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A collection of assumptions customarily made by mainstream economists starting in the late 19th century, including profit maximization by firms, utility maximization by consumers, and market equilibrium, with corresponding implications for determination of factor prices and the distribution of income. Contrasts with classical, Keynesian, and Marxist.
Industry:Economy
A model of economic growth in which income arises from neoclassical production functions in one or more sectors, displaying diminishing returns to saving and capital accumulation. Due to Solow (1956) and Swan (1956).
Industry:Economy
A production function with the properties of constant returns to scale and smoothly diminishing returns to individual factors.
Industry:Economy
A view of the world that favors social justice while also emphasizing economic growth, efficiency, and the benefits of free markets.
Industry:Economy
After deduction. Contrasts with gross. Exactly what is deducted to get from gross to net depends on the context.
Industry:Economy
1. Of a firm, total revenue minus total cost. 2. Of a country, national income minus capital consumption allowance.
Industry:Economy
A set of connections among a multiplicity of separate entities sharing a common characteristic. Networks of firms or individuals in different countries are thought to facilitate trade.
Industry:Economy
1. Said of a technological change or technological difference if it is not biased in favor of using more or less of one factor than another. This can be defined in several different ways that are not normally equivalent: Hicks-neutral, Harrod-neutral, and Solow-neutral. 2. Said of economic growth if it expands actual or potential output of all goods at the same rate, not being biased in favor of one over another. In the Heckscher-Ohlin Model neutral growth will occur if all factor endowments grow at the same rate or if there is Hicks Neutral technological progress at the same rate in all industries. 3. Said of a trade regime if the structure of protection favors neither exportables nor importables. See bias.
Industry:Economy
A proposed non-national world currency to be used for payment and reserve purposes, to be issued by the IMF and intended to maintain a fixed purchasing power in the dollar and euro countries.
Industry:Economy
A good that has been newly invented. Plays a special role in the theory of the product cycle.
Industry:Economy
