at a party. "Mary‚ I’d like you to meet Marty Thorndecker‚" she began. "He’s an economist‚ but he’s really very nice." Forum: The Economy Cartoons are data. That people find them amusing usually tells us something about reality. Curious about what drove responses to the economist cartoon‚ I began asking about the disappointed looks that appeared on people’s faces when they first discovered I was an economist. Invariably they mentioned
Premium Economics Social sciences Unemployment
C. Th. Grammenos ed. LLP: London‚ 2002 Maritime Economics & Logistics (2004) 6‚ 190–192. doi:10.1057/palgrave.mel.9100103 The International Association of Maritime Economists (IAME) celebrated its 10-year anniversary in 2002. During its 10-year of existence‚ it has developed into a familiar institution among maritime economists. IAME was established to help promote the discipline of maritime economics and to facilitate the academic exchange of ideas and findings. This was done through the official
Premium Transport Shipping Ship
classical and orthodox theory Classical and neoclassical theories are distinguished in terms of their themes in analyzing economy‚ methodology‚ and value theory. In this section‚ I will discuss these points. The question of Economics Classical economists investigated two central economic questions: what causes an economy to grow? what determines the distribution of income into its three forms of wages‚ rent and profit? The classical theme is the accumulation and allocation of surplus output‚
Premium Economics
Is the Dismal Science Really a Science? By Russ Roberts This article originally appeared in the Wall Street Journal on February 26‚ 2010 For an economist‚ these are the best of times and the worst of times. We live in the best of times because everyone wants to understand what happened to the economy and what’s going to happen next. Is the mess we’re in a market failure or a government failure? Is the stimulus plan working? Would tax cuts for small business spur employment? When will the
Free Economics Macroeconomics John Maynard Keynes
Edward C. Prescott: Biography Edward C. Prescott is an American economist who has been one of the most influential economists in the world. He has been recognized for contributing to advancements in the economy by receiving numerous awards such as a Noble Prize for economics‚ and for writing a set of papers called Economic Theory with another famous economist Finn E. Kydland. Edward was one of the founding members of the Society for the Advancement of Economic Theory‚ and its first President. Prescott
Premium Economics Carnegie Mellon University Economy
A. FIRM AND ITS OBJECTIVE: Conventional theory of firm assumes profit maximization is the sole objective of business firms. But recent researches on this issue reveal that the objectives the firms pursue are more than one. Some important objectives‚ other than profit maximization are: (a) Maximization of the sales revenue (b) Maximization of firm’s growth rate (c) Maximization of Managers utility function (d) Making satisfactory rate of Profit (e) Long run Survival of the firm (f) Entry-prevention
Free Economics Management Profit
“For richer‚ for poorer” Summary In his or her article “For richer‚ for poorer” (The Economist 2012) the author maintains that growing economic inequality is one of the biggest challenges of our time. The article basically explains how and why income inequality is no longer good for our economy. This‚ as the author explains‚ is because the lower class‚ and in some cases the middle class‚ are no longer able to afford higher education. This lack of education seriously impedes an individual’s economic
Premium Economics Unemployment Poverty
of unemployment. 2. Assume contracts between workers and employers that call for an increase in the wage rate of 5% are based on an expected inflation rate of 3%. Should inflation actually be 6% then: Yes 3. From the perspective of supply-side economists‚ a cut in tax rates will be: Lead to long term economic growth. 4. Which is a basic proposition of supply-side economics? Tax increases on business reduce productivity and output and increase the price level.. 5. In the long run‚ demand-pull inflation:
Premium Inflation Economics Macroeconomics
well-educated people. Nowadays the profession of an economist has become one the most useful‚ modern and interesting. That is because our country is moving towards market economy and different forms of property are being established. There is a place for an economist at every plant and factory. An economist exercises different functions. He or she can determine the structure of an enterprise and calculate costs as well as probable profits. An economist analyses the condition of the market and prospects
Free High school Education Time
economy. In the following paragraphs‚ I will briefly summarize the different frame works that economist generally use to analyze macroeconomics. In addition‚ I will also explain‚ how two separate group of economist define and create concepts of why an economy contracts and how it grows. Prior to the great depression‚ economist focused on supply or Long Run growth. During this period of time‚ classical economist believed that short run problems where a temporary glitch and that the economy could self
Premium Macroeconomics Economics Inflation