MRS is ‘the rate at which a consumer is willing to trade one good for another’ (Mankiw, 2012, p. 492). It is ‘a consumer’s own trade-off’. (O'Sullivan, 2012, p. 157)
In alphabetical order
M
Marginal rate of technical substitution (MRTS)
‘The analog of the marginal rate of substitution.’ (O'Sullivan, 2012, p.160) ‘MRTS is the amount by which the quantity of one input has to be reduced when one extra unit of another input is used, so that output remains constant.’ (Mas-Colell et al., 1995).
M
Marginal return of labour
Physically (MPL), it means ‘the change in output that results from employing an added unit of labour’. In terms of revenue (Value of marginal product of labour; VMPL), it means ‘the marginal revenue product of labor is the change in revenue that results from employing an additional unit of labour.’ (Lumen Learning & Boundless Economics, n.d.)
M
Market
‘A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers. The market may be physical such as a retail outlet, where people meet face-to-face, or virtual such as an online market, where there is no direct physical contact between buyers and sellers’ (Investopedia, 2019b).
M
Market-based / Economic-incentive
‘Market-based instruments seek to address the market failure of “environmental externalities” (or other externalities) either by incorporating the external cost of production or consumption activities through taxes or charges on processes or products, or by creating property rights and facilitating the establishment of a proxy market for the use of environmental services’ (OECD, 2007).
M
Market-oriented industry
‘An industry in which the cost of transporting output is large relative to the cost of transporting inputs.’ (O'Sullivan, 2012, p.29)
M
Master plan
‘A master plan is a dynamic long-term planning document that provides a conceptual layout to guide future growth and development. Master planning is about making the connection between buildings, social settings, and their surrounding environments. A master plan includes analysis, recommendations, and proposals for a site’s population, economy, housing, transportation, community facilities, and land use. It is based on public input, surveys, planning initiatives, existing development, physical characteristics, and social and economic conditions’ (The World Bank, n.d.).
M
Materials-oriented industry
‘An industry for which the cost of transporting material inputs is large relative to the cost of transporting output.’ (O'Sullivan, 2012, p.29)
M
Megacity
Megacities are distinguished by their large population (usually over 10 million) and concentration of economic activity (United Nations Department of Economic and Social Affairs, 2015).
M
Megaprojects
Projects ‘involving the politics of large-scale government investments in physical capital facilities’ … ‘to revitalize cities and stimulate their economic growth.’ (Altshuler & Luberoff, 2003, pp.1-2).
M
Minimum lot size zoning
Some local governments use minimum lot size zoning. A minimum lot size for residential development outlaws higher density and, encourages income segregation and so do other policies such as the prohibition of multifamily units, maximum densities, requirements for two-car garages, and development fees. (O'Sullivan, 2012, pp.214-222)
M
Mobility as a Service (MaaS)
‘Mobility as a Service (MaaS) is the integration of various forms of transport services into a single mobility service accessible on demand. To meet a customer’s request, a MaaS operator facilitates a diverse menu of transport options, be they public transport, ride-, car- or bike-sharing, taxi or car rental/lease, or a combination thereof. For the user, MaaS can offer added value through use of a single application to provide access to mobility, with a single payment channel instead of multiple ticketing and payment operations. For its users, MaaS should be the best value proposition, by helping them meet their mobility needs and solve the inconvenient parts of individual journeys as well as the entire system of mobility services. A successful MaaS service also brings new business models and ways to organise and operate the various transport options, with advantages for transport operators including access to improved user and demand information and new opportunities to serve unmet demand. The aim of MaaS is to provide an alternative to the use of the private car that may be as convenient, more sustainable, help to reduce congestion and constraints in transport capacity, and can be even cheaper.’ (MaaS Alliance, n.d.)
M
Model split
‘Modal Split, also called mode share or mode split, is the percentage of travellers using a particular type of transportation or number of trips using said type. In freight transportation, this may be measured in mass. Modal spilt is the third stage of the travel demand modelling.’ (MBASkool, 2019a)
M
Modern planning
Modern planning was a response to the emergence of urban problems such as overcrowding and sanitation issues in the course of the Industrial Revolution. While the birth of modern planning aimed to improve the living environment of the working class, its evolution has become more controversial and is seen by many as a tool to favour capitalist economic development (Monclús & Díez, 2018).
