First Theorem Of Welfare Economics
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The complex dance of politics and power during a pandemic
A common adage in the post-Cold War era of globalization was that if “every economy is global, all politics are local”. The implication was ... -
Jean Drèze reviews Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit Banerjee & Esther Duflo
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To get out of this pit, we’re gonna have to think like central planners
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Thomas Piketty goes global | The New Yorker
Speaking in 1918, with Europe ravaged by the horrors of modern warfare and Russia in the hands of the Bolsheviks, Irving Fisher warned his ... -
Why are the reforms proposed by economists opposed by citizens?
Economists have been systematically biased in our approach to public policy, focusing on a set of results of economic theory – on the power ... -
What is general equilibrium theory in macroeconomics?
General Equilibrium Theory is a macroeconomic theory that explains how supply and demand in an economy with many markets interact dynamically and ultimately result ... -
What will Brexit Britain look like?
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Request revolving credit? Responsible and affordable from 4.5%
Are you out and do you want to apply for a revolving credit? At Credither you can request a revolving credit free of charge and without ... -
How does a monopoly contribute to market failure?
According to general equilibrium economics, a free market is an efficient way to distribute goods and services, while a monopoly is inefficient. The inefficient ... -
Credit without guarantor
Anyone who wants to obtain a loan without a guarantor as a loan applicant must also have a creditworthiness on their own. As a ... -
Definition of Jan Tinbergen
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Subramanian Swamy’s economic views come full circle from Harvard
Chennai: “Oh! You don’t take me seriously as an economist,” railed then irrepressible Janata party chairman Dr Subramanian Swamy, the Harvard economist turned politician ... -
The political economy of justice
The fact that the only political response is to compensate those who bear the brunt of this failure is, in my opinion, an abdication ... -
The great tax debate – the world is turning – Atanas Pekanov and Miriam Rehm
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What does the “invisible hand” refer to in the economy?
The concept of the âinvisible handâ was explained by Adam Smith in his classic 1776 seminal work, âAn Inquiry into the Nature and Causes ... -
What are some of the limitations and drawbacks of economics as a field?
Economics is a social science that examines the way people produce, distribute, and consume goods and services. This means that much of the field ... -
Explain trade to the secretary of commerce
As students across the country begin their final exams, we are reminded of the sad reality that much of what we learn in school ... -
Distributive justice and welfare economics
A fundamental concern of welfare economics, like other evaluative ethical theories, is the assessment of the goodness of a given state of affairs. In ... -
Richard Thaler and the uncertain future of ‘Nudge’
Richard Thaler, professor at the University of Chicago, talks to the media after winning the Nobel Prize… [+] economy awards Monday, October 9, 2017 ... -
Kenneth J. Arrow (1921–2017) | Nature
One of the most influential thinkers in economic theory. Kenneth Arrow was the dean of economic theory during the second half of the twentieth ... -
Classical Amartya Sen and a Baroque World
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Definition of invisible hand
What is the invisible hand? The invisible hand is a metaphor for the invisible forces that drive the free market economy. Through individual self-interest ... -
Definition of general equilibrium theory
What is general equilibrium theory? General equilibrium theory, or Walrasian general equilibrium, attempts to explain the workings of macroeconomics as a whole, rather than ... -
Definition of Lindahl equilibrium
What is a Lindahl balance? Lindahl’s equilibrium is a state of equilibrium in a quasi-market for a pure public good. Like a competitive market ... -
TINA: There is no alternative
What is TINA? “There is no alternative”, often abbreviated as “TINA”, is a phrase that originated with the Victorian philosopher Herbert Spencer and later ... -
Definition of Engel’s law
What is Engel’s Law Engel’s Law is an economic theory introduced in 1857 by Ernst Engel, a German statistician, stating that the percentage of ... -
Definition of the lemon problem
What’s wrong with lemons? The lemons problem refers to issues that arise regarding the value of an investment or product due to asymmetric information ... -
Definition of Coase’s theorem
