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Net national product (NNP) refers to gross national product (GNP), i.e. the total market value of all final goods and services produced by the factors of production of a country or other polity during a given time period, minus depreciation. Similarly, net domestic product (NDP) corresponds to gross domestic product (G... | https://en.wikipedia.org/wiki?curid=1435816 |
Net national product Nonetheless, the net national product has been the subject of research on its role as a dynamic welfare indicator as well as a means of reconciling forward and backward views on capital wherein NNP("t") corresponds to the interest on accumulated capital. Furthermore, the net national product has fe... | https://en.wikipedia.org/wiki?curid=1435816 |
Breakout (technical analysis) A breakout is when prices pass through and stay through an area of support or resistance. On the technical analysis chart a "break out" occurs when price of a stock or commodity exits an area pattern. Oftentimes, a stock or commodity will bounce between the areas of support and resistance ... | https://en.wikipedia.org/wiki?curid=1437036 |
Open interest (futures) is the number of "open" contracts or open interest of derivatives in the futures market. Open interest in a derivative is the sum of all contracts that have not expired, been exercised or physically delivered. Moreover, the open interest is the number of long positions or, equivalently, the numb... | https://en.wikipedia.org/wiki?curid=1437154 |
Guns versus butter model In macroeconomics, the guns versus butter model is an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and "civilian goods". The "guns or butter" model is used generally as a simplification of national spending as a p... | https://en.wikipedia.org/wiki?curid=1437184 |
Guns versus butter model " With substantial popular opinion running against US entry into the war, the Bryan resignation and peace campaign (joined prominently with Henry Ford's efforts) became a banner for local versus national interests. However, Bryan was no more pro-German than the infamously nativistic Wilson; his... | https://en.wikipedia.org/wiki?curid=1437184 |
Guns versus butter model " Referencing the same concept, sometime in the summer of the same year another Nazi official, Hermann Göring, announced in a speech: "Guns will make us powerful; butter will only make us fat." US President Lyndon B. Johnson used the phrase to catch the attention of the national media while rep... | https://en.wikipedia.org/wiki?curid=1437184 |
Guns versus butter model NYC based rap group Flatbush Zombies reference the concept in their song “Regular and Complex (GNB) by sampling dialogue delivered by Ving Rhames from the film Baby Boy, in which guns are identified as things that “appreciate with value” such as real estate or stocks and bonds, while butter as ... | https://en.wikipedia.org/wiki?curid=1437184 |
Guns versus butter model The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities. It is two electric power plants, each serving a town of 60,000 population. It is two fine, fully equipped hospitals. It is some fifty miles of concrete pavement. We pay for a single fighter plane with a h... | https://en.wikipedia.org/wiki?curid=1437184 |
Non-cooperative game theory In game theory, a non-cooperative game is a game with competition between individual players, as opposed to cooperative games, and in which alliances can only operate if self-enforcing (e.g. through credible threats). The key distinguishing feature is the absence of external authority to est... | https://en.wikipedia.org/wiki?curid=1439241 |
Non-cooperative game theory Where arbitration is available to enforce an agreement, that agreement falls outside the scope of non-cooperative theory: but it may be possible to state sufficient assumptions to encompass all the possible strategies players may adopt, in relation to arbitration. This will bring the agreeme... | https://en.wikipedia.org/wiki?curid=1439241 |
BRIC is a grouping acronym referring to the countries of Brazil, Russia, India and China, deemed to be developing countries at a similar stage of newly advanced economic development, on their way to becoming developed countries. It is typically rendered as "the BRICs" or "the countries" or "the economies" or alternativ... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC They have taken steps to increase their political cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation wi... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC The report states that in nations, the number of people with an annual income over a threshold of $3,000 will double in number within three years and reach 800 million people within a decade. This predicts a massive rise in the size of the middle class in these nations. In 2025, it is calculated that the number of... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC This phenomenon, too, will affect world markets as multinational corporations will attempt to take advantage of the enormous potential markets in the BRICs by producing, for example, far cheaper automobiles and other manufactured goods affordable to the consumers within the BRICs in lieu of the luxury models that ... