The word “equilibrium” has its roots in Latin. It can be traced back to the two Latin words “aequus”, meaning “equal” and “libra”, meaning “balance” or “scale”. The term, thus, has a literal and original meaning of “equal weights on both sides of a scale“. Now, the...
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ThesaurusAntonymsRelated WordsSynonymsLegend: Switch tonew thesaurus equilibrium noun 1.stability,balance,symmetry,steadiness,evenness,equipoise,counterpoiseFor the economy to be in equilibrium, income must equal expenditure. 2.composure,calm,stability,poise,serenity,coolness,calmness,equanimity,steadiness,self-...
Energy has a precise meaning in physics that does not always correspond to everyday language, and yet a precise definition is somewhatelusive. The word is derived from the Greek wordergon, meaning work, but the termworkitself acquired a technical meaning with the advent of Newtonian mechanics. ...
Indeed, in real life, people tend to cooperate, e.g., by playing tit-for-tat, meaning that “non-rational” players get better utilities than rational ones! Finally, a Folk theorem for repeated games with discounting can be stated, provided a simple sufficient condition is assumed (Neyman ...
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A simple example will help illustrate the idea of mixed strategies. Consider a baseball pitcher pitching to a new batter. Suppose the pitcher is restricted to pitch a strike (meaning that the ball goes over the plate at the right height for the batter to be in a position to hit) or a ...
Inmy previous post, I discussed Hayek’s path-breaking insight into the meaning of intertemporal equilibrium. His breakthrough was to see that an equilibrium can be understood not as a stationary state in which nothing changes, but as a state in which decentralized plans are both optimal from ...
What is an externality in economics? Provide an example of an economic externality. What is the meaning of "economics" of a particular product? Imagine a simple economy with no government, taxes, imports or exports. Suppose that the marginal propensity to consumer (MPC) is 0.75 and autonomous...