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The conjecture compares the behavior of "get-it-while-you-can" consumers to that of the videogame character Pac-Man, who hungrily eats all available dots. The Pacman conjecture holds that durable-goods monopolists have complete market power and so can exercise perfect price discrimination, thus extracting the total surplus. [1]
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 ...
In monetary economics, the currency in circulation in a country is the value of currency or cash (banknotes and coins) that has ever been issued by the country’s monetary authority less the amount that has been removed.
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 ...
Over the past few weeks, the final four Republican presidential hopefuls have been eclipsed in the political spotlight by an even more powerful group: their financial backers. Other than a few big ...
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]
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Complexity economics draws inspiration from behavioral economics, Marxian economics, institutional economics/evolutionary economics, Austrian economics and the work of Adam Smith. [18] It also draws inspiration from other fields, such as statistical mechanics in physics, and evolutionary biology .