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC In the revised 2007 figures, based on increased and sustaining growth, more inflows into foreign direct investment, Goldman Sachs predicts that "from 2007 to 2020, India's GDP per capita in US$ terms will quadruple", and that the Indian economy will surpass the United States (in US$) by 2043. At the same time, the... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Since the beginning of the Great Recession, in Q3 2013 economy of Brazil contracted by 0.5 percent from the previous quarter as the first contraction since Q1 2009. After Standard & Poor's (S&P) stated that India's growth outlook could deteriorate if policymaking and governance do not improve, in June 2012 Fitch R... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Based on a March 2011 "Forbes" report, the countries counted 301 billionaires among their combined populations, exceeding the number of billionaires in Europe, which stood at 300 in 2011. A Goldman Sachs paper published in December 2005 explained why Mexico was not included in the original BRICs. "The Economist" p... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC At the World Economic Forum 2011, there were 365 corporate executives from and other emerging nations out of 1000 participants. It was a record number of executives from emerging markets. Nomura Holdings Inc's co-head of global investment banking said that "It's a reflection of where economic power and influence i... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Trilateral agreements and frameworks made among the BRICs include the Shanghai Cooperation Organisation (member states include Russia and China, observers include India) and the IBSA Trilateral Forum, which unites Brazil, India, and South Africa in annual dialogues. Also important to note is the G-20 coalition of ... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC The capital "S" in BRICS stands for South Africa. President Jacob Zuma attend the BRICS summit in Sanya in April 2011 as a full member. South Africa stands at a unique position to influence African economic growth and investment. According to Jim O'Neill of Goldman Sachs who originally coined the term, Africa's co... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC African credentials are important geopolitically, giving BRICS a four-continent breadth, influence and trade opportunities. South Africa's addition is a deft political move that further enhances BRICS' power and status. In the original essay that coined the term, Goldman Sachs did not argue that the BRICs would or... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC At issue are the multiple serious problems which confront Russia (potentially unstable government, environmental degradation, critical lack of modern infrastructure, etc.), and the comparatively much lower growth rate seen in Brazil. However, Brazil's lower growth rate obscures the fact that the country is wealthi... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Contributors to the book include Nandan Nilekani, and Shiv Nadar. Brazilian lawyer and author Adler Martins has published a paper called "Contratos Internacionais entre os países do BRIC" (International Agreements Among countries) which highlights the international conventions ratified by the countries, which allo... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC In reality, many important resources currently necessary to sustain economic growth, such as oil, natural gas, coal, other fossil fuels, and uranium might soon experience a peak in production before enough renewable energy can be developed and commercialized, which might result in slower economic growth than antic... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC It added that China's economy is larger than that of the three other economies (Brazil, Russia, and India) combined. Moreover, China's exports and its official foreign-exchange reserves are more than twice as large as those of the other BRICs combined. In that perspective, some pension investment experts have argu... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Human rights issues do not inform the foreign policies of these two countries to the same extent as they do the policies of other large states such as Japan, India, the EU states and the United States. There is also the possibility of conflict over Taiwan in the case of China, or Ukraine in the case of Russia. The... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Finally, India's relations with Pakistan have always been tense. In 1998, there was a nuclear standoff between Pakistan and India. Border conflicts with Pakistan, mostly over the long-held dispute over Kashmir, has further aggravated any economic ties. This impedes progress by limiting government finances, increas... