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The Reed–Kellogg system was developed by Alonzo Reed and Brainerd Kellogg for teaching grammar to students through visualization. [1] It lost some support in the 1970s in the US, but has spread to Europe. [2] It is considered "traditional" in comparison to the parse trees of academic linguists. [3]
Under the logic of game theory, enterprises in oligopoly market have interdependent behavior. These actions are non-cooperative, each company is making decisions that maximize its own profits, and equilibrium is reached when all businesses are doing their best, taking into account the actions of their competitors. [7]
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long-run contrasts with the short-run, in which there are some constraints and markets are not fully in equilibrium. More specifically, in microeconomics there are no fixed ...
Schools of economic thought. In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
Kellogg-Briand Treaty at Wikisource. The Kellogg–Briand Pact or Pact of Paris – officially the General Treaty for Renunciation of War as an Instrument of National Policy [1] – is a 1928 international agreement on peace in which signatory states promised not to use war to resolve "disputes or conflicts of whatever nature or of whatever ...
Institutional economics focuses on learning, bounded rationality, and evolution (rather than assuming stable preferences, rationality and equilibrium). It was a central part of American economics in the first part of the 20th century, including such famous but diverse economists as Thorstein Veblen, Wesley Mitchell, and John R. Commons. [5]
Edward Kellogg (1831) Portrait by Samuel Lovett Waldo and William Jewett. Edward Kellogg (October 18, 1790, in Norwalk, Connecticut – April 29, 1858, in New York) was a businessman and economist. Influenced by his experience in the Panic of 1837, he became an early advocate of fiat money. His ideas later influenced the Greenback movement and ...