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An economic theory that defines wealth by the amount of precious metals owned. business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. The length of a business cycle is the period of time containing a single boom and contraction in sequence.
Data, context and interaction. Data, context, and interaction ( DCI) is a paradigm used in computer software to program systems of communicating objects. Its goals are: To improve the readability of object-oriented code by giving system behavior first-class status; To cleanly separate code for rapidly changing system behavior (what a system ...
Dynamic stochastic general equilibrium modeling (abbreviated as DSGE, or DGE, or sometimes SDGE) is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. [1] DSGE econometric modelling applies general equilibrium ...
The economics term cost, also known as economic cost or opportunity cost, refers to the potential gain that is lost by foregoing one opportunity in order to take advantage of another. The lost potential gain is the cost of the opportunity that is accepted. Sometimes this cost is explicit: for example, if a firm pays $100 for a machine, its cost ...
Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, and more important side, a part ...
Economics Handbooks from McGraw-Hill – began in 1948 with a volume titled The Location of Economic Activity. [7] The series includes over 40 volumes through 1982. [8] Handbooks in Economics from Elsevier – include the early set Handbook of Mathematical Economics, 2 v., 1981–82. [9] Handbooks through 2011 include some 30 titles, most of ...
Economic data provide an empirical basis for economic research, whether descriptive or econometric. Data archives are also a key input for assessing the replicability of empirical findings [3] and for use in decision making as to economic policy . At the level of an economy, many data are organized and compiled according to the methodology of ...
Qualitative economics. Qualitative economics is the representation and analysis of information about the direction of change (+, -, or 0) in some economic variable (s) as related to change of some other economic variable (s). For the non-zero case, what makes the change qualitative is that its direction but not its magnitude is specified. [1]