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The paper was written in 1970 by George Akerlof and published in the Quarterly Journal of Economics. The paper's findings have since been applied to many other types of markets. However, Akerlof's research focused solely on the market for used cars. Akerlof's paper uses the market for used cars as an example of the problem of quality ...
Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. [1] The journal is based in Pittsburgh. [2] In 2004, the American Economic Review began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary ...
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity. Public economics builds on the theory of welfare economics and is ultimately used as a tool to improve social welfare. Welfare can be defined in terms of well-being, prosperity, and overall state of being.
[1]: 15 [2]: 45 It begins with a discussion of the Industrial Revolution. Later it critiques the mercantilism and a synthesis of the emerging economic thinking of his time. It is best known for the idea of the invisible hand , although this idea is only mentioned once in the book.
The 2021 Nobel Memorial Prize in Economic Sciences was divided one half awarded to the American-Canadian David Card (born 1956) "for his empirical contributions to labour economics", the other half jointly to Israeli-American Joshua Angrist (born 1960) and Dutch-American Guido W. Imbens (born 1962) "for their methodological contributions to the analysis of causal relationships."
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Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.