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Chapter 2, "The Broken Window", uses the example of a broken window to demonstrate what Hazlitt considers the fallacy that destruction can be good for the economy. He argues that while the broken window may create work for the glazier, the money the shopkeeper has to spend on replacing the window means that he cannot spend it elsewhere in the ...
Misbehaving: The Making of Behavioral Economics is a book by Richard Thaler, economist and professor at the University of Chicago's Booth School of Business. [1] He won the Nobel Prize for Economics in 2017.
Handbooks in Economics from Elsevier – include the early set Handbook of Mathematical Economics, 2 v., 1981–82. [9] Handbooks through 2011 include some 30 titles, most of them in 2 or more volumes. [10] The general co-editors for the series in its first three decades are Kenneth J. Arrow and Michael D. Intriligator.
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy , but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy .
Importance: The book built on ordinal utility and mainstreamed the now-standard distinction between the substitution effect and the income effect for an individual in demand theory in the 2-good case. It generalized analysis to the case of one good and all other goods, that is, the composite good. It aggregated individuals and businesses ...
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Likewise, firm 2's reaction function q2=R2(q1). The Cournot-Nash equilibrium occurs where the two reaction functions intersect and both firms are choosing the optimal output given the output of the other firm. The Nash equilibrium is widely used in economics as the main alternative to competitive equilibrium.
Principles of Economics [1] is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. [2] [3] It was the standard text for generations of economics students. Called his magnum opus, [4] it ran to eight editions by 1920. [5]