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Henry Kissinger has stated that the nations have no hope of acting together as a coherent bloc in world affairs and that any cooperation will be the result of forces acting on the individual nations. In a not-so-subtle dig critical of the term as nothing more than a shorthand for emerging markets generally, critic... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Jim O'Neill, expert from the same bank and creator of the economic thesis, stated that in 2001 when the paper was created, it did not consider Mexico, but today it has been included because the country is experiencing the same factors that the other countries first included present. While South Korea was not origi... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC In their paper "BRICs and Beyond", Goldman Sachs stated that "Mexico, the four countries and South Korea should not be really thought of as emerging markets in the classical sense", adding that they are a "critical part of the modern globalised economy" and "just as central to its functioning as the current G7". T... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC However, commentators such as William Pesek from Bloomberg argue that Korea is "Another 'BRIC' in Global Wall", suggesting that it stands out from the Next Eleven economies with its BRIC-like growth rate, despite its Human Development Index being higher than some of the world's most advanced economies, including F... | https://en.wikipedia.org/wiki?curid=1439390 |
BRIC Economists from other investment firms argue that even when measured by nominal GDP per capita, South Korea will achieve over $145,000 in 2040, surpassing the United States, suggesting that wealth is more important than size for bond investors, stating that Korea's credit rating will be rated AAA sooner than 2050.... | https://en.wikipedia.org/wiki?curid=1439390 |
Visa Cash is a smart card electronic cash system owned by Visa. Trialled in various locations worldwide (including Leeds, UK in 1997), the system works via a 'chip' embedded in a bank card, and looks similar to the so-called 'Chip and PIN' cards issued, among other countries, in Europe. Another early trial was performe... | https://en.wikipedia.org/wiki?curid=1441126 |
Speculative demand for money The speculative or asset demand for money is the demand for highly liquid financial assets — domestic money or foreign currency — that is not dictated by real transactions such as trade or consumption expenditure. Speculative demand arises from the perception that money is optimally part of... | https://en.wikipedia.org/wiki?curid=1441370 |
Speculative demand for money It also depends on investors' aversion to risk, the relative demand for and the supply of other financial assets and real assets, and the change in expectations of the economic climate. | https://en.wikipedia.org/wiki?curid=1441370 |
Bottom (technical analysis) In the technical analysis of security prices, a bottom is a chart pattern where prices reach a low, then a lower low, and then a higher low. According to some technical analysis theories, the first low signifies the pressure from selling was greater than the pressure from buying. The second ... | https://en.wikipedia.org/wiki?curid=1441699 |
Crooked Timber is a left-of-centre political blog run by a group of (mostly) academics from and working in several different nations, including the United States, the United Kingdom, the Republic of Ireland, Australia and Singapore. The name alludes to an English translation of a quotation by Immanuel Kant: was founded... | https://en.wikipedia.org/wiki?curid=1443407 |
Crooked Timber has held several online book events, during which a subset of members (and often also invited guestbloggers) read a book and each write a blog post about it, either a review or a post inspired by the book. | https://en.wikipedia.org/wiki?curid=1443407 |
Hedonic regression In economics, hedonic regression or hedonic demand theory is a revealed preference method of estimating the demand for a good, or equivalently its value to consumers. It breaks down the item being researched into its constituent characteristics, and obtains estimates of the contributory value of each... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression Although product characteristics are neither produced nor consumed in isolation, hedonic price models assume that the price of a product reflects embodied characteristics valued by some implicit or shadow prices. In empirical studies, these implicit characteristic prices are coefficients that relate ... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression It is frequently used for estimating costs related to: It is important to note that the hedonic pricing method is based on the fact that prices of goods in a market are affected by their characteristics. For example, the price of a pair of pants will depend on the comfort, the cloth used, the brand, ... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression For example, if we want to know the value of clean air estimated by an individual, they may reveal their preference in the form of establishing their house in a clean society and paying an extra premium for the same. Thus, with the help of Hedonic Pricing Method, the environmental component of the va... