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Economics Curves
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Science
Behavioural science is the branch of science concerned with Human behavior, human behaviour.Hallsworth, M. (2023). A manifesto for applying behavioural science. ''Nature Human Behaviour'', ''7''(3), 310-322. While the term can technically be applied to the study of behaviour amongst all living organisms, it is nearly always used with reference to humans as the primary target of investigation (though animals may be studied in some instances, e.g. invasive techniques). The behavioural sciences sit in between the conventional Natural science, natural sciences and social studies in terms of scientific rigor. It encompasses fields such as psychology, Behavioral neuroscience, neuroscience, linguistics, and Behavioral economics, economics.Sanders, M., Snijders, V., & Hallsworth, M. (2018). Behavioural science and policy: where are we now and where are we going?. ''Behavioural Public Policy'', ''2''(2), 144-167. Scope The behavioural sciences encompass both natural and social scientif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of CPI inflation is deflation, a decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. Changes in inflation are widely attributed to fluctuations in Real versus nominal value (economics), real demand for goods and services (also known as demand shocks, including changes in fiscal policy, fiscal or monetary policy), changes in available supplies such as during energy crisis, energy crises (also known as supply shocks), or changes in inflation expectations, which may be self-fulfilling. Moderat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian, Ecological economics, ecological, Marxian economics, Marxist-Historical school of economics, historical, Post-Keynesian economics, post-Keynesian, and modern monetary theory, modern monetary approaches.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65Abstract. Four frames of analysis have been highlight ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mainstream Economics
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a small minority of economists. The economics profession has traditionally been associated with neoclassical economics. However, this association has been challenged by prominent historians of economic thought including David Colander. They argue the current economic mainstream theories, such as game theory, behavioral economics, industrial organization, information economics, and the like, share very little common ground with the initial axioms of neoclassical economics. History Economics has historically featured multiple schools of economic thought, with different schools having different prominence across countries and over time. P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioural Economics
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice modeling refers to the use of decision theory (the theory of rational choice) as a set of guidelines to help understand economic and social behavior. The theory tries to approximate, predict, or mathematically model human behavior by analyzing the behavior of a rational actor facing the same costs and benefits.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: Sage Publications. Rational choice models are most closely associated with economics, where mathematical analysis of behavior is standard. However, they are widely used throughout the social sciences, and are commonly applied to cognitive science, criminology, political science, and sociology. Overview The basic premise of rational choice theory is that the decisions made by individual actors will collectively produce aggregate social behaviour. The theory also assumes that individuals have preferences out of available choice ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Applied Economics
Applied economics is the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the ''core''), it is typically characterized by the application of the ''core'', i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, engineering economics, financial economics, health economics, monetary economics, public economics, and economic history. From the perspective of economic development, the purpose of applied economics is to enhance the quality of business practices and national policy making. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analysis or simulati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Essays In Positive Economics
Milton Friedman's book ''Essays in Positive Economics'' (1953) is a collection of earlier articles by the author with as its lead an original essay "The Economic methodology, Methodology of Positive Economics." This essay posits Friedman's famous, but controversial, principle (called the F-Twist by Paul Samuelson, Samuelson) that assumptions need not be "realistic" to serve as scientific hypotheses; they merely need to make significant predictions. Contents of the book The book is organized in four parts: * Introduction : The Methodology of Positive Economics * Price Theory : The Marshallian Demand Curve : The ‘Welfare’ Effects of an Income Tax and an Excise Tax * Monetary Theory and Policy : The Effects of a Full-Employment Policy on Economic Stability: A Formal Analysis : A Monetary and Fiscal Framework for Economic Stability : The Case for Flexible Exchange Rates : Commodity-Reserve Currency : Discussion of the Inflationary Gap : Comments on Monetary Policy * Comments on Me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normative Economics
Normativity is the phenomenon in human societies of designating some actions or outcomes as good, desirable, or permissible, and others as bad, undesirable, or impermissible. A norm in this sense means a standard for evaluating or making judgments about behavior or outcomes. "Normative" is sometimes also used, somewhat confusingly, to mean relating to a descriptive standard: doing what is normally done or what most others are expected to do in practice. In this sense a norm is not evaluative, a basis for judging behavior or outcomes; it is simply a fact or observation about behavior or outcomes, without judgment. Many researchers in science, law, and philosophy try to restrict the use of the term "normative" to the evaluative sense and refer to the description of behavior and outcomes as positive, descriptive, predictive, or empirical. ''Normative'' has specialized meanings in different academic disciplines such as philosophy, social sciences, and law. In most contexts, normativ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Positive Economics
Positive is a property of Positivity (other), positivity and may refer to: Mathematics and science * Positive formula, a logical formula not containing negation * Positive number, a number that is greater than 0 * Plus sign, the sign "+" used to indicate a positive number * Positive operator, a type of linear operator in mathematics * Positive result, a result that has been found significant in Statistical hypothesis test, statistical hypothesis testing * Positive test, a diagnostic test result that indicates some parameter being evaluated was present * Positive charge, one of the two types of electrical charge * Positive (electrical polarity), in electrical circuits * Positive lens, in optics * Positive (photography), a positive image, in which the color and luminance correlates directly with that in the depicted scene * Positive sense, said of an RNA sequence that codes for a protein Philosophy and humanities * Affirmative (policy debate), the team which affirms the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Economy
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production (economics), production, consumption (economics), consumption, management, economic management, Work (human activity), work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth. It is common to limit questions of the world economy exclusively to Economics, human economic activit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Economics
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction. * International trade studies goods and services flows across international boundaries from supply-and-demand factors, economic integration, international factor movements, and policy variables such as tariff rates and trade quotas. * International finance studies the flow of capital across international financial markets, and the effects of these movements on exchange rates. * International monetary economics and international macroeconomics study flows of money across countries and the resulting effects on their economies as a whole. * International political economy, a sub-category of int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
