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"Uncertainty, Evolution, and Economic Theory" drew criticism from Sidney G. Winter; he argued that Alchian failed to consider the transmission mechanisms that determine successful behaviors, and how they can be maintained and copied over time. According to Winter if maximizing profits is not a result of conscious action, then those particular ...
2012 phenomenon – a range of eschatological beliefs that cataclysmic or otherwise transformative events would occur on or around 21 December 2012. This date was regarded as the end-date of a 5,126-year-long cycle in the Mesoamerican Long Count calendar and as such, festivities to commemorate the date took place on 21 December 2012 in the countries that were part of the Maya civilization ...
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 ...
In the 19th century, luminiferous aether (or ether), meaning light-bearing aether, was a theorized medium for the propagation of light. James Clerk Maxwell developed a model to explain electric and magnetic phenomena using the aether, a model that led to what are now called Maxwell's equations and the understanding that light is an ...
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 ...
In maximum parsimony, Dollo parsimony refers to a model whereby a characteristic is gained only one time and can never be regained if it is lost. [8] For example, the evolution and repeated loss of teeth in vertebrates could be well-modeled under Dollo parsimony, whereby teeth made from hydroxyapatite evolved only once at the origin of vertebrates, and were then lost multiple times, in birds ...
Poincaré developed a similar physical interpretation of local time and noticed the connection to signal velocity, but contrary to Einstein he continued to use the ether-concept in his papers and argued that clocks at rest in the ether show the "true" time, and moving clocks show the local time.
The economic value of natural capital and ecosystem services is accepted by mainstream environmental economics, but is emphasized as especially important in ecological economics. Ecological economists may begin by estimating how to maintain a stable environment before assessing the cost in dollar terms.