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The three-sector model adds the government sector to the two-sector model. [17] [18] Thus, the three-sector model includes (1) households, (2) firms, and (3) government. It excludes the financial sector and the foreign sector. The government sector consists of the economic activities of local, state and federal governments.
Kondratiev supposed that in 1896 a new cycle had started. The long cycle supposedly affects all sectors of an economy. Kondratiev focused on prices and interest rates, seeing the ascendant phase as characterized by an increase in prices and low interest rates while the other phase consists of a decrease in prices and high interest rates ...
There he built a model of the United States economy to forecast the development of business fluctuations and to study the effects of government economic-political policy. After World War II Klein used his model to correctly predict, against the prevailing expectation, that there would be an economic upturn rather than a depression due to ...
The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth.In contrast to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.
Myrdal called for economists to proceed by confronting the ‘facts of life’ with theories. The relation between theory and facts is, however, not simple. Theory … must always be a priori to the observations of facts. Indeed, facts as part of scientific knowledge have no existence outside such a frame. …
Bond events are North Atlantic ice rafting events which Gerard Bond sought to link to climate fluctuations in the Holocene. Eight such events have been identified. Bond events were previously believed to exhibit a roughly c. 1,500-year cycle, but the primary period of variability is now put at c. 1,000 years.
The C2C concept ignores the use phase of a product. According to variants of life-cycle assessment (see: Life-cycle assessment § Variants) the entire life cycle of a product or service has to be evaluated, not only the material itself. For many goods e.g. in transport, the use phase has the most influence on the environmental footprint.
Richard Abel Musgrave (December 14, 1910 – January 15, 2007) was an American economist of German heritage. [1] His most cited work is The Theory of Public Finance (1959), described as "the first English-language treatise in the field," [2] and "a major contribution to public finance thought."