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Since then, there has been heated debate on the role of law (a formal institution) on economic growth. [6] Behavioral economics is another hallmark of institutional economics based on what is known about psychology and cognitive science, rather than simple assumptions of economic behavior.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Planned economy ("hands on" systems, such as state socialism, also known as "command economy" when referring to the Soviet model) Other types: Traditional economy (a generic term for older economic systems, opposed to modern economic systems) Non-monetary economy (without the use of money, opposed to monetary economy)
Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).
It is important for policymakers and people of higher levels within an institution to consider when looking at products that have a long term impact on markets and economic developments and stability. For example, recently the EU has banned TikTok from official devices across all three government institutions.
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
The term economics was originally known as "political economy".This term evolved from the French Mercantilist usage of économie politique, which expanded the notion of economy from the ancient Greek concept of household management to the national level, as the public administration of state affairs.
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.