2253:
cannot capture the full detail of the underlying system, so rely on approximate equations; (ii) they are sensitive to small changes in the exact form of these equations. This is because complex systems like the economy or the climate consist of a delicate balance of opposing forces, so a slight imbalance in their representation has big effects. Thus, predictions of things like economic recessions are still highly inaccurate, despite the use of enormous models running on fast computers. See
58:
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model is only useful to the extent that it accurately mirrors the relationships that it purports to describe. Creating and diagnosing a model is frequently an iterative process in which the model is modified (and hopefully improved) with each iteration of diagnosis and respecification. Once a satisfactory model is found, it should be double checked by applying it to a different data set.
4238:
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27:
2388:, is the claim that many of the true forces shaping the economy can never be captured in a single plan. This is an argument that cannot be made through a conventional (mathematical) economic model because it says that there are critical systemic-elements that will always be omitted from any top-down analysis of the economy.
2165:
models will actually predict where the economy is going, or the effect of any shock upon it. The new, more humble, approach sees danger in dramatic policy changes based on model predictions, because of several practical and theoretical limitations in current macroeconomic models; in addition to the theoretical pitfalls, (
2036:
Most economic models rest on a number of assumptions that are not entirely realistic. For example, agents are often assumed to have perfect information, and markets are often assumed to clear without friction. Or, the model may omit issues that are important to the question being considered, such as
1929:
Thus the profit maximization model predicts something about the effect of taxation on output, namely that output decreases with increased taxation. If the predictions of the model fail, we conclude that the profit maximization hypothesis was false; this should lead to alternate theories of the firm,
1172:
or non-stochastic models; according to whether all the variables are quantitative, economic models are classified as discrete or continuous choice model; according to the model's intended purpose/function, it can be classified as quantitative or qualitative; according to the model's ambit, it can be
2252:
and explained that the weather, human health and economics use similar methods of prediction (mathematical models). Their systemsâthe atmosphere, the human body and the economyâalso have similar levels of complexity. He found that forecasts fail because the models suffer from two problems: (i) they
1159:
The details of model construction vary with type of model and its application, but a generic process can be identified. Generally, any modelling process has two steps: generating a model, then checking the model for accuracy (sometimes called diagnostics). The diagnostic step is important because a
2359:
More recently, chaos (or the butterfly effect) has been identified as less significant than previously thought to explain prediction errors. Rather, the predictive power of economics and meteorology would mostly be limited by the models themselves and the nature of their underlying systems (see
2164:
Partly as a result of such experiments, modern central bankers no longer have as much confidence that it is possible to 'fine-tune' the economy as they had in the 1960s and early 1970s. Modern policy makers tend to use a less activist approach, explicitly because they lack confidence that their
2315:
research program to identify which variables are chaotic (if any) has largely concluded that aggregate macroeconomic variables probably do not behave chaotically. This would mean that refinements to the models could ultimately produce reliable long-term forecasts. However, the validity of this
2152:
available at the time. They compared the models' predictions for how the economy would respond to specific economic shocks (allowing the models to control for all the variability in the real world; this was a test of model vs. model, not a test against the actual outcome). Although the models
1151:
infeasibility and the incompleteness or lack of theories for various types of economic behavior. Therefore, conclusions drawn from models will be approximate representations of economic facts. However, properly constructed models can remove extraneous information and isolate useful
2015:. Moreover, quantitative relationships between these aggregate variables are often parts of important macroeconomic theories. This process of aggregation and functional dependency between various aggregates usually is interpreted statistically and validated by
1908:
1242:
between variables). In some cases economic predictions in a coincidence of a model merely assert the direction of movement of economic variables, and so the functional relationships are used only stoical in a qualitative sense: for example, if the
1733:
1173:
classified as a general equilibrium model, a partial equilibrium model, or even a non-equilibrium model; according to the economic agent's characteristics, models can be classified as rational agent models, representative agent models etc.
1032:
is a general economic concept, but to measure inflation requires a model of behavior, so that an economist can differentiate between changes in relative prices and changes in price that are to be attributed to inflation.
1021:
fluctuations. Economists therefore must make a reasoned choice of which variables and which relationships between these variables are relevant and which ways of analyzing and presenting this information are useful.
2777:
Defines model by analogy with maps, an idea borrowed from Baumol and
Blinder. Discusses deduction within models, and logical derivation of one model from another. Chapter 9 compares the neoclassical school and the
2041:. Any analysis of the results of an economic model must therefore consider the extent to which these results may be compromised by inaccuracies in these assumptions, and a large literature has grown up discussing
2981:
This is a classic book carefully discussing comparative statics in microeconomics, though some dynamics is studied as well as some macroeconomic theory. This should not be confused with
Samuelson's popular
2205:
The fact that all the model's relationships and coefficients are stochastic, so that the error term becomes very large quickly, and the available snapshot of the input parameters is already out of date.
1265:
At a more practical level, quantitative modelling is applied to many areas of economics and several methodologies have evolved more or less independently of each other. As a result, no overall model
1136:
that can be independently discussed and tested and that can be applied in various instances. Policies and arguments that rely on economic models have a clear basis for soundness, namely the
1422:
1774:
967:, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world.
2851:
A series of essays and papers analysing questions about how (and whether) models and theories in economics are empirically verified and the current status of positivism in economics.
2153:
simplified the world and started from a stable, known common parameters the various models gave significantly different answers. For instance, in calculating the impact of a
1618:
2053:
One of the major problems addressed by economic models has been understanding economic growth. An early attempt to provide a technique to approach this came from the French
975:
In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a
2631:
on his early research in finance: "I quickly dropped ... chaos theory it was too easy to construct âtoy modelsâ that looked plausible but were useless in practice."
