In the 1970s, a new and very different kind of institutionalism developed. The paper inquires, through the use of the concept of equilibrium, into the evolution of institutionalism, from the classic, through the
STREAM ECONOMICS]]>The aim of the study is to analyse the equilibrium concept in mainstream economic modelling. In rethinking the equilibrium concept, first we will criticise the thought that economic activities and relations can be explained by the "equilibrium" in the models which are build upon...
“When a system is far from equilibrium, small islands of coherence have the capacity to shift the entire system” Ilya Prigogine 9.1. What next? Predictions for the superorganism We can’t precisely predict the future, but we can increasingly be confident of what won’t happen. Given the bi...
The concept of supply and demand is a foundational principle within the field of economics. It illustrates the intricate relationship between the availability of a product or service and the level of desire for that product or service among consumers. Grasping this relationship is crucial for analyzi...
An important implication is that monetary policy has no influence on real interest rates in the long run. The real rate is pinned down by equilibrium in the goods market independently of monetary policy. This rate is the so-called natural rate of interest, or “r-star”. ...
Early work in game theory focused on the concept of equilibria, in particular the famous Nash equilibrium2, in which the players adopt strategies such that no player can improve her own payoff by unilaterally changing her own strategy. The strategies at a Nash equilibrium can be probabilistic com...
Economic principles can be extended to biological organisms as they optimize the use of resources, but their use in biology has been limited. We applied concepts from traditional economics to the main production unit of plants, the leaf. We quantified the profitability (profit/cost of investment)...
Economic equilibrium is considered a theoretical concept, which means it's hard to achieve. That's because the variables are always changing and there are always unpredictable factors at play that can influence where the economy is headed. In order to achieve it, the forces at work in the eco...
However, since the 1992 UN Conference on Environment and Development (the Rio Earth Summit), environmental and climate protection objectives have taken centre stage in policy debates about economic development. More recently, the concept of “green growth” (Bowen, Hepburn, 2014, Ekins, 2002, ...
How does the concept of opportunity cost relate to the definition of economics? Give the meaning of pricing as used in managerial economics. In a few simple sentences, define economics. Explain what it means: Microeconomics is part of economics. ...