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The production possibilities frontier (PPF) for guns versus butter. Points like X that are outside the PPF are impossible to achieve. Points such as B, C, and D illustrate the trade-off between guns and butter: at these levels of production, producing more of one requires producing less of the other.
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Sonnenschein-Mantel-Debreu theorem (SMD theorem) is a theorem for exchange economy that can be expressed in the following way: . for a function that is continuous, homogeneous of degree zero, and in accord with Walras's law,there is an economy with at least as many agents as goods such that, for prices bounded away from zero, the function is the aggregate demand function for this economy.
It is also used as a building block for the demand side of the economy in more comprehensive models like the AD–AS model. The model was developed by John Hicks in 1937 and was later extended by Alvin Hansen as a mathematical representation of Keynesian macroeconomic theory .
The rapid economic growth of eight East Asian countries—Japan; the Four Asian Tigers South Korea, Taiwan, Singapore, Hong Kong; Indonesia, Thailand, and Malaysia—between 1965 and 1990, was called the East Asian miracle. The EAM defies the Kuznets curve, which insists growth produces inequality, and that inequality is a necessity for overall ...
[3] [4] No blocking (left) vs blocking (right) experimental design. When studying probability theory the blocks method consists of splitting a sample into blocks (groups) separated by smaller subblocks so that the blocks can be considered almost independent. [5] The blocks method helps proving limit theorems in the case of dependent random ...
A pallet of "8-inch" concrete blocks An interior wall of painted concrete blocks Concrete masonry blocks A building constructed with concrete masonry blocks. A concrete block, also known as a cinder block in North American English, breeze block in British English, concrete masonry unit (CMU), or by various other terms, is a standard-size rectangular block used in building construction.
Disequilibrium macroeconomics is a tradition of research centered on the role of deviation from equilibrium in economics.This approach is also known as non-Walrasian theory, equilibrium with rationing, the non-market clearing approach, and non-tâtonnement theory. [1]