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SAVING-INVESTMENT MODEL: A model used to identify equilibrium in Keynesian economics based on injections (investment, I) and leakages (saving, S) for the two basic sectors (household and business). Equilibrium is achieved at the intersection of the saving line, S, and the investment line, I.
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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement. See also | Kaldor-Hicks efficiency | efficiency | willingness to pay | willingness to accept | benefit-cost analysis | Pareto improvement | Pareto efficiency | welfare economics | externality | market failure |
Recommended Citation:KALDOR-HICKS IMPROVEMENT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: January 15, 2026].
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PRIVATE SECTOR The combination of households and businesses into a single group. It is termed the private sector to indicate that decisions are made by private individuals (either consumers or producers) in pursuit of their personal self-interests. The contrasting phrase is public sector, in which decisions are made by governments on behalf of the public.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a pleather CD case or a how-to book on fine dining. Be on the lookout for strangers with large satchels of used undergarments.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"My philosophy of life is that if we make up our mind what we are going to make of our lives, then work hard toward that goal, we never lose - somehow we win out." -- President Ronald Reagan
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JE
Journal of Econometrics
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