By Julio Segura, Carlos Rodriguez Braun
An Eponymous Dictionary of Economics is an engaging and available reference paintings with complete insurance of the sector of economics from Adam Smith’s challenge via Minkowski’s Theorem to Zellner’s Estimator. Eponymy - the perform of affixing the identify of the scientist to all or a part of what he/she has came across - has many attention-grabbing positive factors yet just a only a few makes an attempt were made to take on the topic lexicographically in technological know-how and paintings. this can be the 1st eponymous dictionary of economics ever released in any language. There are thousands of eponyms and the typical economist shall be accustomed to, not to mention be capable to grasp, a comparatively constrained variety of them. The Dictionary fills this void in a doable quantity that describes all correct fiscal eponyms. a few infrequent yet fascinating eponyms also are incorporated, many entries are cross-referenced and all have a succinct bibliography for extra interpreting. Julio Segura and Carlos Rodríguez Braun have assembled a distinct Dictionary that might be a useful and masses welcomed reference e-book for financial reporters, economists and fiscal students in any respect degrees of academe, and in all parts of economics and its linked fields.
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Additional info for An Eponymous Dictionary Of Economics: A Guide To Laws And Theorems Named After Economists (Elgar Original Reference)
A central one concerns the effects of a rise in wages. In the general case of variable proportions technology, unlike conventional theory, an increase in the wage rate now leads to two types of substitution effects. The first one is the conventional substitution effect away from time spent on non-market activities (leisure in the old fashioned theory). This effect leads households to replace time with goods in the production of each basic good. The second type is the new substitution effect created by the changes in the relative full prices (or relative marginal costs) of non-market activities that the increase in the wage rate induces.
McKenzie, L. (2002), Classical General Equilibrium Theory, Cambridge, MA: The MIT Press. See also: Pareto efficiency, Walras’s auctioneer and tâtonnement. J. W. Pratt (see Pratt, 1964) in the 1960s. They consider a decision maker, endowed with wealth x and an increasing utility function u, facing a risky choice represented by a random variable z with distribution F. A risk-averse individual is characterized by a concave utility function. The extent of his risk aversion is closely related to the degree of concavity of u.
Inequality should be estimated as the shortfall of the sum-total of utilities from the maximal value. In an extended way, the Atkinson index measures the social loss resulting from unequal income distribution by shortfalls of equivalent incomes. Inequality is measured by the percentage reduction of total income that can be sustained without reducing social welfare, by distributing the new reduced total exactly. The difference of the equally distributed equivalent income with the actual income gives Atkinson’s measure of inequality.