2120:, where he introduced what would today be called "logarithmic utility of money" and applied it to gambling and insurance problems, including a solution of the paradoxical
1257:â although almost all economic models involve some form of mathematical or quantitative analysis, qualitative models are occasionally used. One example is qualitative
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Limitations in model construction caused by difficulties in understanding the underlying mechanisms of the real economy. (Hence the profusion of separate models.)
1582:
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in which possible future events are played out. Another example is non-numerical decision tree analysis. Qualitative models often suffer from lack of precision.
1213:
1992:
is the vector of individual prices of goods and services. Models in which the vector nature of the quantities is maintained are used in practice, for example
993:
of economic processes. This complexity can be attributed to the diversity of factors that determine economic activity; these factors include: individual and
4211:
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3002:
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915:
847:
2283:"Good theorising consists to a large extent in avoiding assumptions ... a small change in what is posited will seriously affect the conclusions."
1156:
of key relationships. In this way more can be understood about the relationships in question than by trying to understand the entire economic process.
2526:
1319:, arithmetic error or an extraneous injection (or destruction) of cash, which we would interpret as showing the experiment was conducted improperly.
1118:
models have incorporated economic relationships between simulated variables in an attempt to detect high-exposure future scenarios (often through a
1028:
is important because the nature of an economic model will often determine what facts will be looked at and how they will be compiled. For example,
3107:
The author makes several unexpected suggestions: Look for a model in the real world, not in journals. Look at the literature later, not sooner.
2504:
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is naturally available. We can nonetheless provide a few examples that illustrate some particularly relevant points of model construction.
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has vigorously argued that these lags are so long and unpredictably variable that effective management of the macroeconomy is impossible.
3150:
2468:
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All through the 18th century (that is, well before the founding of modern political economy, conventionally marked by Adam Smith's 1776
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1999:
are of this kind. However, for the most part, these models are computationally much harder to deal with and harder to use as tools for
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about these processes or estimate parameters for them. A widely used bargaining class of simple econometric models popularized by
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strategy at the level of the firm, or to provide intelligent advice for household economic decisions at the level of households.
2067:. These tables have in fact been interpreted in more modern terminology as a Leontiev model, see the Phillips reference below.
908:
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challenged this view and those who hold it, saying that chaos in economics is suffering from a biased "crusade" against it by
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A thorough discussion of many quantitative models used in modern economic theory. Also a careful discussion of aggregation.
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in both receiving data and the reaction of economic variables to policy makers attempts to 'steer' them (mostly through
1324:
Optimality and constrained optimization models â Other examples of quantitative models are based on principles such as
1208:
models, in which the stochastic process satisfies some relation between current and past values. Examples of these are
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Presenting reasoned arguments to politically justify economic policy at the national level, to explain and influence
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1903:{\displaystyle {\frac {\partial ^{2}(xp(x)-C(x))}{\partial ^{2}x}}={\partial ^{2}\pi (x,t) \over \partial x^{2}},}
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Modern economic models incorporate the reaction of the public and market to the policy maker's actions (through
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for that item will decrease. For such models, economists often use two-dimensional graphs instead of functions.
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1728:{\displaystyle {\frac {\partial \pi (x,t)}{\partial x}}={\frac {\partial (xp(x)-C(x))}{\partial x}}-t=0}
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2584:"The Sources of Disagreement Among International Macro Models and Implications for Policy Coordination"
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According to whether all the model variables are deterministic, economic models can be classified as
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Economic and meteorological simulations may share a fundamental limit to their predictive powers:
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This article is about theoretical modelling. For the overall economic structure of a society, see
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One of the earliest studies on methodology of economics, analysing the postulate of rationality.
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1943:, this model of taxation and the predicted dependency of output on the tax rate, illustrates an
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1285:. More symbolically, an accounting model expresses some principle of conservation in the form
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959:, framework designed to illustrate complex processes. Frequently, economic models posit
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1234:) or quantitative (involving rationalization of financial variables, for example with
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economic activity in a way in which conclusions are logically related to assumptions;
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is the price that a product commands in the market if it is supplied at the rate
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Appraising
Economic Theories: Studies in the Methodology of Research Programs
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after one year, and one gave almost no change, with the rest spread between.
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is a functional relationship between consumption and national income: C = C(
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began in the 1970s the danger of chaos had been identified and defined in
940:
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3639:
2255:
Unreasonable ineffectiveness of mathematics § Economics and finance
2188:
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2079:
2007:
usually lump together different variables into a single quantity such as
1985:
1084:
1037:
976:
2074:), simple probabilistic models were used to understand the economics of
1988:, food items, secretarial services, home repair services etc. Similarly
1947:; that is one requiring some economically meaningful assumption that is
1110:
were often traded based on economic models predicting the growth of the
2937:
2811:
2698:
2332:
2125:
2061:
was known particularly for his development and use of tables he called
1091:
2892:
Apollo's Arrow: The
Science of Prediction and the Future of Everything
2198:
The difficulty in correctly specifying all of the parameters (through
2136:
came along he had a well-established mathematical basis to draw from.
2954:
Income, Employment and Public Policy; essays in honor of Alvin Hansen
1018:
936:
2929:
2803:
2228:
models). If the response to the decision maker's actions (and their
2512:
Economics
Glossary; Terms Beginning with S. Accessed June 19, 2008.
2027:). This relationship plays an important role in Keynesian analysis.
1605:
under which this holds. The first order maximization condition for
2596:
2583:
1989:
1316:
1300:
1282:
1244:
1217:
1095:
948:
25:
2212:), and this feedback is included in modern models (following the
2202:
measurements) even if the structural model and data were perfect.
2191:
policy) in the direction that central bankers want them to move.
2743:
Beyond
Positivism: Economic Methodology in the Twentieth Century
2180:, on elements of the real economy not yet included in the model.
