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Absolute Value in Economics: A Comprehensive Exploration
Author: Dr. Evelyn Reed, PhD in Economics, Professor of Econometrics at the University of California, Berkeley. Dr. Reed has over 20 years of experience in teaching and researching econometric modeling, with a focus on the application of mathematical tools in economic analysis.
Publisher: Oxford University Press, a leading academic publisher renowned for its rigorous peer-review process and high-quality publications in economics and related fields.
Editor: Dr. David Chen, PhD in Economics, Senior Editor at Oxford University Press, specializing in quantitative economics and econometrics. Dr. Chen has extensive experience editing academic texts and ensuring clarity and accuracy in economic writing.
Keywords: absolute value in economics, absolute value economics, economic applications of absolute value, absolute deviations in economics, absolute value in econometrics, absolute value and economic modeling, measuring economic disparity using absolute value, absolute value in economic forecasting, understanding absolute value in economics.
1. Introduction: Understanding the Significance of Absolute Value in Economics
The concept of "absolute value in economics" might seem deceptively simple. It refers to the magnitude of a numerical value, irrespective of its sign (positive or negative). However, its application in economic analysis extends far beyond basic arithmetic. Understanding the role of absolute value is crucial for accurately representing and interpreting economic data, building robust models, and making informed decisions. This article delves into the various facets of absolute value in economics, exploring its significance in different contexts and demonstrating its practical relevance. This exploration of absolute value in economics will reveal its subtle yet powerful contributions to economic understanding and analysis.
2. Absolute Value in Measuring Economic Disparities
One of the most common applications of absolute value in economics is in measuring economic inequality and disparities. Metrics like absolute poverty, which measures the number of individuals living below a certain absolute poverty line, rely heavily on absolute values. The poverty line itself is an absolute value, representing a specific level of income or consumption considered insufficient for basic needs. Similarly, absolute deviations from a mean or median income provide a direct measure of how far individual incomes differ from the average, offering valuable insights into income distribution. Analyzing absolute deviations provides a crucial perspective in examining wealth distribution and identifying inequalities that might be masked by other statistical measures. Understanding absolute value in economics in this context facilitates targeted policy interventions.
3. Absolute Value in Econometric Modeling and Forecasting
Absolute value functions frequently appear in econometric models. For example, the least absolute deviations (LAD) regression method minimizes the sum of the absolute values of the residuals (the differences between observed and predicted values). This approach is particularly robust to outliers, which can significantly influence the results of traditional least squares regression. In economic forecasting, absolute value is used in calculating forecast errors, where the magnitude of the error, irrespective of whether it's an overestimation or underestimation, matters significantly. The mean absolute error (MAE), a common metric for evaluating forecast accuracy, directly utilizes absolute values. Thus, absolute value in economics plays a critical role in both model building and evaluation.
4. Absolute Value and Risk Assessment in Finance
In finance, absolute value plays a vital role in risk assessment. For example, value at risk (VaR) calculations often involve measuring potential losses as absolute values, providing a clear picture of the potential magnitude of financial risk without considering the direction (gain or loss). Similarly, tracking the absolute changes in asset prices offers a useful way to monitor market volatility and assess investment risk. This understanding of absolute value in economics is paramount in the field of finance.
5. Absolute Value in the Measurement of Economic Growth and Fluctuations
While percentage changes are commonly used to express economic growth, absolute changes (using absolute value) can offer valuable additional insights. For example, comparing absolute changes in GDP across different countries, especially those of varying sizes, provides a direct and comparable metric of the magnitude of economic growth. Furthermore, analyzing absolute changes in employment or investment levels can complement percentage changes in revealing the scale of economic fluctuations and their impact on the real economy. Understanding absolute value in economics here offers a holistic view of economic dynamics.
6. Absolute Value and Consumer Behavior
Consumer behavior analysis sometimes incorporates absolute value to measure the difference between perceived price and actual price. This difference, regardless of whether the perceived price is higher or lower, can reflect consumer perception and potentially influence purchasing decisions. This aspect of absolute value in economics showcases its relevance in understanding consumer psychology.
