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Category: Article
Positive economics
Economic science makes a distinction between positive and normative economics. While the former is the branch of economics that focuses in the description and explanation of economic phenomena, the latter is concerned with the application of positive economics with the purpose of giving advice on practical problems including those regarding public policy. We can easily make the distinction between positive and normative economics by asking two very different questions: “What is?” and “What ought...
Economic science makes a distinction between positive and normative economics. While the former is the branch of economics that focuses in the description and explanation of economic phenomena, the la...
Merton Miller
Merton Howard Miller, 1923-2000, was an American economist who taught at the London School of Economics, Carnegie Mellon University and lastly, and for most of his career, at the University of Chicago’s Booth School of Business. He also worked as public director on the Chicago Board of Trade (1983-1985) and the Chicago Mercantile Exchange from 1990 until his death. He was awarded the Nobel Prize of Economic Sciences in 1990 along with Harry Markowitz and William Sharpe for their work in the fina...
Merton Howard Miller, 1923-2000, was an American economist who taught at the London School of Economics, Carnegie Mellon University and lastly, and for most of his career, at the University of Chicago...
Nobel Prize in Economics Science
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, most commonly referred to as The Nobel Prize in Economic Sciences, is the most prestigious prize that can be awarded in Economics. Every year the Laureates in Economics are selected by the Royal Swedish Academy of Science, based in Stockholm, Sweden. It is based on a donation given by the Sveriges Riksbank (Sweden’s central bank) to the Nobel Foundation in 1968, on the occasion of the bank’s 300th anniversary. As for The...
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, most commonly referred to as The Nobel Prize in Economic Sciences, is the most prestigious prize that can be awarded in Econ...
Government intervention
Government intervention is any action carried out by the government or public entity that affects the market economy with the direct objective of having an impact in the economy, beyond the mere regulation of contracts and provision of public goods. Government intervention advocates defend the use of different economic policies in order to compensate the flaws of the economic system that give way to large economic imbalances. They believe the Law of Demand and Supply is not sufficient in order t...
Government intervention is any action carried out by the government or public entity that affects the market economy with the direct objective of having an impact in the economy, beyond the mere regul...
Economic growth
Economic growth is defined as an increase in the real value of the goods and services that an economy produces. It is important to emphasize the word “real” in this definition, and to understand the difference when talking in nominal terms, as an increase in the money supply could increase the nominal value, without changing the real one. In economics, economic growth is usually measured by the percentage change in the Gross Domestic Product (GDP) of a country. This variable gives us an idea on ...
Economic growth is defined as an increase in the real value of the goods and services that an economy produces. It is important to emphasize the word “real” in this definition, and to understand the d...
International trade
International trade is the exchange of capital, goods and services between countries. Along with international finance it forms the larger branch of international economics. Although research on international trade has been carried out since the start of the study of the economic science, its importance over history has never been as great as over the last 50 or 70 years. The globalization phenomenon is both a consequence and a cause of international trade. International trade studies which coun...
International trade is the exchange of capital, goods and services between countries. Along with international finance it forms the larger branch of international economics. Although research on inter...
Opportunity cost
Opportunity cost, in microeconomics, is defined as the value of the best possible economic alternative that you reject in order to dedicate your resources to another specific activity. Agents will have to face an opportunity cost in every decision made; therefore, the chosen activity will have to face the lowest possible opportunity cost in order to be chosen as the best option, or the greatest benefits, so it outweighs the opportunity cost. Governments, for example, face an opportunity cost whe...
Opportunity cost, in microeconomics, is defined as the value of the best possible economic alternative that you reject in order to dedicate your resources to another specific activity. Agents will hav...
Elasticity
Elasticity is a concept introduced by British economist Alfred Marshall, and is used in order to measure the variation that a variable suffers when another variable is changed. We can distinguish between different types of elasticity depending on the variables we are using. Probably the most common example is price elasticity of demand, which measures changes in the demand of a good or service when its price is increased or decreased. It’s important to note that only price should be modified; th...
Elasticity is a concept introduced by British economist Alfred Marshall, and is used in order to measure the variation that a variable suffers when another variable is changed. We can distinguish betw...
Loanable funds
Net capital outflows (NCOs, also called net foreign investment) make reference to the difference between the acquisition of foreign assets by domestic residents and the acquisition of domestic assets by non-residents. Therefore, it has to do with savings and investment (loanable funds) and foreign currency exchange. The relationship between net capital outflows and foreign currency exchange can be easily seen using a model, which analyses the market for loanable funds and the market for foreign ...
Net capital outflows (NCOs, also called net foreign investment) make reference to the difference between the acquisition of foreign assets by domestic residents and the acquisition of domestic assets ...
Net capital outflow
Net capital outflows (NCOs, also called net foreign investment) make reference to the difference between the acquisition of foreign assetsby domestic residents and the acquisition of domestic assets by non-residents. Net capital outflows takes two forms: foreign direct investment, and portfolio investment. Foreign direct investment implies actively managing the asset or the interest bought, while portfolio investment requires no role at all in management. An open economy can therefore buy and se...
Net capital outflows (NCOs, also called net foreign investment) make reference to the difference between the acquisition of foreign assetsby domestic residents and the acquisition of domestic assets b...
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