1064:
3132:
2304:
It is straightforward to design economic models susceptible to
1584:
is the tax that the firm must pay per unit of the product sold.
1340:
on the profit-maximizing firm. The profit of a firm is given by
1184:. They model economically observable values over time. Most of
26:
2662:
2158:
1593:
assumption states that a firm will produce at the output rate
1337:
1014:
2948:(1948), "The Simple Mathematics of Income Determination", in
2914:(1955), "The Tableau Ăconomique as a Simple Leontief Model",
951:
and/or quantitative relationships between them. The economic
3128:
3118:
2045:, or at least asserting that their results are unreliable.
989:
is particularly important for economics given the enormous
3006:, vol. 3, New York: Stockton Press, pp. 482â83,
2968:(Enlarged ed.), Cambridge: Harvard University Press,
2436:
the relationship between interest rates and assets markets
2082:, and played an important role both in the development of
2057:
school in the eighteenth century. Among these economists,
3052:
2157:
loosening on output some models estimated a 3% change in
1939:
Borrowing a notion apparently first used in economics by
3114:â An on-line, interactive model of the Canadian Economy.
2108:
studies problems related to savings and interest in the
1147:; any such pretensions would immediately be thwarted by
2098:
addressed some of these problems in the 3rd edition of
1094:, predictive models have been used since the 1980s for
2380:
guides an economy to prosperity more efficiently than
4226:
2726:(2nd ed.), New York: Harcourt Brace Jovanovich,
2685:(September 1945), "The Use of Knowledge in Society",
2536: Vivian Walsh 1987. "models and theory,"
2430:
a macroeconomic model of aggregate demandâ and supply
2169:) some problems specific to aggregate modelling are:
1777:
1621:
1570:
1550:
1517:
1485:
1465:
1436:
1352:
2078:. This was a natural extrapolation of the theory of
1230:
may be purely qualitative (for example, relating to
1143:
Economic models in current use do not pretend to be
4146:
3788:
3522:
3271:
3236:
3166:
3057:
2384:using an economic model. One reason, emphasized by
3053:"The Economics of Information Security Investment"
2889:
2860:
2831:
2636:Frequently Asked Questions in Quantitative Finance
2554:
1902:
1727:
1576:
1556:
1532:
1511:is the revenue obtained from selling the product,
1503:
1471:
1451:
1416:
3026:A Study in the Analysis of Stationary Time Series
2798:(1), The Review of Economic Studies Ltd.: 19â32,
2553:(1953). "The Methodology of Positive Economics".
2261:Effects of deterministic chaos on economic models
1277:model is one based on the premise that for every
2335:may well be subject to chaos. Also in 2004, the
1960:needs to deal with aggregate quantities such as
1597:if that rate maximizes the firm's profit. Using
1315:failure to confirm them, would be attributed to
2328:in order to preserve their mathematical models.
2124:. All of these developments were summarized by
2992:Statistical Testing of Business Cycle Theories
2782:, in particular in relation to falsifiability.
3144:
2790:(1945), "The Scope and Method of Economics",
2612:"FAQ for Apollo's Arrow Future of Everything"
1417:{\displaystyle \pi (x,t)=xp(x)-C(x)-tx\quad }
1332:. An example of such a model is given by the
1214:autoregressive conditional heteroskedasticity
1114:issuing them. Since the 1990s many long-term
909:
16:Simplified representation of economic reality
8:
3003:The New Palgrave: A Dictionary of Economics
3000:Walsh, Vivian (1987), "Models and theory",
2538:The New Palgrave: A Dictionary of Economics
2343:concludes that after noise is removed from
2269:. Although the modern mathematical work on
3151:
3137:
3129:
1307:accounting. Accounting models are true by
1292:algebraic sum of inflows = sinks â sources
916:
902:
36:
2830:de Marchi, N. B. & Blaug, M. (1991),
2745:(Revised ed.), New York: Routledge,
2595:
2316:conclusion has generated two challenges:
1972:and so on. Now real output is actually a
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1848:
1833:
1785:
1778:
1776:
1660:
1622:
1620:
1569:
1549:
1516:
1484:
1464:
1435:
1351:
3036:Demand Analysis: A Study in Econometrics
2867:, New York: Cambridge University Press,
2561:. Chicago: University of Chicago Press.
2527:The New Palgrave Dictionary of Economics
2362:Comparison with models in other sciences
2237:Comparison with models in other sciences
2116:studied "moral probability" in his book
2094:contributed to this field. Around 1730,
4233:
3104:How to build a model in your spare time
2489:
2376:economic thinking is that the market's
1540:is the cost of bringing the product to
48:
2019:. For instance, one ingredient of the
3112:Classical & Keynesian AD-AS Model
2863:The Economic Theory of Modern Society
2090:. Many of the giants of 18th century
1984:, such as cars, passenger airplanes,
1745:as an implicitly defined function of
1299:This principle is certainly true for
1075:economies, and on a smaller scale in
7:
2639:, John Wiley and Sons, p. 227,
1210:autoregressive moving average models
3096:Stanford Encyclopedia of Philosophy
2469:Agent-based computational economics
1054:to modify future economic activity;
3034:Wold, H. & Jureen, L. (1953),
3028:, Stockholm: Almqvist and Wicksell
2896:, Toronto: Harper Collins Canada,
2308:of initial-condition sensitivity.
2140:Tests of macroeconomic predictions
2130:Analytical Theory of Probabilities
1881:
1852:
1830:
1782:
1704:
1663:
1648:
1625:
1040:interest, uses of models include:
1036:In addition to their professional
14:
2086:itself and in the development of
4236:
3674:neoclassicalâKeynesian synthesis
2965:Foundations of Economic Analysis
2838:, Brookfield, VT: Edward Elgar,
2724:Economics: Principles and Policy
2582:Frankel, Jeffrey A. (May 1986).
