by another industry and become part of the output of that second industry to avoid counting the item twice we use not the value output by each industry but the value added that is the difference between the value of what it puts out and what it takes in The total value produced by the economy is the sum of the values added by every industry The expenditure method is based on the idea that all products are bought by somebody or some organisation Therefore we sum up the total amount of money people and organisations spend in buying things This amount must equal the value of everything produced Usually expenditures by private individuals expenditures by businesses and expenditures by government are calculated separately and then summed to give the total expenditure Also a correction term must be introduced to account for imports and exports outside the boundary The income method works by summing the incomes of all producers within the boundary Since what they are paid is just the market value of their product their total income must be the total value of the product Wages proprietor s incomes and corporate profits are the major subdivisions of income Methods of measuring national income edit Output edit The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces Because of the complication of the multiple stages in the production of a good or service only the final value of a good or service is included in the total output This avoids an issue often called double counting wherein the total value of a good is included several times in national output by counting it repeatedly in several stages of production In the example of meat production the value of the good from the farm may be then from the butchers and then from the supermarket The value that should be included in final national output should be not the sum of all those numbers The values added at each stage of production over the previous stage are respectively and Their sum gives an alternative way of calculating the value of final output Formulae GDP gross domestic product at market price value of output in an economy in the particular year intermediate consumption at factor cost GDP at market price depreciation NFIA net factor income from abroad net indirect taxes NDP at factor cost Compensation of employees Net interest Rental royalty income Profit of incorporated and unincorporated NDP at factor cost Expenditure edit The expenditure approach is basically an output accounting method It focuses on finding the total output of a nation by finding the total amount of money spent This is acceptable to economists because like income the total value of all goods is equal to the total amount of money spent on goods The basic formula for domestic output takes all the different areas in which money is spent within the region and then combines them to find the total output displaystyle mathrm GDP C G I left mathrm X M right mathrm GDP C G I left mathrm X M right Where C household consumption expenditures personal consumption expenditures I gross private domestic investment G government consumption and gross investment expenditures X gross exports of goods and services M gross imports of goods and services Note X M is often written as XN or less commonly as NX both stand for net exports The names of the measures consist of one of the words Gross or Net followed by one of the words National or Domestic followed by one of the words Product Income or Expenditure All of these terms can be explained separately Gross means total product regardless of the use to which it is subsequently put Net means Gross minus the amount that must be used to offset depreciation – ie wear and tear or obsolescence of the nation s fixed capital assets Net gives an indication of how much product is actually available for consumption or new investment Domestic means the boundary is geographical we are counting all goods and services produced within the country s borders regardless of by whom National means the boundary is defined by citizenship nationality We count all goods and services produced by the nationals of the country or businesses owned by them regardless of where that production physically takes place The output of a French owned cotton factory in Senegal counts as part of the Domestic figures for Senegal but the National figures of France Product Income and Expenditure refer to the three counting methodologies explained earlier the product income and expenditure approaches However the terms are used loosely Product is the general term often used when any of the three approaches was actually used Sometimes the word Product is used and then some additional symbol or phrase to indicate the methodology so for instance we get Gross Domestic Product by income GDP income GDP I and similar constructions Income specifically means that the income approach was used Expenditure specifically means that the expenditure approach was used Note that all three counting methods should in theory give the same final figure However in practice minor differences are obtained from the three methods for several reasons including changes in inventory levels and errors in the statistics One problem for instance is that goods in inventory have been produced therefore included in Product but not yet sold therefore not yet included in Expenditure Similar timing issues can also cause a slight discrepancy between the value of goods produced Product and the payments to the factors that produced the goods Income particularly if inputs are purchased on credit and also because wages are collected often after a period of production Gross domestic product and gross national product edit Main articles GDP and GNP Gross domestic product GDP is defined as the value of all final goods and services produced in a country in year Gross National Product GNP is defined as the market value of all goods and services produced in one year by labour and property supplied by the residents of a country As an example the table below shows some GDP and GNP and NNI data for the United States National income and output Billions of dollars Period Ending Gross national product Net U S income receipts from rest of the world U S income receipts U S income payments Gross domestic product Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy National Income NDP Net domestic product is defined as gross domestic product GDP minus depreciation of capital similar to NNP GDP per capita Gross domestic product per capita is the mean value of the output produced per person which is also the mean income National income and welfare edit GDP per capita per person is often used as a measure of a person s welfare Countries with higher GDP may be more likely to also score high on other measures of welfare such as life expectancy However there are serious limitations to the usefulness of GDP as a measure of welfare Measures of GDP typically exclude unpaid economic activity most importantly domestic work such as childcare This leads to distortions for example a paid nanny s income contributes to GDP but an unpaid parent s time spent caring for children will not even though they are both carrying out the same economic activity GDP takes no account of the inputs used to produce the output For example if everyone worked for twice the number of hours then GDP might roughly double but this does not necessarily mean that workers are better off as they would have less leisure time Similarly the impact of economic activity on the environment is not measured in calculating GDP Comparison of GDP from one country to another may be distorted by movements in exchange rates Measuring national income at purchasing power parity may overcome this problem at the risk of overvaluing basic goods and services for example subsistence farming GDP does not measure factors that affect quality of life such as the quality of the environment as distinct from the input value and security from crime This leads to distortions for example spending on cleaning up an oil spill is included in GDP but the negative impact of the spill on well being e g loss of clean beaches is not measured GDP is the mean average wealth rather than median middle point wealth Countries with a skewed income distribution may have a relatively high per capita GDP while the majority of its citizens have a relatively low level of income due to concentration of wealth in the hands of a small fraction of the population See Gini coefficient Because of this other measures of welfare such as the Human Development Index HDI Index of Sustainable Economic Welfare ISEW Genuine Progress Indicator GPI gross national happiness GNH and sustainable national income SNI are used Difficulties in measurement of national income edit There are many difficulties when it comes to measuring national income however these can be grouped into conceptual difficulties and practical difficulties Conceptual difficulties edit Inclusion of Services There has been some debate about whether to include services in the counting of national income and if it counts as output Marxian economists are of the belief that services should be excluded from national income most other economists though are in agreement that services should be included Identifying Intermediate Goods The basic concept of national income is to only include final goods intermediate goods are never included but in reality it is very hard to draw a clear cut line as to what intermediate goods are Many goods can be justified as intermediate as well as final goods depending on their use Identifying Factor Incomes Separating factor incomes and non factor incomes is also a huge problem Factor incomes are those paid in exchange for factor services like wages rent interest etc Non factor are sale of shares selling old cars property etc