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While the paper lacks a formal abstract, it draws the important distinction between stocks and flows in supply and demand to better understand the business cycle.
Persistent link: https://www.econbiz.de/10015219938
We provide the reader with a qualitative summary of the main ideas from econophysics and finance theory, starting with a thorough criticism of the standard ideas taught in typical economics textbooks. The emphasis is on the Galilean or physicists' approach to market synamics, as opposed to the...
Persistent link: https://www.econbiz.de/10015220950
Interest in thermodynamic analogies in economics is older than the idea of von Neumann to look for market entropy in liquidity, advice that was not taken in any thermodynamic analogy presented so far in the literature. In this paper we go further and use a standard strategy from trading theory...
Persistent link: https://www.econbiz.de/10015220956
General Equilibrium Theory in econometrics is based on the vague notion of utility. Prices, dynamics, and market equilibria are supposed to be derived from utility. Utility is sometimes treated like a potential, other times like a Lagrangian. Illegal assumptions of integrability of actions and...
Persistent link: https://www.econbiz.de/10015220978
Mainstream economics relies largely on deductive assumptions –not resulting from a systematic gathering of observations. Among them, those assumptions on prices determination by firms, firms’ size relative to market demand, and the prevailing market structure regarding the...
Persistent link: https://www.econbiz.de/10015268816
Market economy of enhancing business laws in contracting, bonding, insuring, legal corporate structures , e.g. will marginalize the economic agents and tools that make market competition unfair, empower small and medium businesses and investors, and boost business activities, fiscal strength,...
Persistent link: https://www.econbiz.de/10015238062
We construct a general equilibrium model and analyze the effectiveness of trade reform in a distorted economy where distortion exists in form of bureaucratic corruption that arises because of trade protection at the border. In this kleptocratic set up, intermediaries are employed in order to run...
Persistent link: https://www.econbiz.de/10015219176
We use the HOS model of international trade to find a link between trading (including domestic trading or retailing) costs and pattern of trade, not just its effect on volume of trade. Even if we use symmetric iceberg type trading costs, unlike conventional unit cost approach, we generate...
Persistent link: https://www.econbiz.de/10015219592
Informal economy involving unrecorded, unregistered, extra legal activities employs majority of the workforce in the developing world. Such extra legal existence of informal manufacturing and service sectors is facilitated through extortion by agents of political forces in power. Such extortion...
Persistent link: https://www.econbiz.de/10015223142
Companies and capitals may face different variants of European markets, being necessary to classify these markets by establishing their importance within the whole strategy of the company. Another goal is the wish to cover as many of these markets as possible under maximum efficiency conditions...
Persistent link: https://www.econbiz.de/10015256470