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Erschienen in:
2020 | OriginalPaper | Buchkapitel
Dynamics of Income Distribution in a Market Economy: Possibilities for Poverty Alleviation
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Excerpt
Absentee owners
Parties not present on land and capital resources owned by them.
Artisan owners
Parties using own labor together with land and capital resources owned by them to produce goods and services.
Behavioral relations
Causal factors influencing a decision.
Capital intensive
A process or industry that requires large sums of financial resources to produce a particular good.
Capital
Machinery equipment, cash, and material inputs employed for the production of goods and services.
Capitalist sector
A subeconomy in which all resources are privately owned and their allocation to production and renting activities is exclusively carried out through a price system.
Capitalist system
An economic system in which all resources are in theory privately owned and their allocation to production and renting activities is exclusively carried out through a price system.
Commercial
Pertaining to buying and selling with intent to make profit.
Controlling feedback
A circular information path that counters change.
Corporate
Pertaining to a profit maximizing firm.
Economic dualism
Side-by-side existence of multiple subeconomies.
Economic sector
A collection of production units with common characteristics.
Entrepreneurship
Ability to take risk to start a new business.
Feedback loops
Circular information paths created when decisions change information that affects future decisions.
Financial market
A mechanism that allows people to easily buy and sell commodities, financial instruments, and other fungible items of value at low transaction costs and at prices that reflect efficient markets.
Household income
Income accrued to a household from wages, profits, and rents received by all its members.
Institutionalist economic models
Models attributing performance of economies to institutional relationships and advocating selective government intervention to change the behavior that creates dysfunctions.
Iron law of wages
David Ricardo’s most well-known argument about wages “naturally” tending towards a minimum level corresponding to the subsistence needs of the workers.
Keynesian
A belief that the total spending in the economy is influenced by a host of economic decisions – both public and private.
Labor intensive
A process or industry with significant labor costs.
Labor productivity
Output per worker or worker-hour.
Labor
Economically active persons in an economy.
Marginal factor cost
The incremental costs incurred by employing one additional unit of input.
Marginal revenue product
The additional income generated by using one more unit of input.
Market economy
An economy which relies primarily on interactions between buyers and sellers to allocate resources.
Marxist economic theory
A theory highlighting exploitive mechanisms in an economic system and advocating central governance.
Marxist system
A centrally run economic system emphasizing in theory the Marxist axiom “from each according to ability to each according to need.”
Model
An abstract representation of relationships in a real system.
Neoclassical economic theory
A theory highlighting constructive market forces in an economic system and advocating consumer sovereignty and a price system as invisible sources of governance.
Non-linear
A system whose behavior can’t be expressed as a sum of the behaviors of its parts.
Opportunity cost
Real value of resources used in the most desirable alternative, or the amount of one commodity foregone when more of another is consumed.
Ordinary differential equation
A relation that contains functions of only one independent variable and one or more of its derivatives with respect to that variable.
Output elasticity
Change in output caused by addition of one unit of a production factor.
Perfect market
A hypothetical economic system that has a large number of buyers and sellers – all price takers trading a homogeneous product – with complete information on the prices being asked and offered in other parts of the market and with perfect freedom of entry to and exit from the market.
Political economy
Interaction of political and economic institutions and the political environment.
Production factor
A resource input such as land, labor, or capital contributing to production of output.
Productivity
The amount of output created (in terms of goods produced or services rendered) per unit input used.
Purchasing power parity
The value of a fixed basket of goods and services based on the ratio of a countries’ price levels relative to a country of reference.
Revisionist economic models
Models recognizing both constructive and exploitive forces and advocating government intervention against exploitation.
Sector
A collection of production units with common characteristics.
Self-employment
Work for a self-owned production unit without a defined wage.
Subeconomy
A collection of production units and households with common characteristics.
System dynamics
A methodology for studying and managing complex feedback systems, such as one finds in business and other social systems.
Theories of value
How people positively and negatively value things and concepts, the reasons they use in making their evaluations, and the scope of applications of legitimate evaluations across the social world.
Unearned income
Income received as rents.
Wage employment
Work for a defined wage.