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[1] General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work Elements of Pure Economics. [2]
The word jajmani has its origins as a descriptor of those who paid for religious sacrifices in the Vedic period but today refers to a system of exchange of services. [1] As a sociological model that became much studied from the late 1950s, it is at odds with the demiurgic model posited earlier by Max Weber and others.
Chapter 25, "A Note on Books", recommends several books for those interested in further reading on economics. He suggests some intermediate-length works, such as Frederic Benham's "Economics" and Raymond T. Bye's "Principles of Economics," as well as older books like Edwin Canaan's "Wealth" and John Bates Clark's "Essentials of Economic Theory."
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. [ 1 ] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Mathematically, social marginal cost is the sum of private marginal cost and the external costs. [3] For example, when selling a glass of lemonade at a lemonade stand, the private costs involved in this transaction are the costs of the lemons and the sugar and the water that are ingredients to the lemonade, the opportunity cost of the labor to combine them into lemonade, as well as any ...
The most commonly used index from the family, FGT 2, puts higher weight on the poverty of the poorest individuals, making it a combined measure of poverty and income inequality and a popular choice within development economics. The indices were introduced in a 1984 paper by economists Erik Thorbecke, Joel Greer, and James Foster. [1] [2]
Small Is Beautiful: A Study of Economics As If People Mattered is a collection of essays published in 1973 by German-born British economist E. F. Schumacher.The title "Small Is Beautiful" came from a principle espoused by Schumacher's teacher Leopold Kohr [1] (1909–1994) advancing small, appropriate technologies, policies, and polities as a superior alternative to the mainstream ethos of ...