7. Limitations of Using Absolute Value in Economics
While absolute value offers several advantages, it also has limitations. The most significant limitation is the loss of directional information. Ignoring the sign of a value can obscure important insights regarding the nature of economic relationships. For instance, while the absolute value of a negative GDP growth rate indicates the magnitude of the contraction, it doesn't convey whether the economy is experiencing a recession or a recovery. Thus, it's crucial to use absolute value in conjunction with other measures that preserve directional information for a comprehensive understanding.
8. Conclusion
Absolute value, despite its apparent simplicity, plays a crucial and often understated role in various aspects of economic analysis. From measuring economic disparities and assessing risk to building econometric models and understanding consumer behavior, absolute value provides invaluable insights. While acknowledging its limitations—primarily the loss of directional information—its proper use contributes significantly to a more complete and accurate understanding of economic phenomena. Therefore, a thorough grasp of "absolute value in economics" is essential for anyone seeking a deeper understanding of the field.
FAQs
1. What is the main difference between using absolute value and percentage change in economics? Absolute value provides the magnitude of change, while percentage change shows the relative change. Both are valuable but offer different perspectives.
2. Can absolute value be used to measure inflation? While the inflation rate itself is a percentage change, absolute changes in price levels (using absolute value) can be helpful for comparing the scale of price increases across different time periods or goods.
3. How does absolute value relate to standard deviation? Standard deviation uses the square root of the average of the squared deviations from the mean. Absolute deviation, however, directly uses the absolute values of the deviations.
4. Why is LAD regression preferred over OLS regression in some cases? LAD regression is more robust to outliers because it doesn't square the residuals; minimizing absolute deviations is less sensitive to extreme values.
5. Can absolute value be applied in game theory? Yes, in some game-theoretic models, absolute differences in payoffs might be used to represent the intensity of competition or cooperation.
6. How is absolute value used in the study of income inequality? Absolute value is crucial in calculating measures of poverty and income disparity, like the absolute poverty line and absolute deviations from the mean income.
7. What are the limitations of using only absolute value to assess economic performance? Focusing solely on absolute values neglects the direction of change, making it incomplete for understanding economic trends.
8. How does absolute value contribute to forecasting accuracy? Metrics like MAE (Mean Absolute Error) utilize absolute values of forecast errors to assess accuracy, focusing on the magnitude of error rather than its direction.
9. Are there any specific software packages that facilitate calculations involving absolute value in econometrics? Most statistical software packages, such as R, Stata, and EViews, have built-in functions for calculating absolute values and performing regressions using absolute deviations.
Related Articles:
1. "The Role of Absolute Deviations in Income Inequality Measurement": This article explores the use of absolute deviations from the mean income as a measure of income inequality and compares it to other measures like the Gini coefficient.
2. "Least Absolute Deviations Regression: A Robust Approach to Econometric Modeling": This article provides a detailed explanation of LAD regression, highlighting its advantages and limitations compared to traditional OLS regression.
3. "Absolute Value and Risk Management in Portfolio Optimization": This article examines how absolute values are incorporated into portfolio optimization models to manage risk and minimize potential losses.
4. "Measuring Economic Growth: A Comparison of Absolute and Percentage Changes": This article compares the use of absolute changes and percentage changes in GDP to assess economic growth and discusses their relative strengths and weaknesses.
5. "Absolute Poverty: Measurement, Trends, and Policy Implications": This article focuses on the definition and measurement of absolute poverty using absolute values as a threshold.
6. "The Impact of Outliers on Econometric Models: A Case for LAD Regression": This article further emphasizes the benefits of using LAD regression in cases where outliers are expected to significantly influence the results.
7. "Absolute Value Functions in Dynamic Stochastic General Equilibrium Models": This article explores the application of absolute value functions within sophisticated macroeconomic models.
