An in-depth look at efficiency wages, where employers pay higher-than-market-clearing wages to boost worker productivity.
The observation that policies designed to achieve economic efficiency often have detrimental effects on distributional equity.
A feasible allocation of economic resources ensuring no alternative feasible allocation makes at least one agent better off without making another worse off.
An economic concept referring to markets where asset prices fully reflect all available information.
An in-depth entry on the concept of efficient estimator in the field of statistics and econometrics.
The theory that where assets are traded in organized markets, prices take account of all available information, making it impossible to predict future price movements.
A fee or tax on polluting discharges into the environment, aimed at environmental restoration or discouraging pollutant emissions.
Definition and meaning of 'elastic' in economics, illustrating what it denotes in terms of demand and supply elasticity.
The concept of elasticity in economics examines the responsiveness of one variable relative to proportional changes in another.
Elasticity of demand is the ratio between proportional change in quantity demanded and proportional change in price.
A measure of the willingness of a consumer to move consumption between time periods.
The elasticity of substitution characterizes the responsiveness of the ratio of quantities of two goods demanded to changes in their relative prices.