but these are made to look like factor incomes and hence are mistakenly included in national income Services of Housewives and other similar services National income includes those goods and services for which payment has been made but there are scores of jobs for which money as such is not paid also there are jobs which people do themselves like maintain the gardens etc so if they hired someone else to do this for them then national income would increase the argument then is why are these acts not accounted for now but the bigger issue would be how to keep a track of these activities and include them in national income Practical difficulties edit Unreported Illegal Income Sometimes people don t provide all the right information about their incomes to evade taxes so this obviously causes disparities in the counting of national income Non Monetized Sector In many developing nations there is this issue that goods and services are traded through barter i e without any money Such goods and services should be included in accounting of national income but the absence of data makes this inclusion difficult See also edit Capital formation Chained volume series Compensation of employees European System of Accounts Green National Product Gross National Product Gross domestic product Gross national happiness GNH Gross national income in the European Union Gross output Input output model Intermediate consumption National accounts National Income and Product Accounts Net output Penn World Table Savings identity United Nations System of National Accounts UNSNA Wealth economics References edit Jump up ^ Australian Bureau of Statistics Concepts Sources and Methods Chap Economic concepts and the national accounts Production The production boundary Retrieved November Jump up ^ E g William Petty Gregory King and in France Boisguillebert and Vauban Australia s National Accounts Concepts Sources and Methods Chapter heading Brief history of economic accounts retrieved November Jump up ^ Australian Council of Trade Unions APHEDA Glossary accessed November Jump up ^ United States of the United States p retrieved November Jump up ^ U S Federal Reserve the link appears to be dead as of late Jump up ^ Penn State Glossary Bibliography edit Australian Bureau of Statistics Australian National Accounts Concepts Sources and Methods This fairly large document has a wealth of information on the meaning of the national income and output measures and how they are obtained External links edit Library resources about National income Investment From Wikipedia the free encyclopedia Redirected from Investments This article is about investment in finance For investment in macroeconomics see Investment macroeconomics For other uses see Investment disambiguation Invest redirects here For the term in meteorology see Invest meteorology This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed February Learn how and when to remove this template message To invest is to allocate money or sometimes another resource such as time in the expectation of some benefit in the future In finance the benefit from investment is called a return The return may consist of capital gain or investment income including dividends interest rental income etc or a combination of the two The projected economic return is the appropriately discounted value of the future returns The historic return comprises the actual capital gain or loss or income or both over a period of time Investment generally results in acquiring an asset also called an investment If the asset is available at a price worth investing it is normally expected either to generate income or to appreciate in value so that it can be sold at a higher price or both Investors generally expect higher returns from riskier investments Financial assets range from low risk low return investments such as high grade government bonds to those with higher risk and higher expected commensurate reward such as emerging markets stock investments Investors particularly novices are often advised to adopt an investment strategy and diversify their portfolio Diversification has the statistical effect of reducing overall risk Contents hide Related terms Famous investors Intermediaries and collective investments History Value investment Free cash flow and capital structure EBITDA Capital gains taxes Types of financial investment See also References External links Related terms edit Investment differs from arbitrage in which profit is generated without investing capital or bearing risk An investor may bear a risk of loss of some or all of their capital invested whereas in saving such as in a bank deposit the risk of loss in nominal value is normally remote Note that if the currency of a savings account differs from the account holder s home currency then there is the risk that the exchange rate between the two currencies will move unfavorably so that the value in the account holder s home currency of the savings account decreases Speculation involves a level of risk which is greater than most investors would generally consider justified by the expected return An alternative characterization of speculation is its short term opportunistic nature Famous investors edit Investors famous for their success include Warren Buffett In March Forbes magazine Warren Buffett ranked number in their Forbes list Buffett has advised in numerous articles and interviews that a good investment strategy is long term and choosing the right assets to invest in requires due diligence Edward O Thorp was a highly successful hedge fund manager in the s and s who spoke of a similar approach The investment principles of both of these investors have points in common with the Kelly criterion for money management Numerous interactive calculators which use the Kelly criterion can be found online Intermediaries and collective investments edit Investments are often made indirectly through intermediary financial institutions These intermediaries include pension funds banks and insurance companies They may pool money received from a number of individual end investors into funds such as investment trusts unit trusts SICAVs etc to make large scale investments Each individual investor holds an indirect or direct claim on the assets purchased subject to charges levied by the intermediary which may be large and varied Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averaging and market timing History edit The Code of Hammurabi around BC provided a legal framework for investment establishing a means for the pledge of collateral by codifying debtor and creditor rights in regard to pledged land Punishments for breaking financial obligations were not as severe as those for crimes involving injury or death In the early s purchasers of stocks bonds and other securities were described in media academia and commerce as speculators By the s the term investment had come to denote the more conservative end of the securities spectrum while speculation was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time Since the last half of the th century the terms speculation and speculator have specifically referred to higher risk ventures Value investment edit Main article value investing A value investor buys undervalued securities and sells overvalued ones To identify undervalued securities a value investor uses analysis of the financial reports of the issuer to evaluate the security Value investors employ accounting ratios such as earnings per share and sales growth to identify securities trading at prices below their worth Warren Buffett and Benjamin Graham are notable examples of value investors Graham and Dodd s seminal work Security Analysis was written in the wake of the Wall Street Crash of The price to earnings ratio P E or earnings multiple is a particularly significant and recognized fundamental ratio with a function of dividing the share price of stock by its earnings per share This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings This ratio is an important aspect due to its capacity as measurement for the comparison of valuations of various companies A stock with a lower P E ratio will cost less per share than one with a higher P E taking into account the same level of financial performance therefore it essentially means a low P E is the preferred option An instance in which the price to earnings ratio has a lesser significance is when companies in different industries are compared An example although it is reasonable for a telecommunications stock to show a P E in the low teens in the case of hi tech stock a P E in the s range is not unusual When making comparisons the P E ratio can give you a refined view of a particular stock valuation For investors paying for each dollar of a company s earnings the P E ratio is a significant indicator but the price to book ratio P B is also a reliable indication of how much investors are willing to spend on each dollar of company assets In the process of the P B ratio the share price of a stock is divided by its net assets any intangibles such as goodwill are not taken into account It is a crucial factor of the price to book ratio due to it indicating the actual payment for tangible assets and not the more difficult valuation of intangibles Accordingly the P B could be considered a comparatively conservative metric Free cash flow and capital structure edit Free cash flow measures the cash a company generates which is available to its debt and equity investors after allowing for reinvestment in working capital and capital expenditure High and rising free cash flow therefore tend to make a company more attractive to investors The debt to equity ratio is an indicator of capital structure A high proportion of debt reflected in a high debt to equity ratio tends to make a company s earnings