2248:wrote on this issue in his book
1945:operationally meaningful theorem
1106:). For example, emerging market
939:construct representing economic
883:
871:
56:
2762:Economic Models and Methodology
1413:
1247:of an item increases, then the
1145:theories of everything economic
158:Concepts, theory and techniques
2917:Quarterly Journal of Economics
2448:for cyber security investments
2368:Critique of hubris in planning
2341:Economics on the Edge of Chaos
2297:Economics on the Edge of Chaos
1876:
1864:
1824:
1821:
1815:
1806:
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1699:
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1498:
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1446:
1440:
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1395:
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1380:
1368:
1356:
1:
3610:Critique of political economy
2764:, New York: Greenwood Press,
2244:specialist and mathematician
2043:problems with economic models
2032:Problems with economic models
2924:(1), The MIT Press: 137â44,
2557:Essays in Positive Economics
1601:we can obtain conditions on
1220:models for the modelling of
2994:, Geneva: League of Nations
2962:Samuelson, Paul A. (1983),
2588:NBER Working Paper No. 1925
2392:Examples of economic models
1238:, and/or specific forms of
1071:, in the case of centrally
963:. A model may have various
4280:
3748:Real business-cycle theory
3090:R. Frigg and S. Hartmann,
2792:Review of Economic Studies
2440:RamseyâCassâKoopmans model
2132:(1812). Thus, by the time
1753:), one concludes that the
18:
4188:
2670:University of Connecticut
1951:under certain conditions.
1916:which is negative if the
1751:implicit function theorem
1212:and related ones such as
1140:of the supporting model.
2956:, New York: W. W. Norton
2741:Caldwell, Bruce (1994),
2687:American Economic Review
2337:University of Canterbury
2122:Saint Petersburg problem
1303:and it is the basis for
1240:functional relationships
1017:requirements and purely
146:JEL classification codes
3388:Industrial organization
3218:Computational economics
3117:IFs Economic Sub-Model
2616:www.postpythagorean.com
2464:Computational economics
2326:neo-classical economics
2178:unintended consequences
2144:In the late 1980s, the
2104:. Even earlier (1709),
2101:The Doctrine of Chances
1918:second order conditions
1132:for applying logic and
1129:argumentative framework
1126:A model establishes an
955:is a simplified, often
332:Industrial organization
189:Computational economics
4243:Business and economics
3593:Modern monetary theory
3258:Experimental economics
3228:Pluralism in economics
3213:Mathematical economics
2659:Kuchta, Steve (2004),
2633:Wilmott, Paul (2009),
2496:Moffatt, Mike. (2008)
2418:of international trade
1904:
1749:by this equation (see
1729:
1578:
1558:
1534:
1505:
1473:
1453:
1418:
1236:hyperbolic coordinates
1192:to formulate and test
184:Experimental economics
34:
3120:: Online Global Model
3069:10.1145/581271.581274
2760:Holcombe, R. (1989),
2502:Structural Parameters
2416:HeckscherâOhlin model
2347:returns, evidence of
2214:rational expectations
2146:Brookings Institution
1930:for example based on
1905:
1730:
1599:differential calculus
1579:
1559:
1535:
1506:
1504:{\displaystyle xp(x)}
1474:
1454:
1419:
1228:Non-stochastic models
1180:are formulated using
961:structural parameters
29:
4264:Conceptual modelling
3467:Social choice theory
3223:Behavioral economics
2459:Economic methodology
2150:macroeconomic models
2148:compared 12 leading
2064:Tableaux Ă©conomiques
2005:macroeconomic models
2001:qualitative analysis
1775:
1765:has the same sign as
1619:
1568:
1548:
1533:{\displaystyle C(x)}
1515:
1483:
1463:
1452:{\displaystyle p(x)}
1434:
1350:
1330:utility maximization
1232:social choice theory
1182:stochastic processes
997:decision processes,
411:Social choice theory
3551:American (National)
3251:Economic statistics
3045:Gordon, Lawrence A.
2540:, v. 3, pp. 482â83.
2422:BlackâScholes model
2410:Lucas islands model
2290:, Econometrica, 26
2003:. For this reason,
1997:inputâoutput models
1932:bounded rationality
1591:profit maximization
1334:comparative statics
965:exogenous variables
878:Business portal
199:Operations research
179:National accounting
3124:Economic attractor
2946:Samuelson, Paul A.
2507:2016-01-07 at the
2442:of economic growth
2406:of economic growth
2398:CobbâDouglas model
2279:as early as 1958:
2084:probability theory
1956:Aggregate models.
1900:
1725:
1574:
1554:
1530:
1501:
1469:
1449:
1414:
1255:Qualitative models
1222:heteroskedasticity
1120:Monte Carlo method
209:Industrial complex
204:Middle income trap
35:
4224:
4223:
3755:New institutional
3092:Models in Science
3051:(November 2002).
3038:, New York: Wiley
2983:
2950:Metzler, Lloyd A.
2912:Phillips, Almarin
2903:978-0-00-200740-5
2881:
2857:Morishima, Michio
2852:
2826:
2783:
2524:, 2008 "models,"
2446:GordonâLoeb model
2424:of option pricing
2331:The variables in
2306:butterfly effects
2218:Robert Lucas, Jr.
