The Glossary: Ecological Economics from the Bottom-Up
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Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
NBER WORKING PAPER SERIES SHOPPING EXTERNALITIES AND SELF-FULFILLING UNEMPLOYMENT FLUCTUATIONS Greg Kaplan Guido Menzio Working Paper 18777 http://www.nber.org/papers/w18777 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2013 We thank the Kielts-Nielsen Data Center at the University of Chicago Booth School of Business for providing access to the Kielts-Nielsen Consumer Panel Dataset. We thank the editor, Harald Uhlig, and three anonymous referees for insightful and detailed suggestions that helped us revising the paper. We are also grateful to Mark Aguiar, Jim Albrecht, Michele Boldrin, Russ Cooper, Ben Eden, Chris Edmond, Roger Farmer, Veronica Guerrieri, Bob Hall, Erik Hurst, Martin Schneider, Venky Venkateswaran, Susan Vroman, Steve Williamson and Randy Wright for many useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2013 by Greg Kaplan and Guido Menzio. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Shopping Externalities and Self-Fulfilling Unemployment Fluctuations Greg Kaplan and Guido Menzio NBER Working Paper No. 18777 February 2013, Revised October 2013 JEL No. D11,D21,D43,E32 ABSTRACT We propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an additional worker creates positive external effects on other firms, as a worker has more income to spend and less time to search for low prices when he is employed than when he is unemployed. -
9.1 Financial Cost Compared with Economic Cost 9.2 How
9.0 MEASUREMENT OF COSTS IN CONSERVATION 9.1 Financial Cost Compared with Economic Cost{l} Since financial analysis relates primarily to enterprises operating in the market place, the data of costs and retums are derived from the market prices ( current or expected) of the transactions as they are experienced. Thus the cost of land, capital, construction, etc. is the ~ recorded price of the accountant. By contrast, in economic analysis ( such as cost bene fit analysis) the costs and benefits of a project are analysed from the point of view of society and not from the point of view of a single agent's utility of the landowner or developer. They are termed economic. Some effects of the project, though conceming the single agent, do not affect society. Interest on borrowing, taxes, direct or indirect subsidies are transfers that do not deploy real resources and do not therefore constitute an economic cost. The costs and the retums are, in part at least, based on shadow prices, which reflect their "social value". Economic rate of retum could therefore differ from the financial costs which are based on the concept of "opportunity cost"; they are measured not in relation to the transaction itself but to the value of the resources which that financial cost could command, just as benefits are valued by the resource costs required to achieve them. This differentiation leads to the following significant rules in conside ring costs in cost benefit analysis, as for example: (a) Interest on money invested This is a transfer cost between borrower and lender so that the economyas a whole is no different as a result. -
Curious About Cryptocurrencies? Investors Need to Make Sure They Separate “Investing” from “Speculation” by Don Mcarthur, CFA®
Curious About Cryptocurrencies? Investors Need to Make Sure They Separate “Investing” from “Speculation” By Don McArthur, CFA® Bitcoin and other cryptocurrencies have received plenty of media coverage lately, and it is natural for investors to wonder about them. Even celebrities have become associated with Bitcoin publicity through social media. Interest has piqued to a point where there are even Exchange Traded Funds (ETFs) that invest in Bitcoin, giving investors the means to invest in the Futures market. After having performed in-depth research on Bitcoin and other cryptocurrencies, our position at Commerce Trust Company is that they should not currently play a role in client portfolios. As part of that research, Commerce Senior Vice President and Investment Analyst Don McArthur, CFA, put together a primer on the topic of cryptocurrencies in general. In the following commentary, he explains why Bitcoin at this stage is more about speculating than investing in something with intrinsic value. He also touches on how Blockchain networking technology not only supports cryptocurrencies, but many other industrial applications as well. We thought you would enjoy this commentary as McArthur shares his thoughts in a mind-opening Q&A. Q . What is Bitcoin and how did it start? A. Bitcoin is one of hundreds of digital currencies, or cryptocurrency, based on Blockchain technology. As an early mover, Bitcoin is by far the largest digital currency. Bitcoin was launched in 2009 by a mysterious person (or persons) known only by the pseudonym Satoshi Nakamoto. Unlike traditional currencies, which are issued by central banks, Bitcoin has no central monetary authority. -
Cost-Benefit Analysis and the Economics of Investment in Human Resources
