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John Bellamy Foster has thus developed the concept of metabolic rift to develop Marx's understanding of the deleterious effect of capitalism on ecosystems. Society and its metabolism together form an autopoietic system, a complex system that reproduces itself. Neither culture nor social metabolism can reproduce themselves in isolation.
In fluid dynamics, the entrance length is the distance a flow travels after entering a pipe before the flow becomes fully developed. [1] Entrance length refers to the length of the entry region, the area following the pipe entrance where effects originating from the interior wall of the pipe propagate into the flow as an expanding boundary layer.
These models were first developed in the mid-20th century but have recently become popular, particularly within the post-Keynesian school of thought. [1] [2] Stock-flow consistent models are in contrast to dynamic stochastic general equilibrium models, which are used in mainstream economics.
This theory accounts more for the social nature of sharing information than the one-step or two-step flow theories. [2] The two-step theory was popular when it was first introduced, but when it became difficult to actually measure opinion leaders' influence on the public's behavior and their opinions, the multi-step theory was developed.
A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense. For example, U.S. nominal gross domestic product refers to a total number of dollars spent over a time period, such as a year. Therefore, it is a flow variable, and ...
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2] The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc. between ...
Economic sociology is the study of the social cause and effect of various economic phenomena. The field can be broadly divided into a classical period and a ...