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[1] The aggregation problem is the problem of finding a valid way to treat an empirical or theoretical aggregate as if it reacted like a less-aggregated measure, say, about behavior of an individual agent as described in general microeconomic theory [1] (see representative agent and heterogeneity in economics).
In music theory, limits or harmonic limits are a way of characterizing the harmony found in a piece or genre of music, or the harmonies that can be made using a particular scale. The term limit was introduced by Harry Partch , [ 1 ] who used it to give an upper bound on the complexity of harmony; hence the name.
Aggregate data are also used for medical and educational purposes. Aggregate data is widely used, but it also has some limitations, including drawing inaccurate inferences and false conclusions which is also termed ‘ecological fallacy’. [3] ‘Ecological fallacy’ means that it is invalid for users to draw conclusions on the ecological ...
[1] [2] According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. [3] Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices. Such policies ...
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The growth accounting procedure proceeds as follows. First is calculated the growth rates for the output and the inputs by dividing the Period 2 numbers with the Period 1 numbers. Then the weights of inputs are computed as input shares of the total input (Period 1). Weighted growth rates (WG) are obtained by weighting growth rates with the weights.
In mathematics, particularly in order theory, an upper bound or majorant [1] of a subset S of some preordered set (K, ≤) is an element of K that is greater than or equal to every element of S. [ 2 ] [ 3 ] Dually , a lower bound or minorant of S is defined to be an element of K that is less than or equal to every element of S .
The first book of The General Theory of Employment, Interest and Money is a repudiation of Say's law. The classical view for which Keynes made Say a mouthpiece held that the value of wages was equal to the value of the goods produced, and that the wages were inevitably put back into the economy sustaining demand at the level of current production.