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TANSTAAFL: a plan for a new economic world order by Pierre Dos Utt (1949). The earliest known occurrence of the full phrase (except for the "a"), in the form "There ain't no such thing as free lunch", appears as the punchline of a joke related in an article in the El Paso Herald-Post of June 27, 1938 (and other Scripps-Howard newspapers about the same time), entitled "Economics in Eight Words".
Transaction cost as a formal theory started in the late 1960s and early 1970s. [13] And refers to the "Costs of Market Transactions" in his seminal work, The Problem of Social Cost (1960). Arguably, transaction cost reasoning became most widely known through Oliver E. Williamson's Transaction Cost Economics. Today, transaction cost economics is ...
[1] [2] A free good is available in as great a quantity as desired with zero opportunity cost to society. A good that is made available at zero price is not necessarily a free good. For example, a shop might give away its stock in its promotion, but producing these goods would still have required the use of scarce resources.
"Arbitrage" is a French word and denotes a decision by an arbitrator or arbitration tribunal (in modern French, "arbitre" usually means referee or umpire).In the sense used here, it was first defined in 1704 by Mathieu de la Porte in his treatise "La science des négociants et teneurs de livres" as a consideration of different exchange rates to recognise the most profitable places of issuance ...
In addition to interest in comparing and contrasting social inequality at local and national levels, in the wake of today's globalizing processes, the most interesting question becomes: what does inequality look like on a worldwide scale and what does such global inequality bode for the future? In effect, globalization reduces the distances of ...
Different economists have different views about what events are the sources of market failure. Mainstream economic analysis widely accepts that a market failure (relative to Pareto efficiency) can occur for three main reasons: if the market is "monopolised" or a small group of businesses hold significant market power, if production of the good or service results in an externality (external ...
A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. [2]
no transaction costs exist, and individuals and corporations borrow at the same rates. These results might seem irrelevant (after all, none of the conditions are met in the real world), but the theorem is still taught and studied because it tells something very important.