free cash flow and ultimately the returns to its investors more risky or volatile Investors compare a company s debt to equity ratio with those of other companies in the same industry and examine trends in debt to equity ratios and free cash flow EBITDA edit A popular valuation metric is Earnings Before Interest Tax Depreciation and Amortization EBITDA with application for example to valuing unlisted companies and mergers and acquisitions For an attractive investment for example a company competing in a high growth industry an investor might expect a significant acquisition premium above book value or current market value which values the company at several times the most recent EBITDA A private equity fund for example may buy a target company for a multiple of its historical or forecasted EBITDA perhaps as much as or times In certain cases an EBITDA may be sacrificed by a company in order for the pursuance of future growth a strategy frequently used by corporate giants such as Amazon Google and Microsoft among others This is a business decision that can impact negatively on buyout offers founded on EBITDA and can be the cause of many negotiations failing It may be recognized as a valuation breach with many investors maintaining that sellers are too demanding while buyers are regarded as failing to realize the long term potential of expenditure or acquisitions Capital gains taxes edit Globe icon The examples and perspective in this article may not represent a worldwide view of the subject You may improve this article discuss the issue on the talk page January Learn how and when to remove this template message The amount to pay in taxes for long term investments investments that span over a year long term and short term investments such as those that are below a year are different The long term investments range from Zero to twenty percent for capital gains and they are regulated by what tax bracket you are in for income taxes For the zero to fifteen percent income tax bracket you could qualify for the zero percent long term capital gains rate The next bracket is the fifteen to twenty percent income tax bracket where you are set at fifteen percent capital gains tax for long term investments The next bracket is between twenty and percent and that leads to a twenty percent capital gains tax however with these numbers you should add percent for the health care surtax The short term capital gains tax is also related to your total taxable income and is taxed at the same rate as your income and ranges from ten to percent Types of financial investment edit Types of financial investments include Alternative investments Traditional investments Interested investment See also edit Asset Capital accumulation Capital gains tax Diversification finance Foreign direct investment Fundamental Analysis Fundamental Analysis Software Hedge fund List of countries by gross fixed investment as percentage of GDP List of economics topics Market sentiment Mortgage investment corporation Rate of return Risk Socially responsible investing Specialized investment fund Technical Analysis Time value of money References edit Jump up ^ Editor Forbes Warren Buffett Forbes Magazine Retrieved March Jump up ^ Thorp Edward Kelly Capital Growth Investment Criterion World Scientific ISBN Jump up ^ The Kelly Formula Growth Optimized Money Management Seeking Alpha Healthy Wealthy Wise Project Jump up ^ Jacques Ryan Kelly Calculator Investment Tool Retrieved October Jump up ^ The Code of Hammurabi The Avalon Project Documents in Law History and Diplomacy Jump up ^ Price Earnings Ratio P E Ratio Investopedia Jump up ^ What is EBITDA Jump up ^ Guide to Short term vs Long term Capital Gains Taxes Brokerage Accounts etc Intuit Turbo Tax Turbo Tax Retrieved November External links edit Wikiquote has quotations related to Investment Competition From Wikipedia the free encyclopedia For other uses see Competition disambiguation Competitors redirects here For the Sergey Lukyanenko novel see Competitors novel Competition in sports A selection of images showing some of the sporting events that are classed as athletics competitions Competition is in general a contest or rivalry between two or more entities organisms animals individuals economic groups or social groups etc for territory a niche for scarce resources goods for mates for prestige recognition for awards for group or social status or for leadership and profit It arises whenever at least two parties strive for a goal which cannot be shared where one s gain is the other s loss a zero sum game Competition occurs naturally between living organisms which co exist in the same environment For example animals compete over water supplies food mates and other biological resources Humans usually compete for food and mates though when these needs are met deep rivalries often arise over the pursuit of wealth power prestige and fame Competition is often considered to be the opposite of cooperation however in the real world mixtures of cooperation and competition are the norm Optimal strategies to achieve goals are studied in the branch of mathematics known as games theory Competition is also a major tenet of market economies and business It is often associated with business competition as most companies are in competition with at least one other firm over the same group of customers Also competition inside a company is usually stimulated with the larger purpose of meeting and reaching higher quality of services or improved products that the company may produce or develop Contents hide Consequences Biology and ecology Game theory Economics and business Interstate Law Trade Politics Sports Education Literature Consumer competitions games of luck or skill Study Competitiveness Hypercompetitiveness Philosophies Marx Freud Gandhi See also References Consequences edit Competition can have both beneficial and detrimental effects Many evolutionary biologists view inter species and intra species competition as the driving force of adaptation and ultimately of evolution However some biologists disagree citing competition as a driving force only on a small scale and citing the larger scale drivers of evolution to be abiotic factors termed Room to Roam Richard Dawkins prefers to think of evolution in terms of competition between single genes which have the welfare of the organism in mind only insofar as that welfare furthers their own selfish drives for replication termed the selfish gene Some social Darwinists claim that competition also serves as a mechanism for determining the best suited group politically economically and ecologically Positively competition may serve as a form of recreation or a challenge provided that it is non hostile On the negative side competition can cause injury and loss to the organisms involved and drain valuable resources and energy In the human species competition can be expensive on many levels not only in lives lost to war physical injuries and damaged psychological well beings but also in the health effects from everyday civilian life caused by work stress long work hours abusive working relationships and poor working conditions that detract from the enjoyment of life even as such competition results in financial gain for the owners Biology and ecology edit Main article Competition biology Competition within between and among species is one of the most important forces in biology especially in the field of ecology Competition between members of a species intraspecific for resources such as food water territory and sunlight may result in an increase in the frequency of a variant of the species best suited for survival and reproduction until its fixation within a population However competition among resources also has a strong tendency for diversification between members of the same species resulting in coexistence of competitive and non competitive strategies or cycles between low and high competitiveness Third parties within a species often favour highly competitive strategies leading to species extinction when environmental conditions are harsh evolutionary suicide Competition is also present between species interspecific When resources are limited several species may depend on these resources Thus each of the species competes with the others to gain access to the resources As a result species less suited to compete for the resources may die out unless they adapt by character dislocation for instance According to evolutionary theory this competition within and between species for resources plays a significant role in natural selection At shorter time scales competition is also one of the most important factors controlling diversity in ecological communities but at larger scales expansion and contraction of ecological space is a much more larger factor than competition This is illustrated by living plant communities where asymmetric competition and competitive dominance frequently occur Game theory edit Main article Game theory Game theory is the study of mathematical models of conflict and cooperation between intelligent rational decision makers Game theory is mainly used in economics political science and psychology as well as logic computer science biology and poker Originally it mainly addressed zero sum games in which one person s gains result in losses for the other participants Game theory is a major method used in mathematical economics and business for modeling competing behaviors of interacting agents Applications include a wide array of economic phenomena and approaches such as auctions bargaining mergers acquisitions pricing fair division duopolies oligopolies social network formation agent based computational economics general equilibrium mechanism design and voting systems and across such broad areas as experimental economics