Download or read book Economy Theories Solve written by Johnny Ch Lok and published by . This book was released on 2020-11-13 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economy theory solves business problem, manager can use economics to strategize and solve a variety of business problems. Is it bossible? In fact, the basic problem of an economy ca be solved either by the decisions of the government or by the market through interactions of buyers and sellers. How to judge whether it is one good economic theory? A good theory is simple enough to be understood, when complex enough to capture the key features of the object or situation being studied. Somethimes economists use the term model instead of theory. For example, the most common four economic theories may include: Since the 1930 s, four macroeconomic theories have been proposed: Keynesian economics, monetarism, the new classical economics and supply-side economics . All of these theories are based, in varying degree. So, applied economics solves economic problems may be by solved by providing informaton on how people, businesses and governments behave.However, business economics is a field in applied economics which uses econoic theory and quantitative methods to analyze business. Business economics focused on the economic issues and problems related to business organizations. Business economics also covers most of the problems that a manager or an establishment faces for example, price theory, on the other hand, helps the firm in understanding how prices are determined under different consumer emotion or external economic environment etc. factors. Moreover, business economics and quantitative methods also applies economic theory to the study of organizations. for example, the principal-ahent problem has become a standard factor in political science and economics, basic economic theory explains how and why that when demand exceeds supply, producers tend to raise price, or public choice theory how and why affect economic output, due to global economic outlook is significant trade uncertainty.So, economists explore how individuals and businesses can help secure a healthy environment, when they attempt to find the most right economic theories to help businesses to solve their business problems. In general, it makes use of statistical and analytical tools to assess economic theories in solving practical business problems. For example, rapid devaluation solutions can be applied to solve economic crisis, fiscal occurrence in the 1930 s. It helps to stimulate demand and creates jobs to solve social unemplyment challenge in 1930s. This will provide some relief to businesses and tax cut increases disposable income in 1930s global economic fiscal crisis occurrence. For anther exmaple, the gig economy is enabled by technology, such as robotic productive tool invention, it can help factories to raise efficiency to manufacture as well as reduces labors number. So, effective economic theory may help managers to solve any organizational problems easily.⦁How new economic development in oil industry The future global economic growth, it will influence personal incomes and GDP rise. They would carry different weight in different countries at different times. Starting from low levels of incomer and economic development. Household consumption will change from being dominated by basic heat to rapidly rising energy use for higher levels of comfort in space heating and cooling ( and large dwellings), and greater use of electrical appliances, finally to a degree of saturation influenced by the income distribution patterns of the country concerned. Income distribution typically changes very slowly, so that the technical market for heart will never be saturated because there will always be a proportion of poor people living in small spaces less comfortably than the average. Industrial energy consumption will be influenced by technical efficiency within each sector, and by changes in the structures of the economy, e.g. changing proportions of agriculture, heavy and light industry, and services.
Download or read book Economic Growth written by Alfonso Novales and published by Springer Science & Business Media. This book was released on 2008-10-20 with total page 543 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book on deterministic and stochastic Growth Theory and the computational methods needed to produce numerical solutions. Exogenous and endogenous growth models are thoroughly reviewed. Special attention is paid to the use of these models for fiscal and monetary policy analysis. Modern Business Cycle Theory, the New Keynesian Macroeconomics, the class of Dynamic Stochastic General Equilibrium models, can be all considered as special cases of models of economic growth, and they can be analyzed by the theoretical and numerical procedures provided in the textbook. Analytical discussions are presented in full detail. The book is self contained and it is designed so that the student advances in the theoretical and the computational issues in parallel. EXCEL and Matlab files are provided on an accompanying website to illustrate theoretical results as well as to simulate the effects of economic policy interventions.
Download or read book A Guide to Sustainable Corporate Responsibility written by Caroline D. Ditlev-Simonsen and published by Springer Nature. This book was released on 2022 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses the challenges and opportunities faced by companies in an age that increasingly values sustainability and demands corporate responsibility. Beginning with the historical development of corporate responsibility, this book moves from academic theory to practical application. It points to ways in which companies can successfully manage their transition to a more responsible, sustainable way of doing business, common mistakes to avoid and how the UN Sustainable Development Goals are integral to any sustainability transformation. Practical cases illustrate key points. Drawing on thirty years of sustainability research and extensive corporate experience, the author provides tools such as a Step-by-Step strategic guide on integrating sustainability in collaboration with stakeholders including employees, customers, suppliers and investors. The book is particularly relevant for SMEs and companies operating in emerging markets. From a broader perspective, the value of externalities, full cost pricing, alternative economic theories and circular economy are also addressed.
Download or read book Mathematics and Methodology for Economics written by Wolfgang Eichhorn and published by Springer. This book was released on 2016-02-11 with total page 644 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book about mathematics and methodology for economics is the result of the lifelong experience of the authors. It is written for university students as well as for students of applied sciences. This self-contained book does not assume any previous knowledge of high school mathematics and helps understanding the basics of economic theory-building. Starting from set theory it thoroughly discusses linear and non-linear functions, differential equations, difference equations, and all necessary theoretical constructs for building sound economic models. The authors also present a solid introduction to linear optimisation and game theory using production systems. A detailed discussion on market equilibrium, in particular on Nash Equilibrium, and on non-linear optimisation is also provided. Throughout the book the student is well supplied with numerous examples, some 2000 problems and their solutions to apply the knowledge to economic theories and models.
