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where is a row vector of relative prices; and likewise for M ⋅ V = P ⋅ Q . {\displaystyle M\cdot V=P\cdot Q.} In 2008 economist Andrew Naganoff ( Russian : Эндрю Наганов ) proposed an integral form of the equation of exchange, where on the left side of the equation is M ( V ) d V {\displaystyle M(V)dV} under the integral sign ...
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being, especially relative to competitive general equilibrium, with a focus on economic efficiency and income distribution. [13] In general usage, including by economists outside the above context, welfare refers to a form of transfer payment ...
Some critics of the prevailing system of fiat money argue that fiat money is the root cause of the continuum of economic crises, since it leads to the dominance of fraud, corruption, and manipulation, precisely as it does not satisfy the criteria for a medium of exchange cited above. Specifically, prevailing fiat money is free-floating, and ...
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
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The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the belief that, if an event (whose occurrences are independent and identically distributed) has occurred less frequently than expected, it is more likely to happen again in the future (or vice versa).
Ripple CEO Brad Garlinghouse has donated more than $384,000 to multiple PACs and candidates, including to Rep. Ro Khanna ... one of the top-spending PACs this year, can be traced to four sources ...