Free-rider problemIn the social sciences, the free-rider problem is a type of market failure that occurs when those who benefit from resources, public goods and common pool resources do not pay for them or under-pay. Examples of such goods are public roads or public libraries or services or other goods of a communal nature. Free riders are a problem for common pool resources because they may overuse it by not paying for the good (either directly through fees or tolls or indirectly through taxes).
Welfare economicsWelfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.
Government spendingGovernment spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation).
Interventionism (politics)Interventionism is a political practice of intervention, particularly to the practice of governments to interfere in political affairs of other countries, staging military or trade interventions. Economic interventionism is a different practice of intervention, one of economic policy at home. Military intervention, as the main issue, has been defined by Martha Finnemore in the context of international relations as "the deployment of military personnel across recognized boundaries for the purpose of determining the political authority structure in the target state".
Humanitarian interventionHumanitarian intervention is the use or threat of military force by a state (or states) across borders with the intent of ending severe and widespread human rights violations in a state which has not given permission for the use of force. Humanitarian interventions are aimed at ending human rights violations of individuals other than the citizens of the intervening state. Humanitarian interventions are only intended to prevent human rights violations in extreme circumstances.
Environmental economicsEnvironmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. ... Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming.
Thermodynamic equilibriumThermodynamic equilibrium is an axiomatic concept of thermodynamics. It is an internal state of a single thermodynamic system, or a relation between several thermodynamic systems connected by more or less permeable or impermeable walls. In thermodynamic equilibrium, there are no net macroscopic flows of matter nor of energy within a system or between systems. In a system that is in its own state of internal thermodynamic equilibrium, no macroscopic change occurs.
Competitive equilibriumCompetitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium, introduced by Kenneth Arrow and Gérard Debreu in 1951, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices.
Road space rationingRoad space rationing, also known as alternate-day travel, driving restriction and no-drive days (restricción vehicular; rodízio veicular; circulation alternée), is a travel demand management strategy aimed to reduce the negative externalities generated by urban air pollution or peak urban travel demand in excess of available supply or road capacity, through artificially restricting demand (vehicle travel) by rationing the scarce common good road capacity, especially during the peak periods or during peak po
Packet lossPacket loss occurs when one or more packets of data travelling across a computer network fail to reach their destination. Packet loss is either caused by errors in data transmission, typically across wireless networks, or network congestion. Packet loss is measured as a percentage of packets lost with respect to packets sent. The Transmission Control Protocol (TCP) detects packet loss and performs retransmissions to ensure reliable messaging.
Carbon priceCarbon pricing (or pricing) is a method for nations to address climate change. The cost is applied to greenhouse gas emissions in order to encourage polluters to reduce the combustion of coal, oil and gas – the main driver of climate change. The method is widely agreed and considered to be efficient. Carbon pricing seeks to address the economic problem that emissions of and other greenhouse gases (GHG) are a negative externality – a detrimental product that is not charged for by any market.
Quasistatic processIn thermodynamics, a quasi-static process (also known as a quasi-equilibrium process.the Latin quasi, meaning ‘as if’), is a thermodynamic process that happens slowly enough for the system to remain in internal physical (but not necessarily chemical) thermodynamic equilibrium. An example of this is quasi-static expansion of a mixture of hydrogen and oxygen gas, where the volume of the system changes so slowly that the pressure remains uniform throughout the system at each instant of time during the process.
