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One implication of the Williamson model is that the gains from cost reduction do not have to be "large" in order to outweigh the losses that result from higher prices. [4] This is because the welfare losses associated with the latter tend to be "second-order" (graphically, they are triangles), while the gains tend to be "first-order" (rectangles).
Rent-seeking is an attempt to obtain economic rent (i.e., the portion of income paid to a factor of production in excess of what is needed to keep it employed in its current use) by manipulating the social or political environment in which economic activities occur, rather than by creating new wealth.
Redistribution of income and wealth is the transfer of income and wealth (including physical property) from some individuals to others through a social mechanism such as taxation, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law. [1]
The relationship between poverty reduction and differing levels of welfare expense as a percentage of GDP [1] The effects of social welfare on poverty have been the subject of various studies. [1] Studies have shown that in welfare states, poverty decreases after countries adopt welfare programs. [2]
Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. [1]The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
[21] [22] Other states to which the term has been applied include India, [23] in particular the system after the 1990s liberalization, whereby land and other resources were given at throwaway prices in the name of public-private partnerships, the more recent coal-gate scam and cheap allocation of land and resources to Adani SEZ under the ...
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).
In political economy, including physiocracy, classical economics, Georgism, and other schools of economic thought, land is recognized as an inelastic factor of production. Land, in this sense, means exclusive access rights to any natural opportunity. Rent is the share paid to freeholders for allowing production on the land they control.