2106:Nicolas Bernoulli
2088:actuarial science
2072:Wealth of Nations
1895:
1843:
1711:
1655:
1577:{\displaystyle t}
1557:{\displaystyle x}
1472:{\displaystyle x}
1259:scenario planning
1178:Stochastic models
1112:developing nation
926:
925:
30:A diagram of the
4271:
4259:Economics models
4241:
4240:
4232:
3428:Natural resource
3263:Economic history
3201:Mechanism design
3153:
3146:
3139:
3130:
3110:Elmer G. Wiens:
3080:
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3016:
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2683:Hayek, Friedrich
2679:
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2513:
2494:
2404:SolowâSwan model
2382:central planning
2372:A key strand of
2114:Daniel Bernoulli
2059:François Quesnay
1909:
1907:
1906:
1901:
1896:
1894:
1893:
1892:
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1761:with respect to
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372:Natural resource
164:Economic systems
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4217:Business portal
4184:
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3906:von Böhm-Bawerk
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3556:Ancient thought
3534:
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3527:
3518:
3517:
3516:
3267:
3232:
3196:Contract theory
3181:Decision theory
3162:
3157:
3094:. Entry in the
3087:
3049:Loeb, Martin P.
3043:
3033:
3020:
3014:
2999:
2986:
2976:
2961:
2944:
2930:10.2307/1884854
2910:
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2855:
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2829:
2804:10.2307/2296113
2786:
2780:Austrian School
2772:
2759:
2753:
2740:
2734:
2716:Baumol, William
2714:
2711:
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2535:
2530:, 2nd Edition,
2520:
2516:
2509:Wayback Machine
2495:
2491:
2487:
2479:Financial model
2455:
2412:of money supply
2394:
2386:Friedrich Hayek
2370:
2322:Philip Mirowski
2271:chaotic systems
2263:
2242:Complex systems
2239:
2216:revolution and
2193:Milton Friedman
2142:
2110:Ars Conjectandi
2051:
2034:
2021:Keynesian model
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1305:national income
1166:
1164:Types of models
1116:risk management
1052:economic policy
973:
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884:
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823:
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584:von Böhm-Bawerk
472:
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222:
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169:Economic growth
159:
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90:classifications
24:
21:Economic system
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3620:Disequilibrium
3617:
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3433:Organizational
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3208:Macroeconomics
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3176:Microeconomics
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3085:External links
3083:
3082:
3081:
3063:(4): 438â457.
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2997:
2988:Tinbergen, Jan
2984:
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2522:Mary S. Morgan
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2378:invisible hand
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2288:William Baumol
2284:
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2250:Apollo's Arrow
2238:
2235:
2234:
2233:
2222:Lucas critique
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2181:
2174:
2141:
2138:
2118:Mensura Sortis
2050:
2047:
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2030:
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2028:
1958:Macroeconomics
1953:
1952:
1941:Paul Samuelson
1936:
1935:
1926:
1925:
1924:are satisfied.
1913:
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1206:autoregressive
1165:
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1154:approximations
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987:Simplification
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3778:
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3773:
3771:
3768:
3766:
3763:
3761:
3758:
3756:
3753:
3749:
3746:
3745:
3744:
3743:New classical
3741:
3737:
3734:
3733:
3732:
3729:
3727:
3724:
3722:
3719:
3715:
3712:
3711:
3710:
3707:
3705:
3702:
3700:
3699:Malthusianism
3697:
3691:
3688:
3687:
3686:
3683:
3681:
3678:
3675:
3671:
3668:
3667:
3666:
3663:
3661:
3660:Institutional
3658:
3656:
3653:
3651:
3648:
3646:
3643:
3641:
3638:
3636:
3633:
3631:
3628:
3626:
3623:
3621:
3618:
3616:
3613:
3611:
3608:
3606:
3603:
3601:
3598:
3594:
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3586:
3584:
3581:
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3574:
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3564:
