By Julio Segura, Carlos Rodriguez Braun
An Eponymous Dictionary of Economics is an interesting and obtainable reference paintings with entire assurance of the sphere 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 upon - has many fascinating gains 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 hundreds and hundreds of eponyms and the common economist will likely be familiar with, not to mention manage to grasp, a comparatively limited variety of them. The Dictionary fills this void in a practicable quantity that describes all proper fiscal eponyms. a few infrequent yet fascinating eponyms also are incorporated, many entries are cross-referenced and all have a succinct bibliography for additional studying. Julio Segura and Carlos Rodríguez Braun have assembled a different Dictionary that would be a useful and masses welcomed reference booklet for monetary newshounds, economists and fiscal students in any respect degrees of academe, and in all components of economics and its linked fields.
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Extra info for An eponymous dictionary of economics: a guide to laws and theorems named after economists
Assuming that u has a third derivative, which is continuous and bounded over the range of z, and using first and second order expansions of u around x, we can write p(x, F) ≅ r(x)s2z /2 for s2z small enough. Then p is proportional to r(x) and thus r(x) can be used to measure risk aversion ‘in the small’. In fact r(x) has global properties and is also valid ‘in the large’. Pratt proves that, if a utility function u1 exhibits everywhere greater local risk aversion than another function u2, that is, if r1(x) > r2(x) for all x, then p1(x, F) > p2(x, F) for every x and F.
Arrow’s learning by doing This is the key concept in the model developed by Kenneth J. 1921, Nobel Prize 1972) in 1962 with the purpose of explaining the changes in technological knowledge which underlie intertemporal and international shifts in production functions. In this respect, Arrow suggests that, according to many psychologists, the acquisition of knowledge, what is usually termed ‘learning’, is the product of experience (‘doing’). More specifically, he advances the hypothesis that technical change depends upon experience in the activity of production, which he approaches by cumulative gross investment, assuming that new capital goods are better than old ones; that is to say, if we compare a unit of capital goods produced in the time t1 with one produced at time t2, the first requires the cooperation of at least as much labour as the second, and produces no more product.
The rich only select from the heap what is most precious and agreeable. They consume little more than the poor, and in spite of their natural selfishness and rapacity, though they mean only their own conveniency, though the sole end which they propose from the labours of all the thousands whom they employ, be the gratification of their own vain and insatiable desires, they divide with the poor the produce of all their improvements. They are led by an invisible hand to make nearly the same distribution of the necessaries of life, which would have been made, had the earth been divided into equal portions among all its inhabitants, and thus without intending it, without knowing it, advance the interests of the society, and afford means to the multiplication of the species.
An eponymous dictionary of economics: a guide to laws and theorems named after economists by Julio Segura, Carlos Rodriguez Braun