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression It has also been used to test assumptions in spatial economics. The Uniform Standards of Professional Appraisal Practice, or USPAP, provides for mass appraisal standards to govern the use of hedonic regressions and other automated valuation models when used for real estate appraisal. Appraisal method... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression The first stage involves employing regression techniques to estimate the Hedonic Price Function of the property. This function will relate the prices of many properties in the same housing area to the different characteristics. So the Price Function is of the form formula_4 This function could be lin... | https://en.wikipedia.org/wiki?curid=1446036 |
Hedonic regression Hedonic models have also been used to calculate fair, reasonable, and non-discriminatory (FRAND) royalties for standard-essential patents. Many commentators, including but certainly not exclusively Austrian economists, have criticized the US government's use of hedonic regression in computing its CPI... | https://en.wikipedia.org/wiki?curid=1446036 |
List of Young Global Leaders This is a list of notable members of the Forum of Young Global Leaders by their year of induction. Each member is asked to join the forum for a five-year period. Members the first year were identified with one of six categories: business, political, intellectual, arts and culture, societal,... | https://en.wikipedia.org/wiki?curid=1447808 |
Part number A part number (often abbreviated PN, P/N, part no., or part #) is an identifier of a particular part design used in a particular industry. Its purpose is to simplify reference to that part. A part number unambiguously identifies a part design within a single corporation, and sometimes across several corpora... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number A business using a part will often use a different part number than the various manufacturers of that part do. This is especially common for catalog hardware, because the same or similar part design (say, a screw with a certain standard thread, of a certain length) might be made by many corporations (as opp... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number Significant part numbering systems are easier to use if you are trying to identify an item through the use of its code inside your company rather than a long description; however, many variations can start to appear when the code is used by other companies, which may be your distributors, and then people ca... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number In precise typographical and character encoding terms, it is actually a hyphen, not a dash, that is usually used; but the word "dash" is firmly established in the spoken and written usage of the engineering and manufacturing professions; "dash number", not "hyphen number", is the standard term. This comes f... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number This allows for easy updating of one drawing that covers a family of parts, and it keeps the specifications for similar parts on one drawing. For example: A common application of tabulation of part families is multiple dimensions within a general design, e.g. bushing: It is a common concept in many corporat... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number Sometimes the terms "engineering part number" and "manufacturing part number" are used to differentiate the "normal" or "basic" part number (engineering PN) from the modification-suffixed part number (manufacturing PN). Many assemblies with reflection symmetry, such as the fuselages and wings of aircraft, t... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number It is common in the engineering of parts, subassemblies, and higher assemblies to treat the definition of a certain part as a "very" well-defined concept, with every last detail controlled by the engineering drawing or its accompanying TDP documents. This is necessary because of the separation of concerns t... | https://en.wikipedia.org/wiki?curid=1452739 |
Part number In the latter case, a new part definition, termed a synthetic part (because its definition synthesizes features from various other parts), is created. Ideally it is then formally defined with a new drawing; but often in the imperfect reality of the business world, to save time and expense, an improvised TDP... | https://en.wikipedia.org/wiki?curid=1452739 |
