value freedom in economics.
... money; i.e., that the last dollar of income means much less to a rich man who has so many of them, than to a poor man who has so few. Unfortunately there is nothing in the science of economics that can justify such a redistribution since this comparison between rich and poor is implicit~ based on in ...
... money; i.e., that the last dollar of income means much less to a rich man who has so many of them, than to a poor man who has so few. Unfortunately there is nothing in the science of economics that can justify such a redistribution since this comparison between rich and poor is implicit~ based on in ...
Contribution Handbook agent-based computational
... Bossel and Strobel model is of a cognitive agent interacting with the global system. Their agent bases its decisions on the state of the global system, using indicators, so-called system’s orientors, like existence needs, security, freedom of action, adaptivity, and effectiveness. This agent receive ...
... Bossel and Strobel model is of a cognitive agent interacting with the global system. Their agent bases its decisions on the state of the global system, using indicators, so-called system’s orientors, like existence needs, security, freedom of action, adaptivity, and effectiveness. This agent receive ...
Exponential wealth distribution : a new approach from functional
... variables) in the ensemble is fixed. Although equiprobability seems to be strongly related to the exponential behavior of the measurable variables of a system, it is not mandatory that equiprobability be reached by random mechanisms. In fact, the exponential distribution has also been found in multi ...
... variables) in the ensemble is fixed. Although equiprobability seems to be strongly related to the exponential behavior of the measurable variables of a system, it is not mandatory that equiprobability be reached by random mechanisms. In fact, the exponential distribution has also been found in multi ...
Theories of Development: A Comparative Analysis
... both domestic and international constraints, including institutional ones for successful transformation.. ...
... both domestic and international constraints, including institutional ones for successful transformation.. ...
Economic sustainability of the economy: concepts and
... unemployment, or for the level and impacts of climate change beyond the costs incurred, real substitution is hardly imaginable. Given this, it is all the more heroic that economists still dare to make prognoses for the future development of a reality with which they are so much out of touch. In tota ...
... unemployment, or for the level and impacts of climate change beyond the costs incurred, real substitution is hardly imaginable. Given this, it is all the more heroic that economists still dare to make prognoses for the future development of a reality with which they are so much out of touch. In tota ...
PDF
... empirical model is as close as economists can get with the data available. Often the economic models rely on complex mathematics and statistics. The system dynamic approach allows students to be introduced to modeling without the potential barrier of the mathematics. System dynamic models allow the ...
... empirical model is as close as economists can get with the data available. Often the economic models rely on complex mathematics and statistics. The system dynamic approach allows students to be introduced to modeling without the potential barrier of the mathematics. System dynamic models allow the ...
Model T500U CAPS NO2 Analyzer
... mixing of two frequencies — one signal and one local, to create a small and easily measurable “beat” frequency at the detector. ADVANTAGE: Cost effective electronics ...
... mixing of two frequencies — one signal and one local, to create a small and easily measurable “beat” frequency at the detector. ADVANTAGE: Cost effective electronics ...
Should the Interest Rate Really Be the Unique Motive to Save
... economy with for example an Ak production function. Starting indeed from a steady-state position, if a permanent productivity shock occurs such that A decreases to A’, individuals chose to remain on a relatively high level of consumption and to neglect the capital depreciation until it totally disap ...
... economy with for example an Ak production function. Starting indeed from a steady-state position, if a permanent productivity shock occurs such that A decreases to A’, individuals chose to remain on a relatively high level of consumption and to neglect the capital depreciation until it totally disap ...
Chapter 2 Outline
... because economists are unable to generate their own data and must make do with whatever data are available. 4. Thus, economists pay close attention to the natural experiments offered by history. B. Assumptions Make the World Easier to Understand. 1. Example: to understand international trade, it may ...
... because economists are unable to generate their own data and must make do with whatever data are available. 4. Thus, economists pay close attention to the natural experiments offered by history. B. Assumptions Make the World Easier to Understand. 1. Example: to understand international trade, it may ...
Economic Theory: Past and Future
... join him. We cannot get along without restricted theoretical models. At the very least, they help us to sharpen the questions asked of econometricians – including Ivor Pearce’s own questions. But we should not place our faith in a single body of theory. By all means, let us keep Heckscher-Ohlin. It ...
