Economic Theory

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Revealed preference theory in Economics

Revealed preference theory in Economics

January 15, 2017

Let there be two bundles of goods, a and b, available in a budget set . If it is observed that a is chosen over b, we say that a is…

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Theories of profit in Managerial Economics

Theories of profit in Managerial Economics

January 11, 2017

| Lasse Lien | The word equilibrium should perhaps be used sparingly here in this Austrian stronghold. Nevertheless, I shall dare to…

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Human capital theory Economics

Human capital theory Economics

January 7, 2017

Human-capital theory This is a moden extension of Adam Smith s explanation of wage differentials by the so-called net (dis)advantages…

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Chaos theory in Economics

Chaos theory in Economics

December 26, 2016

There s a field of economics I ve worked with called complexity economics that deals with this type of nonlinear behavior. My understanding…

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Explain Economic theory

Explain Economic theory

December 22, 2016

Finance & Development, How economists try to simulate reality THE MODERN ECONOMY is a complex machine. Its job is to allocate…

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Milton Friedman Economics theory

Milton Friedman Economics theory

December 6, 2016

Milton Friedman was the twentieth century’s most prominent advocate of free markets. Born in 1912 to Jewish immigrants in New York…

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What is the Classical Economic theory?

What is the Classical Economic theory?

November 4, 2016

The Classical school, which is regarded as the first school of economic thought, is associated with the 18th Century Scottish economist…

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Classical Economics theory

Classical Economics theory

October 23, 2016

Economics is the quantitative and qualitative study on the allocation, distribution and production of economic resources. Economics…

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Normative Economic theories

Normative Economic theories

October 15, 2016

How is economics used? What is an economic theory? What is a market? Economic analysis serves two main purposes. The first is to understand…

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Standard Economic theory

Standard Economic theory

September 17, 2016

The module aims to develop students knowledge and understanding of economic decision making by emphasising how psychological and experimental…

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Neoclassical Economic growth theory

Neoclassical Economic growth theory

September 13, 2016

A: The neoclassical growth theory builds five major variables into its time-sensitive production formula. The first is total output…

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General Economic theory

General Economic theory

August 16, 2016

Was written by the English economist John Maynard Keynes. The book, generally considered to be his magnum opus, is largely credited…

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Economic theory and the Construction Industry

Economic theory and the Construction Industry

July 15, 2016

This is my 25th year at the helm of the journal, Construction Management and Economics. I have enjoyed being at the centre of this…

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Pricing theories in Economics

Pricing theories in Economics

July 3, 2016

Price refers to the value of a commodity and services expressed in terms of money. Now we are fixing price for any kind of goods and…

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Modern theory of Economics

Modern theory of Economics

June 5, 2016

Correction: An earlier version of this article included an incorrect anecdote regarding a Modern Monetary Theory meeting. This version…

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