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Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. [1]
The geometric mean of two numbers, and , is the length of one side of a square whose area is equal to the area of a rectangle with sides of lengths and . Similarly, the geometric mean of three numbers, a {\displaystyle a} , b {\displaystyle b} , and c {\displaystyle c} , is the length of one edge of a cube whose volume is the same as that of a ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The blackboard bold typeface is widely used for denoting the basic number systems. These systems are often also denoted by the corresponding uppercase bold letter. A clear advantage of blackboard bold is that these symbols cannot be confused with anything else. This allows using them in any area of mathematics, without having to recall their ...
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
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.