Political economyPolitical economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics.
Universal basic incomeUniversal basic income (UBI) is a social welfare proposal in which all citizens of a given population regularly receive a guaranteed income in the form of an unconditional transfer payment (i.e., without a means test or need to work). It would be received independently of any other income. If the level is sufficient to meet a person's basic needs (i.e., at or above the poverty line), it is sometimes called a full basic income; if it is less than that amount, it may be called a partial basic income.
Classical liberalismClassical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics; and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. Classical liberalism, contrary to liberal branches like social liberalism, looks more negatively on social policies, taxation and the state involvement in the lives of individuals, and it advocates deregulation.
Law of rentThe law of rent states that the rent of a land site is equal to the economic advantage obtained by using the site in its most productive use, relative to the advantage obtained by using marginal (i.e., the best rent-free) land for the same purpose, given the same inputs of labor and capital. The law of rent was formulated by David Ricardo around 1809, and presented in its most developed form in his magnum opus, On the Principles of Political Economy and Taxation. This is the origin of the term "Ricardian rent".
Capital (economics)In economics, capital goods or capital are "those durable produced goods that are in turn used as productive inputs for further production" of goods and services. At the macroeconomic level, "the nation's capital stock includes buildings, equipment, software, and inventories during a given year." A typical example is the machinery used in factories. Capital can be increased by the use of the factors of production, which however excludes certain durable goods like homes and personal automobiles that are not used in the production of saleable goods and services.
Marginal utilityIn economics, utility refers to the satisfaction or benefit that consumers derive from consuming a product or service. Marginal utility, on the other hand, describes the change in pleasure or satisfaction resulting from an increase or decrease in consumption of one unit of a good or service. Marginal utility can be positive, negative, or zero. For example, when eating pizza, the second piece brings more satisfaction than the first, indicating positive marginal utility.
Wage slaveryIn the capitalist mode of production, wage slavery (or starvation wages) refers to the exploitation of labor by keeping wages low or stagnant in order for a business to maximize its surplus value. Wage slavery can be loosely defined as a person's dependence on wages (or a salary) for their livelihood, especially when wages are low, treatment and conditions are poor, and there are few chances of upward mobility.
Tammany HallTammany Hall, also known as the Society of St. Tammany, the Sons of St. Tammany, or the Columbian Order, was an American political organization founded in 1786 and incorporated on May 12, 1789, as the Tammany Society. It became the main local political machine of the Democratic Party and played a major role in controlling New York City and New York State politics, and helped immigrants, most notably the Irish, rise in American politics into the 1960s.
Value captureValue capture is a type of public financing that recovers some or all of the value that public infrastructure generates for private landowners. In many countries, the public sector is responsible for the infrastructure required to support urban development. This infrastructure may include road infrastructure, parks, social, health and educational facilities, social housing, climate adaptation and mitigation tools, and more.
Optimal taxOptimal tax theory or the theory of optimal taxation is the study of designing and implementing a tax that maximises a social welfare function subject to economic constraints. The social welfare function used is typically a function of individuals' utilities, most commonly some form of utilitarian function, so the tax system is chosen to maximise the aggregate of individual utilities. Tax revenue is required to fund the provision of public goods and other government services, as well as for redistribution from rich to poor individuals.
