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In the field of optics, transparency (also called pellucidity or diaphaneity) is the physical property of allowing light to pass through the material without appreciable scattering of light. On a macroscopic scale (one in which the dimensions are much larger than the wavelengths of the photons in question), the photons can be said to follow ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
James Stuart (1767) authored the first book in English with 'political economy' in its title, explaining it just as: . Economy in general [is] the art of providing for all the wants of a family, so the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary ...
Created Date: 8/30/2012 4:52:52 PM
The "nearly archetypal example" is an artificial stock market model created by the Santa Fe Institute in 1989. [5] The model shows two different outcomes, one where "agents do not search much for predictors and there is convergence on a homogeneous rational expectations outcome" and another where "all kinds of technical trading strategies appearing and remaining and periods of bubbles and ...
"The life and time of Ragnar Nurkse" (PDF). Conference on "Ragnar Nurkse (1907–2007): Classical Development Economics and Its Relevance for Today" ,Tallinn, 31 August – 1 September 2007. Archived from the original (PDF) on 17 May 2012 "Ragnar Nurkse's Development Theory" (PDF). Bremen University of Applied Sciences.
Shephard's lemma is a major result in microeconomics having applications in the theory of the firm and in consumer choice. [1] The lemma states that if indifference curves of the expenditure or cost function are convex, then the cost minimizing point of a given good with price is unique.
In economics, stable matching theory or simply matching theory, is the study of matching markets. Matching markets are distinguished from Walrasian markets in the focus of who matches with whom. Matching theory typically examines matching in the absence of search frictions, differentiating it from search and matching theory.