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Transformation problem: The transformation problem is the problem specific to Marxist economics, and not to economics in general, of finding a general rule by which to transform the values of commodities based on socially necessary labour time into the competitive prices of the marketplace. The essential difficulty is how to reconcile profit in ...
There are various factors affecting economic growth. The problems of economic growth have been discussed by numerous growth models, including the Harrod-Domar model, the neoclassical growth models of Solow and Swan, and the Cambridge growth models of Kaldor and Joan Robinson. This part of the economic problem is studied in the economies of ...
A grassroots movement is one that uses the people in a given district, region or community as the basis for a political or continent movement. [1] Grassroots movements and organizations use collective action from volunteers at the local level to implement change at the local, regional, national, or international levels. Grassroots movements are ...
A good economic theory should be built on sound economic principles tested on many free markets, and proven to be valid. However, empirical facts have been alleged to indicate that the principles of economics hold only under very limited conditions that are rarely met in real life, and there is no scientific testing methodology available to ...
Historian Lawrence B. Glickman identifies the free produce movement of the late 1700s as the beginning of consumer activism in the United States. [7] Like members of the British abolitionist movement, free produce activists were consumers themselves, and under the idea that consumers share in the responsibility for the consequences of their purchases, boycotted goods produced with slave labor ...
Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making a priori assumptions about how ideal markets work, in contrast to what Nobel Prize-winning economist, Ronald Coase , referred to as "blackboard economics" and its deductive method .
The 368-square-foot first floor contains two rooms and two brick fireplaces, one likely used for cooking at some point in the home’s history. A central staircase leads to the second floor, which ...
The Massachusetts Miracle was a period of economic growth in Massachusetts during most of the 1980s. Before then, the state had been hit hard by deindustrialization and resulting unemployment . During the Miracle, the unemployment rate fell from more than 12% in 1975 to less than 3%, which was accompanied by tax reductions and a drastic ...