Search results
Results From The WOW.Com Content Network
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical , framework designed to illustrate complex processes.
The formalist model is closely linked to neoclassical economics, defining economics as the study of choice under conditions of scarcity.All societies are therefore a collection of "choice making individuals whose every action involves conscious or unconscious selections among alternative means to alternative ends" or culturally defined goals.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
The Anglo-Saxon model (so called because it is practiced in Anglosphere countries such as the United Kingdom, the United States, Canada, New Zealand, Australia [1] and Ireland [2]) is a regulated market-based economic model that emerged in the 1970s based on the Chicago school of economics, spearheaded in the 1980s in the United States by the economics of then President Ronald Reagan (dubbed ...
Examples of market socialism include economic democracy, the Lange model, liberal socialism, market-oriented left-libertarianism, mutualism the New Economic Mechanism and Ricardian socialism. Other types of market socialist systems such as mutualism are related to the political philosophy of libertarian socialism .
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
In some co-operative economics literature, the aim is the achievement of a co-operative commonwealth, a society based on cooperative and socialist principles. Co-operative economists – federalist, individualist, and otherwise – have presented the extension of their economic model to its natural limits as a goal.
The doughnut model is still a collection of goals that may be pursued through different actions by different actors and does not include specific models related to markets or human behavior. The book Doughnut Economics consists of critiques and perspectives of what should be sought after by society as a whole. [9]