You are looking at all articles with the topic "Economics". We found 121 matches.

Hint: To view all topics, click here. Too see the most popular topics, click here instead.

🔗 Economics 🔗 Energy 🔗 Globalization

Petrodollar recycling is the international spending or investment of a country's revenues from petroleum exports ("petrodollars"). It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies. The resulting global interdependencies and financial flows, from oil producers back to oil consumers, can reach a scale of hundreds of billions of US dollars per year – including a wide range of transactions in a variety of currencies, some pegged to the US dollar and some not. These flows are heavily influenced by government-level decisions regarding international investment and aid, with important consequences for both global finance and petroleum politics. The phenomenon is most pronounced during periods when the price of oil is historically high.

The term petrodollar was coined in the early 1970s during the oil crisis, and the first major petrodollar surge (1974–1981) resulted in more financial complications than the second (2005–2014).

In August 2018, Venezuela declared that it would price its oil in Euros, Yuan and other currencies.

🔗 Environment 🔗 Economics

Small Is Beautiful: A Study of Economics As If People Mattered is a collection of essays by German-born British economist E. F. Schumacher. The phrase "Small Is Beautiful" came from a principle espoused by Schumacher's teacher Leopold Kohr (1937-1994) The concept is often used to champion small, appropriate technologies or polities that are believed to empower people more, in contrast with phrases such as "bigger is better".

First published in 1973, Small Is Beautiful brought Schumacher's critiques of Western economics to a wider audience during the 1973 energy crisis and the popularisation of the concept of globalization. In 1995 The Times Literary Supplement ranked Small Is Beautiful among the 100 most influential books published since World War II. A further edition with commentaries was published in 1999.

🔗 Environment 🔗 Economics 🔗 Law 🔗 Anthropology 🔗 Sociology 🔗 Game theory

The tragedy of the anticommons is a type of coordination breakdown, in which a commons does not emerge, even when general access to resources or infrastructure would be a social good. It is a mirror-image of the older concept of tragedy of the commons, in which numerous rights holders' combined use exceeds the capacity of a resource and depletes or destroys it. The "tragedy of the anticommons" covers a range of coordination failures, including patent thickets and submarine patents. Overcoming these breakdowns can be difficult, but there are assorted means, including eminent domain, laches, patent pools, or other licensing organizations.

The term originally appeared in Michael Heller's 1998 article of the same name and is the thesis of his 2008 book. The model was formalized by James M. Buchanan and Yong Yoon. In a 1998 Science article, Heller and Rebecca S. Eisenberg, while not disputing the role of patents in general in motivating invention and disclosure, argue that biomedical research was one of several key areas where competing patent rights could actually prevent useful and affordable products from reaching the marketplace.

🔗 Economics

An Information cascade or informational cascade is a phenomenon described in behavioral economics and network theory in which a number of people make the same decision in a sequential fashion. It is similar to, but distinct from herd behavior.

An information cascade is generally accepted as a two-step process. For a cascade to begin an individual must encounter a scenario with a decision, typically a binary one. Second, outside factors can influence this decision (typically, through the observation of actions and their outcomes of other individuals in similar scenarios).

The two-step process of an informational cascade can be broken down into five basic components:

1. There is a decision to be made – for example; whether to adopt a new technology, wear a new style of clothing, eat in a new restaurant, or support a particular political position

2. A limited action space exists (e.g. an adopt/reject decision)

3. People make the decision sequentially, and each person can observe the choices made by those who acted earlier

4. Each person has some information aside from their own that helps guide their decision

5. A person can't directly observe the outside information that other people know, but he or she can make inferences about this information from what they do

Social perspectives of cascades, which suggest that agents may act irrationally (e.g., against what they think is optimal) when social pressures are great, exist as complements to the concept of information cascades. More often the problem is that the concept of an information cascade is confused with ideas that do not match the two key conditions of the process, such as social proof, information diffusion, and social influence. Indeed, the term information cascade has even been used to refer to such processes.

🔗 Mathematics 🔗 Economics 🔗 Politics 🔗 Game theory

In game theory, the Nash equilibrium, named after the mathematician John Forbes Nash Jr., is a proposed solution of a non-cooperative game involving two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy.

In terms of game theory, if each player has chosen a strategy, and no player can benefit by changing strategies while the other players keep theirs unchanged, then the current set of strategy choices and their corresponding payoffs constitutes a Nash equilibrium.

Stated simply, Alice and Bob are in Nash equilibrium if Alice is making the best decision she can, taking into account Bob's decision while his decision remains unchanged, and Bob is making the best decision he can, taking into account Alice's decision while her decision remains unchanged. Likewise, a group of players are in Nash equilibrium if each one is making the best decision possible, taking into account the decisions of the others in the game as long as the other parties' decisions remain unchanged.

