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The concept of institutional complementarity has deep roots in the social sciences. [2] Whereas the sociological approach of the interdependence of different institutions has left the actions of the individuals largely outside the analysis, the modern approach, developed mainly by economists, has been based on the analysis of the constraints facing the actions of the individuals acting in ...
Positive economics focuses on the description, quantification and explanation of economic phenomena; [1] normative economics often takes the form of discussions about fairness and what the outcome of the economy or goals of public policy ought to be, [2] as well as prescriptions regarding rational choice (in decision theory).
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. [ further explanation needed ] Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. [ 1 ]
In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). [1]
The main goal of the new model is to re-frame economic problems and set new goals. In this context, the model is also referred to as a "wake-up call to transform our capitalist worldview". [5] In this model, an economy is considered prosperous when all twelve social foundations are met without overshooting any of the nine ecological ceilings ...
With the new developments in the economic theory of organizations, information, property rights, [12] and transaction costs, [13] an attempt was made to integrate institutionalism into more recent developments in mainstream economics, under the title new institutional economics.
Lange, O (1936). "On the Economic Theory of Socialism I". The Review of Economic Studies. 4 (1): 53–71. doi:10.2307/2967660. JSTOR 2967660. Lange, O 1937 On the Economic Theory of Socialism II The Review of Economic Studies V4 N 123-142; Lange, O 1938 On the Economic Theory of Socialism B Lippincott ed. University of Minnesota Press
This marked the beginning of a boom in atheoretical, statistical models of economic fluctuation (models based on cycles and trends instead of economic theory) that led to the discovery of apparently regular economic patterns like the Kuznets wave. [10] Other economists focused more on theory in their business cycle analysis.