When people hear the term economic system, they most likely think of a complicated system of stocks, bonds,Wall Street, Federal Reserve, and other terms that apply to the modern economy. But an economic system is actually a very simple concept with a very simple definition. ...
A kinship system does not provide a definition for “a” father or father in general, but for “my” father; not uncle in general, but “my” uncle, and so on. “The person who is my father at birth will remain my father till death” (in most systems), and “if X is father ...
“mesh” with those of others, it must have information about the intentions of everyone else in the system. When one of the determinants underlyingmarketsupplies and demands changes so as to disequilibrate the system, ensuing price movements must communicate the requisite information to everyone ...
When income is at a level such that there is no ongoing tendency for it to change in either direction, the system is in “income equilibrium.” The simple system depicted in Figure 1 is in income equilibrium when the condition shown by this equation is fulfilled: I = S. This is not, ...
Such a classification of various individual economic measures required, first, the definition of a regular “reference” cycle, but once the general characteristics of this had been identified, the role of the individual indicator variables could be determined in relation to it. The central ...
The economic transformation of a rural country has an impact on its overall fitness value, and the competitiveness of its productive system. In this respect, the urbanization process is key element in a country’s development and its economic growth33,42. To assess the relation between the count...
emphasized that instead of a tit for tat approach, the two countries need to create "habits of cooperation" in the short term, such as the immediate removal of trade tariffs and agreeing on the definition of national security, so that both sides can continue to do business and restart scient...
Node size corresponds to the square root of strength; link colors correspond to the direct down-stream impact of the supplier on the buyer node (criticality), \(\Lambda ^\text {d}_{ij}\), (for the definition, see Methods Section). Red links indicate highly critical supplier-buyer ...
More generally, it may arise from the underdevelopment of economic organization and institutions, including the network of the market system and the administrative machinery of the government. The general presumption is that the development of this organizational framework would enable an underdeveloped ...
The chapter starts with the definition and delimitation of the field inSection 2, where we organize the paper around five empirical propositions that we believe capture the essential insights offered by the theory.Section 3emphasizes the central role of market potential in determining location patterns...