Related Research Articles
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant. In general equilibrium, constant influences are considered to be noneconomic, or in other words, considered to be beyond the scope of economic analysis. The noneconomic influences may change given changes in the economic factors however, and therefore the prediction accuracy of an equilibrium model may depend on the independence of the economic factors from noneconomic ones.
In sociology and in economics, the term conspicuous consumption describes and explains the consumer practice of buying and using goods of a higher quality, price, or in greater quantity than practical. In 1899, the sociologist Thorstein Veblen coined the term conspicuous consumption to explain the spending of money on and the acquiring of luxury commodities specifically as a public display of economic power—the income and the accumulated wealth—of the buyer. To the conspicuous consumer, the public display of discretionary income is an economic means of either attaining or of maintaining a given social status.
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director, George Stigler, and Ronald Coase. The field uses economics concepts to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated. There are two major branches of law and economics; one based on the application of the methods and theories of neoclassical economics to the positive and normative analysis of the law, and a second branch which focuses on an institutional analysis of law and legal institutions, with a broader focus on economic, political, and social outcomes, and overlapping with analyses of the institutions of politics and governance.
A Veblen good is a type of luxury good for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. A key focus in IPE is on the distributive consequences of global economic exchange. It has been described as the study of "the political battle between the winners and losers of global economic exchange."
Masahisa Fujita is a Japanese economist who has studied regional science and Urban economics and International Trade, Spatial Economy. He is a professor at Konan University and an adjunct professor at Institute of Economic Research, Kyoto University.
Positional goods are goods valued only by how they are distributed among the population, not by how many of them there are available in total. The source of greater worth of positional goods is their desirability as a status symbol, which usually results in them greatly exceeding the value of comparable goods.
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics. These include institutional, evolutionary, feminist, social, post-Keynesian, ecological, Austrian, complexity, Marxian, socialist, and anarchist economics.
Avner Greif is an economics professor at Stanford University, Stanford, California. He holds a chaired professorship as Bowman Family Professor in the Humanities and Sciences.
Samuel Stebbins Bowles, is an American economist and Professor Emeritus at the University of Massachusetts Amherst, where he continues to teach courses on microeconomics and the theory of institutions. His work belongs to the neo-Marxian tradition of economic thought. However, his perspective on economics is eclectic and draws on various schools of thought, including what he and others refer to as post-Walrasian economics.
Michael T. Ghiselin is an American biologist and philosopher as well as historian of biology, formerly at the California Academy of Sciences.
Property rights are constructs in economics for determining how a resource or economic good is used and owned, which have developed over ancient and modern history, from Abrahamic law to Article 17 of the Universal Declaration of Human Rights. Resources can be owned by individuals, associations, collectives, or governments.
Institutionalist political economy, also known as institutional political economy or IPE, refers to a body of political economy, thought to stem from the works of institutionalists such as Thorstein Veblen, John Commons, Wesley Mitchell and John Dewey. It emphasizes the impact of historical and socio-political factors on the evolution of economic practices, often opposing more rational approaches. In the political sense, this implies the influences actors like the state have on socio-economic practices and the shaping of institutions via political decision-making.
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions. Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models.
Economic law is a set of legal rules for regulating economic activity. Economics can be defined as "a social science concerned with the production, distribution, and consumption of goods and services." The regulation of such phenomena, law, can be defined as "customs, practices, and rules of conduct of a community that are recognized as binding by the community", where "enforcement of the body of rules is through a controlling authority." Accordingly, different states have their own legal infrastructure and produce different provisions of goods and services.
Richard M. Goodwin was an American mathematician and economist.
Robert Rowthorn FAcSS FLSW is Emeritus Professor of Economics at the University of Cambridge and has been elected as a Life Fellow of King’s College. He is also a senior research fellow of the Centre for Population Research at the Department of Social Policy and Intervention, University of Oxford.
John F. O'Neill is a philosopher. He is professor of political economy at the University of Manchester. He has published on subjects related to political economy and philosophy, philosophy and environmental policy, political theory, environmental ethics, and the philosophy of science.
Kumaraswamy (Vela) Velupillai is an academic economist and a Senior Visiting Professor at the Madras School of Economics and was, formerly, (Distinguished) Professor of Economics at the New School for Social Research in New York City and Professore di Chiara Fama in the Department of Economics at the University of Trento, Italy.
Institutional complementarity refers to situations of interdependence among institutions. This concept is frequently used to explain the degree of institutional diversity that can be observed across and within socio-economic systems, and its consequences on economic performance. In particular, the concept of institutional complementarity has been used to illustrate why institutions are resistant to change and why introducing new institutions into a system often leads to unintended, sometimes suboptimal, consequences.
References
- ↑ Ugo Pagano Archived 21 May 2011 at the Wayback Machine Department of Economics, University of Siena.
- ↑ Ugo Pagano Journal articles
- ↑ Pagano, Ugo (1985). Work and welfare in economic theory. Oxford New York: Basil Blackwell. ISBN 9780631137283.
- ↑ Pagno, Ugo (1999), "Is power an economic good? Notes on social scarcity and the economics of positional goods", in Pagano, Ugo; Bowles, Samuel; Franzin, Maurizio (eds.), The politics and economics of power, London New York: Routledge, pp. 53–71, ISBN 9780415185424.
- ↑ Pagno, Ugo (2007), "Bounded rationality and institutionalism", in Hodgson, Geoffrey M. (ed.), The evolution of economic institutions a critical reader, Cheltenham, UK Northampton, Massachusetts: Edward Elgar, pp. 34–52, ISBN 9781847200877.
- ↑ Pagano, Ugo (February 1992). "Organizational equilibria and production efficiency". Metroeconomica. 43 (1–2): 227–246. doi:10.1111/j.1467-999X.1992.tb00708.x. S2CID 154334622.
- ↑ Pagano, Ugo; Rossi, Maria Alessandra (July 2004). "Incomplete contracts, intellectual property and institutional complementarities". European Journal of Law and Economics. 18 (1): 55–76. doi:10.1023/B:EJLE.0000032770.51219.4d. S2CID 13904621. SSRN 326588.
- ↑ Pagano, Ugo (September 2007). "Cultural globalisation, institutional diversity and the unequal accumulation of intellectual capital". Cambridge Journal of Economics . 31 (5): 649–667. doi:10.1093/cje/bem015. JSTOR 23601645.
- ↑ Pagano, Ugo; Battistini, Alberto (April 2008). "Primates' fertilization systems and the evolution of the human brain". Journal of Bioeconomics. 10 (1): 1–21. doi:10.1007/s10818-008-9033-x. S2CID 84827970.
- ↑ Pagano, Ugo; Rossi, Maria Alessandra (July 2009). "The crash of the knowledge economy". Cambridge Journal of Economics. 33 (4): 665–683. doi: 10.1093/cje/bep033 . JSTOR 23601993.
