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In economic growth literature the term "convergence" can have two meanings. The first kind (sometimes called "sigma-convergence") refers to a reduction in the dispersion of levels of income across economies. "Beta-convergence" on the other hand, occurs when poor economies grow faster than rich ones.
A standard Solow model predicts that in the long run, economies converge to their balanced growth equilibrium and that permanent growth of per capita income is achievable only through technological progress. Both shifts in saving and in population growth cause only level effects in the long-run (i.e. in the absolute value of real income per ...
In particular, for series with values in any Banach space, absolute convergence implies convergence. The converse is also true: if absolute convergence implies convergence in a normed space, then the space is a Banach space. If a series is convergent but not absolutely convergent, it is called conditionally convergent.
In a normed vector space, one can define absolute convergence as convergence of the series (| |). Absolute convergence implies Cauchy convergence of the sequence of partial sums (by the triangle inequality), which in turn implies absolute convergence of some grouping (not reordering). The sequence of partial sums obtained by grouping is a ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Average mortgage rates tick higher as of Thursday, January 9, 2024, with the 30-year fixed benchmark continuing to hover above 7.00%. Despite three back-to-back interest cuts from the Federal ...
He focused on immigration enforcement and economic issues during the campaign, and is expected to pursue legislation to enact his campaign promises into law, including more tax cuts and stronger ...
From January 2008 to December 2012, if you bought shares in companies when James A. Johnson joined the board, and sold them when he left, you would have a -26.0 percent return on your investment, compared to a -2.8 percent return from the S&P 500.