What is Coase’s theorem? Coase Theorem is a legal and economic theory developed by economist Ronald Coase regarding property rights, which states that where ... -
Definition of Kenneth Arrow
Who is Kenneth Arrow? Kenneth Arrow was an American neoclassical economist who won the Nobel Prize in Economics with John Hicks in 1972 for ... -
Definition of consumer theory
What is consumer theory? Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget ... -
Vassily Léontief Definition
Who was Vassily Léontief? Wassily Leontief was a Russian-American economist and Nobel Laureate professor who contributed to several insightful theories in economics. Leontief’s Nobel ... -
There is nothing like a free lunch (TANSTAAFL) Definition
What is no free lunch (TANSTAAFL)? âThere is no free mealâ (TANSTAAFL), also called âthere is no free mealâ (TINSTAAFL), is a phrase that ... -
Definition of Sir Arthur Lewis
Who is Sir Arthur Lewis? Sir Arthur Lewis was an economist who made lasting contributions to the field of development economics. In 1979 Lewis ... -
Pigovian tax definition
What is a Pigovian tax? A Pigovian (Pigouvian) tax is a tax imposed on individuals or businesses for engaging in activities that create harmful ... -
Theory of price definition
What is the theory of price? Price theory is an economic theory that states that the price of any specific good or service is ... -
Definition of laissez-faire
What is laissez-faire? Laissez-faire is an eighteenth-century economic theory that opposes government intervention in business. The guiding principle of laissez-faire, a French term that ... -
A tribute to great economists: The Tribune India
S. Subramanian The year 2017 has already seen the passage of two extraordinary figures in the world of economics. Sir Anthony Barnes Atkinson (1944-2017) ... -
When the economy had ethics | Boston Review
Image: Foundation for Economic Education Remembering Kenneth Arrow Kenneth Arrow, one of the 20th century’s greatest economists, died last month at the age of ... -
The problem of choice | Lifestyle News, The Indian Express
Collective choice and social protection: increased editionAmartya Senpenguin 544 pages“ 599 There are many books that qualify as good, but it is a rare ... -
La Flèche right, brilliant economist by Jean Dreze
Kenneth Arrow was one of the rarest economists – exceptionally bright, learned, gentle, and public-minded. His departure from this world earlier this week, at ... -
Kenneth Arrow, Nobel laureate and founding high-impact economist, dies at 95
Kenneth J. Arrow, Nobel Prize-winning economist and mathematical theorist who made fundamental contributions to social sciences as diverse as election theory and health economics ... -
25 Reasons Why Protectionism Is Taken Seriously When In Fact It Is A Form of Economic Suicide American Enterprise Institute
It is a scientifically and mathematically provable fact that all tariffs, at any time and in any country, will hurt economic growth, eliminate net ... -
Beyond the Welfare State: John Rawls and Proprietary Democracy
All over the world, the political left is plagued by right-wing populism. Faith in democracy and human rights is at an all-time low for ... -
Book Review: Phishing for Phools
Phishing for Phools: the economics of manipulation and deception. 2015. George A. Akerlof and Robert J. Shiller. âThis crisis has reminded us that without ... -
Stephen Gordon: If in doubt, just send money
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Are we all annuity-seeking investors?
Has The Economist, the commentary magazine of the world’s capitalist elite, embraced the corporate vilification trend adopted by many populist politicians in the United ... -
Faith in an unregulated free market? Do not fall into the trap
In 1918, Irving Fisher, the Yale economist, argued that what people maximize in their actions is something that could best be described as “desirability” ... -
John Nash’s indelible contribution to economic analysis
John F. Nash, one of the most influential mathematicians of the 20e century and subject of the 2001 film, “A Beautiful Mind,” died last ... -
Gold standard trade deal is fraught with pitfalls
In 1983 Australia and New Zealand signed a trade agreement. Australia-New Zealand Closer Economic Relations Trade Agreement 24 pages. Additional annexes have arrived at ... -
Social Choice and Social Welfare by Amartya Sen
Human beings have always lived in groups and their individual lives have always depended on group decisions. But, given the daunting challenges of group ... -
Ronald Coase and the abuse of the economy
It’s a story about the history of economics, mischief and, ultimately, political power. This is the economist Ronald Coase, who died on Monday at ... -
Is health care special? – The New York Times
Uwe E. Reinhardt is professor of economics at Princeton. He has some financial interests in the domain of health.In a recent episode of the ...