... join him. We cannot get along without restricted theoretical models. At the very least, they help us to sharpen the questions asked of econometricians – including Ivor Pearce’s own questions. But we should not place our faith in a single body of theory. By all means, let us keep Heckscher-Ohlin. It ...
This PDF is a selection from an out-of-print volume from... Economic Research
... In recent years there has been a lot of interest among economists in the.probleni of how to control policy instruments in an optimal way so as to achieve economic stabilization.' In almost all of the work on this subject it is assumed that there is only one decision maker, or at least that the prefe ...
... In recent years there has been a lot of interest among economists in the.probleni of how to control policy instruments in an optimal way so as to achieve economic stabilization.' In almost all of the work on this subject it is assumed that there is only one decision maker, or at least that the prefe ...
Bayesian Model Selection for Exponential Random Graph Models
... selection introduced by Green (1995) which allows simulation from target distributions on spaces of varying dimension. In the reversible jump algorithm, the Markov chain “jumps” between parameter subspaces (models) of differing dimensionality, thereby generating samples from the joint distribution o ...
... selection introduced by Green (1995) which allows simulation from target distributions on spaces of varying dimension. In the reversible jump algorithm, the Markov chain “jumps” between parameter subspaces (models) of differing dimensionality, thereby generating samples from the joint distribution o ...
Price-Concentration Analysis in Merger Cases with Differentiated
... η(·), and z̃1 as instruments for n in π(·), and both functions are identified. Hence, assuming (ξ, ζ) ⊥ (x̃1 , z̃1 ), given a sufficient amount of data, both functions can, in principle, be estimated non-parametrically.14 In cases in which data are not abundant, parametric versions of these functions c ...
... η(·), and z̃1 as instruments for n in π(·), and both functions are identified. Hence, assuming (ξ, ζ) ⊥ (x̃1 , z̃1 ), given a sufficient amount of data, both functions can, in principle, be estimated non-parametrically.14 In cases in which data are not abundant, parametric versions of these functions c ...
The Theory and Models of Keynesian Disequilibrium Macroeconomics
... by profit expectations. Interest rate is primarily determined by liquidity preference in the money market. The second departure of Keynes’s analysis, which is more received and becomes the main ingredient of the New-Keynesian macroeconomics, is his rejection of flexible price and wage assumption. Pr ...
... by profit expectations. Interest rate is primarily determined by liquidity preference in the money market. The second departure of Keynes’s analysis, which is more received and becomes the main ingredient of the New-Keynesian macroeconomics, is his rejection of flexible price and wage assumption. Pr ...
Thinking Like An Economist - UPM EduTrain Interactive Learning
... • As policy advisors, economists make normative statements, which attempt to prescribe how the world should be. • Positive statements can be confirmed or refuted, normative statements cannot. • Govt employs many economists for policy advice. E.g., the U.S. President has a Council of Economic Advisor ...
... • As policy advisors, economists make normative statements, which attempt to prescribe how the world should be. • Positive statements can be confirmed or refuted, normative statements cannot. • Govt employs many economists for policy advice. E.g., the U.S. President has a Council of Economic Advisor ...
Models and Modelling in Economics Mary S. Morgan* and
... economics. Since the status and function of models are not separable issues, there is some overlap between the two sections: the various accounts of the nature of models imply more often than not specific views on how models are supposed to be constructed, used and justified in scientific practice. ...
... economics. Since the status and function of models are not separable issues, there is some overlap between the two sections: the various accounts of the nature of models imply more often than not specific views on how models are supposed to be constructed, used and justified in scientific practice. ...
Can Neoclassical Economics Underpin the Reform of Centrally
... absence of a complete set of futures and risk markets, economic agents must form expectations about the behavior of other agents. If the formulation of such expectations is cast within the rational actor framework, each agent needs a model of the whole economy. For example, potential entrants have t ...
... absence of a complete set of futures and risk markets, economic agents must form expectations about the behavior of other agents. If the formulation of such expectations is cast within the rational actor framework, each agent needs a model of the whole economy. For example, potential entrants have t ...