behavioral economics information economics industrial organization and political economy This research usually focuses on particular sets of strategies known as solution concepts or equilibria A common assumption is that players act rationally In non cooperative games the most famous of these is the Nash equilibrium A set of strategies is a Nash equilibrium if each represents a best response to the other strategies If all the players are playing the strategies in a Nash equilibrium they have no unilateral incentive to deviate since their strategy is the best they can do given what others are doing Economics and business edit Main article Competition economics Merriam Webster defines competition in business as the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms It was described by Adam Smith in The Wealth of Nations and later economists as allocating productive resources to their most highly valued uses and encouraging efficiency Later microeconomic theory distinguished between perfect competition and imperfect competition concluding that no system of resource allocation is more efficient than perfect competition Competition according to the theory causes commercial firms to develop new products services and technologies which would give consumers greater selection and better products The greater selection typically causes lower prices for the products compared to what the price would be if there was no competition monopoly or little competition oligopoly However competition may also lead to wasted duplicated effort and to increased costs and prices in some circumstances For example the intense competition for the small number of top jobs in music and movie acting leads many aspiring musicians and actors to make substantial investments in training which are not recouped because only a fraction become successful Critics have also argued that competition can be destabilizing particularly competition between certain financial institutions Experts have also questioned the constructiveness of competition in profitability It has been argued that competition oriented objectives are counterproductive to raising revenues and profitability because they limit the options of strategies for firms as well as their ability to offer innovative responses to changes in the market In addition the strong desire to defeat rival firms with competitive prices has the strong possibility of causing price wars Three levels of economic competition have been classified The most narrow form is direct competition also called category competition or brand competition where products which perform the same function compete against each other For example one brand of pick up trucks competes with several other brands of pick up trucks Sometimes two companies are rivals and one adds new products to their line which leads to the other company distributing the same new things and in this manner they compete The next form is substitute or indirect competition where products which are close substitutes for one another compete For example butter competes with margarine mayonnaise and other various sauces and spreads The broadest form of competition is typically called budget competition Included in this category is anything on which the consumer might want to spend their available money For example a family which has available may choose to spend it on many different items which can all be seen as competing with each other for the family s expenditure This form of competition is also sometimes described as a competition of share of wallet In addition companies also compete for financing on the capital markets equity or debt in order to generate the necessary cash for their operations An investor typically will consider alternative investment opportunities given his risk profile and not only look at companies just competing on product direct competitors Enlarging the investment universe to include indirect competitors leads to a broader peer universe of comparable indirectly competing companies Competition does not necessarily have to be between companies For example business writers sometimes refer to internal competition This is competition within companies The idea was first introduced by Alfred Sloan at General Motors in the s Sloan deliberately created areas of overlap between divisions of the company so that each division would be competing with the other divisions For example the Chevy division would compete with the Pontiac division for some market segments The competing brands by the same company allowed parts to be designed by one division and shared by several divisions for example parts designed by Chevy would also be used by Pontiac Also in Procter Gamble initiated a deliberate system of internal brand versus brand rivalry The company was organized around different brands with each brand allocated resources including a dedicated group of employees willing to champion the brand Each brand manager was given responsibility for the success or failure of the brand and compensated accordingly Finally most businesses also encourage competition between individual employees An example of this is a contest between sales representatives The sales representative with the highest sales or the best improvement in sales over a period of time would gain benefits from the employer This is also known as intra brand competition Shalev and Asbjornsen also found that success i e the saving resulted of reverse auctions correlated most closely with competition The literature widely supported the importance of competition as the primary driver of reverse auctions success Their findings appear to support that argument as competition correlated strongly with the reverse auction success as well as with the number of bidders It should also be noted that business and economic competition in most countries is often limited or restricted Competition often is subject to legal restrictions For example competition may be legally prohibited as in the case with a government monopoly or a government granted monopoly Tariffs subsidies or other protectionist measures may also be instituted by government in order to prevent or reduce competition Depending on the respective economic policy pure competition is to a greater or lesser extent regulated by competition policy and competition law Another component of these activities is the discovery process with instances of higher government regulations typically leading to less competitive businesses being launched Interstate edit See also Race to the bottom Competition between countries is quite subtle to detect but is quite evident in the world economy Countries compete to provide the best possible business environment for multinational corporations Such competition is evident by the policies undertaken by these countries to educate the future workforce For example East Asian economies such as Singapore Japan and South Korea tend to emphasize education by allocating a large portion of the budget to this sector and by implementing programmes such as gifted education Law edit Main article Competition law The Department of Justice building in Washington D C is home to the influential antitrust enforcers of U S competition laws Competition law known in the United States as antitrust law has three main functions First it prohibits agreements aimed to restrict free trading between business entities and their customers For example a cartel of sports shops who together fix football jersey prices higher than normal is illegal Second competition law can ban the existence or abusive behaviour of a firm dominating the market One case in point could be a software company who through its monopoly on computer platforms makes consumers use its media player Third to preserve competitive markets the law supervises the mergers and acquisitions of very large corporations Competition authorities could for instance require that a large packaging company give plastic bottle licenses to competitors before taking over a major PET producer In this case as in all three competition law aims to protect the welfare of consumers by ensuring business must compete for its share of the market economy In recent decades competition law has also been sold as good medicine to provide better public services traditionally funded by tax payers and administered by democratically accountable governments Hence competition law is closely connected with the law on deregulation of access to markets providing state aids and subsidies the privatisation of state owned assets and the use of independent sector regulators such as the United Kingdom telecommunications watchdog Ofcom Behind the practice lies the theory which over the last fifty years has been dominated by neo classical economics Markets are seen as the most efficient method of allocating resources although sometimes they fail and regulation becomes necessary to protect the ideal market model Behind the theory lies the history reaching back further than the Roman Empire The business practices of market traders guilds and governments have always been subject to scrutiny and sometimes severe sanctions Since the twentieth century competition law has become global The two largest most organised and influential systems of competition regulation are United States antitrust law and European Community competition law The respective national authorities the U S Department of Justice DOJ and the Federal Trade Commission FTC in the United States and the European Commission s Competition Directorate General DGCOMP have formed international support and enforcement networks Competition law is growing in importance every day which warrants for its careful study Trade edit Competition is also found in trade For nations as well as firms it is important to understand trade dynamics