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Computational tools for economics include a variety of computer software that facilitate the execution of various matrix operations (e.g. matrix inversion) and the solution of systems of linear and nonlinear equations. Various programming languages are utilized in economic research for the purpose of data analytics and modeling.
The term was coined by Erik Brynjolfsson in a 1993 paper ("The Productivity Paradox of IT") [1] inspired by a quip by Nobel Laureate Robert Solow "You can see the computer age everywhere but in the productivity statistics." [2] For this reason, it is also sometimes also referred to as the Solow paradox.
Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models. A CGE model consists of equations describing model variables and ...
The importance of stone tools, circa 2.5 million years ago, is considered fundamental in the human development in the hunting hypothesis. [citation needed]Primatologist, Richard Wrangham, theorizes that the control of fire by early humans and the associated development of cooking was the spark that radically changed human evolution. [2]
A key strand of free market economic thinking is that the market's invisible hand guides an economy to prosperity more efficiently than central planning using an economic model. One reason, emphasized by Friedrich Hayek, is the claim that many of the true forces shaping the economy can never be captured in a single plan. This is an argument ...
Consider using a credit card for purchasing a computer to take advantage of cash back, rewards points, or miles. Depending on the rewards rate on your particular credit card, that $1,200 computer ...
Techno-economic assessment or techno-economic analysis (abbreviated TEA) is a method of analyzing the economic performance of an industrial process, product, or service. The methodology originates from earlier work on combining technical, economic and risk assessments for chemical production processes. [ 1 ]
The project consisted of 4 modules: an economic simulator, custom software to check factory performance, an operations room, and a national network of telex machines that were linked to one mainframe computer. [2] Project Cybersyn was based on viable system model theory approach to organizational design and featured innovative technology for ...