What was the Marshallian dilemma regarding increasing returns to
... products. For Chamberlin IC can explain output levels but not prices. For Chamberlin, following Sraffa, products are not homogenous and are in fact differentiated. Therefore, it is not barriers-to-entry and “excessive profits” which define monopolies, but other means of market-power such as price se ...
... products. For Chamberlin IC can explain output levels but not prices. For Chamberlin, following Sraffa, products are not homogenous and are in fact differentiated. Therefore, it is not barriers-to-entry and “excessive profits” which define monopolies, but other means of market-power such as price se ...
New Institutional Economics – basic categories and assertions
... 1) liberalize (to free from state control) prices and trade, 2) gradually introduce (allow for) both domestic and foreign competition 3) establish capital (financial) markets All this is possible when the statet creates foundations of „sound macroeconomic regime”, as well as when the state follows t ...
... 1) liberalize (to free from state control) prices and trade, 2) gradually introduce (allow for) both domestic and foreign competition 3) establish capital (financial) markets All this is possible when the statet creates foundations of „sound macroeconomic regime”, as well as when the state follows t ...
Second-Order Economics as an Example of Second
... observe and participate. He emphasizes that social systems are fundamentally different from physical systems. Participants have biases, and they change their minds. Furthermore, theories not only describe the behavior of social systems, when acted upon, they also change their functioning. Equilibriu ...
... observe and participate. He emphasizes that social systems are fundamentally different from physical systems. Participants have biases, and they change their minds. Furthermore, theories not only describe the behavior of social systems, when acted upon, they also change their functioning. Equilibriu ...
LATVIAN MULTISECTORAL MACROECONOMIC MODEL A.Auzina
... Changes in stocks Changes in stocks are connected with technologies employed in branches; each branch can have the so-called optimal level of stocks. Since the Latvian multisectoral macroeconomic model is used mainly for long-term modelling, then an assumption is introduced in the model concerning t ...
... Changes in stocks Changes in stocks are connected with technologies employed in branches; each branch can have the so-called optimal level of stocks. Since the Latvian multisectoral macroeconomic model is used mainly for long-term modelling, then an assumption is introduced in the model concerning t ...
production possibilities frontier
... • They may disagree about the validity of alternative positive theories about how the world works. ...
... • They may disagree about the validity of alternative positive theories about how the world works. ...
Economic growth and human capital accumulation: a discrete
... output if its initial level of human capital is grater. In the main, this approach provides a theory of technical progress, one of the central missing elements of the neoclassical model. Modelize technological change in the neoclassical framework is difficult, because its violate the standard assump ...
... output if its initial level of human capital is grater. In the main, this approach provides a theory of technical progress, one of the central missing elements of the neoclassical model. Modelize technological change in the neoclassical framework is difficult, because its violate the standard assump ...
SECOND ORDER ECONOMICS AS AN EXAMPLE OF SECOND
... emphasizes that social systems are fundamentally different from physical systems. Participants have biases, and they change their minds. Furthermore, theories not only describe the behavior of social systems, when acted upon, they also change their functioning. Equilibrium Theory and Behavioral Econ ...
... emphasizes that social systems are fundamentally different from physical systems. Participants have biases, and they change their minds. Furthermore, theories not only describe the behavior of social systems, when acted upon, they also change their functioning. Equilibrium Theory and Behavioral Econ ...
keynesian economics and the linear model of innovation
... the role of technology and technological advance, had separate lives of their own. They are not the major subjects of concern10. As was common in contemporary monetary economics, Keynes dichotomized the economy into its monetary and real sectors. The major breakthrough came in 1933 when, contrary to ...
... the role of technology and technological advance, had separate lives of their own. They are not the major subjects of concern10. As was common in contemporary monetary economics, Keynes dichotomized the economy into its monetary and real sectors. The major breakthrough came in 1933 when, contrary to ...
Economic model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified framework designed to illustrate complex processes, often but not always using mathematical techniques. Frequently, economic models posit structural parameters. Structural parameters are underlying parameters in a model or class of models. A model may have various parameters and those parameters may change to create various properties. Methodological uses of models include investigation, theorizing, and fitting theories to the world.