Quality of life Quality of life (QOL) is the general well-being of individuals and societies. QOL has a wide range of contexts, including the fields of international development, healthcare, politics and employment. Quality of life should not be confused with the concept of standard of living, which is based primarily on income. Overview[edit] Standard indicators of the quality of life include not only wealth and employment but also the built environment, physical and mental health, education, recreation and leisure time, and social belonging.[1][2] According to ecological economist Robert Costanza: While Quality of Life (QOL) has long been an explicit or implicit policy goal, adequate definition and measurement have been elusive. Identity and engagementCreativity and recreationMemory and projectionBelief and ideasGender and generationsEnquiry and learningWellbeing and health Also frequently related are concepts such as freedom, human rights, and happiness. Quantitative measurement[edit] Other measures[edit]
Slutsky equation Equation in economics In microeconomics, the Slutsky equation (or Slutsky identity), named after Eugen Slutsky, relates changes in Marshallian (uncompensated) demand to changes in Hicksian (compensated) demand, which is known as such since it compensates to maintain a fixed level of utility. There are two parts of the Slutsky equation, namely the substitution effect, and income effect. a substitution effect: when the price of good changes, as it becomes relatively cheaper, if hypothetically consumer's consumption remains same, income would be freed up which could be spent on a combination of each or more of the goods.an income effect: the purchasing power of a consumer increases as a result of a price decrease, so the consumer can now afford better products or more of the same products, depending on whether the product itself is a normal good or an inferior good. The Slutsky equation decomposes the change in demand for good i in response to a change in the price of good j: where . When .
Happiness Happiness is a mental or emotional state of well-being defined by positive or pleasant emotions ranging from contentment to intense joy.[1] A variety of biological, psychological, religious, and philosophical approaches have striven to define happiness and identify its sources. Various research groups, including positive psychology, are employing the scientific method to research questions about what "happiness" is, and how it might be attained. The United Nations declared 20 March the International Day of Happiness to recognise the relevance of happiness and wellbeing as universal goals. Definition Philosophers and religious thinkers often define happiness in terms of living a good life, or flourishing, rather than simply as an emotion. Happiness is a fuzzy concept and can mean many different things to many people. Research results Meditation has been found to lead to high activity in the brain's left prefrontal cortex, which in turn has been found to correlate with happiness.[11] Buddhism
First-order approach Historically,[1] the first-order approach was the main tool used to solve the first formal moral hazard models, such as those of Richard Zeckhauser, [3] Michael Spence,[4] and Joseph Stiglitz.[5] Not long after these models were published, James Mirrlees was the first to point out that the approach was not generally valid, and sometimes imposed even stronger necessary conditions than those of the original problem.[2] Following this realization, he[6] and other economists such as Bengt Holmström,[7] William P. Rogerson[2] and Ian Jewitt[8] gave both sufficient conditions for cases where the first-order approach gives a valid solution to the problem, and also different techniques that could be applied to solve general principal-agent models. Mathematical formulation [edit] In mathematical terms, the first-order approach relaxes the more general incentive compatibility constraint in the principal's problem. and proposes a contract to the agent by solving the following program: subject to and
Meritocracy Political system in which capital is assigned on the basis of competence Meritocracy (merit, from Latin mereō, and -cracy, from Ancient Greek κράτος kratos 'strength, power') is the notion of a political system in which economic goods or political power are vested in individual people based on ability and talent, rather than wealth or social class.[1] Advancement in such a system is based on performance, as measured through examination or demonstrated achievement. The "most common definition of meritocracy conceptualizes merit in terms of tested competency and ability, and most likely, as measured by IQ or standardized achievement tests".[9] In government and other administrative systems, "meritocracy" refers to a system under which advancement within the system turns on "merits", like performance, intelligence, credentials, and education. In a more general sense, meritocracy can refer to any form of evaluation based on achievement. More recent conceptions [edit] In 1813, U.S. 子曰：有教無類。
Threshold population From Wikipedia, the free encyclopedia Typically a low-order shop (such as a grocer or newsagent) may require only 800 or so customers, whereas a higher-order store such as Marks and Spencer or Waitrose may need a threshold of 70,000 to be profitable, and a university may need 350,000 to be viable.[2] Thresholds may also be linked to the spending power of customers; this is most obvious in periodic markets in poor countries, where wages are so low that people can buy the goods or services only once in a while.
Status Anxiety Status Anxiety is a nonfiction book by Alain de Botton. It was first published in 2004 by Hamish Hamilton; subsequent publications have been by Penguin Books. Central thesis[edit] Status Anxiety discusses the desire of people in many modern societies to "climb the social ladder" and the anxieties that result from a focus on how one is perceived by others. De Botton claims that chronic anxiety about status is an inevitable side effect of any democratic, ostensibly egalitarian society. Causes: Solutions: Film[edit] A two-hour documentary film about this thesis, also called Status Anxiety and written by Alain de Botton, was released in 2004. See also[edit] External links[edit] Status Anxiety - Alain de Botton website
Corner solution In the context of economics the corner solution is best characterised by when the highest indifference curve attainable is not tangential to the budget line, in this scenario the consumer puts their entire budget into purchasing as much of one of the goods as possible and none of any other.[2] When the slope of the indifference curve is greater than the slope of the budget line, the consumer is willing to give up more of good 1 for a unit of good 2 than is required by the market. Thus, it follows that if the slope of the indifference curve is strictly greater than the slope of the budget line: Then the result will be a corner solution intersecting the x-axis.[3] The converse is also true for a corner solution resulting from an intercept through the y-axis.[3] Another example is "zero-tolerance" policies, such as a parent who is unwilling to expose their children to any risk, no matter how small and no matter what the benefits of the activity might be.
A kinder, gentler philosophy of success: Alain de Botton on TED.com Science 6 talks to watch this Moon Day On July 20, 1969, Neil Armstrong became the first human to walk on the moon. Moon Day is held every July 20 to commemorate this momentous feat. 43 years later, humanity is still looking to the sky, mesmerized by lunar bodies. However, it is not just Earth’s moon we’re studying anymore. With better satellites and […] Entertainment Your mega summer reading list: 200 books recommended by TEDsters Books can entertain, sucking you like a tornado into incredible new worlds.
Microeconomic reform Reforms aimed to increase the efficiency of an economy "Economic reform" usually refers to deregulation, or at times to reduction in the size of government, to remove distortions caused by regulations or the presence of government, rather than new or increased regulations or government programs to reduce distortions caused by market failure. As such, these reform policies are in the tradition of laissez faire, emphasizing the distortions caused by government, rather than in ordoliberalism, which emphasizes the need for state regulation to maximize efficiency. Microeconomic reform in Australia[edit] The policy agenda associated with microeconomic reform included:[citation needed] reductions in and eventual removal of tariff protectioncorporatisation and privatisation of government business enterprisesderegulation of industries including airlinesnew forms of regulation in industries subject to privatisation and corporatisationtax reform Microeconomic reform in India[edit] See also[edit]
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