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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 ...
In monetary economics, the equation of exchange is the relation: = where, for a given period, is the total money supply in circulation on average in an economy. is the velocity of money, that is the average frequency with which a unit of money is spent.
The economic calculation problem (ECP) is a criticism of using central economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article " Economic Calculation in the Socialist Commonwealth " and later expanded upon by Friedrich Hayek .
In theoretical physics, the hierarchy problem is the problem concerning the large discrepancy between aspects of the weak force and gravity. [1] There is no scientific consensus on why, for example, the weak force is 10 24 times stronger than gravity .
New Keynesian economics is especially associated with the latter two. [1]: 383 Implicit contract theory attributes stable real wages to implied agreements between employers and workers. Firms serve not just as consumers of labor, but also as wage insurers.
At instant 1, a mass dm with velocity u is about to collide with the main body of mass m and velocity v. After a time dt, at instant 2, both particles move as one body with velocity v + dv. The following derivation is for a body that is gaining mass . A body of time-varying mass m moves at a velocity v at an initial time t.
In the absence of a net external force, the center of mass moves at a constant speed in a straight line. This applies, for example, to a collision between two bodies. [52] If the total external force is not zero, then the center of mass changes velocity as though it were a point body of mass . This follows from the fact that the internal forces ...
In economics, forced saving occurs when the spending of a person is less than their earnings, due to the consumer goods shortages which can cause hyperinflation.Forced saving can also happen when available goods are too expensive, therefore a person who has no access to credit has to accumulate the money for their purchase over an extended period of time.