in order to market their goods and services effectively in international markets Balance of trade can be considered a crude but widely used proxy for international competitiveness across levels country industry or even firm Research data hints that exporting firms have a higher survival rate and achieve greater employment growth compared with non exporters Using a simple concept to measure heights that firms can climb may help improve execution of strategies International competitiveness can be measured on several criteria but few are as flexible and versatile to be applied across levels as Trade Competitiveness Index TCI Politics edit Competition is also found in politics In democracies an election is a competition for an elected office In other words two or more candidates strive and compete against one another to attain a position of power The winner gains the seat of the elected office for a predefined period of time towards the end of which another election is usually held to determine the next holder of the office In addition there is inevitable competition inside a government Because several offices are appointed potential candidates compete against the others in order to gain the particular office Departments may also compete for a limited amount of resources such as for funding Finally where there are party systems elected leaders of different parties will ultimately compete against the other parties for laws funding and power Finally competition also exists between governments Each country or nationality struggles for world dominance power or military strength For example the United States competed against the Soviet Union in the Cold War for world power and the two also struggled over the different types of government in these cases representative democracy and communism The result of this type of competition often leads to worldwide tensions and may sometimes erupt into warfare Sports edit The United States Olympic Committee s headquarters in Colorado Springs Colorado The Olympic Games are regarded as the international pinnacle of sports competition While some sports and games such as fishing or hiking have been viewed as primarily recreational most sports are considered competitive The majority involve competition between two or more persons sometimes using horses or cars For example in a game of basketball two teams compete against one another to determine who can score the most points When there is no set reward for the winning team many players gain a sense of pride In addition extrinsic rewards may also be given Athletes besides competing against other humans also compete against nature in sports such as whitewater kayaking or mountaineering where the goal is to reach a destination with only natural barriers impeding the process A regularly scheduled for instance annual competition meant to determine the best competitor of that cycle is called a championship Baseball a competitive sport Competitive sports are governed by codified rules agreed upon by the participants Violating these rules is considered to be unfair competition Thus sports provide artificial not natural competition for example competing for control of a ball or defending territory on a playing field is not an innate biological factor in humans Athletes in sports such as gymnastics and competitive diving compete against each other in order to come closest to a conceptual ideal of a perfect performance which incorporates measurable criteria and standards which are translated into numerical ratings and scores by appointed judges Sports competition is generally broken down into three categories individual sports such as archery dual sports such as doubles tennis and team sports competition such as cricket or football While most sports competitions are recreation there exist several major and minor professional sports leagues throughout the world The Olympic Games held every four years is usually regarded as the international pinnacle of sports competition Education edit Competition is a major factor in education On a global scale national education systems intending to bring out the best in the next generation encourage competitiveness among students through scholarships Countries such as England and Singapore have special education programmes which cater for specialist students prompting charges of academic elitism Upon receipt of their academic results students tend to compare their grades to see who is better In severe cases the pressure to perform in some countries is so high that it can result in stigmatization of intellectually deficient students or even suicide as a consequence of failing the exams Japan being a prime example see Education in Japan This has resulted in critical re evaluation of examinations as a whole by educationalists citation needed Critics of competition as a motivating factor in education systems such as Alfie Kohn assert that competition actually has a net negative influence on the achievement levels of students and that it turns all of us into losers Kohn Economist Richard Layard has commented on the harmful effects stating people feel that they are under a great deal of pressure They feel that their main objective in life is to do better than other people That is certainly what young people are being taught in school every day And it s not a good basis for a society Literature edit Literary competitions such as contests sponsored by literary journals publishing houses and theaters have increasingly become a means for aspiring writers to gain recognition Awards for fiction include those sponsored by the Missouri Review Boston Review Indiana Review North American Review and Southwest Review The Albee Award sponsored by the Yale Drama Series is among the most prestigious playwriting awards citation needed Consumer competitions games of luck or skill edit Further information Game of chance In Australia New Zealand and the United Kingdom competitions or lottos are the equivalent of what are commonly known as sweepstakes in the United States The correct technical name for Australian consumer competitions is a trade promotion lottery or lottos Competition or trade promotion lottery entrants enter to win a prize or prizes hence many entrants are all in competition or competing for a limited number of prizes A trade promotion lottery or competition is a free entry lottery run to promote goods or services supplied by a business An example is where you purchase goods or services and then given the chance to enter into the lottery and possibly win a prize A trade promotion lottery can be called a lotto competition contest sweepstake or giveaway Such competitions can be games of luck randomly drawn or skill judged on an entry question or submission or possibly a combination of both People that enjoy entering competitions are known as compers Many compers attend annual national conventions In over members of the online competitions community of lottos com au from around Australia met on the Gold Coast Queensland to discuss competitions Study edit Competition has been studied in several fields including psychology sociology and anthropology Social psychologists for instance study the nature of competition They investigate the natural urge of competition and its circumstances They also study group dynamics to detect how competition emerges and what its effects are Sociologists meanwhile study the effects of competition on society as a whole In addition anthropologists study the history and prehistory of competition in various cultures They also investigate how competition manifested itself in various cultural settings in the past and how competition has developed over time Competitiveness edit Main article Competitiveness Many philosophers and psychologists have identified a trait in most living organisms which can drive the particular organism to compete This trait called competitiveness is viewed as an innate biological trait citation needed which coexists along with the urge for survival Competitiveness or the inclination to compete though has become synonymous with aggressiveness and ambition in the English language More advanced civilizations integrate aggressiveness and competitiveness into their interactions as a way to distribute resources and adapt Many plants compete with neighboring ones for sunlight However Stephen Jay Gould and others have argued that as one ascends the evolutionary hierarchy competitiveness the survival instinct becomes less innate and more a learned behavior citation needed The same could be said for co operation in humans at least both co operation and competition are considered learned behaviors citation needed because the human species learns to adapt to environmental pressures Consequently if survival requires competitive behaviors the individual will compete and if survival requires co operative behaviors the individual will co operate In the case of humans therefore aggressiveness may be an innate characteristic but a person need not be competitive at the same time for instance when scaling a cliff On the other hand humans seem also to have a nurturing instinct to protect newborns and the weak While that does not necessitate co operative behavior it does help citation needed The term also applies to econometrics Here it is a comparative measure of the ability and performance of a firm or sub sector to sell and produce supply goods and or services in a given market The two academic bodies of thought on the assessment of competitiveness are the Structure Conduct Performance Paradigm and the more contemporary New Empirical Industrial Organisation model Predicting changes in the competitiveness of business sectors is becoming an integral and explicit step in public policymaking Within capitalist economic systems the drive of