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  2. Law of increasing costs - Wikipedia

    en.wikipedia.org/wiki/Law_of_increasing_costs

    In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good. The best way to look at this is to review an example of an economy that only produces two things - cars and oranges. If all the resources of the economy are put ...

  3. Wagner's law - Wikipedia

    en.wikipedia.org/wiki/Wagner's_law

    Wagner's law, also known as the law of increasing [ a] state activity, [ 2] is the observation that public expenditure increases as national income rises. [ 3] It is named after the German economist Adolph Wagner (1835–1917), who first observed the effect in his own country and then for other countries. [ 4]

  4. Thomas Robert Malthus - Wikipedia

    en.wikipedia.org/wiki/Thomas_Robert_Malthus

    Thomas Robert Malthus FRS ( / ˈmælθəs /; 13/14 February 1766 – 29 December 1834) [ 1] was an English economist, cleric, and scholar influential in the fields of political economy and demography. [ 2] In his 1798 book An Essay on the Principle of Population, Malthus observed that an increase in a nation's food production improved the well ...

  5. Baumol effect - Wikipedia

    en.wikipedia.org/wiki/Baumol_effect

    Government spending is disproportionately affected by the Baumol effect, because of its focus on services like health, education and law enforcement. [3] [5] Increasing costs in labor-intensive service industries, or below average cost decreases, are not necessarily a result of inefficiency. [3]

  6. Comparative advantage - Wikipedia

    en.wikipedia.org/wiki/Comparative_advantage

    Comparative advantage in an economic model is the advantage over others in producing a particular good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [ 1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or ...

  7. An Essay on the Principle of Population - Wikipedia

    en.wikipedia.org/wiki/An_Essay_on_the_Principle...

    The book An Essay on the Principle of Population was first published anonymously in 1798, [1] but the author was soon identified as Thomas Robert Malthus.The book warned of future difficulties, on an interpretation of the population increasing in geometric progression (so as to double every 25 years) [2] while food production increased in an arithmetic progression, which would leave a ...

  8. Unintended consequences - Wikipedia

    en.wikipedia.org/wiki/Unintended_consequences

    Then, for Hayek, the price system in the free market allows the members of a society to anonymously coordinate for the most efficient use of resources, for example, in a situation of scarcity of a raw material, the price increase would coordinate the actions of an uncountable amount of individuals "in the right direction". [18]

  9. The rich get richer and the poor get poorer - Wikipedia

    en.wikipedia.org/wiki/The_rich_get_richer_and...

    In A Defence of Poetry (1821, not published until 1840) Shelley remarked that the promoters of utility had exemplified the saying, "To him that hath, more shall be given; and from him that hath not, the little that he hath shall be taken away. The rich have become richer, and the poor have become poorer; and the vessel of the State is driven ...