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Richard Normand Langlois (born January 20, 1952, in Putnam, Connecticut) is an American economist and currently professor at the University of Connecticut.He studied physics and English literature at Williams College, he received a Master's in astronomy from Yale University, and he received his PhD in Engineering-Economic Systems from Stanford.
The Department of Economics of the University of Pennsylvania (commonly referred to as Penn Economics) is part of the school's Arts and Sciences division. Penn Economics is generally associated with the saltwater school of economic thought (along with University of California, Berkeley, Brown University, Harvard University, Princeton University, Columbia University, MIT and Yale University).
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Economic expansion and contraction refer to the overall output of all goods and services, while the terms "inflation" and "deflation" refer to rising and falling prices of commodities, goods and services in relation to the value of money. [4] From a microeconomic standpoint, expansion usually means enlarging the scale of a single company or ...
In operator theory, a bounded operator T: X → Y between normed vector spaces X and Y is said to be a contraction if its operator norm ||T || ≤ 1. This notion is a special case of the concept of a contraction mapping , but every bounded operator becomes a contraction after suitable scaling.
Business cycles are a type of fluctuation found in the aggregate economic activity of nations that organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions, and revivals which merge into the expansion ...
A celebrated economic application of a Bellman equation is Robert C. Merton's seminal 1973 article on the intertemporal capital asset pricing model. [20] See also Merton's portfolio problem ). The solution to Merton's theoretical model, one in which investors chose between income today and future income or capital gains, is a form of Bellman's ...