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Giovanni Dosi
Giovanni Dosi is Professor of Economics and Director of the Institute of Economics at the Scuola Superiore Sant'Anna in Pisa. He is the Co-Director of the task forces “Industrial Policy” and “Intellectual Property” at the Initiative for Policy Dialogue at Columbia University. Dosi is Continental European Editor of ''Industrial and Corporate Change''. Included in ''ISI Highly Cited Researchers''. His major research areas, where he is author and editor of several works, include economics of innovation and technological change, industrial organization and industrial dynamics, theory of the firm and corporate governance, evolutionary theory, economic growth and development. A selection of his works has been published in two volumes: ''Innovation, Organization and Economic Dynamics. Selected Essays'', Cheltenham, Edward Elgar, 2000; and ''Economic Organization, Industrial Dynamics and Development: Selected Essays'', Cheltenham, Edward Elgar, 2012. Economic analysis Giovanni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolutionary Economics
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena. Some scholars prefer to call their evolutionary theory by a different names. Samuel Bowles named it "evolutionary social science" and Joachim Rennstich called it "evolutionary systems theory". Evolutionary economics deals with the study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology. Evolutionary economics analyzes the unleashing of a process of technological and institutional innovation by generating and testing a diversity of ideas which discover an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stylized Facts
In social sciences, especially economics, a stylized fact is a simplified presentation of an empirical finding. Stylized facts are broad tendencies that aim to summarize the data, offering essential truths while ignoring individual details. A prominent example of a stylized fact is: "Education significantly raises lifetime income." Another stylized fact in economics is: "In advanced economies, real GDP growth fluctuates in a recurrent but irregular fashion". However, scrutiny to detail will often produce counterexamples. In the case given above, holding a PhD may ''lower'' lifetime income, because of the years of lost earnings it implies and because many PhD holders enter academia instead of higher-paid fields. Nonetheless, broadly speaking, people with more education tend to earn more, so the above example is true in the sense of a stylized fact. Origin of the term When describing what is generally regarded as the first econometric macro model ever developed, Jan Tinbergen (1936) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Educators
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational and be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Italian Economists
Italian(s) may refer to: * Anything of, from, or related to the people of Italy over the centuries ** Italians, an ethnic group or simply a citizen of the Italian Republic or Italian Kingdom ** Italian language, a Romance language *** Regional Italian, regional variants of the Italian language ** Languages of Italy, languages and dialects spoken in Italy ** Italian culture, cultural features of Italy ** Italian cuisine, traditional foods ** Folklore of Italy, the folklore and urban legends of Italy ** Mythology of Italy, traditional religion and beliefs Other uses * Italian dressing, a vinaigrette-type salad dressing or marinade * Italian or Italian-A, alternative names for the Ping-Pong virus, an extinct computer virus See also * * * Italia (other) * Italic (other) * Italo (other) * The Italian (other) The Italian may refer to: * ''The Italian'' (1915 film), a silent film by Reginald Barker * ''The Italian'' (2005 film), a Russian film by A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovation Economists
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention. Technical innovation often manifests itself via the engineering process when the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler and others, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, Thomas Sowell and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Distribution
In statistics, a normal distribution or Gaussian distribution is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is : f(x) = \frac e^ The parameter \mu is the mean or expectation of the distribution (and also its median and mode), while the parameter \sigma is its standard deviation. The variance of the distribution is \sigma^2. A random variable with a Gaussian distribution is said to be normally distributed, and is called a normal deviate. Normal distributions are important in statistics and are often used in the natural and social sciences to represent real-valued random variables whose distributions are not known. Their importance is partly due to the central limit theorem. It states that, under some conditions, the average of many samples (observations) of a random variable with finite mean and variance is itself a random variable—whose distribution converges to a normal dist ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Complement Good
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. If A is a complement to B, an increase in the price of A will result in a negative movement along the demand curve of A and cause the demand curve for B to shift inward; less of each good will be demanded. Conversely, a decrease in the price of A will result in a positive movement along the demand curve of A and cause the demand curve of B to shift outward; more of each good will be demanded. This is in contrast to a substitute good, whose demand decreases when its substitute's price decreases. When two goods are complements, they experience ''joint demand'' - the demand of one good is linked to the demand for another good. Therefore, if a higher quantity is demanded of one good, a higher quantity will also be demanded of the other, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Relative Price
A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between the prices of any two goods or the ratio between the price of one good and the price of a market basket of goods (a weighted average of the prices of all other goods available in the market). Microeconomics can be seen as the study of how economic agents react to changes in relative prices, and of how relative prices are affected by the behavior of those agents. The difference and change of relative prices can also reflect the development of productivity. In a demand equation In the demand equation Q=f(P) (in which Q is the number of units of a good or service demanded), P is the relative price of the good or service rather than the nominal price. It is the change in a relative price that prompts a change in the quantity demanded. For example, if all prices rise by 10% there is no change in an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technology Trajectory
Technology trajectory refers to a single branch in the evolution of a technological design of a product/service, with nodes representing separate designs. With Technology trajectory referring to a single branch we do expect the development of new technologies to precede recent uses and advance future technologies. The development of future technologies allows for the innovation of new ideas, research, and much more. It also can be defined as the paths by which innovations in a given field occur. Movement along the technology trajectory is associated with research and development. Due to the institutionalization of ideas, markets, and professions, technology development can get 'stuck' (locked-in) within one trajectory, and firms and engineers are unable to adapt to ideas and innovation from the outside. Technological trajectory/development may break- out of trajectory and can cause three understandings 1. when technology will lock in into a trajectory, 2.) when technology may break ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technological Paradigm
The concept of technological paradigm is commonly attributed to Giovanni Dosi. The concept is sometimes seen as performing a similar role to the concept of " scientific paradigms", as advanced by Thomas Kuhn. Contributions Giovanni Dosi The role of technological progress as an explanation of contemporary economic growth (S.F.1) led Dosi to carefully analyze the nature of technology. In particular, he has suggested an interpretation of technical change resting on the concepts of technological paradigm and technology trajectory. In analogy with Thomas Kuhn's definition of a scientific paradigm, Dosi has defined a technological paradigm as the general ''outlook'' on the productive problems faced by firms. As such, a technological paradigm is composed by some sort of ''model'' of the technology at stake (e.g. the model of a microprocessor) and by the specific technological problems posed by such model (e.g. increasing computational capacity, reducing dimensions, etc.). Therefore, te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Nat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
