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The sharing economy is a socio-economic system whereby consumers share in the creation, production, distribution, trade and consumption of goods, and services. These systems take a variety of forms, often leveraging information technology and the Internet, particularly digital platforms, to facilitate the distribution, sharing and reuse of excess capacity in goods and services.
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. Frequently, economic models posit structural parameters. [1]
The Smets-Wouters model is one example of the importance of microfoundations as it is regarded as a benchmark model for analysing monetary and fiscal policy. [12] The model offers three main advantages of microfoundations: Microfoundations provides a modelling structure where data may not be very informative.
Circulation model of economic flows for a closed market economy. In this model the use of natural resources and the generation of waste (like greenhouse gases) is not included. An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society.
The history of commons-based peer production communities (by the P2Pvalue project) [undue weight? – discuss] Yochai Benkler used this term as early as 2001. Benkler first introduced the term in his 2002 paper in the Yale Law Journal (published as a pre-print in 2001) "Coase's Penguin, or Linux and the Nature of the Firm", whose title refers to the Linux mascot and to Ronald Coase, who ...
The flow of money is shown with purple, and the flow of goods and services is shown with orange. Money flows in the opposite direction from goods and services. [1] Basic diagram of the circular flow of income. The functioning of the free-market economic system is represented with firms and households and interaction back and forth. [2]
This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision. [ 1 ] The underlying values that parecon seeks to implement are: equity , solidarity , diversity, workers' self-management , efficiency (defined as accomplishing ...
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.