MICROECONOMIC THEORY
... of income to spend, an individual will buy the goods and services: – that exhaust his or her total income – for which the psychic rate of trade-off between any goods (the MRS) is equal to the rate at which goods can be traded for one another in the marketplace ...
... of income to spend, an individual will buy the goods and services: – that exhaust his or her total income – for which the psychic rate of trade-off between any goods (the MRS) is equal to the rate at which goods can be traded for one another in the marketplace ...
Lecture 13
... Recall that to maximize utility a consumer would set: (MUx/Px) = (MUy/Py) If Px increases this equality would be disturbed: (MUx/Px) < (MUy/Py) ...
... Recall that to maximize utility a consumer would set: (MUx/Px) = (MUy/Py) If Px increases this equality would be disturbed: (MUx/Px) < (MUy/Py) ...
The Individual Demand Curve
... 1) The market demand will shift to the right as more consumers enter the market. 2) Factors that influence the demands of many consumers will also affect the market demand. ...
... 1) The market demand will shift to the right as more consumers enter the market. 2) Factors that influence the demands of many consumers will also affect the market demand. ...
Basic income
An unconditional basic income (also called basic income, basic income guarantee, universal basic income, universal demogrant, or citizen’s income) is a form of social security system in which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere.An unconditional income transfer of less than the poverty line is sometimes referred to as a ""partial basic income"".Basic income systems that are financed by the profits of publicly owned enterprises (often called Social dividend or Citizen's dividend) are major components in many proposed models of market socialism. Basic income schemes have also been promoted within the context of capitalist systems, where they would be financed through various forms of taxation.Similar proposals for ""capital grants provided at the age of majority"" date to Thomas Paine's Agrarian Justice of 1795, there paired with asset-based egalitarianism. The phrase ""social dividend"" was commonly used as a synonym for basic income in the English-speaking world before 1986, after which the phrase ""basic income"" gained widespread currency. Prominent advocates of the concept include Philippe Van Parijs, Ailsa McKay, André Gorz, Hillel Steiner, Peter Vallentyne, and Guy Standing.