Search results
Results From The WOW.Com Content Network
Along with an earlier article, “The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Economic Sciences in 1991. The article is foundational to the field of law and economics, and has become the most frequently cited work in all of legal scholarship. [1]
Demand-side failures include preference-revelation problems and the illogic of voting and collective behaviour. Supply-side failures largely result from principal–agent problem. [2] Government failure may arise in any of three ways the government can involve in an area of social and economic activity: provision, taxation or subsidy and ...
Economic progressivism or fiscal progressivism is a political and economic philosophy incorporating the socioeconomic principles of social democrats and political progressives. These views are often rooted in the concept of social justice and have the goal of improving the human condition through government regulation , social protections and ...
However, regulation and deregulation came in waves, with the deregulation of big business in the Gilded Age leading to President Theodore Roosevelt's trust busting from 1901 to 1909, deregulation and Laissez-Faire economics once again in the roaring 1920s prior to the Great Depression, and intense governmental regulation and Keynesian economics ...
One problem that encouraged deregulation was the way in which regulated industries often come to control the government regulatory agencies in a process known as regulatory capture. Industries then use regulation to serve their own interests, at the expense of the consumer.
Regulation can facilitate, maintain, or imitate markets. [3] Public interest theory is a part of welfare economics. It emphasizes that regulation should maximize social welfare and that regulation should follow a cost/benefit analysis to determine whether the increased social welfare outweighs the regulatory cost.
Regulation in the social, political, psychological, and economic domains can take many forms: legal restrictions promulgated by a government authority, contractual obligations (for example, contracts between insurers and their insureds [1]), self-regulation in psychology, social regulation (e.g. norms), co-regulation, third-party regulation, certification, accreditation or market regulation.
Social connectedness to people of higher income levels is a strong predictor of upward income mobility. [28] However, data shows substantial social segregation correlating with economic income groups. [28] An 1862 painting by Vasily Perov depicts impoverished people meeting a wealthy man. Street in Camden, New Jersey which has evident urban decay