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In economics, the marginal cost is the change in the total cost that arises when the quantity produced is increased, i.e. the cost of producing additional quantity. [1] In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount.
[1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses [4 ...
After leaving the council, he earned his PhD in economics from MIT in 1984 under the supervision of Stanley Fischer. He returned to Harvard Law School for a year, but having completed his PhD and realizing that he was better at economics, [ 25 ] he left to teach at MIT for a year, and then became an assistant professor of economics at Harvard ...
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market. Imperfect competition causes market inefficiencies, resulting in market failure . [ 1 ]
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
Cowell was educated at Ardingly College before entering Trinity College, Cambridge where he completed his BA (1971), MA (1975) and PhD (1977) in Economics. Cowell was briefly Lecturer in Economics at University of Keele before moving to LSE in 1977. He was also Associate Editor of the Journal of Public Economics from 1988 until 2001. [2]
The Pandemic Information Gap: The Brutal Economics of COVID-19, MIT Press, 2020. Economics in the Age of COVID-19, MIT Press First Reads, 2020. Innovation + Equality: How to create a future that is more Star Trek than Terminator, (with Andrew Leigh) MIT Press, 2019. Prediction Machines: The Simple Economics of Artificial Intelligence, (with ...
Similarly, Arindrajit Dube, professor of economics at University of Massachusetts Amherst, found in a 2017 study "robust evidence that higher minimum wages lead to increases in incomes among families at the bottom of the income distribution and that these wages reduce the poverty rate." According to the study "a 10 percent increase in the ...