Download or read book Optimal Control Theory with Applications in Economics written by Thomas A. Weber and published by MIT Press. This book was released on 2011-09-30 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: A rigorous introduction to optimal control theory, with an emphasis on applications in economics. This book bridges optimal control theory and economics, discussing ordinary differential equations, optimal control, game theory, and mechanism design in one volume. Technically rigorous and largely self-contained, it provides an introduction to the use of optimal control theory for deterministic continuous-time systems in economics. The theory of ordinary differential equations (ODEs) is the backbone of the theory developed in the book, and chapter 2 offers a detailed review of basic concepts in the theory of ODEs, including the solution of systems of linear ODEs, state-space analysis, potential functions, and stability analysis. Following this, the book covers the main results of optimal control theory, in particular necessary and sufficient optimality conditions; game theory, with an emphasis on differential games; and the application of control-theoretic concepts to the design of economic mechanisms. Appendixes provide a mathematical review and full solutions to all end-of-chapter problems. The material is presented at three levels: single-person decision making; games, in which a group of decision makers interact strategically; and mechanism design, which is concerned with a designer's creation of an environment in which players interact to maximize the designer's objective. The book focuses on applications; the problems are an integral part of the text. It is intended for use as a textbook or reference for graduate students, teachers, and researchers interested in applications of control theory beyond its classical use in economic growth. The book will also appeal to readers interested in a modeling approach to certain practical problems involving dynamic continuous-time models.
Download or read book Economic Growth written by Alfonso Novales and published by Springer. This book was released on 2014-07-02 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book on deterministic and stochastic Growth Theory and the computational methods needed to produce numerical solutions. Exogenous and endogenous growth models are thoroughly reviewed. Special attention is paid to the use of these models for fiscal and monetary policy analysis. Modern Business Cycle Theory, the New Keynesian Macroeconomics, the class of Dynamic Stochastic General Equilibrium models, can be all considered as special cases of models of economic growth, and they can be analyzed by the theoretical and numerical procedures provided in the textbook. Analytical discussions are presented in full detail. The book is self contained and it is designed so that the student advances in the theoretical and the computational issues in parallel. EXCEL and Matlab files are provided on an accompanying website (see Preface to the Second Edition) to illustrate theoretical results as well as to simulate the effects of economic policy interventions. The structure of these program files is described in "Numerical exercise"-type of sections, where the output of these programs is also interpreted. The second edition corrects a few typographical errors and improves some notation.
Download or read book Mathematical Optimization and Economic Theory written by Michael D. Intriligator and published by SIAM. This book was released on 2002-01-01 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: A classic account of mathematical programming and control techniques and their applications to static and dynamic problems in economics.
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Download or read book Understanding the Global Economy written by Howard Richards and published by Peace Education Books. This book was released on 2004 with total page 735 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the Global Economy names the first step in coping with or transforming the flawed global ethics. To that end, the author explains the economic theory, social science, and thought that formed the basis of the global system. Applied to the sense of our current crisis, this book shows the ethics and forces that make the global market work as it does and how it fails. It presents a balance of the historical basis for global markets with the relevant economic theories, ethics, ideology, inclusive research of all the leading scholars, the current issues of the crisis, and the failed solutions. Through the intellectual background with an expose of the current crisis, the author leads us to a seemingly ironic prescription, which he lives—the willing, caring heart of humanity that knows no bounds. The book presents the solution by an analysis of the economic history from antiquity through the present, observations and research of the likely solutions, and decades of proactive work to enact the lasting solution.
Download or read book Constructive Economics second Supplement to Book Solution written by Paul Gustav Lewis and published by . This book was released on 1920 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Models in Microeconomic Theory written by Martin J. Osborne and published by Open Book Publishers. This book was released on 2023-06-26 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.
Download or read book Essays in Economics written by Wassily Leontief and published by Routledge. This book was released on 2019-08-07 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work comprises the major papers of this extraordinary Nobel Laureate in economics. The common concern of the papers included in this volume is economic theory, its structure, uses, and abuses. As the late Harry G. Johnson said: "No one reading this volume can fail to be struck by the depth of scholarship Professor Leontief is capable of deploying and the profundity of his understanding of methodological problems of economic theory, and his critique of the work of other economists."
