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The Harrod–Domar model is a Keynesian model of economic growth.It is used in development economics to explain an economy's growth rate in terms of the level of saving and of capital.
Statistical discrimination is a theorized behavior in which group inequality arises when economic agents (consumers, workers, employers, etc.) have imperfect information about individuals they interact with. [1] According to this theory, inequality may exist and persist between demographic groups even when economic agents are rational.
Signalling started with the idea of asymmetric information (a deviation from perfect information), which relates to the fact that, in some economic transactions, inequalities exist in the normal market for the exchange of goods and services.
Economic justice is a component of social justice and welfare economics. It is a set of moral and ethical principles for building economic institutions , where the ultimate goal is to create an opportunity for each person to establish a sufficient material foundation upon which to have a dignified, productive, and creative life.
Information asymmetry is in contrast to perfect information, which is a key assumption in neo-classical economics. [11] In 1996, a Nobel Memorial Prize in Economics was awarded to James A. Mirrlees and William Vickrey for their "fundamental contributions to the economic theory of incentives under asymmetric information". [12]
Basic Economics is a non-fiction book by American economist Thomas Sowell published by Basic Books in 2000. The original subtitle was A Citizen's Guide to the Economy, but from the third edition in 2007 on it was subtitled A Common Sense Guide to the Economy.
Elasticity is an important concept in neoclassical economic theory, and enables in the understanding of various economic concepts, such as the incidence of indirect taxation, marginal concepts relating to the theory of the firm, distribution of wealth, and different types of goods relating to the theory of consumer choice.
Economic growth [is] the part of macroeconomics that really matters. ... Demographic factors may influence growth by changing the employment to population ratio and ...
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