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In economics the "visible hand" is generally considered to be the macro-fiscal policy of John Keynes that emerged in the 1930s as a remedy for the shortcomings of Adam Smith's "invisible hand" and advocated government intervention in the economy. [4] Actually, Smith already identified the disadvantages of the "invisible hand". [5]
It is suggested that modern mainstream economics is based entirely on DSGE models. [10] [5] Therefore, the importance of microfoundations lies in its synonymous relationship with DSGE. [11] The Smets-Wouters model is one example of the importance of microfoundations as it is regarded as a benchmark model for analysing monetary and fiscal policy ...
In 1965, he took over another bar, but kept his digging as a hobby. Altmann would mainly use a pickaxe for digging and occasionally explosives, after passing an explosives handling examination at the fire department. [7] He dug a second tunnel branching off from the first one, using a tunnel drilling machine he designed and built himself. [7]
Finally, trenches may be created as the first step of creating a foundation wall. Trench shoring is often used in trenchworks to protect workers and stabilise the steep walls. An alternative to digging trenches is to create a utility tunnel. Such a tunnel may be dug by boring or by using a trench for cut-and-cover construction. The advantages ...
Chapter 10 introduces the famous 'multiplier' through an example: if the marginal propensity to consume is 90%, then 'the multiplier k is 10; and the total employment caused by (e.g.) increased public works will be ten times the employment caused by the public works themselves' (pp116f). Formally Keynes writes the multiplier as k=1/S'(Y).
In contrast to Smith's own usage, the "invisible hand" today is often seen as being specifically about the benefits of voluntary transactions in a free market, and is treated as a generalizable rule. Paul Samuelson's comments in his Economics textbook in 1948 made the term popular and gave it a new meaning. The phrase was not originally ...
A monopile foundation utilizes a single, generally large-diameter, foundation structural element to support all the loads (weight, wind, etc.) of a large above-surface structure. A large number of monopile foundations [ 2 ] have been utilized in recent years for economically constructing fixed-bottom offshore wind farms in shallow-water subsea ...
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 ...