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the role of mathematics and mathematical economics in economics [14] the writing [15] and rhetoric of economics [16] the relation between theory, observation, application, and methodology in contemporary economics. [17] Economic methodology has gone from periodic reflections of economists on method to a distinct research field in economics ...
Forecasting economic activity in a way in which conclusions are logically related to assumptions; Proposing economic policy to modify future economic activity; Presenting reasoned arguments to politically justify economic policy at the national level, to explain and influence company strategy at the level of the firm, or to provide intelligent ...
Natural economics: Economics is concerned with both 'normal' and 'abnormal' economic conditions. In an objective scientific study one is not restricted by the normality assumption in describing actual economies, as much empirical evidence shows that some "anomalous" behavior can persist for a long time in real markets e.g., in market "bubbles ...
Dr. Daniel Kahneman, winner of the 2002 Nobel Prize in economics, joins us to discuss his book Thinking, Fast and Slow. In this video segment, Daniel recalls his work with Richard Thaler, an ...
The implicit assumption underlying the Keynesian fiscal revolution, according to Buchanan, was that economic policy would be made by wise men, acting without regard to political pressures or opportunities, and guided by disinterested economic technocrats. He argued that this was an unrealistic assumption about political, bureaucratic and ...
Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
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".
In economics, Knightian uncertainty or ambiguity may occur. Thus, one must make assumptions about the probabilities, but the expected values of various decisions can be very sensitive to the assumptions. This is particularly problematic when the expectation is dominated by rare extreme events, as in a long-tailed distribution.