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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. Frequently, economic models posit structural parameters. [1]
The new classical economics reconstructs several independent economic theories with the core of neoclassical economics from the perspective of endogenous individual choice specialization level by means of inframarginal analysis, which is the frontier subject of economics development.
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 ...
There is not yet an authoritative definition of geoeconomics that is clearly distinct from geopolitics. The challenge of separating geopolitics and geoeconomics into separate spheres is due to their interdependence: interactions among nation-states as indivisible sovereign units exercising political power, and the predominance of neoclassical economics' "logic of commerce" that ostensibly ...
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
Spatial econometrics is the field where spatial analysis and econometrics intersect. The term “spatial econometrics” was introduced for the first time by the Belgian economist Jean Paelinck (universally recognised as the father of the discipline) in the general address he delivered to the annual meeting of the Dutch Statistical Association in May 1974 (Paelinck and Klaassen, 1979).
Uzawa's theorem, also known as the steady-state growth theorem, is a theorem in economic growth that identifies the necessary functional form of technological change for achieving a balanced growth path in the Solow–Swan and Ramsey–Cass–Koopmans growth models. It was proved by Japanese economist Hirofumi Uzawa in 1961. [1]
Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. [1]