Malthusianism is the idea that population growth is potentially exponential while the growth of the food supply or other resources is linear. It derives from the political and economic thought of the Reverend Thomas Robert Malthus, as laid out in his 1798 writings, "An Essay on the Principle of Population". Malthus bel... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism Malthus, a devout Christian, believed that "self-control" (abstinence) was preferable to artificial birth control. He also believed the use of contraception would likely limit population too much, while in the 18th century perspective to which Malthus adhered, population growth was seen as needed for what... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism "Principle of Population" was specifically written as a rebuttal to thinkers like William Godwin and the Marquis de Condorcet, and Malthus's own father who believed in the perfectibility of humanity. Malthus believed humanity's ability to reproduce too rapidly doomed efforts at perfection and caused vario... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism According to Dan Ritschel of the Center for History Education at the University of Maryland, The great Malthusian dread was that "indiscriminate charity" would lead to exponential growth in the population in poverty, increased charges to the public purse to support this growing army of the dependent, and,... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism One proponent of was the novelist Harriet Martineau whose circle of acquaintances included Charles Darwin, and the ideas of Malthus were a significant influence on the inception of Darwin's theory of evolution. Darwin was impressed by the idea that population growth would eventually lead to more organisms... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism John Maynard Keynes, in "Economic Consequences of the Peace", opens his polemic with a Malthusian portrayal of the political economy of Europe as unstable due to Malthusian population pressure on food supplies. Many models of resource depletion and scarcity are Malthusian in character: the rate of energy ... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism There was a general "neo-Malthusian" revival in the mid-to-late 1940s, 1950s, 1960s, 1970s, 1980s, 1990s and 2000s after the publication of two influential books in 1948 (Fairfield Osborn's "Our Plundered Planet" and William Vogt's "Road to Survival"). During that time the population of the world rose dra... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism Simon argues not that there is an infinite physical amount of, say, copper, but for human purposes that amount should be treated as infinite because it is not bounded or limited in any economic sense, because: 1) known reserves are of uncertain quantity 2) New reserves may become available, either through... | https://en.wikipedia.org/wiki?curid=1454728 |
Malthusianism From approximately 2004 to 2011, concerns about "peak oil" and other forms of resource depletion became widespread in the United States, and motivated a large if short-lived subculture of neo-Malthusian "peakists." | https://en.wikipedia.org/wiki?curid=1454728 |
Numéraire The numéraire (or numeraire) is a basic standard by which value is computed. In mathematical economics it is a tradable economic entity in terms of whose price the relative prices of all other tradables are expressed. In a monetary economy, acting as the numéraire is one of the functions of money, to serve as... | https://en.wikipedia.org/wiki?curid=1457116 |
Numéraire That is: Now, suppose that formula_6 is another strictly positive traded asset (and hence a martingale when priced in terms of the money market). Then, we can define a new probability measure formula_7 by the Radon–Nikodym derivative Then, by using the abstract Bayes' Rule it can be shown that formula_3 is a ... | https://en.wikipedia.org/wiki?curid=1457116 |
Transactions demand Transactions demand, in economic theory, specifically Keynesian economics and monetary economics, is one of the determinants of the demand for money, the others being asset demand and precautionary demand. The transactions demand for money refers specifically to money narrowly defined to include onl... | https://en.wikipedia.org/wiki?curid=1457170 |
Kuznets curve In economics, a () graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality. The hypothesis was first advanced by economist Simon Kuznets in the 1950s and 1960s. One explanation of such a progression suggests that early in development, investmen... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve Inequality is then expected to decrease when a certain level of average income is reached and the processes of industrialization – democratization and the rise of the welfare state – allow for the benefits from rapid growth, and increase the per-capita income. Kuznets believed that inequality would follow... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve For instance, many of the middle income countries used in Kuznets' data set were in Latin America, a region with historically high levels of inequality. When controlling for this variable, the U-shape of the curve tends to disappear (e.g. Deininger and Squire, 1998). Regarding the empirical evidence, base... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve Joseph Stiglitz argues the East Asian experience of an intensive and successful economic development process along with an immediate decrease in population inequality can be explained by the immediate re-investment of initial benefits into land reform (increasing rural productivity, income, and savings), ... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve That is, half of Sub-Saharan Africa and many countries in Asian, including India, China and Vietnam, now have an income distribution similar to that found in North Africa, the Caribbean and the second-tier NICs. And this level is also similar to that of half of the first-tier NICs, the Mediterranean EU an... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve In a biography about Simon Kuznets' scientific methods, economist Robert Fogel noted Kuznets' own reservations about the "fragility of the data" which underpinned the hypothesis. Fogel notes that most of Kuznets' paper was devoted to explicating the conflicting factors at play. Fogel emphasized Kuznets' o... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve By studying data from several Latin American countries that have implemented trade liberalization policies in the past 30 years, the seems to apply to the relationship between trade liberalization and inequality (measured by the GINI coefficient). However, many of these nations saw a shift from low-skill ... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve It has been argued that this trend occurs in the level of many of the environmental pollutants, such as sulfur dioxide, nitrogen oxide, lead, DDT, chlorofluorocarbons, sewage, and other chemicals previously released directly into the air or water. For example, between 1970 and 2006, the United States' inf... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve While the ratio of energy "per real GDP" has fallen, "total" energy use is still rising in most developed countries as are "total" emission of many greenhouse gases. Additionally, the status of many key "ecosystem services" provided by ecosystems, such as freshwater provision (Perman, "et al"., 2003), soi... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve This becomes a tragedy of the commons where it is most efficient for everyone to pollute and for no one to clean up, and everyone is worse as a result (Hardin, 1968). Thus, even in a country like the US with a high level of income, carbon emissions are not decreasing in accordance with the EKC. However, t... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve Levinson concludes that the environmental is insufficient to support a pollution policy regardless whether it is laissez-faire or interventionist, although the literature has been used this way by the press. Arrow "et al." argue pollution-income progression of agrarian communities (clean) to industrial ec... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve Krueger, the authors who initially made the correlation between economic growth, environmental clean-up, and the Kuznets curve, conclude that there is "no evidence that environmental quality deteriorates steadily with economic growth." Stern warns "it is very easy to do bad econometrics", and says "the hi... | https://en.wikipedia.org/wiki?curid=1458404 |
Kuznets curve In wealthy countries, growth is slower, and pollution reduction efforts can overcome the scale effect. This is the origin of the apparent EKC effect". | https://en.wikipedia.org/wiki?curid=1458404 |
Hotelling's law is an observation in economics that in many markets it is rational for producers to make their products as similar as possible. This is also referred to as the principle of minimum differentiation as well as Hotelling's linear city model. The observation was made by Harold Hotelling (1895–1973) in the a... | https://en.wikipedia.org/wiki?curid=1462135 |
Hotelling's law Each shop will serve half the market; one will draw customers from the north, the other all customers from the south. Another example of the law in action is that of two takeaway food pushcarts, one at each end of a beach. If there is an equal distribution of rational consumers along the beach, each pus... | https://en.wikipedia.org/wiki?curid=1462135 |
Hotelling's law When prices are not fixed, companies can modify their prices to compete for customers; in those cases it is in the company's best interest to differentiate themselves as far away from each other as possible so they face less competition from each other. The street is a metaphor for product differentiati... | https://en.wikipedia.org/wiki?curid=1462135 |
Hotelling's law The assumption is that people will choose the candidate with a closer ideology to their own, so that the most votes can be had by being directly in the center. This phenomenon can be observed in real life, not just in commodity businesses like bars, restaurants, and gas stations, but even in large, bran... | https://en.wikipedia.org/wiki?curid=1462135 |
Pigou effect In economics, the is the stimulation of output and employment caused by increasing consumption due to a rise in real balances of wealth, particularly during deflation. The term was named after Arthur Cecil Pigou by Don Patinkin in 1948. Real wealth was defined by Arthur Cecil Pigou as the summation of the ... | https://en.wikipedia.org/wiki?curid=1462268 |
Pigou effect Keynes argued with that a drop in aggregate demand could lower both employment and the price level in unison, an occurrence observed in the deflationary depression. In the IS-LM framework of Keynesian economics as formalised by John Hicks, a negative aggregate demand shock would shift the IS curve left; as... | https://en.wikipedia.org/wiki?curid=1462268 |