DOCUMENT RESUME ED 04E d48 VT 012 352 AUTHOR Wood, W. D.; Campbell, H. F. TITLE Cost-Benefit Analysis and the Economics of Investment in Human Resources. An Annotated Bibliography. INSTITUTION Queen's Univ., Kingston (Ontario). Industrial Felaticns Centre. REPORT NO Eibliog-Ser-NO-E PU2 EATS 70 NOTE 217F, AVAILABLE FROM Industrial Relations Centre, Queen's University, Kingston, Ontario, Canada ($10.00) EDBS PRICE EDPS Price MF-$1.00 HC Not Available from EDRS. DESCRIPTORS *Annotated Bibliographies, *Cost Effectiveness, *Economic Research, *Human Resources, Investment, Literature Reviews, Resource Materials, Theories, Vocational Education ABSTRACT This annotated bibliography presents 389 citations of periodical articles, monographs, and books and represents a survey of the literature as related to the theory and application of cost-benefit analysis. Listings are arranged alphabetically in these eight sections: (1) Human Capital, (2) Theory and Application of Cost-Benefit Analysis, (3) Theoretical Problems in Measuring Benefits and Costs,(4) Investment Criteria and the Social Discount Rate, (5) Schooling,(6) Training, Retraining and Mobility, (7) Health, and (P) Poverty and Social Welfare. Individual entries include author, title, source information, "hea"ings" of the various sections of the document which provide a brief indication of content, and an annotation. This bibliography has been designed to serve as an analytical reference for both the academic scholar and the policy-maker in this area. (Author /JS) 00 oo °o COST-BENEFIT ANALYSIS AND THE ECONOMICS OF INVESTMENT IN HUMAN RESOURCES An Annotated Bibliography by W. D. WOOD H. F. CAMPBELL INDUSTRIAL RELATIONS CENTRE QUEEN'S UNIVERSITY Bibliography Series No. 5 Cost-Benefit Analysis and the Economics of investment in Human Resources U.S. -
New Insights on Retail E-Commerce (July 26, 2017)
U.S. Department of Commerce Economics Newand Insights Statistics on Retail Administration E-Commerce Office of the Chief Economist New Insights on Retail E-Commerce Executive Summary The U.S. Census Bureau has been collecting data on retail sales since the 1950s and data on e-commerce retail sales since 1998. As the Internet has become ubiquitous, many retailers have created websites and even entire divisions devoted to fulfilling online orders. Many consumers have By turned to e-commerce as a matter of convenience or to increase the Jessica R. Nicholson variety of goods available to them. Whatever the reason, retail e- commerce sales have skyrocketed and the Internet will undoubtedly continue to influence how consumers shop, underscoring the need for good data to track this increasingly important economic activity. In June 2017, the Census Bureau released a new supplemental data table on retail e-commerce by type of retailer. The Census Bureau developed these estimates by re-categorizing e-commerce sales data from its ESA Issue Brief existing “electronic shopping” sales data according to the primary #04-17 business type of the retailer, such as clothing stores, food stores, or electronics stores. This report examines how the new estimates enhance our understanding of where consumers are shopping online and also provides an overview of trends in retail and e-commerce sales. Findings from this report include: E-commerce sales accounted for 7.2 percent of all retail sales in 2015, up dramatically from 0.2 percent in 1998. July 26, 2017 E-commerce sales have been growing nine times faster than traditional in-store sales since 1998. -
Social Science Degree
Social Science Degree B.A. Study what you love, create your own curriculum and build the skills you need to thrive in any career. From anthropology and geography to sociology and economics, the social sciences offer a world of fascinating topics. With a Social Science degree, you can combine your fields of interest and create your own unique program that will enable you to examine any issue from multiple diverse perspectives. Program type: Major Format: On Campus or Online Est. time to complete: 4 years Credit hours: 120 Why earn a social science degree? Application Deadlines Fall: Aug. 16 Spring: Dec. 15 Summer: May 1 To succeed in today's competitive job market, you need outstanding skills in communication, problem solving, teamwork and critical thinking. This versatile bachelor's degree offers many career choices and opens the doors to a variety of employment options. The online flexibility of the Social Science degree makes it a popular choice for transfer students looking to earn a bachelor's degree. The bachelor degree in Social Science can be completed through UND's online enroll anytime courses. Build Your Own Bachelor Degree in Social Science In collaboration with your academic advisor, you'll create your own interdisciplinary curriculum and pursue your interests. Choose online or in-person classes from: Anthropology Communication Criminal Justice Economics Geography History Political Science Psychology Sociology You can also focus on a particular theme through directed study in: Health and Human Services Economic and Political Science Studies Social Science Degree at UND 1/2 Study abroad in Brazil, Belize, China, Chile, Spain, Ireland or Mexico. -
