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The Concise Encyclopedia of Economics
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ears later, the extraordinary cost of the 1980s S&L crisis still astounds many taxpayers, depositors, and policymakers. The cost of bailing out the Federal Savings and Loan Insurance Corporation (FSLIC), which insured the deposits in failed S&Ls, may eventually exceed $160 billion. At the end of 2004, the direct cost of the S&L crisis to taxpayers was $124 billion, according to financial statements published by the Federal Deposit Insurance Corporation (FDIC), the successor to the FSLIC. Additionally, healthy S&Ls as well as commercial banks have been taxed approximately another $30 billion to pay for S&L cleanup costs. Finally, ...
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Distribution of Income: The Concise Encyclopedia of Economics ...
he distribution of income lies at the heart of an enduring issue in political economy—the extent to which government should redistribute income from those with more income to those with less. Whether government should redistribute income is a normative question, and each person’s answer will depend on his or her values. But for many people, answering the normative question requires understanding the facts about the current income distribution. The term “income distribution” is a statistical concept. No one person is distributing income. Rather, the income distribution arises from people’s decisions about work, , and as they ...
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addressing issues affecting an entire economy, including unemployment, inflation, economic growth, and monetary and fiscal policy. Other distinctions include: between positive economics (describing "what is") and normative economics (advocating "what ought to be"); between economic theory and applied economics ; between mainstream economics (more "orthodox" dealing with the "rationality-individualism-equilibrium nexus") and heterodox economics (more "radical" dealing with the "institutions-history-social structure nexus"); and between rational and behavioral economics .
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Compare and contrast classical macroeconomic theory with Keynesian Economic theory. Then explain which theory you believe provides a more compelling explanation of how the United States' economy functions and why. Classical macroeconomic theory was best described by Adam Smith in 1776 in his writings The Wealth of Nations calling macroeconomy the “invisible hand of the marketplace”. He had a philosophy of laissez fair which is “leave it alone and it will work itself out”; in ... Read More
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Mike Masnick, who must be the only person, other than Her Majesty Queen Elizabeth II, who often uses the royal "we" when expressing a personal opinion. In Pushing for More Stringent Copyright Laws Is the Opposite of Allowing "Market Forces" to Act , Masnick rants that granting legally protected private exclusive rights, (a.k.a., "private property rights"), to private producers of socially valuable resources like expressive works will thwart what Masnick calls "market forces": [I]t's flat out wrong to say that copyright (or patents, for that matter) are about "allowing market ...
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If we sound like a broken record at times, it’s because sound economic thinking moves slowly through the culture. Case in point: On September 27, USA Today headlined what its reporter and editors must have thought was wonderful news: “Economic growth from hurricanes could outweigh costs.” (At this point Dave Barry would say, “I’m not making this up.”) Here, in a mere seven words, is the fallacy Frederic Bastiat identified in the nineteenth century and Henry Hazlitt re-identified in the twentieth. It consists in neglecting “what is not seen” and is best illustrated by ...
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THE CONCISE ENCYCLOPEDIA OF ECONOMICS
If about 80 percent of those surveyed agree with a proposition, the .... billion and sales exceeding those of the next five largest retailers combined, many .... “Introduction,” The Concise Encyclopedia of Economics. ...
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he earth’s natural resources are finite, which means that if we use them continuously, we will eventually exhaust them. This basic observation is undeniable. But another way of looking at the issue is far more relevant to assessing people’s well-being. Our exhaustible and unreproducible natural resources, if measured in terms of their prospective contribution to human welfare, can actually increase year after year, perhaps never coming anywhere near exhaustion. How can this be? The answer lies in the fact that the effective stocks of natural resources are continually expanded by the same technological developments that have ...
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The oil spill in the Gulf is the product of decades of conservatives pounding for deregulation, Cheney-era manipulation of federal regulatory agencies, and corporate insatiability. These days, when watching television news reports – often the extraordinary reporting of MSNBC’s Rachel Maddow – about the environmental/economic catastrophic oil spill in the Gulf which took the lives of 11 workers, I can’t help but think of two seemingly disparate things; the administration of Ronald Reagan, and the 1953 coup in Iran. I’m thinking about our 40 th president because the genesis of corporations drilling for oil ...
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In the last half century, air conditioning has joined fireworks, swimming pools and charred hamburgers as a ubiquitous ingredient of an American summer. It’s no exaggeration to say it has changed the way this country functions, shaping everything from where we’re willing to live (Las Vegas, anyone?) to the amount of sex we have (more: It’s never too hot to get it on when the A.C. is blasting). Nine out of 10 new homes in this country are built with central air conditioning, and Americans now use as much electricity to power our A.C. as the entire continent of Africa uses for, well, everything. It has so ...
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INFORMATION RESOURCES
The Concise Encyclopedia of Economics (Editor: David Henderson). 2005. Protectionism. The fact that trade protection hurts the economy of the country that ...
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Contents data are machine generated based on pre-publication provided by the publisher. Contents may have variations from the printed book or be incomplete or contain other coding. Contents
Introduction 000
Acknowledgments 000
ARTICLES
Advertising, George Bittling mayer 000
Agricultural Subsidy Programs, Daniel A. Sumner 000
Airline Deregulation, FredL. Smith Jr.and Braden Cox 000
Antitrust, Fred McChesney 000
Apartheid, ThomasW.Hazlett 000
Arts, Tyler Cowen 000
Auctions, Leslie R. Fine 000
Austrian School of Economics, Peter J. Boettke 000
Balance of Payments, Herbert Stein 000
Bank Runs, George G. Kaufman 000
Bankruptcy, Todd ...
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QUESTIONS AND ANSWERS
When economists refer to the "opportunity cost" of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else. If your next-best alternative to seeing the movie is reading the book, then the opportunity cost of seeing the movie is the money spent plus the pleasure you forgo by not reading the book. 3 years ago 67% 2 Votes There are currently no comments for this question. * You must be logged into Answers to add comments. Sign in or
Hi cheshamjim
Recession troughs were reached during the following years since 1900.
The month listed is when the recession "bottomed out."
Dec. 1900 - Aug. 1904 - June 1908 - Jan. 1912 - Dec. 1914 - Mar. 1919
- July 1921 - July 1924 - Nov. 1927 - (From Aug. 1929 through Mar.
1933 the classic Great Depression) - June 1938 - Oct. 1945 - Oct. 1949
- May 1954 - Apr. 1958 - Feb. 1961 - Nov. 1970 - Mar. 1975 - July 1980
- Nov. 1982 - Mar. 1991
Since 1991, there has been an economic recovery followed by another
recession the "trough" of which is yet to be determined, making a
total of 22 "recessions."
The above listing is ...