Nash showed that there is a Nash equilibrium for every finite game: see further the article on strategy.

🔗 Climate change 🔗 Economics 🔗 Politics 🔗 Energy 🔗 International development 🔗 Mining

The resource curse, also known as the paradox of plenty or the poverty paradox, is the phenomenon of countries with an abundance of natural resources (such as fossil fuels and certain minerals) having less economic growth, less democracy, or worse development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for and exceptions to the adverse outcomes. Most experts believe the resource curse is not universal or inevitable but affects certain types of countries or regions under certain conditions.

🔗 Economics 🔗 Statistics

The gravity model of international trade in international economics is a model that, in its traditional form, predicts bilateral trade flows based on the economic sizes and distance between two units.

The model was first introduced in economics world by Walter Isard in 1954. The basic model for trade between two countries (i and j) takes the form of

${\displaystyle F_{ij}=G*{\frac {M_{i}*M_{j}}{D_{ij}}}}$

In this formula G is a constant, F stands for trade flow, D stands for the distance and M stands for the economic dimensions of the countries that are being measured. The equation can be changed into a linear form for the purpose of econometric analyses by employing logarithms. The model has been used by economists to analyse the determinants of bilateral trade flows such as common borders, common languages, common legal systems, common currencies, common colonial legacies, and it has been used to test the effectiveness of trade agreements and organizations such as the North American Free Trade Agreement (NAFTA) and the World Trade Organization (WTO) (Head and Mayer 2014). The model has also been used in international relations to evaluate the impact of treaties and alliances on trade (Head and Mayer).

The model has also been applied to other bilateral flow data (also 'dyadic' data) such as migration, traffic, remittances and foreign direct investment.

🔗 Economics 🔗 Politics

The Nordic model comprises the economic and social policies as well as typical cultural practices common to the Nordic countries (Denmark, Finland, Iceland, Norway, and Sweden). This includes a comprehensive welfare state and multi-level collective bargaining based on the economic foundations of social corporatism, with a high percentage of the workforce unionized and a sizable percentage of the population employed by the public sector (roughly 30% of the work force in areas such as healthcare, education, and government). Although it was developed in the 1930s under the leadership of social democrats, the Nordic model began to gain attention after World War II.

The three Scandinavian countries are constitutional monarchies, while Finland and Iceland have been republics since the 20th century. As of 2021, the Nordic countries are described as being highly democratic and all have a unicameral form of governance and use proportional representation in their electoral systems. Although there are significant differences among the Nordic countries, they all have some common traits. These include support for a universalist welfare state aimed specifically at enhancing individual autonomy and promoting social mobility, a corporatist system involving a tripartite arrangement where representatives of labour and employers negotiate wages, labour market policy is mediated by the government, and a commitment to private ownership within a market-based mixed economy, with Norway being a partial exception due to a large number of state-owned enterprises and state ownership in publicly listed firms. As of 2020, all of the Nordic countries rank highly on the inequality-adjusted HDI and the Global Peace Index as well as being ranked in the top 10 on the World Happiness Report.

Over the last few decades, the traditional Nordic model has transformed in some ways, including increased deregulation and expanding privatization of public services. However, the Nordic model is still distinguished from other models by the strong emphasis on public services and social investment.

🔗 Yugoslavia 🔗 Economics

Despite common origins, the economy of the Socialist Federal Republic of Yugoslavia (SFRY) was significantly different from the economies of the Soviet Union and other Eastern European socialist states, especially after the Yugoslav-Soviet break-up in 1948. The occupation and liberation struggle in World War II left Yugoslavia's infrastructure devastated. Even the most developed parts of the country were largely rural and the little industry of the country was largely damaged or destroyed.

🔗 United States/U.S. Government 🔗 United States 🔗 Medicine 🔗 Economics 🔗 Politics 🔗 Geography

Universal healthcare (also called universal health coverage, universal coverage, or universal care) is a health care system in which all residents of a particular country or region are assured access to health care. It is generally organized around providing either all residents or only those who cannot afford on their own, with either health services or the means to acquire them, with the end goal of improving health outcomes.

Universal healthcare does not imply coverage for all cases and for all people – only that all people have access to healthcare when and where needed without financial hardship. Some universal healthcare systems are government-funded, while others are based on a requirement that all citizens purchase private health insurance. Universal healthcare can be determined by three critical dimensions: who is covered, what services are covered, and how much of the cost is covered. It is described by the World Health Organization as a situation where citizens can access health services without incurring financial hardship. The Director General of WHO describes universal health coverage as the “single most powerful concept that public health has to offer” since it unifies “services and delivers them in a comprehensive and integrated way”. One of the goals with universal healthcare is to create a system of protection which provides equality of opportunity for people to enjoy the highest possible level of health.

As part of Sustainable Development Goals, United Nations member states have agreed to work toward worldwide universal health coverage by 2030.