An eponymous dictionary of economics: a guide to laws and by Julio Segura, Carlos Rodriguez Braun

By Julio Segura, Carlos Rodriguez Braun

An Eponymous Dictionary of Economics is an engaging and obtainable reference paintings with complete assurance of the sphere 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 attention-grabbing gains yet just a only a few makes an attempt were made to take on the topic lexicographically in technological know-how and artwork. this can be the 1st eponymous dictionary of economics ever released in any language. There are countless numbers of eponyms and the common economist might be familiar with, not to mention manage to grasp, a comparatively limited variety of them. The Dictionary fills this void in a workable quantity that describes all suitable fiscal eponyms. a few infrequent yet attention-grabbing eponyms also are incorporated, many entries are cross-referenced and all have a succinct bibliography for extra examining. Julio Segura and Carlos Rodríguez Braun have assembled a distinct Dictionary that may be a useful and masses welcomed reference booklet for financial reporters, economists and fiscal students in any respect degrees of academe, and in all components of economics and its linked fields.

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Example text

Capital equipment comes in units of equal (infinitesimal) size, and the productivity achievable using any unit of equipment depends on how much investment had already occurred when this particular unit was produced. Arrow’s view is, therefore, that at least part of technological progress does not depend on the passage of time as such, but grows out of ‘experience’ caught by cumulative gross investment; that is, a vehicle for improvements in skill and technical knowledge. His model may be considered as a precursor to the further new or endogenous growth theory.

Both formulations start from the same formal framework. Consider a society of n agents, which has to express preferences regarding the alternatives in a set A. The preferences of agents are given by complete, reflexive, transitive binary relations on A. Each list of n such relations can be interpreted as the expression of a state of opinion within society. Rules that assign a complete, reflexive, transitive binary relation (a social preference) to each admissible state of opinion are called ‘social welfare functions’.

Capital equipment comes in units of equal (infinitesimal) size, and the productivity achievable using any unit of equipment depends on how much investment had already occurred when this particular unit was produced. Arrow’s view is, therefore, that at least part of technological progress does not depend on the passage of time as such, but grows out of ‘experience’ caught by cumulative gross investment; that is, a vehicle for improvements in skill and technical knowledge. His model may be considered as a precursor to the further new or endogenous growth theory.

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