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67 relations: Adam Smith, Agent (economics), Aggregate demand, Antoine Augustin Cournot, Best response, Classical economics, Commodity market, Comparative statics, Competitive equilibrium, Cournot competition, Credit rationing, Disposable and discretionary income, Dynamic equilibrium, Economics, Efficiency wage, Endogeneity (econometrics), Evolutionarily stable strategy, Exchange value, Exogeny, Financial asset, Financial market, Foundations of Economic Analysis, Free market, General equilibrium theory, Great Famine (Ireland), Gross domestic product, Huw Dixon, Imperfect competition, Inflation, Intertemporal equilibrium, Ireland, Keynesian economics, Labor theory of value, Labour economics, Law of value, List of types of equilibrium, Mainstream economics, Market clearing, Market liquidity, Menu cost, Money supply, Monopoly, Mortgage loan, Nash equilibrium, Normative economics, Partial equilibrium, Paul Samuelson, Perfect competition, Physical capital, Planned economy, ..., Preference, Price, Price level, Price mechanism, Prices of production, Rationing, Real prices and ideal prices, Real versus nominal value (economics), Recursive competitive equilibrium, Solow–Swan model, Supply and demand, Technology, Total derivative, Underemployment, Unemployment, Usury, Wage. Expand index (17 more) »
Adam Smith
Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.
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Agent (economics)
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.
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Aggregate demand
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.
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Antoine Augustin Cournot
Antoine Augustin Cournot (28 August 180131 March 1877) was a French philosopher and mathematician who also contributed to the development of economics theory.
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Best response
In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given. The concept of a best response is central to John Nash's best-known contribution, the Nash equilibrium, the point at which each player in a game has selected the best response (or one of the best responses) to the other players' strategies.
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Classical economics
Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.
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Commodity market
A commodity market is a market that trades in primary economic sector rather than manufactured products.
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Comparative statics
In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter.
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Competitive equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is the traditional concept of economic equilibrium, appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis.
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Cournot competition
Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time.
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Credit rationing
Credit rationing is the limiting by lenders of the supply of additional credit to borrowers who demand funds, even if the latter are willing to pay higher interest rates.
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Disposable and discretionary income
Disposable income is total personal income minus personal current taxes.
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Dynamic equilibrium
In chemistry, a dynamic equilibrium exists once a reversible reaction ceases to change its ratio of reactants/products, but substances move between the chemicals at an equal rate, meaning there is no net change.
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Economics
Economics is the social science that studies the production, distribution, and consumption of goods and services.
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Efficiency wage
In labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing.
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Endogeneity (econometrics)
In econometrics, endogeneity broadly refers to situations in which an explanatory variable is correlated with the error term.
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Evolutionarily stable strategy
An evolutionarily stable strategy (ESS) is a strategy which, if adopted by a population in a given environment, cannot be invaded by any alternative strategy that is initially rare.
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Exchange value
In political economy and especially Marxian economics, exchange value (German: Tauschwert) refers to one of four major attributes of a commodity, i.e., an item or service produced for, and sold on the market.
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Exogeny
In a variety of contexts, exogeny or exogeneity is the fact of an action or object originating externally.
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Financial asset
A financial asset is a non-physical asset whose value is derived from a contractual claim, such as bank deposits, bonds, and stocks.
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Financial market
A financial market is a market in which people trade financial securities and derivatives such as futures and options at low transaction costs.
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Foundations of Economic Analysis
Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press.
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Free market
In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
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General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
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Great Famine (Ireland)
The Great Famine (an Gorta Mór) or the Great Hunger was a period of mass starvation, disease, and emigration in Ireland between 1845 and 1849.
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Gross domestic product
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.
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Huw Dixon
Huw David Dixon (/hju: devəd dɪksən/), born 1958, is a British economist. He has been a professor at Cardiff Business School since 2006, having previously been Head of Economics at the University of York (2003–2006) after being a Professor of economics there (1992–2003), and the University of Swansea (1991–1992), a Reader at Essex University (1987–1991) and a lecturer at Birkbeck College (University of London) 1983–1987.
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Imperfect competition
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.
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Inflation
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
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Intertemporal equilibrium
Intertemporal equilibrium is a notion of economic equilibrium conceived over many periods of time.