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3559:
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3536:
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3526:
3521:
3513:
3510:
3508:
3505:
3503:
3500:
3498:
3495:
3493:
3490:
3488:
3485:
3483:
3480:
3478:
3475:
3473:
3470:
3468:
3464:
3463:Public choice
3461:
3459:
3456:
3454:
3451:
3449:
3446:
3444:
3441:
3439:
3438:Participation
3436:
3434:
3431:
3429:
3426:
3424:
3421:
3419:
3416:
3414:
3411:
3409:
3406:
3404:
3401:
3399:
3398:Institutional
3396:
3394:
3391:
3389:
3386:
3384:
3381:
3379:
3376:
3374:
3371:
3369:
3366:
3364:
3361:
3359:
3356:
3354:
3351:
3349:
3348:Expeditionary
3346:
3344:
3341:
3339:
3338:Environmental
3336:
3334:
3331:
3329:
3326:
3324:
3321:
3319:
3316:
3314:
3311:
3309:
3306:
3304:
3301:
3299:
3296:
3294:
3291:
3289:
3286:
3284:
3281:
3280:
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3274:
3270:
3264:
3261:
3259:
3256:
3252:
3249:
3248:
3247:
3244:
3243:
3241:
3239:
3235:
3229:
3226:
3224:
3221:
3219:
3216:
3214:
3211:
3209:
3206:
3202:
3199:
3197:
3194:
3192:
3189:
3187:
3184:
3182:
3179:
3178:
3177:
3174:
3173:
3171:
3169:
3165:
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3154:
3149:
3147:
3142:
3140:
3135:
3134:
3131:
3125:
3122:
3119:
3116:
3113:
3109:
3106:
3105:
3100:
3097:
3093:
3089:
3088:
3084:
3078:
3074:
3070:
3066:
3062:
3058:
3054:
3050:
3046:
3042:
3037:
3032:
3027:
3023:
3019:
3015:
3013:0-935859-10-1
3009:
3005:
3004:
2998:
2993:
2989:
2985:
2977:
2975:0-674-31301-1
2971:
2967:
2966:
2960:
2955:
2951:
2947:
2943:
2939:
2935:
2931:
2927:
2923:
2919:
2918:
2913:
2909:
2905:
2899:
2894:
2893:
2887:
2886:Orrell, David
2883:
2876:
2874:0-521-21088-7
2870:
2865:
2864:
2858:
2854:
2847:
2845:1-85278-515-2
2841:
2836:
2835:
2828:
2821:
2817:
2813:
2809:
2805:
2801:
2797:
2793:
2789:
2785:
2781:
2773:
2771:0-313-26679-4
2767:
2763:
2758:
2754:
2752:0-415-10911-6
2748:
2744:
2739:
2735:
2733:0-15-518839-9
2729:
2725:
2721:
2720:Blinder, Alan
2717:
2713:
2712:
2708:
2700:
2696:
2693:(4): 519â30,
2692:
2688:
2684:
2678:
2675:
2671:
2664:
2663:
2655:
2652:
2648:
2646:9780470685143
2642:
2638:
2637:
2630:
2625:
2622:
2617:
2613:
2607:
2604:
2598:
2597:10.3386/w1925
2593:
2589:
2585:
2578:
2575:
2570:
2568:9780226264035
2564:
2559:
2558:
2552:
2546:
2543:
2539:
2533:
2529:
2528:
2523:
2518:
2515:
2511:
2510:
2506:
2503:
2499:
2493:
2490:
2484:
2480:
2477:
2475:
2472:
2470:
2467:
2465:
2462:
2460:
2457:
2456:
2452:
2447:
2444:
2441:
2438:
2435:
2432:
2429:
2426:
2423:
2420:
2417:
2414:
2411:
2408:
2405:
2402:
2400:of production
2399:
2396:
2395:
2391:
2389:
2387:
2383:
2379:
2375:
2367:
2365:
2363:
2354:
2350:
2349:deterministic
2346:
2342:
2338:
2334:
2330:
2327:
2323:
2319:
2318:
2317:
2314:
2311:However, the
2309:
2307:
2299:
2298:
2293:
2289:
2285:
2282:
2281:
2280:
2278:
2277:
2272:
2268:
2260:
2258:
2256:
2251:
2247:
2243:
2236:
2231:
2227:
2223:
2219:
2215:
2211:
2207:
2204:
2201:
2197:
2194:
2190:
2186:
2182:
2179:
2175:
2172:
2171:
2170:
2168:
2162:
2160:
2156:
2151:
2147:
2139:
2137:
2135:
2134:David Ricardo
2131:
2127:
2123:
2119:
2115:
2111:
2107:
2103:
2102:
2097:
2093:
2089:
2085:
2081:
2077:
2073:
2068:
2066:
2065:
2060:
2056:
2048:
2046:
2044:
2040:
2039:externalities
2031:
2026:
2022:
2018:
2014:
2010:
2006:
2002:
1998:
1995:
1991:
1987:
1983:
1979:
1975:
1971:
1970:interest rate
1967:
1963:
1959:
1955:
1954:
1950:
1946:
1942:
1938:
1937:
1933:
1928:
1927:
1923:
1922:local maximum
1919:
1915:
1914:
1897:
1889:
1885:
1873:
1870:
1867:
1861:
1856:
1845:
1839:
1834:
1818:
1812:
1809:
1803:
1797:
1794:
1786:
1771:
1770:
1769:
1768:
1764:
1760:
1756:
1752:
1748:
1744:
1740:
1739:
1722:
1719:
1716:
1713:
1707:
1693:
1687:
1684:
1678:
1672:
1669:
1657:
1651:
1640:
1637:
1634:
1628:
1615:
1614:
1613:
1612:
1608:
1604:
1600:
1596:
1592:
1588:
1587:
1571:
1551:
1543:
1524:
1518:
1495:
1489:
1486:
1466:
1443:
1437:
1429:
1428:
1410:
1407:
1404:
1398:
1392:
1389:
1383:
1377:
1374:
1371:
1365:
1362:
1359:
1353:
1346:
1345:
1344:
1343:
1339:
1335:
1331:
1327:
1323:
1322:
1318:
1314:
1310:
1306:
1302:
1298:
1297:
1291:
1290:
1289:
1288:
1284:
1280:
1276:
1272:
1271:
1270:
1268:
1260:
1256:
1253:
1250:
1246:
1241:
1237:
1233:
1229:
1226:
1223:
1219:
1215:
1211:
1207:
1203:
1199:
1195:
1191:
1187:
1183:
1179:
1176:
1175:
1174:
1171:
1163:
1161:
1157:
1155:
1150:
1149:computational
1146:
1141:
1139:
1135:
1131:
1130:
1121:
1117:
1113:
1109:
1105:
1101:
1097:
1093:
1089:
1086:
1082:
1078:
1074:
1070:
1066:
1063:
1060:
1056:
1053:
1049:
1046:
1043:
1042:
1041:
1039:
1034:
1031:
1027:
1023:
1020:
1016:
1012:
1011:institutional
1009:constraints,
1008:
1004:
1003:environmental
1001:limitations,
1000:
996:
992:
988:
984:
982:
978:
970:
968:
966:
962:
958:
954:
950:
947:and a set of
946:
942:
