Kaldor–Hicks efficiency, named for Nicholas Kaldor and John Hicks, also known as Kaldor–Hicks criterion, is a measure of economic efficiency. It captures some of the intuitive appeal of Pareto efficiency, but has less stringent criteria. For this reason, it is applicable more often. Under Kaldor–Hicks efficiency, an outcome is considered more efficient if a Pareto optimal outcome can be reached by arranging sufficient compensation from those that are made better off to those that are made worse off so that all would end up no worse off than before.
Inferior good
In economics, an inferior good is a good that decreases in demand when the income of the consumer rises. People with little income might buy bread in the supermarket, but when their income increases, they buy their bread in the bakery instead. They did not buy from the bakery before, because the bread in the bakery is more expensive than the bread in the supermarket.
Goods where the demand rises with the income are called "normal goods".
Normal good
In economics, a normal good is a good whose consumption rises when the income increases. As an example, people who earn more money, might go to the cinema more often. Tickets for the cinema are therefore a normal good.
A good where the consumption decreases when the income increases is called "inferior".
Marginal utility
Marginal utility is a concept from economics that describes the change in utility from consuming more or less of a good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that consuming the first unit usually has a higher utility than every other unit. When the number of units that are consumed increases, their marginal utility decreases.
The more we have a commodity or a service, the less we want to have more of it.
Veblen good
In economics, a Veblen good is a good whose preference and consumption increases with its price. This is against the Law of supply and demand. The goods are named after Thorstein Veblen, who first described the effect of conspicuous consumption in 1899. Veblen goods are often also positional goods.
Kragujevac
Kragujevac (Serbian: Крагујевац, "Kragujevac", ; Kragujevac was named after bird Kraguj) is a city in central Serbia. It is the fourth largest city in Serbia, main city of Šumadija and the administrative centre of Šumadija district. According to official results of 2011 census, the city is settled by 150,835 citizens, while area around the city is populated by 179,417 inhabitants.
Historically, Kragujevac was the first capital of free Serbia (from 1818 to 1839), and the first constitution ever proclaimed in Balkans was in this city on February 15, 1835 (state holiday).
In 1841, capital city of Serbia was changed from Kragujevac to Belgrade. Nowadays, Kragujevac is a big centre of automobile industry and weapons.
City is located 220 meters (220 ft) above sea level, with coordinates +44 ° 22 '; +20 ° 56', and it is in the valley of Lepenica river. The urban area of the city covers 835 km (322 sq mi), partially surrounded by mountains Rudnik, Crni Vrh and Gledić. City is characterized by hilly, mountainous surface. Kragujevac has highly developed transport infrastructure.
As of 2011 census, following population is there in Kragujevac:
The General Theory of Employment, Interest, and Money
The General Theory of Employment, Interest, and Money is the title of a book by John Maynard Keynes. The book is generally considered to be his masterpiece. It is largely credited with creating the terminology and shape of modern macroeconomics. Published in February 1936, it sought to bring about a revolution, commonly referred to as the "Keynesian Revolution", in the way economists thought – especially in relation to the proposition that a market economy tends naturally to restore itself to full employment after temporary shocks. Regarded widely as the cornerstone of Keynesian thought, the book challenged the established classical economics and introduced important concepts such as the consumption function, the multiplier, the marginal efficiency of capital, the principle of effective demand and liquidity preference.
Christmas tree (disambiguation)
A Christmas tree is a tree decorated for Christmas. It may also refer to:
Joan Caulfield
Joan Caulfield (June 1, 1922 - June 18, 1991) was an American former model and actress. She started acting during the early to mid 1940s. She was in the 1947 movie "The Unsuspected". She appeared mostly on television in her later life, including "Murder, She Wrote". Caulfield was born in New Jersey. She later moved to Los Angeles. She died from cancer of unknown primary origin at age sixty-nine.
Child development
Child development refers to biological, psychological and emotional changes that happen in humans between birth and the end of adolescence, at which time the individual goes from dependence to independence. The development is strongly influenced by genetic, mental, physical and social factors that may happen during the progression. Children develop at different levels. In particular, children having autism spectrum troubles or Down syndrome may have different development than usual or substandard motor development. Ideas about how children develop psychologically have changed over time. There are several important theories on how children develop.
During this time children were seen as separate than adults. Children under 7 or 8 were different than other people and treated as children. Even teenagers were not fully grown. Religious writings sometimes talked about children as evil and needing to be pure. They also sometimes talked about them as good and angels.
At the time of the Reformation, children were thought to be born evil. Adults thought children needed to be taught to be a person. Children had to wear tight and uncomfortable clothes. Raising a child was thought to be one of the most important things. Adults wanted children to use reason in learning.
In the time of the Enlightenment, people started to think differently about children and development. People respected children more and treated them better. Two important people had ideas about children during the Enlightenment. They were John Locke and Jean-Jacques Rousseau.
John Locke thought that children were born without any knowledge. He thought the mind is "tabula rasa", or blank slate. This means that the mind is like a blank piece of paper when someone is born. Children get knowledge in life and fill up the blank paper. Locke thought that the only way that children get knowledge is from doing different things in life and getting experience from those things. Locke’s ideas on how children get knowledge changed how people thought about children. His belief was that learning should be fun rather than a task. "Children [should be] free to be childish,” wrote Locke. Locke's ideas were opposed to church principles, strictly believing children should be reading fables and not religious texts. Children were seen in a better way and got more respect from adults. Locke wanted parents to spend more time with their children and help them learn. He thought that children’s development of knowledge needed parents to help children experience new things and teach about those things. Locke pushed nurture as the most important part of child development.
Jean Jacques Rousseau had a different idea than Locke on children. He thought that children are born knowing what is right and wrong. Rousseau did not think that children are “blank slates” as Locke did. He thought that children are “noble savages”. This is the idea that children are born good, but society can make them bad. Rousseau felt that adults should pay attention to children’s needs during their different stages of development.