M
Modernity
Modernity refers to a set of cultural, political, economic, and spatial transformations that have fundamentally influenced the nature of social life, the economy, and the use and experience of time and space. The general characteristics of these relationships include: an emphasis upon rationality and science over tradition and myth; a belief in progress and improvement; confidence in human mastery over nature; a focus on humanism, individuality, and self-consciousness; a close association to the birth and development of market capitalism; and a strong reliance upon the state and its legal and governmental institutions (Linehan, 2009).
M
Modernization
Modernization is ‘the sum of the processes of large-scale change through which a certain society tends to acquire the economic, political, social and cultural characteristics considered typical of modernity’ (Martinelli, 2005, p.5).
M
Montage
In architecture, montage is ‘a composite picture made by combining several separate pictures to show the design ideas’ (Merriam-Webster, 2019b, para.3).
M
Mortgage interest reduction
‘Mortgage interest deduction is a common itemized deduction that allows homeowners to deduct the interest they pay on any loan used to build, purchase or make improvements upon their residence. The mortgage interest deduction can also be taken on loans for second homes and vacation residences with certain limitations. The amount of deductible mortgage interest is reported each year by the mortgage company on Form 1098. This deduction is offered as an incentive for homeowners.’ (Kagan, 2018)
M
Multiculturalism
‘”Multiculturalism” is the co-existence of diverse cultures, where culture includes racial, religious, or cultural groups and is manifested in customary behaviours, cultural assumptions and values, patterns of thinking, and communicative styles’ (The International Federation of Library Associations and Institutions, 2020, para.1).
Reference List
Altshuler, A. & Luberoff, D. (2003). Mega-projects: The changing politics of urban public investment. Washington, D.C. : Cambridge, Mass.: Brookings Institution Press; Lincoln Institute of Land Policy.
Investopedia. (2019b). Market. Retrieved from https://www.investopedia.com/terms/m/market.asp
Kagan, J. (2018). Mortgage Interest Deduction. In Investopedia. Retrieved from https://www.investopedia.com/terms/home-mortgage-interest.asp
Linehan, D. (2009). Modernity. International Encyclopedia of Human Geography, 157-163. https://doi.org/10.1016/B978-008044910-4.00975-5
Lumen Learning & Boundless Economics. (n.d.). Demand for Labour. Retrieved from https://courses.lumenlearning.com/boundless-economics/chapter/demand-for-labor/
MBASkool. (2019a). Modal Split. Retrieved from https://www.mbaskool.com/business-concepts/operations-logistics-supply-chain-terms/15420-modal-split.html
MaaS Alliance. (n.d.). What is MaaS? Retrieved from https://maas-alliance.eu/homepage/what-is-maas/
Mankiw, N. G. (2012). Principles of Microeconomics. 6th ed. Mason, OH: South-Western Cengage Learning.
Martinelli, A. (2005). Global Modernization: Rethinking the Project of Modernity. London: SAGE
Mas-Colell, A, Whinston, M., Green, J. (1995). Microeconomic Theory. Oxford: Oxford University Press.
Merriam-Webster. (2019b). Montage. Retrieved from https://www.merriam-webster.com/dictionary/montage
Monclús J. & Díez M. C. (2018). Modern Urban Planning and Modernist Urbanism (1930–1950). In Urban Visions, Springer: Cham, pp.33-44.
O’Sullivan, A. (2012). Urban economics (8th ed.). New York, NY: McGraw-Hill/Irwin.
OECD. (2007). Market-based Instruments. Glossary of Statistical Terms. Retrieved from https://stats.oecd.org/glossary/detail.asp?ID=7214
The International Federation of Library Associations and Institutions. (2020). Defining “Multiculturalism”. Retrieved from https://www.ifla.org/publications/defining-multiculturalism.
The World Bank (n.d.). Master Planning. Retrieved from https://urban-regeneration.worldbank.org/node/51.
United Nations Department of Economic and Social Affairs. (2015). World Urbanization Prospects, The 2014 Revision. Retrieved from https://esa.un.org/unpd/wup/Publications/Files/WUP2014-Report.pdf