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The leading case is Stilk v Myrick (1809), [3] where a captain promised 8 crew the wages of two deserters provided the remainders completed the voyage. The shipowner refused to honour the agreement; the court deemed the eight crew were unable to enforce the deal as they had an existing obligation to sail the ship and meet "ordinary foreseeable emergencies".
There were eventually four editions of the text; initially published anonymously as a 127 page pamphlet, Sieyès revealed himself as the author after its third edition in May 1789. [3] The pamphlet was Sieyès' reply to finance minister Jacques Necker's invitation for writers to state how they thought the Estates-General should be organised.
Gossen's laws, named for Hermann Heinrich Gossen (1810–1858), are three laws of economics: . Gossen's First Law is the "law" of diminishing marginal utility: that marginal utilities are diminishing across the ranges relevant to decision-making.
Constitutional economics was popularized by James M. Buchanan, for which he received the 1986 Nobel Memorial Prize in Economic Sciences (pictured here in September 2010). The term "constitutional economics" was coined in 1982 by the U.S. economist Richard McKenzie to designate the main topic of discussion at a conference held in Washington D.C.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Third-party reimbursement of health care costs by public and private insurance programs provided few incentives to control costs until the 1980s. The introduction of Medicare's prospective payment system for hospitals in 1983 and the increasing share of Health Maintenance Organizations in the mid-1980s helped to slow down health care costs. [ 3 ]
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Suzerainty (/ ˈ s uː z ər ə n t i,-r ɛ n t i /) includes the rights and obligations of a person, state, or other polity which controls the foreign policy and relations of a tributary state but allows the tributary state internal autonomy.