Search results
Results From The WOW.Com Content Network
In economic growth literature the term "convergence" can have two meanings. The first kind (sometimes called "sigma-convergence") refers to a reduction in the dispersion of levels of income across economies. "Beta-convergence" on the other hand, occurs when poor economies grow faster than rich ones.
Natural resources flow through the economy and end up as waste and pollution. A simple circular flow of income diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production. Once consumed ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
In science and history, consilience (also convergence of evidence or concordance of evidence) is the principle that evidence from independent, unrelated sources can "converge" on strong conclusions. That is, when multiple sources of evidence are in agreement, the conclusion can be very strong even when none of the individual sources of evidence ...
In economics, the Lucas paradox or the Lucas puzzle is the observation that capital does not flow from developed countries to developing countries despite the fact that developing countries have lower levels of capital per worker.
In mathematics, strong convergence may refer to: The strong convergence of random variables of a probability distribution . The norm-convergence of a sequence in a Hilbert space (as opposed to weak convergence ).
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 ...
The most important cases of convergence in r-th mean are: When X n converges in r-th mean to X for r = 1, we say that X n converges in mean to X. When X n converges in r-th mean to X for r = 2, we say that X n converges in mean square (or in quadratic mean) to X. Convergence in the r-th mean, for r ≥ 1, implies convergence in probability (by ...