By Julio Segura, Carlos Rodriguez Braun
An Eponymous Dictionary of Economics is an interesting and obtainable reference paintings with complete assurance of the sector of economics from Adam Smith’s challenge via Minkowski’s Theorem to Zellner’s Estimator. Eponymy - the perform of affixing the identify of the scientist to all or a part of what he/she has discovered - has many fascinating good points yet just a only a few makes an attempt were made to take on the topic lexicographically in technology and artwork. this is often the 1st eponymous dictionary of economics ever released in any language. There are countless numbers of eponyms and the common economist will be accustomed to, not to mention be ready to grasp, a comparatively limited variety of them. The Dictionary fills this void in a achievable quantity that describes all proper monetary eponyms. a few infrequent yet fascinating eponyms also are incorporated, many entries are cross-referenced and all have a succinct bibliography for extra studying. Julio Segura and Carlos Rodríguez Braun have assembled a special Dictionary that would be a useful and masses welcomed reference ebook for fiscal newshounds, economists and fiscal students in any respect degrees of academe, and in all parts of economics and its linked fields.
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Additional resources for An eponymous dictionary of economics: a guide to laws and theorems named after economists
William J. 1922) originally formulated the theory in Baumol (1986) and Baumol et al. (1982). Contestable markets theory contends, under certain assumptions, that monopoly and efficiency prices are not so different. The idea is that, assuming the inexistence of barriers to entry, a monopoly firm has no 16 Baumol’s disease other choice than to establish prices as close as possible to efficiency or competitive market prices. Otherwise the monopoly would put in danger its continuity as the only firm in the market.
His main research interest has been (and still is) the consequences for macroeconomic problems of different microeconomic structures such as asymmetric information or staggered contracts. Recently he has been working on the effects of different assumptions regarding fairness and social customs on unemployment. The used car market captures the essence of the ‘Market for “lemons” ’ problem. Cars can be good or bad. When a person buys a new car, he/she has an expectation regarding its quality. After using the car for a certain time, the owner has more accurate information on its quality.
Therefore the aggregate value (at equilibrium prices) of the consumptions at the rearrangement is not larger than the GNP. Hence there is at least one consumer for which the value of consumption at the rearrangement is not higher than income at equilibrium. Because the equilibrium consumption for this consumer is no worse than any other affordable consumption we conclude that the rearrangement is not an improvement for her. Under convexity assumptions there is a converse result, known as the second welfare theorem: every Pareto optimum can be sustained as a competitive equilibrium after a lump-sum transfer of income.
An eponymous dictionary of economics: a guide to laws and theorems named after economists by Julio Segura, Carlos Rodriguez Braun