General equilibrium theoryIn economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant.
Partial equilibriumIn economics, partial equilibrium is a condition of economic equilibrium which analyzes only a single market, ceteris paribus (everything else remaining constant) except for the one change at a time being analyzed. In general equilibrium analysis, on the other hand, the prices and quantities of all markets in the economy are considered simultaneously, including feedback effects from one to another, though the assumption of ceteris paribus is maintained with respect to such things as constancy of tastes and technology.
Pigouvian taxA Pigouvian tax (also spelled Pigovian tax) is a tax on any market activity that generates negative externalities (i.e., external costs incurred by the producer that are not included in the market price). The tax is normally set by the government to correct an undesirable or inefficient market outcome (a market failure) and does so by being set equal to the external marginal cost of the negative externalities. In the presence of negative externalities, social cost includes private cost and external cost caused by negative externalities.
Effects of long-term benzodiazepine useThe effects of long-term benzodiazepine use include drug dependence as well as the possibility of adverse effects on cognitive function, physical health, and mental health. Long-term use is sometimes described as use not shorter than three months. Benzodiazepines are generally effective when used therapeutically in the short term, but even then the risk of dependency can be significantly high. There are significant physical, mental and social risks associated with the long-term use of benzodiazepines.
Public policyPublic policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions to solve or address relevant and real-world problems, guided by a conception and often implemented by programs. The implementation of public policy is known as public administration. Public policy can be considered to be the sum of a government's direct and indirect activities and has been conceptualized in a variety of ways. They are created and/or enacted on behalf of the public typically by a government.
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.
Renewable energy commercializationRenewable energy commercialization involves the deployment of three generations of renewable energy technologies dating back more than 100 years. First-generation technologies, which are already mature and economically competitive, include biomass, hydroelectricity, geothermal power and heat. Second-generation technologies are market-ready and are being deployed at the present time; they include solar heating, photovoltaics, wind power, solar thermal power stations, and modern forms of bioenergy.
Economic analysis of climate changeThe economic analysis of climate change explains how economic thinking, tools and techniques are applied to calculate the magnitude and distribution of damage caused by climate change. It also informs the policies and approaches for mitigation and adaptation to climate change from global to household scales. This topic is also inclusive of alternative economic approaches, including ecological economics and degrowth. Economic analysis of climate change is considered challenging as it is a long-term problem and has substantial distributional issues within and across countries.
Post-glacial reboundPost-glacial rebound (also called isostatic rebound or crustal rebound) is the rise of land masses after the removal of the huge weight of ice sheets during the last glacial period, which had caused isostatic depression. Post-glacial rebound and isostatic depression are phases of glacial isostasy (glacial isostatic adjustment, glacioisostasy), the deformation of the Earth's crust in response to changes in ice mass distribution. The direct raising effects of post-glacial rebound are readily apparent in parts of Northern Eurasia, Northern America, Patagonia, and Antarctica.
Solar-cell efficiencySolar-cell efficiency refers to the portion of energy in the form of sunlight that can be converted via photovoltaics into electricity by the solar cell. The efficiency of the solar cells used in a photovoltaic system, in combination with latitude and climate, determines the annual energy output of the system. For example, a solar panel with 20% efficiency and an area of 1 m2 will produce 200 kWh/yr at Standard Test Conditions if exposed to the Standard Test Condition solar irradiance value of 1000 W/m2 for 2.
