This lecture by Stiglitz is about how and why Pareto or near-Pareto improvement is hard to achieve‚ through his experience in Council of Economic Advisors for the United States government. First‚ Stiglitz writes about Adam Smith`s invisible hand theory as an explications of conditions under which market equilibrium will be Pareto efficient‚ and discusses about the importance of government intervention by writing that in presence of imperfect information or incomplete market‚ there will always be
Premium Welfare economics Law and economics Game theory
behind private prisons are ethical or not will be further addressed in the paper using two theoretical perspectives: the functionalism theory and the conflict theory. However‚ I will be arguing that private prisons plays a beneficial role in our everyday lives. Ethical Issue and Theoretical Perspective 1: The conflict theory pertains to one of the main social justice issues raised in class of whether private prisons are being used as a rehabilitation for inmates or used for labor.
Premium Sociology
his belief that a better understanding of human nature would reduce the striving for power and guide man’s energies toward constructive Gemeinschaftsgefühl. This German word is somewhat difficult to translate to English adequately‚ though social interest‚ social feeling‚ community feeling‚ or social sense come close. Adler and many of his followers came to prefer the term ‘feeling of community’ (Ansbacher & Ansbacher‚ 1956‚ p. 135). Eriksson (1992) views Adler’s writings (as translated by Ansbacher)
Premium Human Alfred Adler Love
Force and Legal Compliance Johnnie Garcia ETH/316 November 17‚ 2014 Daniel Heller Force and Legal Compliance “What does it mean to say that a rule would produce the best consequences?” The theory of “utilitarianism is a huge interest and influence. Additionally we may ask how “utilitarianism” is discussed and how might it be criticized or defended? Utilitarianism Jeremy Bentham an English philosopher and political thinker has been described as the modern father or utilitarianism. According
Premium Utilitarianism Ethics Jeremy Bentham
from Irving Fisher’s The Theory of Interest‚ 1930 Preface -- It was the misunderstanding of my theory of interest put forward in my 1907 book the Rate of Interest that led me to adopt the catchword “investment opportunity” as a substitute for the inadequate term “productivity” which had come into general use. This combined with my early “impatience theory” led to the impatience and opportunity theory which can be said to be distinct from all other theories of interest because it explicitly analyzes
Premium Time value of money Interest Bond
SELF-INTEREST‚ ALTRUISM‚ INCENTIVES‚ & AGENCY THEORY Michael C. Jensen Harvard Business School MJensen@hbs.edu Abstract Many scholars‚ business people‚ policy makers‚ and religious leaders are suspicious of self-interest and incentives and often oppose the use of incentives to motivate managers‚ employees‚ public servants‚ or the public itself. I address here some of these issues regarding human nature and organizations raised by Michael Brennan (1994) in “Incentives‚ Rationality‚ and Society
Premium Principal-agent problem Evolutionary psychology Human behavior
Banking‚ Financial Markets and Systems Set - 2 Theory and Structure of Interest rates P C Narayan IIMB PCN BFMS L02 1 Loanable Funds theory “Market interest Rate is determined by the factors that control the supply and demand for loanable funds” IIMB PCN BFMS L02 2 1 Demand for Loanable Funds • Household demand for loanable funds – As household income rises‚ so does installment debt – Inverse relationship between demand for lonable funds and interest rate • Business demand for loanable funds
Premium Finance Time Inflation
The banking industry of Nepal doesn’t seem to be going in right track. The ongoing interest war and expansion of banking network unprecedently has further aggravated the problem. Till the date there are already 31 commercial bank 75 development bank and 84 finance company in the country. further few are in pipeline. alone in Kathmandu there are more than 100 private commercial bank involved in competition. Opening of branches and the installation of ATM machine has led to more idle cash lying around
Premium Bank Industry Cheque
provision of certain goods or services that are not provided by the private sector. Public sector includes national and local governments‚ their agencies‚ and their chartered bodies. The public sector is one of the major sectors of any economy; such as in the US‚ it covers about 20 percent of the entire economy. Difference between Public and Private Sector: Financial management differs considerably in the public and private sector. In private and public sector financial management‚ there is a huge difference
Premium Government Economics Corporation
Concept Paper: Public Interest To claim to hold the public interest is to claim something big. The ambiguity that arises from such a broad concept almost always means that it will have great‚ and sometimes detrimental‚ consequences. Because it is a sort of a “je ne sais quoi” (Sorauf – p. 623) of American politics‚ it is a strong but malleable tool that can be used by anyone who has the audacity to give it a meaning. Frank J. Sorauf‚ while conceding that no “neat and precise”(p
Premium Political philosophy Jean-Jacques Rousseau Political science