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Ireland
Ireland (Éire; Ulster-Scots: Airlann) is an island in the North Atlantic.
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Keynesian economics
Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).
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Labor theory of value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it, rather than by the use or pleasure its owner gets from it (demand) and its scarcity value (supply).
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Labour economics
Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.
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Law of value
The law of value (German: Wertgesetz) is a central concept in Karl Marx's critique of political economy, first expounded in his polemic The Poverty of Philosophy (1847) against Pierre-Joseph Proudhon, with reference to David Ricardo's economics.
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List of types of equilibrium
This is a list of various types of equilibrium, the condition of a system in which all competing influences are balanced.
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Mainstream economics
Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.
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Market clearing
In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.
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Market liquidity
In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset's price.
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Menu cost
In economics, a menu cost is the cost to a firm resulting from changing its prices.
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Money supply
In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.
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Monopoly
A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.
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Mortgage loan
A mortgage loan, or simply mortgage, is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
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Nash equilibrium
In game theory, the Nash equilibrium, named after American mathematician John Forbes Nash Jr., is a solution concept of a non-cooperative game involving two or more players in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy.
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Normative economics
Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.
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Partial equilibrium
Partial equilibrium is a condition of economic equilibrium which takes into consideration only a part of the market, ceteris paribus, to attain equilibrium.
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Paul Samuelson
Paul Anthony Samuelson (15 May 1915 – 13 December 2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences.
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Perfect competition
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
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Physical capital
In economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers, and the like.
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Planned economy
A planned economy is a type of economic system where investment and the allocation of capital goods take place according to economy-wide economic and production plans.
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Preference
A preference is a technical term in psychology, economics and philosophy usually used in relation to choosing between alternatives; someone has a preference for A over B if they would choose A rather than B.
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Price
In ordinary usage, a price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services.
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Price level
The general price level is a hypothetical daily measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalized relative to some base set.
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Price mechanism
In economics, a price mechanism is the manner in which the prices of goods or services affect the supply and demand of goods and services, principally by the price elasticity of demand.
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Prices of production
Prices of production (or "production prices"; in German Produktionspreise) is a concept in Karl Marx's critique of political economy, defined as "cost-price + average profit".
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Rationing
Rationing is the controlled distribution of scarce resources, goods, or services, or an artificial restriction of demand.
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Real prices and ideal prices
The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade.
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Real versus nominal value (economics)
In economics, a real value of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed.
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Recursive competitive equilibrium
In macroeconomics, recursive competitive equilibrium (RCE) is an equilibrium concept.
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Solow–Swan model
The Solow–Swan model is an economic model of long-run economic growth set within the framework of neoclassical economics.
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Supply and demand
In microeconomics, supply and demand is an economic model of price determination in a market.
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Technology
Technology ("science of craft", from Greek τέχνη, techne, "art, skill, cunning of hand"; and -λογία, -logia) is first robustly defined by Jacob Bigelow in 1829 as: "...principles, processes, and nomenclatures of the more conspicuous arts, particularly those which involve applications of science, and which may be considered useful, by promoting the benefit of society, together with the emolument of those who pursue them".
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Total derivative
In the mathematical field of differential calculus, a total derivative or full derivative of a function f of several variables, e.g., t, x, y, etc., with respect to an exogenous argument, e.g., t, is the limiting ratio of the change in the function's value to the change in the exogenous argument's value (for arbitrarily small changes), taking into account the exogenous argument's direct effect as well as indirect effects via the other arguments of the function.
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Underemployment
Underemployment is the under-use of a worker due to a job that does not use the worker's skills, or is part time, or leaves the worker idle.
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Unemployment
Unemployment is the situation of actively looking for employment but not being currently employed.
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Usury
Usury is, as defined today, the practice of making unethical or immoral monetary loans that unfairly enrich the lender.
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Wage
A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.
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Comparative dynamics, Competitive price, Disequilibria, Disequilibrium (economics), Equilibrium (economics), Equilibrium Price, Equilibrium price, Market equilibrium, Price equilibrium, Static equilibrium (economics).
References
[1] https://en.wikipedia.org/wiki/Economic_equilibrium