Download or read book Economic Theories Solve Business Problems written by Johnny Ch LOK and published by . This book was released on 2020-02-04 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Something Behavioral (e.g., Prospect Theory) applies to investor share buying choiceWhat Is the Prospect Theory? Prospect theory assumes that losses and gains are valued differently, and thus individuals make decisions based on perceived gains instead of perceived losses. Also known as the "loss-aversion" theory, the general concept is that if two choices are put before an individual, both equal, with one presented in terms of potential gains and the other in terms of possible losses, the former option will be chosen. How the Prospect Theory Works Prospect theory belongs to the behavioral economic subgroup, describing how individuals make a choice between probabilistic alternatives where risk is involved and the probability of different outcomes is unknown. This theory was formulated in 1979 and further developed in 1992 by Amos Tversky and Daniel Kahneman, deeming it more psychologically accurate of how decisions are made when compared to the expected utility theory.The underlying explanation for an individual's behavior, under prospect theory, is that because the choices are independent and singular, the probability of a gain or a loss is reasonably assumed as being 50/50 instead of the probability that is actually presented. Essentially, the probability of a gain is generally perceived as greater. Although there is no difference in the actual gains or losses of a certain product, the prospect theory says investors will choose the product that offers the most perceived gains. Tversky and Kahneman proposed that losses cause a greater emotional impact on an individual than does an equivalent amount of gain, so given choices presented two ways--with both offering the same result--an individual will pick the option offering perceived gains. For example, assume that the end result is receiving $25. One option is being given the straight $25. The other option is gaining $50 and losing $25. The utility of the $25 is exactly the same in both options. However, individuals are most likely to choose to receive straight cash because a single gain is generally observed as more favorable than initially having more cash and then suffering a loss.Types of Prospect Theory According to Tversky and Kahneman, the certainty effect is exhibited when people prefer certain outcomes and underweight outcomes that are only probable. The certainty effect leads to individuals avoiding risk when there is a prospect of a sure gain. It also contributes to individuals seeking risk when one of their options is a sure loss.The isolation effect occurs when people have presented two options with the same outcome, but different routes to the outcome. In this case, people are likely to cancel out similar information to lighten the cognitive load, and their conclusions will vary depending on how the options are framed.*The prospect theory says that investors value gains and losses differently, placing more weight on perceived gains versus perceived losses. *An investor presented with a choice, both equal, will choose the one presented in terms of potential gains. *The prospect theory is part of behavioral economics, suggesting investors chose perceived gains because losses cause a greater emotional impact. *The certainty effect says individuals prefer certain outcomes over probable ones, while the isolation effect says individuals cancel out similar information when making a decision.
Download or read book Learning Economy Theory Edition 2 written by John Lok and published by . This book was released on 2022-05-03 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economy theory concerns how businessmen can attempt to apply which theory is the most suitabe to help them to solve any businesses problems. In traditioanal, economy theory include such as these, supply and demand side theory, invisable hand theory, marketing research theory, inflation or devaluation, revaluation, foreign exchange changing etc. different economic theories. It brings this question: Can businessmen apply any kinds of economic theories to help them to solve any kinds of general or complex business challenges. In my this book, I shall attempt to apply some economic theories to explain whether economic theories can be useful to help any businessmen or managers to solve their business problems when they encounter any businesses challenges in their daily business operation. In my this book, I shall attempt to indicate some organizational cases and find whether what weakness or difficulties it is facing. Then, I shall recommend the best strategy to attempt to help it to solve the kind of challenge, it is encountering. Any have interesting to learn business strategy students, they can learn new strategic knowledge to help these organizations to solve their challenges.Readers can have more clear analytical mind to evaluate whether economic theories are effective to assist businessmen or managers to help them to solve some complex or simple business problems in their organizations.
Download or read book The General Theory of Employment Interest and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Download or read book The Core Theory in Economics written by Lester Telser and published by Routledge. This book was released on 2012-11-12 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: An important tenet of game theory, core theory has nonetheless been all but ignored by the mainstream. Its basic premise is that individuals band together in order to promote their interests as much as possible. The return to an individual depends on competition among various coalitions for its membership, and a group of people can obtain a joint maximum by suitable coordinated actions. In this key title, Lester Telser investigates the following issues: Markets Multiproduct Industry Total Cost Functions with Avoidable Costs Critical Analyses of Noncooperative Equilibria. Through these distinct sections, Telser skilfully brings the ideas of core theory to bear on a range of issues within economics – with particular emphasis on supply and demand and the way markets function.
Download or read book Economic Dynamics second edition written by John Stachurski and published by MIT Press. This book was released on 2022-08-16 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of a rigorous and example-driven introduction to topics in economic dynamics that emphasizes techniques for modeling dynamic systems. This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real-world problems. The material makes extensive use of programming examples to illustrate ideas, bringing to life the abstract concepts in the text. Key topics include algorithms and scientific computing, simulation, Markov models, and dynamic programming. Part I introduces fundamentals and part II covers more advanced material. This second edition has been thoroughly updated, drawing on recent research in the field. New for the second edition: “Programming-language agnostic” presentation using pseudocode. New chapter 1 covering conceptual issues concerning Markov chains such as ergodicity and stability. New focus in chapter 2 on algorithms and techniques for program design and high-performance computing. New focus on household problems rather than optimal growth in material on dynamic programming. Solutions to many exercises, code, and other resources available on a supplementary website.