enterprises is to maintain and improve their own competitiveness Hypercompetitiveness edit The tendency toward extreme unhealthy competition has been termed hypercompetitiveness This concept originated in Karen Horney s theories on neurosis specifically the highly aggressive personality type which is characterized as moving against people In her view some people have a need to compete and win at all costs as a means of maintaining their self worth These individuals are likely to turn any activity into a competition and they will feel threatened if they find themselves losing Researchers have found that men and women who score high on the trait of hypercompetitiveness are more narcissistic and less psychologically healthy than those who score low on the trait Hypercompetitive individuals generally believe that winning isn t everything it s the only thing citation needed Philosophies edit Margaret Heffernan s study A Bigger Prize examines the perils and disadvantages of competition in for example biology families sport education commerce and the Soviet Union Marx edit Karl Marx insisted that the capitalist system fosters competition and egoism in all its members and thoroughly undermines all genuine forms of community It promotes a climate of competitive egoism and individualism with competition for jobs and competition between employees Marx said competition between workers exceeds that demonstrated by company owners He also points out that competition separates individuals from one another and while concentration of workers and development of better communication alleviate this they are not a decision Freud edit Sigmund Freud explained competition as a primal dilemma in which all infants find themselves The infant competes with other family members for the attention and affection of the parent of the opposite sex or the primary caregiving parent During this time a boy develops a deep fear that the father the son s prime rival will punish him for these feelings of desire for the mother by castrating him Girls develop penis envy towards all males The girl s envy is rooted in the biologic fact that without a penis she cannot sexually possess mother as the infantile id demands resultantly the girl redirects her desire for sexual union upon father in competitive rivalry with her mother This constellation of feelings is known as Oedipus Complex after the Greek Mythology figure who accidentally killed his father and married his mother This is associated with the phallic stage of childhood development where intense primal emotions of competitive rivalry with usually the parent of the same sex are rampant and create a crisis that must be negotiated successfully for healthy psychological development to proceed Unresolved Oedipus complex competitiveness issues can lead to lifelong neuroses manifesting in various ways related to an overdetermined relationship to competition Gandhi edit Gandhi speaks of egoistic competition For him such qualities glorified and or left unbridled can lead to violence conflict discord and destructiveness For Gandhi competition comes from the ego and therefore society must be based on mutual love cooperation and sacrifice for the well being of humanity In the society desired by Gandhi each individual will cooperate and serve for the welfare of others and people will share each other s joys sorrows and achievements as a norm of a social life For him in a non violent society competition does not have a place and this should become realized with more people making the personal choice to have fewer tendencies toward egoism and selfishness See also edit Look up competition or competitor in Wiktionary the free dictionary Wikiquote has quotations related to Competition Asymmetric competition Biological interaction Competition regulator Competitor analysis Conflict of interest Cooperation Ecological model of competition Monopolistic competition Non zero sum game Win win game Planned economy Prisoner s dilemma Sharing Student competitions Zero profit condition Zero sum References edit ^ Jump up to a b c Keddy P A Competition nd ed Kluwer Dordrecht p Jump up ^ Competition Sociology guide ^ Jump up to a b Sahney S Benton M J and Ferry P A Links between global taxonomic diversity ecological diversity and the expansion of vertebrates on land PDF Biology Letters – doi rsbl PMC Freely accessible PMID Jump up ^ Baldauf Sebastian A Engqvist Leif Weissing Franz J October Diversifying evolution of competitiveness Nature Communications doi ncomms PMID Jump up ^ Myerson Roger B Game Theory Analysis of Conflict Harvard University Press p Chapter preview links pp vii–xi Jump up ^ Christopher Chabris July The Science of Winning Poker WSJ Jump up ^ • At JEL C of the Journal of Economic Literature classification codes • R J Aumann game theory The New Palgrave Dictionary of Economics nd Edition Abstract • Martin Shubik Game Theory Models and Methods in Political Economy in Kenneth Arrow and Michael Intriligator ed Handbook of Mathematical Economics v pp – doi S • Carl Shapiro The Theory of Business Strategy RAND Journal of Economics pp – JSTOR Jump up ^ N Agarwal and P Zeephongsekul Psychological Pricing in Mergers Acquisitions using Game Theory School of Mathematics and Geospatial Sciences RMIT University Melbourne Jump up ^ • Leigh Tesfatsion Agent Based Computational Economics A Constructive Approach to Economic Theory ch Handbook of Computational Economics v pp – doi S • Joseph Y Halpern computer science and game theory The New Palgrave Dictionary of Economics nd Edition Abstract Jump up ^ • From The New Palgrave Dictionary of Economics nd Edition Roger B Myerson mechanism design Abstract Archived November at the Wayback Machine revelation principle Abstract • Tuomas Sandholm computing in mechanism design Abstract Archived November at the Wayback Machine • Noam Nisan and Amir Ronen Algorithmic Mechanism Design Games and Economic Behavior – pp – • Noam Nisan et al ed Algorithmic Game Theory Cambridge University Press Description Jump up ^ Aumann R and Hart S eds Handbook of Game Theory with Economic Applications v ch Voting Procedures and ch Social Choice Jump up ^ • Vernon L Smith Game Theory and Experimental Economics Beginnings and Early Influences in E R Weintraub ed Towards a History of Game Theory pp – • Experimental Economics International Encyclopedia of the Social Behavioral Sciences pp – Abstract per sect • Charles R Plott and Vernon L Smith ed Handbook of Experimental Economics Results v Elsevier Part Games ch – • Vincent P Crawford Theory and Experiment in the Analysis of Strategic Interaction in Advances in Economics and Econometrics Theory and Applications pp – Cambridge Reprinted in Colin F Camerer et al ed Advances in Behavioral Economics Princeton – papers Description preview Princeton ch • Martin Shubik Game Theory and Experimental Gaming in R Aumann and S Hart ed Handbook of Game Theory with Economic Applications Elsevier v pp – doi S Jump up ^ From The New Palgrave Dictionary of Economics nd Edition • Faruk Gul behavioural economics and game theory Abstract • Colin F Camerer behavioral game theory Abstract Archived November at the Wayback Machine • Progress in Behavioral Game Theory Journal of Economic Perspectives p pp – • Behavioral Game Theory Princeton Description preview ctrl and ch link • George Loewenstein and Matthew Rabin ed Advances in Behavioral Economics Princeton – papers Description contents and preview • Drew Fudenberg Advancing Beyond Advances in Behavioral Economics Journal of Economic Literature pp – JSTOR Jump up ^ • Eric Rasmusen Games and Information th ed Description and chapter preview • David M Kreps Game Theory and Economic Modelling Description • R Aumann and S Hart ed Handbook of Game Theory with Economic Applications v ch – and v ch Jump up ^ • Jean Tirole The Theory of Industrial Organization MIT Press Description and chapter preview links pp vii–ix General Organization pp – and Non Cooperative Game Theory A User s Guide Manual ch pp – • Kyle Bagwell and Asher Wolinsky Game theory and Industrial Organization ch Handbook of Game Theory with Economic Applications v pp – • Martin Shubik Strategy and Market Structure Competition Oligopoly and the Theory of Games Wiley Description and review extract • with Richard Levitan Market Structure and Behavior Harvard University Press Review extract Archived March at the Wayback Machine Jump up ^ • Martin Shubik Game Theory Models and Methods in Political Economy in Handbook of Mathematical Economics v pp – doi S • A Game Theoretic Approach to Political Economy MIT Press Description Archived June at the Wayback Machine Jump up ^ • Martin Shubik Game Theory Economic Applications in W Kruskal and J M Tanur ed International Encyclopedia of Statistics v pp – • Robert Aumann and Sergiu Hart ed Handbook of Game Theory with Economic Applications scrollable to chapter outline or abstract links v v v Jump up ^ Game theoretic model to examine the two tradeoffs in the acquisition of information for a careful balancing act Research paper INSEAD Jump up ^ Options Games Balancing the trade off between flexibility and commitment Archived June at the Wayback Machine Europeanfinancialreview com Retrieved on Jump up ^ m w com Jump up ^ George J Stigler competition The New Palgrave Dictionary of Economics Abstract Jump up ^ Michael Simkovic Competition and Crisis in Mortgage Securitization Jump up ^ J Scott Armstrong Fred Collopy The Profitability of Winning PDF Chief Executive – Jump up ^ J Scott Armstrong Kesten C Greene Competitor oriented Objectives The Myth of Market Share PDF International Journal of Business – ISSN Jump up ^ papers ssrn com Jump up ^ Electronic revers auctions and the public sector – Factors of success Journal of Public Procurement Shalev Moshe and Asbjornsen Stee pp – Jump up ^ Competition Regulation and the Market Process An Austrian Perspective Sept by Israel M Kirzner Jump up ^ JJB Sports v OFT CAT Jump up ^ in the E U side of the saga see Case T Microsoft v Commission Order December Jump up ^ Case C P Commission v Tetra Laval Jump up ^ Manthri P Bhokray K Momaya K S Export Competitiveness of Select Firms from India Glimpse of Trends and Implications PDF Indian Journal of Marketing – doi ijom v i Jump up ^ Group dedicated to happiness launched in UK BBC video April Jump up ^ OLGR > Promotions and competitions > Trade promotion lotteries Olgr nsw gov au Retrieved Jump up ^ NATIONAL LOTTOS MEET GOLD COAST TH SEPTEMBER Lottos com au Retrieved Jump up ^ Comp Queens Aca ninemsn com au Retrieved Economic indicator From Wikipedia the free encyclopedia Economics Supply demand right shift demand svg A supply and demand diagram illustrating the effects of an increase in demand Index Outline Category History Types Classification History of economics Economic history academic study Schools of economics Microeconomics Macroeconomics Methodology Heterodox economics JEL classification codes Concepts Theory Techniques Econometrics Economic growth Economic system Experimental economics Mathematical economics Game theory Post scarcity Market National accounting By application Agricultural Behavioral Business Computational Cultural Demographic Development Digitization Ecological Education Environmental Evolutionary Expeditionary Geography Health Industrial organization Information International Knowledge Labour Law Managerial Monetary Financial Natural resource Organizational Personnel Public Welfare economics Regional Rural Service Urban Welfare Lists Economists Publications journals Emblem money svg Business and economics portal v t e An economic indicator is a statistic about an economic activity Economic indicators allow analysis of economic performance and predictions of future performance One application of economic indicators is the study of business cycles Economic indicators include various indices earnings reports and economic summaries Examples unemployment rate quits rate quit rate in U S English housing starts consumer price index a measure for inflation consumer leverage ratio industrial production bankruptcies gross domestic product broadband internet penetration retail sales stock market prices money supply changes The leading business cycle dating committee in the United States of America is the National Bureau of Economic Research private The Bureau of Labor Statistics is the principal fact finding agency for the U S government in the field of labor economics and statistics Other producers of economic indicators includes the United States Census Bureau and United States Bureau of Economic Analysis Contents hide Classification by timing Leading indicators Lagging indicators Coincident indicators By direction Local indicators See also References External links Classification by timing edit Equities as leading GDP as coincident and business credit as lagging indicator Economic indicators can be classified into three categories according to their usual timing in relation to the business cycle leading indicators lagging indicators and coincident indicators Leading indicators edit Leading indicators are indicators that usually but not always change before the economy as a whole changes They are therefore useful as short term predictors of the economy Stock market returns are a leading indicator the stock market usually begins to decline before the economy as a whole declines and usually begins to improve before the general economy begins to recover from a slump Other leading indicators include the index of consumer expectations building permits and the money supply The Conference Board publishes a composite Leading Economic Index consisting of ten indicators designed to predict activity in the U S economy six to nine months in future Components of the Conference Board s Leading Economic Indicators Index Average weekly hours manufacturing — Adjustments to the working hours of existing employees are usually made in advance of new hires or layoffs which is why the measure of average weekly hours is a leading indicator for changes in unemployment Average weekly jobless claims for unemployment insurance — The CB reverses the value of this component from positive to negative because a positive reading indicates a loss in jobs The initial jobless claims data is more sensitive to business conditions than other measures of unemployment and as such leads the monthly unemployment data released by the U S Department of Labor Manufacturers new orders for consumer goods materials — This component is considered a leading indicator because increases in new orders for consumer goods and materials usually mean positive changes in actual production The new orders decrease inventory and contribute to unfilled orders a precursor to future revenue Vendor performance slower deliveries diffusion index — This component measures the time it takes to deliver orders to industrial companies Vendor performance leads the business cycle because an increase in delivery time can indicate rising demand for manufacturing supplies Vendor performance is measured by a monthly survey from the National Association of Purchasing Managers NAPM This diffusion index measures one half of the respondents reporting no change and all respondents reporting slower deliveries Manufacturers new orders for non defense capital goods — As stated above new orders lead the business cycle because increases in orders usually mean positive changes in actual production and perhaps rising demand This measure is the producer s counterpart of new orders for consumer goods materials component Building permits for new private housing units The Standard Poor s stock index — The S P is considered a leading indicator because changes in stock prices reflect investor s expectations for the future of the economy and interest rates Corporate equities as leading indicator with respect to GDP Money Supply M — The money supply measures demand deposits traveler s checks savings deposits currency money market accounts and small denomination time deposits Here M is adjusted for inflation by means of the deflator published by the federal government in the GDP report Bank lending a factor contributing to account deposits usually declines when inflation increases faster than the money supply which can make economic expansion more difficult Thus an increase in demand deposits will indicate expectations that inflation will rise resulting in a decrease in bank lending and an increase in savings Interest rate spread year Treasury vs Federal Funds target — The interest rate spread is often referred to as the yield curve and implies the expected direction of short medium and long term interest rates Changes in the yield curve have been the most accurate predictors of downturns in the economic cycle This is particularly true when the curve becomes inverted that is when the longer term returns are expected to be less than the short rates Index of consumer expectations — This is the only component of the leading indicators that is based solely on expectations This component leads the business cycle because consumer expectations can indicate future consumer spending or tightening The data for this component comes from the University of Michigan s Survey Research Center and is released once a month Lagging indicators edit Lagging indicators are indicators that usually change after the economy as a whole does Typically the lag is a few quarters of a year The unemployment rate is a lagging indicator employment tends to increase two or three quarters after an upturn in the general economy citation needed In finance Bollinger bands are one of various lagging indicators in frequent use In a performance measuring system profit earned by a business is a lagging indicator as it reflects a historical performance similarly improved customer satisfaction is the result of initiatives taken in the past citation needed The Index of Lagging Indicators is published monthly by The Conference Board a non governmental organization which determines the value of the index from seven components The Index tends to follow changes in the overall economy The components on the Conference Board s index are The average duration of unemployment inverted The value of outstanding commercial and industrial loans The change in the Consumer Price Index for services The change in labour cost per unit of output The ratio of manufacturing and trade inventories to sales The ratio of consumer credit outstanding to personal income The average prime rate charged by banks Federal Funds Rate in the USA lagging behind capacity utilization in manufacturing Coincident indicators edit Coincident indicators change at approximately the same time as the whole economy thereby providing information about the current state of the economy There are many coincident economic indicators such as Gross Domestic Product industrial production personal income and retail sales A coincident index may be used to identify after the fact the dates of peaks and troughs in the business cycle There are four economic statistics comprising the Index of Coincident Economic Indicators citation needed Number of employees on non agricultural payrolls Personal income less transfer payments Industrial production Manufacturing and trade sale The Philadelphia Federal Reserve produces state level coincident indexes based on state level variables Nonfarm payroll employment Average hours worked in manufacturing Unemployment rate Wage and salary disbursements deflated by the consumer price index U S city average By direction edit There are also three terms that describe an economic indicator s direction