Search results
Results from the WOW.Com Content Network
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value , the more valuable commodity will gradually disappear from circulation.
From this main theory springs the sub-theory that the value of credit or money does not depend on the value of any metal or metals, but on the right which the creditor acquires to "payment," that is to say, to satisfaction for the credit, and on the obligation of the debtor to "pay" his debt and conversely on the right of the debtor to release ...
Butterfly Economics: A New General Theory of Social and Economic Behavior is a book by Paul Ormerod dealing with economic theory, published in 1998. The author uses a plethora of insect-related metaphors to show that an economy tends to function like a living organism and is thus able to learn and to adapt.
The total expenditure in health economics of Germany was about 287.3 billion euro in 2010, equivalent to 11.6 percent of the gross domestic product (GDP) this year and about 3,510 euro per capita. Direct inpatient and outpatient care equal just about a quarter of the entire expenditure - depending on the perspective. [ 12 ]
Let B(v) be the equilibrium bid function in the sealed first-price auction. We establish revenue equivalence by showing that B(v)=e(v), that is, the equilibrium payment by the winner in one auction is equal to the equilibrium expected payment by the winner in the other. Suppose that a buyer has value v and bids b.
Positive economics as a science concerns the investigation of economic behavior. [4] It deals with empirical facts as well as cause-and-effect relationships. It emphasizes that economic theories must be consistent with existing observations and produce precise, verifiable predictions about the phenomena under investigation.
Until A Theory of Consumption Function, the Keynesian absolute income hypothesis and interpretation of the consumption function were the most advanced and sophisticated. [2] [3] In its post-war synthesis, the Keynesian perspective was responsible for pioneering many innovations in recession management, economic history, and macroeconomics.
Ancel Benjamin Keys (January 26, 1904 – November 20, 2004) was an American physiologist who studied the influence of diet on health. In particular, he hypothesized that replacing dietary saturated fat with polyunsaturated fat reduced cardiovascular diseases.