938:
934:
932:
919:
914:
912:
907:
905:
900:
899:
897:
896:
891:
881:
879:
874:
869:
868:
867:
866:
859:
856:
853:
849:
846:
844:
841:
839:
836:
835:
832:
827:
826:
817:
816:
812:
810:
807:
805:
802:
800:
797:
795:
792:
790:
787:
785:
782:
780:
777:
775:
772:
770:
767:
765:
762:
760:
757:
755:
752:
750:
747:
745:
742:
740:
737:
735:
732:
730:
727:
725:
722:
720:
717:
715:
712:
710:
707:
705:
702:
700:
697:
695:
692:
690:
687:
685:
682:
680:
677:
675:
672:
670:
667:
665:
662:
660:
657:
655:
652:
650:
647:
645:
642:
640:
637:
635:
632:
630:
627:
625:
622:
620:
617:
615:
612:
610:
607:
605:
602:
600:
597:
595:
592:
590:
587:
585:
582:
580:
577:
575:
572:
570:
567:
565:
562:
560:
557:
555:
552:
550:
547:
545:
542:
540:
537:
535:
532:
530:
527:
525:
522:
520:
517:
515:
512:
510:
507:
505:
502:
500:
497:
495:
492:
490:
487:
485:
482:
480:
479:de Mandeville
477:
476:
471:
465:
464:
457:
454:
452:
449:
447:
444:
442:
439:
437:
434:
432:
429:
427:
424:
422:
419:
417:
414:
412:
408:
407:Public choice
405:
403:
400:
398:
395:
393:
390:
388:
385:
383:
382:Participation
380:
378:
375:
373:
370:
368:
365:
363:
360:
358:
355:
353:
350:
348:
345:
343:
342:Institutional
340:
338:
335:
333:
330:
328:
325:
323:
320:
318:
315:
313:
310:
308:
305:
303:
300:
298:
295:
293:
292:Expeditionary
290:
288:
285:
283:
282:Environmental
280:
278:
275:
273:
270:
268:
265:
263:
260:
258:
255:
253:
250:
248:
245:
243:
240:
238:
235:
233:
230:
228:
225:
224:
218:
217:
210:
207:
205:
202:
200:
197:
195:
192:
190:
187:
185:
182:
180:
177:
175:
172:
170:
167:
165:
162:
161:
155:
154:
147:
144:
142:
139:
137:
134:
132:
129:
127:
124:
122:
118:
115:
113:
112:International
110:
108:
105:
103:
100:
98:
95:
94:
91:
88:Branches and
85:
84:
79:
76:
74:
71:
69:
66:
65:
64:
63:
59:
55:
54:
51:
47:
43:
39:
38:
33:
28:
22:
4212:Publications
4168:Publications
4135:
3731:Neoclassical
3721:Mercantilism
3630:Evolutionary
3492:Sociological
3465: /
3363:Geographical
3343:Evolutionary
3318:Digitization
3283:Agricultural
3246:Econometrics
3186:Price theory
3103:
3095:
3060:
3056:
3035:
3025:
3001:
2991:
2963:
2953:
2921:
2915:
2891:
2862:
2833:
2795:
2791:
2788:Lange, Oskar
2761:
2742:
2723:
2690:
2686:
2677:
2661:
2654:
2635:
2629:Paul Wilmott
2624:
2615:
2606:
2587:
2577:
2556:
2551:Friedman, M.
2545:
2537:
2525:
2517:
2500:
2492:
2371:
2358:
2352:
2340:
2310:
2303:
2296:
2291:
2276:Econometrica
2274:
2264:
2246:David Orrell
2240:
2226:microfounded
2167:listed above
2163:
2143:
2099:
2069:
2062:
2055:physiocratic
2052:
2035:
2024:
2017:econometrics
2012:
2008:
1944:
1762:
1758:
1746:
1742:
1606:
1602:
1594:
1544:at the rate
1313:experimental
1264:
1254:
1227:
1188:is based on
1186:econometrics
1177:
1167:
1158:
1144:
1142:
1127:
1125:
1035:
1025:
1024:
1007:geographical
986:
985:
974:
957:mathematical
943:by a set of
929:
927:
848:Publications
813:
436:Sociological
409: /
307:Geographical
287:Evolutionary
262:Digitization
227:Agricultural
131:Mathematical
102:Econometrics
4006:von Neumann
3775:Supply-side
3760:Physiocracy
3704:Marginalism
3393:Information
3333:Engineering
3313:Development
3308:Demographic
3191:Game theory
3168:Theoretical
2474:Endogeneity
2434:ISâLM model
2428:ADâAS model
2374:free market
2345:S&P 500
2313:econometric
2230:credibility
2210:game theory
2200:econometric
2176:The law of
2112:. In 1730,
2092:mathematics
1966:price level
1949:falsifiable
1281:there is a
1216:(ARCH) and
1134:mathematics
1104:speculation
1045:Forecasting
995:cooperative
981:econometric
937:theoretical
684:von Neumann
337:Information
277:Engineering
257:Development
252:Demographic
194:Game theory
136:Methodology
32:IS/LM model
4253:Categories
4163:Economists
4036:Schumacher
3941:Schumpeter
3911:von Wieser
3831:von ThĂŒnen
3791:Economists
3690:Circuitism
3655:Humanistic
3650:Historical
3625:Ecological
3615:Democratic
3588:Chartalism
3578:Behavioral
3541:Mainstream
3502:Statistics
3497:Solidarity
3418:Managerial
3383:Humanistic
3378:Historical
3323:Ecological
3288:Behavioral
3102:H. Varian
2709:References
1755:derivative
1741:Regarding
1309:convention
1275:accounting
1200:and later
1194:hypotheses
1190:statistics
1170:stochastic
1100:investment
1085:businesses
1081:management
1069:allocation
1050:Proposing
991:complexity
843:Economists
714:Schumacher
619:Schumpeter
589:von Wieser
509:von ThĂŒnen
470:economists
446:Statistics
441:Solidarity
362:Managerial
327:Humanistic
322:Historical
267:Ecological
232:Behavioral
126:Mainstream
4081:Greenspan
4046:Samuelson
4026:Galbraith
3996:Tinbergen
3936:von Mises
3931:Heckscher
3891:Edgeworth
3770:Stockholm
3765:Socialist
3665:Keynesian
3645:Happiness
3605:Classical
3566:Mutualism
3561:Anarchist
3546:Heterodox
3443:Personnel
3403:Knowledge
3368:Happiness
3358:Financial
3328:Education
3303:Democracy
3238:Empirical
3160:Economics
2982:textbook.
