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KALDOR-HICKS EFFICIENCY: A type of efficiency that results if the monetary value of society's resources are maximized. This is achieved if the marginal willingness to pay by those who benefit from an action is equal to the marginal willingness to accept of those harmed. If this condition is not achieved, then a Kaldor-Hicks improvement is possible. Kaldor-Hicks efficiency, named after Nicholas Kaldor and John Hicks, is the theoretical basis of benefit-cost analysis, a technique commonly used to evaluate the desirability of producing public goods (such as parks, highways, or reservoirs). This is one of two noted efficiency criteria used in economics. The other is Pareto efficiency.
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DERIVATION, PRODUCTION POSSIBILITIES CURVE: A production possibilities curve, which illustrates the alternative combinations of two goods that an economy can produce with given resources and technology, is often derived from a production possibilities schedule. This derivation involves plotting each bundle from the production possibilities schedule as a point in a diagram measuring the two goods on the vertical and horizontal axes. See also | production possibilities | production possibilities curve | production possibilities schedule | opportunity cost, production possibilities | full employment, production possibilities | unemployment, production possibilities | investment, production possibilities | law of increasing opportunity cost | three questions of allocation | graphical analysis | assumptions, production possibilities | technical efficiency | economic efficiency | opportunity cost | full employment | technology | efficiency | economic goals | economic analysis | seven economic rules | distribution standards | scarcity | factors of production | scientific method | economic thinking | fallacies | production cost | law of diminishing marginal returns | short-run production analysis |
Recommended Citation:DERIVATION, PRODUCTION POSSIBILITIES CURVE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 28, 2022].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: derivation, production possibilities curve
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TAXATION PRINCIPLES Taxes are the mandatory payments made by members of society to governments to finance government operations. The study of public finance identifies several key principles of taxation -- tax effects (revenue and allocation), tax proportionality (proportional, progressive, and regressive), tax payments (benefit and ability-to-pay), tax equity (horizontal and vertical).
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors trying to buy either a blue mechanical pencil or super soft, super cuddly, stuffed animals. Be on the lookout for strangers with large satchels of used undergarments.
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John Maynard Keynes was born the same year Karl Marx died.
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"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. " -- Ronald Reagan, 40th US president
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GNP
Gross National Product
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