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In his paper, Koopmans states in a footnote that Cass independently obtained conditions similar to what he finds. Cass also considers the limiting case where the discount rate goes to zero in his paper. For his part, Cass notes that "after the original version of this paper was completed, a very similar analysis by Koopmans came to our attention.
The 'first postulate' of classical economics was also accepted as valid by Keynes, though not used in the first four books of the General Theory. The Keynesian system can thus be represented by three equations in three variables as shown below, roughly following Hicks. Three analogous equations can be given for classical economics.
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics:
In economics, profit is the difference between revenue that an economic entity has received from its outputs and total costs of its inputs, also known as surplus value. [1] It is equal to total revenue minus total cost, including both explicit and implicit costs.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation. [1]
Historical financial statements. Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist is a 2017 non-fiction book by Oxford economist Kate Raworth. [1] The book elaborates on her concept of doughnut economics , first developed in her 2012 paper, A Safe and Just Space for Humanity .