Economics

Lucas Islands Model The Lucas-Islands model is an economic model formulated by Robert Lucas, Jr. It is an economic model of the link between money…

About Rational Expectations In economics, “rational expectations” are model-consistent expectations, in that agents inside the model are assumed to “know the model” and on average…

Adaptive Expectations Adaptive expectations are an economic theory which gives importance to past events in predicting future outcomes. It is a hypothesized process by which…

Cobweb Model Cobweb model or Cobweb theory is the idea that price fluctuations can lead to fluctuations in supply which cause a cycle of rising…

About General Equilibrium Theory General equilibrium theory, or Walrasian general equilibrium, attempts to explain the functioning of the macroeconomy as a whole, rather than as…

About Econophysics Econophysics is the branch of physics where the physics theories are applying for the analysis of economics and finance problems. Some of its…

About Thermoeconomics Thermoeconomics is defined as the application of thermodynamic principles to economics, as well as the application of principles of economics to the efficient…

About Political Economy Political Economy can be generally defined as a study drawing upon branches of economics, politics, and law aiming to explain clearly the…

About Environmental Economics Environmental Economics can be defined as the study of how humans decide on how to dispose of environmental resources. It is a…

About Development Economics Development economics is a branch of economics that focuses on improving fiscal, economic and social conditions in developing countries. The discipline aims…

About Constitutional Economics Constitutional Economics is a branch of economics focusing on the economic analysis of the constitutional law of a state. It is often…

Applications of Behavioral Economics Behavioral economics is a smaller part of economics that combines what we know about psychology with what we know about economics.…