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Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
Edward James Green (March 31, 1948 – October 26, 2019) was an American economist best known for his contributions to the theory of dynamic contracts.Green received his Ph.D. from Carnegie Mellon University in 1977.
John Morgan (November 11, 1967 – October 6, 2021) was the Oliver E. Williamson and Dolores J. Williamson Chair in the Economics of Organizations at the University of California, Berkeley. [1] He was the founding director of the U.C. Berkeley Experimental Social Sciences Laboratory (Xlab).
David Shapiro (born November 25, 1946) is an American economist at the Pennsylvania State University.He joined the Penn State faculty [1] in 1980. He is a leading academic in the field of Economic Demography, specializing in fertility transition in sub-Saharan Africa and in the study of children's schooling in Africa.
In economics, the hold-up problem is central to the theory of incomplete contracts, and shows the difficulty in writing complete contracts. A hold-up problem arises when two factors are present: A hold-up problem arises when two factors are present:
Issued 1949-1953 by the Bureau of Agricultural Economics; 1954-Apr. 1961 by the Agricultural Marketing Service; July 1961- by the Economics Research Service
Complexity economics is the application of complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory . While it does not reject the existence of an equilibrium, it features a non-equilibrium approach and sees such equilibria as a special case and as an emergent ...
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...