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In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
The ratio for two agents and two resources improved from 0.828 to 5/6 ≈ 0.833 with a complete-allocation mechanism, and strictly more than 5/6 with a partial-allocation mechanism. The upper bound improved from 0.841 to 5/6+ε for a complete-allocation mechanism, and to 0.8644 for a partial mechanism.
The input–output model is one of the major conceptual models for a socialist planned economy. This model involves the direct determination of physical quantities to be produced in each industry, which are used to formulate a consistent economic plan of resource allocation.
Is the study of the allocation of available resources by enterprises of other management units in the activities of that unit. Deal almost exclusively with those business situations that can be quantified and handled, or at least quantitatively approximated, in a model. [3] The two main purposes of managerial economics are:
In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.
In mathematical economics, the Arrow–Debreu model is a theoretical general equilibrium model. It posits that under certain economic assumptions ( convex preferences , perfect competition , and demand independence), there must be a set of prices such that aggregate supplies will equal aggregate demands for every commodity in the economy.
Some academics and economists argue that the claim a free market is an efficient, or even the most efficient, method of resource allocation is incorrect. Alexander Nove argued that Mises "tends to spoil his case by the implicit assumption that capitalism and optimum resource allocation go together" in Mises' "Economic Calculation in the ...