relation to each other. In simpler words, a way to identify a plural statistical statement is that there should be an aggregate for an entity that is placed in comparison with another entity. For example, an average Indian is expected to live for 65 years compared to a mere 57 in ...
Assumption of Linear Cost and Revenue Relationships:Break-even analysis assumes linear relationships between costs and volume, implying that the costs change at a constant rate in proportion to the changes in production or sales volume. In simpler terms, it suggests that for every additional unit pr...
Instead of low (or zero) interest rates, the government could impose negative interest rates. In other words,financial repression. In simpler terms, governments could – and would – confiscate part of your savings. All for the purpose of coercing people into spending more, based on themistaken...
Economics is about demand and scarcity and how it influences the production, consumption, and transfer of wealth. Click for facts and worksheets in PDF format!
In short, whilst a small group of people will benefit handsomely from the products of automation, the majority will be left behind. This dilemma cannot be resolved merely by urging the left behinds to “try harder”, to “learn new skills”, or (in the words attributed to a 1980s UK ...
In words, the Generalized Roy Model is the economic representation of a world in which each individual must choose between two options, where each option has its own benefits, and one of the options costs more than the other. In math notation, the first alternative, denoted , relates the ...
in the very new and intriguing areas in mathematics that are called "chaos" theory, which studies how randomness may not be quite so random, and "complexity" theory, which is precisely how unexpected levels of organization emerge from random or at least simpler levels of organization. In chaos...
In our previous work (Racz and Fogarasi2021) we tried to forecast sparse, mean reverting portfolios using singleLSTMnetworks and built a trading strategy that utilizes this prediction. However, it was shown during the tests that in most cases the trading ranges were estimated inaccurately, so few...
Thus, the assumption of profit-maximization in economic theory, Alchian argued, was a valid generalization even if it did not correspond to fact at any point in time. This argument is clearly more acute than the simpler one offered by Milton Friedman, and served as an important precedent for...
In other words, our main point, as far as the development of the paradigm is concerned, is that the possibility of anomalies and, consequently, of new theories to be accepted as part of the paradigm does not reside mainly in how much they differ from the dominant version of the paradigm:...