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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.
In financial economics, contingent claim analysis is widely used as a framework both for developing pricing models, and for extending the theory. [6] Thus, from its origins in option pricing and the valuation of corporate liabilities, [ 7 ] it has become a major approach to intertemporal equilibrium under uncertainty .
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
There is a fundamental distinction between pure economic loss and consequential economic loss, as pure economic loss occurs independent of any physical damage to the person or property of the victim. It has also been suggested that this tort should be called "commercial loss" as injuries to person or property can be regarded as "economic".
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".
Economic loss is then divided into "consequential economic loss" - that which arises directly from some physical damage or injury (e.g. loss of earnings from having your arm cut off) and "pure economic loss", which is everything else. The fear behind allowing claims for "pure economic loss" is that potentially unlimited claims could flood in.
He was the first to claim optimality under his own criterion or to support the claim by convincing arguments. [ citation needed ] He defines equilibrium more abstractly than Edgeworth as a state which would maintain itself indefinitely in the absence of external pressures [ 11 ] and shows that in an exchange economy it is the point at which a ...
Claim (legal) Claim of Right Act 1689; Claims-based identity; Claim (philosophy) Land claim; A main contention, see conclusion of law; Patent claim; The assertion of a proposition; see Douglas N. Walton; A right; Sequent, in mathematics; Another term for an advertising slogan. Health claim; A [[Glossary_of_contract_bridge_terms#claim|term in ...