E-Commerce Integration and Economic Development: Evidence from China∗
E-Commerce Integration and Economic Development: Evidence from China∗ Victor Couture,y Benjamin Faber,z Yizhen Gu§ and Lizhi Liu{ July 2017 –Preliminary and incomplete– Abstract The number of people buying and selling products online in China has grown from practically zero in 2000 to more than 400 million by 2015. Most of this growth has occurred in cities. In this context, the Chinese government recently announced the expansion of e-commerce to the countryside as a policy priority with the objective to close the rural-urban economic divide. As part of this agenda, the government entered a partnership with a large Chinese e-commerce firm. The program invests in the necessary transport logistics to ship products to and sell prod- ucts from tens of thousands of villages that were largely unconnected to e-commerce. The firm also installs an e-commerce terminal at a central village location, where a terminal manager assists households in buying and selling products through the firm’s e-commerce platform. This paper combines a new collection of survey and transaction microdata with a randomized control trial (RCT) across villages that we implement in collaboration with the e-commerce firm. We use this empirical setting to provide evidence on the potential of e-commerce inte- gration to foster economic development in the countryside, the underlying channels and the distribution of the gains from e-commerce across households and villages. Keywords: E-commerce, trade integration, economic development, rural-urban divide JEL Classification: F63, O12, R13 ∗We are grateful to CEGA, the Clausen Center, the Haas School of Business, the Weiss Family Fund and the Bill and Melinda Gates Foundation for providing funding for this study. -
Lost Wages: the COVID-19 Cost of School Closures
DISCUSSION PAPER SERIES IZA DP No. 13641 Lost Wages: The COVID-19 Cost of School Closures George Psacharopoulos Victoria Collis Harry Anthony Patrinos Emiliana Vegas AUGUST 2020 DISCUSSION PAPER SERIES IZA DP No. 13641 Lost Wages: The COVID-19 Cost of School Closures George Psacharopoulos Harry Anthony Patrinos Georgetown University The World Bank and IZA Victoria Collis Emiliana Vegas The EdTech Hub Center for Universal Education, Brookings AUGUST 2020 Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world’s largest network of economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. ISSN: 2365-9793 IZA – Institute of Labor Economics Schaumburg-Lippe-Straße 5–9 Phone: +49-228-3894-0 53113 Bonn, Germany Email: [email protected] www.iza.org IZA DP No. 13641 AUGUST 2020 ABSTRACT Lost Wages: The COVID-19 Cost of School Closures1 Social distancing requirements associated with COVID-19 have led to school closures. -
Geoengineering in the Anthropocene Through Regenerative Urbanism
geosciences Review Geoengineering in the Anthropocene through Regenerative Urbanism Giles Thomson * and Peter Newman Curtin University Sustainability Policy Institute, Curtin University, Perth 6102, WA, Australia; [email protected] * Correspondence: [email protected]; Tel.: +61-8-9266-9030 Academic Editors: Carlos Alves and Jesus Martinez-Frias Received: 26 June 2016; Accepted: 13 October 2016; Published: 25 October 2016 Abstract: Human consumption patterns exceed planetary boundaries and stress on the biosphere can be expected to worsen. The recent “Paris Agreement” (COP21) represents a major international attempt to address risk associated with climate change through rapid decarbonisation. The mechanisms for implementation are yet to be determined and, while various large-scale geoengineering projects have been proposed, we argue a better solution may lie in cities. Large-scale green urbanism in cities and their bioregions would offer benefits commensurate to alternative geoengineering proposals, but this integrated approach carries less risk and has additional, multiple, social and economic benefits in addition to a reduction of urban ecological footprint. However, the key to success will require policy writers and city makers to deliver at scale and to high urban sustainability performance benchmarks. To better define urban sustainability performance, we describe three horizons of green urbanism: green design, that seeks to improve upon conventional development; sustainable development, that is the first step toward a net zero impact; and the emerging concept of regenerative urbanism, that enables biosphere repair. Examples of green urbanism exist that utilize technology and design to optimize urban metabolism and deliver net positive sustainability performance. If mainstreamed, regenerative approaches can make urban development a major urban geoengineering force, while simultaneously introducing life-affirming co-benefits to burgeoning cities. -
Minutes of the Federal Open Market Committee April 27–28, 2021
