Search results
Results from the WOW.Com Content Network
Whenever an externality arises on the production side, there will be two supply curves (private and social cost). However, if the externality arises on the consumption side, there will be two demand curves instead (private and social benefit). This distinction is essential when it comes to resolving inefficiencies that are caused by externalities.
An externality exists when a person makes a choice that affects other people in a way that is not accounted for in the market price. An externality can be positive or negative but is usually associated with negative externalities in environmental economics.
The concept of spillover in economics could be replaced by terminations of technology spillover, R&D spillover and/or knowledge spillover when the concept is specific to technology management and innovation economics. [2] Moreover, positive or negative impact often creates a social crisis or a shock in the market like booms or crashes. [1]
Rather than assuming some (new) form of capitalism is the best way forward, an older ecological economic critique questions the very idea of internalizing externalities as providing some corrective to the current system. The work by Karl William Kapp explains why the concept of "externality" is a misnomer. [93]
Environmental resource management is an issue of increasing concern, as reflected in its prevalence in several texts influencing global sociopolitical frameworks such as the Brundtland Commission's Our Common Future, [3] which highlighted the integrated nature of the environment and international development, and the Worldwatch Institute's annual State of the World reports.
smaller class sizes or after school programs. Others related to the way in which education is financed, such as vouchers and school choice initiatives. The lens of the principal-agent problem provides us with a strong justification for such policies. In this sense, the reforms can be seen as a way of
In a business application, a shadow price is the maximum price that management is willing to pay for an extra unit of a given limited resource. [28] For example, if a production line is already operating at its maximum 40-hour limit, the shadow price would be the maximum price the manager would be willing to pay for operating it for an ...
(Reuters) -U.S. President-elect Donald Trump's transition team is exploring ways to significantly reduce, merge, or even eliminate the top bank regulators in Washington, the Wall Street Journal ...