the future work of their children. Today there are dynasties of physicians‚ historians‚ lawyers and economists. But I think that only we know who we are and what we really want in this life. A person primarily should listen to himself/herself and not only to the recommendations given by others. I do not know who I want to be in future. In fact‚ I hesitate about taking the professions of economist‚ lawyer and psychologist. In my opinion‚ a job should be interesting and socially important. That is
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Rodrik is constantly using the term “critical assumptions” as a description to why Economics‚ or in specific‚ economic models do work in reality. However‚ it is important to be able to understand what he means by saying “critical”. How is a critical assumption different from any other assumption? Rodrik‚ however‚ did not leave us hanging in doubts. He explains that: “We can say an assumption is critical if its modification in an arguably more realistic direction would produce a substantive difference
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Hyundai: A Global Success Story The automotive industry is among the largest and most global sectors in the world. Any shift in the automotive industry has consequences for firms around the globe. Hyundai Motor Company (HMC) is a rising star in the global automotive industry. South Korea’s number one carmaker‚ HMC produces about a dozen models of cars and minivans‚ as well as trucks‚ buses‚ and other commercial vehicles (www.hyundai-motor.com). . Popular exported models are the Accent
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10/9/12 How to grow | The Economist Special report: The world economy In this special report How to grow Withdrawal symptoms The cost of repair From hoarding to hiring Pass and move Smart work A better way Sources & acknowledgementsReprints How to grow Without faster growth the rich world’s economies will be stuck. But what can be done to achieve it? Our economics team sets out the options Oct 7th 2010 | from the print edition
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use of its taxation rates and expenditures to affect overall business activity. The Keynesian economists and the supply-side economists have two theories about how to obtain stabilization. Keynesian economists advocate the use of government spending to stimulate economic activity and reduce unemployment during recessions. A simple circular flow of income and output model is given. Supply-side economists advocate reductions in tax rates to stimulate private investment and employment. Section 3: Monetarism
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everything you want—now? These are all important personal‚ societal‚ and even global issues. Economics can help you understand the answers to these and many other questions. By the time you finish this chapter‚ you will have some idea about the way economists address these questions‚ and by the time you finish this textbook‚ you will be able to develop answers of your own. 1.1 What Is Economics? conomics is the study of how people‚ individually and through institutions‚ make decisions about producing
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The Decoy Effect – Roberto Cicala Introduction “A cognitive bias is the human tendency to draw incorrect conclusions in certain circumstances based on cognitive factors rather than evidence.” Introduced in 1972 by Amos Tversky and Daniel Kahneman‚ the concept of “cognitive bias” describes the distorting patterns that occur normally in the processes of social interaction and that induce people to make irrational decisions and/or unreasoning judgments. Cognitive biases are not occasional errors
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infact statistics and Mathematics‚ the economic field wouldn’t even exist. Economist need statistics to represent data‚ to track and store information‚ to identify trends‚ to attribute value and mathematics to calculate those figures.The way to look at the relationship between statistics and economics is that economics is essentially the study of human decisions and trends‚ and how these have a financial impact. Economists rely on information to form analyses‚ understanding and opinion on the human
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To what extent can Economics be considered a Science? The issue of categorizing fields of academia truly “scientific” is invariably complex‚ leading to much debate. Matters such as defining what Science actually is‚ how to judge what can satisfy such a definition and the importance of beneficial discoveries all lead to further unsolved arguments which must be understood in order to make any kind of judgment. For economics‚ there is the argument that broad assumptions lead to imprecise data‚ that
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recognized that one can not directly measure benefit‚ satisfaction or happiness from a good or service‚ so instead economists have devised ways of representing and measuring utility in terms of economic choices that can be counted. Economists have attempted to perfect highly abstract methods of comparing utilities by observing and calculating economic choices. In the simplest sense‚ economists consider utility to be revealed in people’s willingness to pay different amounts for different goods. In economics
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