_____________________________________________________________________________________________Page 1 Minutes of the Federal Open Market Committee April 27–28, 2021 A joint meeting of the Federal Open Market Committee Ann E. Misback, Secretary, Office of the Secretary, and the Board of Governors was held by videoconfer- Board of Governors ence on Tuesday, April 27, 2021, at 9:30 a.m. and con- tinued on Wednesday, April 28, 2021, at 9:00 a.m.1 Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board of PRESENT: Governors; Michael S. Gibson, Director, Division Jerome H. Powell, Chair of Supervision and Regulation, Board of John C. Williams, Vice Chair Governors; Andreas Lehnert, Director, Division of Thomas I. Barkin Financial Stability, Board of Governors Raphael W. Bostic Michelle W. Bowman Sally Davies, Deputy Director, Division of Lael Brainard International Finance, Board of Governors Richard H. Clarida Mary C. Daly Jon Faust, Senior Special Adviser to the Chair, Division Charles L. Evans of Board Members, Board of Governors Randal K. Quarles Christopher J. Waller Joshua Gallin, Special Adviser to the Chair, Division of Board Members, Board of Governors James Bullard, Esther L. George, Naureen Hassan, Loretta J. Mester, and Eric Rosengren, Alternate William F. Bassett, Antulio N. Bomfim, Wendy E. Members of the Federal Open Market Committee Dunn, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, and Chiara Scotti, Special Advisers to the Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Board, Division of Board Members, Board of Presidents of the Federal Reserve Banks of Governors Philadelphia, Dallas, and Minneapolis, respectively Carol C. Bertaut, Senior Associate Director, Division James A. -
The Endowment Effect: Loss Aversion Or a Buy-Sell Discrepancy?
Journal of Experimental Psychology: General © 2021 American Psychological Association 2020, Vol. 2, No. 999, 000 ISSN: 0096-3445 https://doi.org/10.1037/xge0000880 The Endowment Effect: Loss Aversion or a Buy-Sell Discrepancy? Gal Smitizsky1, Wendy Liu1, and Uri Gneezy2 1 Department of Marketing, Rady School of Management, University of California, San Diego 2 Department of Economics and Strategy, Rady School of Management, University of California, San Diego In a typical endowment effect experiment, individuals state a higher willingness-to-accept to sell an object than a willingness-to-pay to obtain the object. The leading explanation for the endowment effect is loss aversion for the object. An alternative explanation is based on a buy-sell discrepancy, according to which people price the object in a strategic way. Disentangling these two explanations is the goal of this research. To this end, we introduce a third condition, in which participants receive an object and are asked how much they are willing to pay to keep it (Pay-to-Keep). Comparing the three conditions we find no evidence for loss aversion in the endowment effect setting. We found support for the buy-sell strategy mechanism. Our results have important implications for the understanding of buyer and seller behaviors, subjective value, and elicitation methods. Keywords: endowment effect, loss aversion, buyers versus sellers, utility theory, preference elicitation The endowment effect refers to the observation that “goods that compatible mechanisms, such as price lists, second price auctions, are included in the individual’s endowment will be more highly or the Becker-DeGroot-Marschak paradigm. -
Learning Externalities and Economic Growth
Learning Externalities and Economic Growth Alejandro M. Rodriguez∗ August 2004 ∗I would like to thank Profesor Robert E. Lucas for motivating me to write this paper and for his helpful comments. Profesor Alvarez also provided some useful insights. Please send comments to [email protected]. All errors are mine. ABSTRACT It is a well known fact that not all countries develop at the same time. The industrial revolution began over 200 years ago in England and has been spreading over the world ever since. In their paper Barriers to Riches, Parente and Prescott notice that countries that enter the industrial stage later on grow faster than what the early starters did. I present a simple model with learning externalities that generates this kind of behavior. I follow Lucas (1998) and solve the optimization problem of the representative agent under the assumption that the external effect is given by the world leader’s human capital. 70 60 50 40 30 20 Number of years to double income 10 0 1820 1840 1860 1880 1900 1920 1940 1960 1980 Year income reached 2,000 (1990 U.S. $) Fig. 1. Growth patterns from Parente and Prescott 1. Introduction In Barriers to Riches, Parente and Prescott observe that ”Countries reaching a given level of income at a later date typically double that level in a shorter time ” To support this conclusion they present Figure 1 Figure 1 shows the year in which a country reached the per capita income level of 2,000 of 1990 U.S. dollars and the number of years it took that country to double its per capita income to 4,000 of 1990 U.S.