relative to the direction of the general economy The wage share arguably as countercyclical but also as a lagging indicator with respect to the employment rate as procyclical indicator in the USA Procyclical indicators move in the same direction as the general economy they increase when the economy is doing well decrease when it is doing badly Gross domestic product GDP is a procyclic indicator Countercyclical indicators move in the opposite direction to the general economy The unemployment rate and the wage share are countercyclic in the short run they rise when the economy is deteriorating Acyclical indicators are those with little or no correlation to the business cycle they may rise or fall when the general economy is doing well and may rise or fall when it is not doing well Local indicators edit Local governments often need to project future tax revenues The city of San Francisco for example uses the price of a one bedroom apartment on Craigslist weekend subway ridership numbers parking garage usage and monthly reports on passenger landings at the city s airport See also edit icon Business and economics portal Big Mac Index Bureau of Labor Statistics CAPRI model Consumer Confidence Index Consumer Leverage Ratio Consumer price index Core inflation Economic data Fundamental analysis Genuine Progress Index Gross domestic product Hemline index Inflation Lipstick effect List of economic reports by U S government agencies Misery index economics The Conference Board References edit Jump up ^ O Sullivan Arthur Sheffrin Steven M Economics Principles in Action Upper Saddle River New Jersey Pearson Prentice Hall p Jump up ^ Smith Charles Emrys Economic Indicators in Wankel C ed Encyclopedia of Business in Today s World California USA Jump up ^ State Coincident Indexes Federal Reserve Bank of Philadelphia Retrieved October Jump up ^ About com A Beginner s Guide to Economic Indicators retrieved November This was the source of procyclic acyclic etc as well as confirmation of leading lagging etc and the source of some of the examples Jump up ^ A Fresh Approach To Measuring The Economy Retrieved External links edit OECD Economic Indicators Economic Indicators Mobile App U S Bureau of Labor Statistics The Conference Board Economic Indicators FED Economic Indicators International Conference on Indicators and Survey Methodology Economic Indicators Monthly analysis from American Institute for Economic Research AIER U S Economic Indicators United States Economic Indicators current and historical open data Quandl Investing com Economic Indicators show v t e Economics Categories Economic indicators Jump up ^ Ryckman R M Thornton B Butler J C Personality correlates of the hypercompetitive attitude scale Validity tests of Horney s theory of neurosis Journal of Personality Assessment – doi s jpa Jump up ^ Heffernan Margaret A Bigger Prize Why Competition Isn t Everything and How We Do Better London Simon and Schuster ISBN Retrieved Jump up ^ Morris Iain A Bigger Prize review – the price we pay for competition Books The Guardian UK ed Guardian News and Media Limited ISSN Retrieved Margaret Heffernan s brave study shows how the competitive instinct can be bad for us in all walks of life from sport to finance Jump up ^ Buchanan Allen E Marx and Justice The Radical Critique of Liberalism Philosophy and Society Series Rowman Littlefield Publishers Incorporated p ISBN Retrieved This problem is greatly exacerbated by Marx s insistence that the capitalist system fosters competition and egoism in all its members and thoroughly undermines all genuine forms of community ^ Jump up to a b Allen E Buchanan Marx and justice the radical critique of liberalism Taylor Francis ^ Jump up to a b c Parmeshwari Dayal Gandhian Theory of Social Reconstruction Atlantic Publishers Dist Categories CompetitionSocial events Wikimedia Commons has media related to Investments Wikisource has the text of The New Student s Reference Work article Investments Investing at DMOZ show v t e Economics Authority control GND NDL Categories Investment Resources in your library Historicalstatistics org Links to historical national accounts and statistics for different countries and regions World Bank s Development and Education Program Website Quandl GDP by country data available in CSV Excel JSON or XML formats Categories Gross domestic productNational accounts Authority control GND NDL Categories Economic growthMacroeconomic indicators In capitalist economies however available resources are not fully used In times of depression many people want to work but can t find employment It supposes that the scarce resources are not fully utilized in a capitalist economy The problem of economic growth edit If productive capacity grows an economy can produce progressively more goods which raises the standard of living The increase in productive capacity of an economy is called economic growth There are various factors affecting economic growth The problems of economic growth have been discussed by numerous growth models including the Harrod Domar model the neoclassical growth models of Solow and Swan and the Cambridge growth models of Kaldor and Joan Robinson This part of economic problem is studied in the economies of development See also edit Full employment Post scarcity Job guarantee Rivalry economics References edit Categories Economic problems Resources in your library X Lab A Collaborative Micro Economics and Social Sciences Research Laboratory Simulations in Microeconomics http media lanecc edu users martinezp MicroHistory html – a brief history of microeconomics show v t e Microeconomics show v t e Economics show v t e Social sciences Authority control GND NDL Categories Microeconomics thinkers within economics Kenneth Arrow Gary Becker Francis Ysidro Edgeworth Milton Friedman Ragnar Frisch Friedrich Hayek Harold Hotelling John Maynard Keynes Tjalling Koopmans Paul Krugman Robert Lucas Jr Jacob Marschak Alfred Marshall Karl Marx John von Neumann Vilfredo Pareto David Ricardo Paul Samuelson Joseph Schumpeter Amartya Sen Herbert A Simon Adam Smith Robert Solow Léon Walras more International organizations Asia Pacific Economic Cooperation Economic Cooperation Organization European Free Trade Association International Monetary Fund Organisation for Economic Co operation and Development World Bank World Trade Organization Category Index Lists Outline Publications Business and economics portal show v t e Social sciences Authority control LCCN sh GND NDL Categories EconomicsEconomic theories Major topics Aggregation Bilateral monopoly Budget Consumer Convexity and non convexity Cost Cost–benefit analysis Deadweight loss Distribution Duopoly Economies of scale Economies of scope Elasticity Equilibria 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mit edu courses economics principles of microeconomics fall lecture notes lec pdf Jump up ^ Chia Hui Chen course materials for Principles of Microeconomics Fall MIT OpenCourseWare http ocw mit edu Massachusetts Institute of Technology Downloaded on Sept Jump up ^ Note also that AVC VC Q wL Q w Q L OR w APL Jump up ^ Piana V Refusal to sell a key concept in Economics and Management Economics Web Institute hide v t e Microeconomics Major topics Aggregation Bilateral monopoly Budget Consumer Convexity and non convexity Cost Cost–benefit analysis Deadweight loss Distribution Duopoly Economies of scale Economies of scope Elasticity Equilibria Exchange Expected utility Externality Firms General equilibrium Household Income–consumption curve Information Indifference curve Intertemporal choice Marginal cost Market failure Market structure Monopoly Monopsony Oligopoly Preferences Production Profit Public goods Returns to scale Risk aversion Scarcity Shortage Social choice Sunk costs Supply demand Surplus Uncertainty Utility Welfare Subfields Behavioral Business Computational Statistical decision theory Econometrics Experimental Game theory Industrial organization Labor Managerial Mathematical economics Microfoundations of macroeconomics Operations research Optimization Categories CostsMarginal concepts Kenneth Arrow Gary Becker Francis Ysidro Edgeworth Milton Friedman Ragnar Frisch Friedrich Hayek Harold Hotelling John Maynard Keynes Tjalling Koopmans Paul Krugman Robert Lucas Jr Jacob Marschak Alfred Marshall Karl Marx John von Neumann Vilfredo Pareto David Ricardo Paul Samuelson Joseph Schumpeter Amartya Sen Herbert A Simon Adam Smith Robert Solow Léon Walras more International organizations Asia Pacific Economic Cooperation Economic Cooperation Organization European Free Trade Association International Monetary Fund Organisation for Economic Co operation and Development World Bank World Trade Organization Category Index Lists Outline Publications Business and economics portal Categories CostsProduction economicsNew institutional economics Liquidity Notes edit Jump up ^ http chicagofed org webpages publications understanding derivatives index cfm Jump up ^ Robert E Wright and Vincenzo Quadrini Money and Banking Chapter Section Financial Markets pp Accessed June Jump up ^ Khader Shaik September Managing Derivatives Contracts A Guide to Derivatives Market Structure Contract Life Cycle Operations and Systems Apress pp – ISBN Jump up ^ Steven Valdez An Introduction To Global Financial Markets Jump up ^ http www investopedia com terms p pip asp Jump up ^ Law Johnathan Pegging A dictionary of business and management Oxford University Press ISBN OCLC References edit T E Copeland J F Weston Financial Theory and Corporate Policy Addison Wesley West Sussex ISBN E J Elton M J Gruber S J Brown W N Goetzmann Modern Portfolio Theory and Investment Analysis John Wiley Sons New York ISBN E F Fama Foundations of Finance Basic Books Inc New York ISBN Marc M 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