Pigou effect " If the always operated strongly, the Bank of Japan's policy of near-zero nominal interest rates might have been expected to end the Japanese deflation of the 1990s sooner. Other apparent evidence against the from Japan may be its long period of stagnating consumer expenditure whilst prices were falling. ... | https://en.wikipedia.org/wiki?curid=1462268 |
Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Ant... | https://en.wikipedia.org/wiki?curid=1462677 |
Bertrand competition A crucial assumption about the technology is that both firms have the same constant unit cost of production, so that marginal and average costs are the same and equal to the competitive price. This means that as long as the price it sets is above unit cost, the firm is willing to supply any amount ... | https://en.wikipedia.org/wiki?curid=1462677 |
Bertrand competition If both firms set the same price above unit cost and share the market, then each firm has an incentive to undercut the other by an arbitrarily small amount and capture the whole market and almost double its profits. So there can be no equilibrium with both firms setting the same price above margina... | https://en.wikipedia.org/wiki?curid=1462677 |
Bertrand competition In general terms, firm 1's best response function is p’’(p), this gives firm 1 optimal price for each price set by firm 2. Diagram 1 shows firm 1’s reaction function p’’(p), with each firm's strategy on each axis. It shows that when P is less than marginal cost (firm 2 pricing below MC) firm 1 pric... | https://en.wikipedia.org/wiki?curid=1462677 |
Bertrand competition If one firm has lower average cost (a superior production technology), it will charge the highest price that is lower than the average cost of the other one (i.e. a price "just" below the lowest price the other firm can manage) and take all the business. This is known as "limit pricing". The Bertra... | https://en.wikipedia.org/wiki?curid=1462677 |
Bertrand competition There is a big incentive to cooperate in the Bertrand model: colluding to charge the monopoly price and sharing the market each is the best that the firms could do in this set up. However not colluding and charging marginal cost is the non-cooperative outcome and the only Nash equilibrium of this m... | https://en.wikipedia.org/wiki?curid=1462677 |
Investment protection is a broad economic term referring to any form of guarantee or insurance that investments made will not be lost, which may be through fraud or otherwise. For example, the Investment Protection Bureau is a New York state legal body which is charged, according to the New York State Securities Law (t... | https://en.wikipedia.org/wiki?curid=1464137 |
Global strategy as defined in business terms is an organization's strategic guide to globalization. Such a connected world, allows a business's revenue to not be to be confined by borders. A business can employ a global business strategy to reap the rewards of trading in a worldwide market. A sound global strategy shou... | https://en.wikipedia.org/wiki?curid=1464656 |
Global strategy A global strategy may be appropriate in industries where firms are faced with strong pressures for cost reduction but with weak pressures for local responsiveness. Therefore, it allows these firms to sell a standardized product worldwide. However, fixed costs (capital equipment) are substantial. Neverth... | https://en.wikipedia.org/wiki?curid=1464656 |
Fisher hypothesis In economics, the (sometimes called the Fisher effect) is the proposition by Irving Fisher that the real interest rate is independent of monetary measures, specifically the nominal interest rate and the expected inflation rate. The term "nominal interest rate" refers to the actual interest rate giving... | https://en.wikipedia.org/wiki?curid=1465944 |
Fisher hypothesis The implication of the conjectured constant real rate is that monetary events such as monetary policy actions will have no effect on the real economy—for example, no effect on real spending by consumers on consumer durables and by businesses on machinery and equipment. Some contrary models assert that... | https://en.wikipedia.org/wiki?curid=1465944 |
Gibrat's law (sometimes called Gibrat's rule of proportionate growth or the law of proportionate effect) is a rule defined by Robert Gibrat (1904–1980) in 1931 stating that the proportional rate of growth of a firm is independent of its absolute size. The law of proportionate growth gives rise to a firm size distributi... | https://en.wikipedia.org/wiki?curid=1466015 |
Gibrat's law A clustering method to construct cities from the bottom up by clustering populated areas obtained from high-resolution data finds a power-law distribution of city size consistent with Zipf's law in almost the entire range of sizes. Note that populated areas are still aggregated rather than individual based... | https://en.wikipedia.org/wiki?curid=1466015 |
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