2498:About.com
2096:De Moivre
2076:insurance
1986:computers
1882:∂
1862:π
1853:∂
1831:∂
1810:−
1783:∂
1714:−
1705:∂
1685:−
1664:∂
1649:∂
1629:π
1626:∂
1405:−
1390:−
1354:π
1198:Tinbergen
1077:logistics
1030:inflation
1026:Selection
945:variables
941:processes
759:Greenspan
724:Samuelson
704:Galbraith
674:Tinbergen
614:von Mises
609:Heckscher
569:Edgeworth
387:Personnel
347:Knowledge
312:Happiness
302:Financial
272:Education
247:Democracy
141:Political
107:Heterodox
50:Economics
4192:Category
4172:journals
4158:Glossary
4111:Stiglitz
4076:Rothbard
4056:Buchanan
4041:Friedman
4031:Koopmans
4021:Leontief
4001:Robinson
3886:Marshall
3736:Lausanne
3640:Georgism
3635:Feminist
3583:Buddhist
3573:Austrian
3472:Regional
3448:Planning
3423:Monetary
3353:Feminist
3298:Cultural
3293:Business
3024:(1938),
3022:Wold, H.
2990:(1939),
2888:(2007),
2859:(1976),
2722:(1982),
2532:Abstract
2505:Archived
2453:See also
2364:above).
2320:In 2004
2189:monetary
2185:time lag
2155:monetary
2080:gambling
1994:Leontief
1982:services
1338:taxation
1267:taxonomy
1138:validity
1065:Planning
1038:academic
999:resource
977:paradigm
971:Overview
931:economic
852:journals
838:Glossary
789:Stiglitz
754:Rothbard
734:Buchanan
719:Friedman
709:Koopmans
699:Leontief
679:Robinson
564:Marshall
468:Notable
416:Regional
392:Planning
367:Monetary
297:Feminist
242:Cultural
237:Business
42:a series
40:Part of
4207:Outline
4178:Schools
4170: (
4131:Piketty
4126:Krugman
3991:Kuznets
3981:Kalecki
3956:Polanyi
3846:Cournot
3841:Bastiat
3826:Ricardo
3816:Malthus
3806:Quesnay
3709:Marxian
3600:Chicago
3530:history
3525:Schools
3512:Welfare
3482:Service
3273:Applied
3077:1500788
2952:(ed.),
2938:1884854
2820:4140287
2812:2296113
2699:1809376
2333:finance
2224:of non-
2128:in his
2126:Laplace
2049:History
1096:trading
1092:finance
1073:planned
1059:company
983:study.
949:logical
858:Schools
850: (
809:Piketty
804:Krugman
669:Kuznets
659:Kalecki
634:Polanyi
524:Cournot
519:Bastiat
504:Ricardo
494:Malthus
484:Quesnay
456:Welfare
426:Service
97:Applied
73:Outline
68:History
4229:Portal
4116:Thaler
4096:Ostrom
4091:Becker
4086:Sowell
4066:Baumol
3971:Myrdal
3966:Sraffa
3961:Frisch
3951:Knight
3946:Keynes
3921:Fisher
3916:Veblen
3901:Pareto
3881:Menger
3876:George
3871:Jevons
3866:Walras
3856:Gossen
3780:Thermo
3458:Public
3453:Policy
3408:Labour
3373:Health
3075:
3010:
2972:
2936:
2900:
2871:
2842:
2818:
2810:
2768:
2749:
2730:
2718:&
2697:
2643:
2565:
2355:found.
2351:chaos
2339:study
2009:output
1974:vector
1968:, the
1964:, the
1962:output
1920:for a
1564:, and
1542:market
1430:where
1326:profit
1279:credit
1249:demand
1019:random
794:Thaler
774:Ostrom
769:Becker
764:Sowell
744:Baumol
649:Myrdal
644:Sraffa
639:Frisch
629:Knight
624:Keynes
599:Fisher
594:Veblen
579:Pareto
559:Menger
554:George
549:Jevons
544:Walras
534:Gossen
402:Public
397:Policy
352:Labour
317:Health
174:Market
4202:Lists
4197:Index
4148:Lists
4121:Hoppe
4106:Lucas
4071:Solow
4061:Arrow
4051:Simon
4016:Lange
4011:Hicks
3986:Röpke
3976:Hayek
3926:Pigou
3896:Clark
3811:Smith
3726:Mixed
3685:Post-
3507:Urban
3487:Socio
3477:Rural
3073:S2CID
2934:JSTOR
2816:S2CID
2808:JSTOR
2695:JSTOR
2666:(PDF)
2485:Notes
2267:chaos
2013:price
1990:price
1978:goods
1317:fraud
1301:money
1283:debit
1245:price
1218:GARCH
1108:bonds
1015:legal
953:model
935:is a
933:model
831:Lists
799:Hoppe
784:Lucas
749:Solow
739:Arrow
729:Simon
694:Lange
689:Hicks
664:Röpke
654:Hayek
604:Pigou
574:Clark
489:Smith
451:Urban
431:Socio
421:Rural
121:Macro
117:Micro
78:Index
4137:more
3861:Marx
3851:Mill
3836:List
3714:Neo-
3670:Neo-
3008:ISBN
2970:ISBN
2898:ISBN
2869:ISBN
2840:ISBN
2766:ISBN
2747:ISBN
2728:ISBN
2641:ISBN
2563:ISBN
2183:The
1980:and
1589:The
1204:are
1202:Wold
1102:and
1079:and
1067:and
1013:and
1005:and
815:more
539:Marx
529:Mill
514:List
4101:Sen
3821:Say
3680:New
3413:Law
3065:doi
2926:doi
2800:doi
2592:doi
2292:see
2220:'s
2159:GDP
2011:or
1976:of
1757:of
1336:of
1328:or
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1090:In
1083:of
979:of
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779:Sen
499:Say
357:Law
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