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For example, the U.S. government's progressive-rate income tax policy is redistributive because much tax revenue goes to social programs such as welfare and Medicare. [ 29 ] In a progressive income tax system, a high income earner will pay a higher tax rate (a larger percentage of their income) than a low income earner; and therefore, will pay ...
An example of the Matthew Effect's role on social influence is an experiment by Salganik, Dodds, and Watts in which they created an experimental virtual market named MUSICLAB. In MUSICLAB, people could listen to music and choose to download the songs they enjoyed the most.
Sir Thomas Gresham. In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.
"Say's Law and the Quantity Theory of Money". Macroeconomic Theory. New York: Macmillan. pp. 105–123. Axel Leijonhufvud, 1968. On Keynesian Economics & the Economics of Keynes: A Study in Monetary Theory. Oxford University Press. ISBN 0-19-500948-7. Kates, Steven (1998). Say's Law and the Keynesian revolution: how macroeconomic theory lost ...
The field of application of the law of value is limited to new output by producers of traded, reproducible labour-products, [22] although it might indirectly influence trade in other goods or assets (for example, the value of a second-hand good may be related to a newly produced good of the same type). Thus, the law does not apply to all goods ...
Financial law is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. [1] Understanding financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
There have been socialist critics of Lassalle and of the alleged iron law of wages both Marxist and Anarchist. Karl Marx, argued that although there was a tendency for wages to fall to subsistence levels, there were also tendencies which worked in opposing directions. [14] Marx criticized the Malthusian basis for the iron law of wages ...
The Philosophy of Money (1900; German: Philosophie des Geldes) [1] is a book on economic sociology by German sociologist and social philosopher Georg Simmel. [2] Considered to be the theorist's greatest work, Simmel's book views money as a structuring agent that helps people understand the totality of life.