Laissez-faire is an economic environment in which transactions between private parties are free from government restrictions, tariffs, and subsidies, with only enough regulations to protect property rights.The phrase laissez-faire is French and literally means let them do but it broadly implies let it be, let them do as they will, or leave it alone. Arthur Cecil Pigou was an English economist. As a teacher and builder of the school of economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to fill chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included industrial fluctuations, unemployment, public finance, index numbers, and measurement of national output.[1] His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Cunliffe Committee and the 1919 Royal Commission on Income tax. Capital expenditures are expenditures creating future benefits. A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life extending beyond the taxable year. Transfer is a redistribution of income in the market system. These payments are considered to be non-exhaustive because they do not directly absorb resources or create output. In other words, the transfer is made without any exchange of goods or services. Grants are non-repayable funds disbursed by one party (grant makers), often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individiual. Non-transfer expenditure relates to expenditure which results in creation of income or output. The non-transfer expenditure includes development as well as non-development expenditure that results in creation of output directly or indirectly-transfer expenditure relates to expenditure which results in creation of income or output. Adam Smith was a British moral philosopher from Scotland and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the father of modern economics and is still among the most influential thinkers in the field of economics today. ubra na man ta assignment:) GOODEVE:)))))
Posted on: Sun, 13 Jul 2014 11:43:40 +0000
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