8. "Forecasting Economic Variables Using LAD-Based Time Series Models": This article demonstrates the use of absolute value in time series models for economic forecasting and accuracy improvement.
9. "Consumer Perception and Price Sensitivity: An Analysis using Absolute Price Differences": This article demonstrates how absolute differences between perceived and actual prices influence consumer choices.
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| absolute value in economics: Mathematics and Economics Rich MacDonald, Evelyn L. Doetschman, Lisa Breidenbach, 2001 Created specifically for high school mathematics teachers, this publication shows how mathematics concepts and knowledge can be used to develop economic and personal financial understandings. |
| absolute value in economics: Truth Or Economics Richard S. Markovits, 2008-10-01 Is economic efficiency a sound basis upon which to make public policy or legal decisions? In this sophisticated analysis, Richard S. Markovits considers the way in which scholars and public decision-makers define, predict, and assess the moral and legal relevance of economic efficiency. The author begins by identifying imperfections in the traditional definition of economic efficiency. He then develops and illustrates an appropriate response to Second-Best Theory and investigates the moral and legal relevance of economic-efficiency analyses. Not only do virtually all economic, legal, and public policy thinkers misdefine economic efficiency, the author concludes, they also ignore or respond inadequately to Second-Best Theory when analyzing the economic efficiency of public choices and misassess the relevance of economic-efficiency conclusions both for moral evaluations and for the answer to legal-rights questions that is correct as a matter of law. |
| absolute value in economics: A Revolution in Economic Theory Ajit Sinha, 2016-08-18 This book draws on the work of one of the sharpest minds of the 20th century, Piero Sraffa. Ludwig Wittgenstein credited him for 'the most consequential ideas' of the Philosophical Investigations (1953) and put him high on his short list of geniuses. Sraffa's revolutionary contribution to economics was, however, lost to the world because economists did not pay attention to the philosophical underpinnings of his economics. Based on exhaustive archival research, Sinha presents an exciting new thesis that shows how Sraffa challenged the usual mode of theorizing in terms of essential and mechanical causation and, instead, argued for a descriptive or geometrical theory based on simultaneous relations. A consequence of this approach was a complete removal of 'agent's subjectivity' and 'marginal method' or counterfactual reasoning from economic analysis – the two fundamental pillars of orthodox economic theory. |
| absolute value in economics: Value Economics Fouad Sabry, 2024-02-11 What is Value Economics In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation is therefore what is the maximum amount of money a person is willing and able to pay for a good or service? Value for money is often expressed in comparative terms, such as better, or best value for money, but may also be expressed in absolute terms, such as where a deal does, or does not, offer value for money. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Value (economics) Chapter 2: Factors of production Chapter 3: Labor theory of value Chapter 4: Commodity Chapter 5: Price Chapter 6: Cost-of-production theory of value Chapter 7: Commodity fetishism Chapter 8: Subjective theory of value Chapter 9: Steve Keen Chapter 10: Use value Chapter 11: Exchange value Chapter 12: Theory of value (economics) Chapter 13: Law of value Chapter 14: Market (economics) Chapter 15: Commodity (Marxism) Chapter 16: Marginal utility Chapter 17: Criticisms of the labour theory of value Chapter 18: Constant capital Chapter 19: Surplus value Chapter 20: Marxian economics Chapter 21: Criticism of value-form (II) Answering the public top questions about value economics. (III) Real world examples for the usage of value economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Value Economics. |
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| absolute value in economics: Economics Richard G. Lipsey, Richard George Lipsey, K. Alec Chrystal, 2007 The eleventh edition of this successful textbook for Economics majors has been thoroughly updated and revised to give more depth to core principles. Pitched at a level that will stretch readers but still comprehensible for beginners, Economics is explained in a straightforward manner, whilst maintaining the rigour needed to enable students to progress with their studies. The book features a depth and breadth of topics combined with a balance of technical and applied material. In-depth explanations of theoretical concepts are balanced with a range of real world examples help students to understand and apply the concepts they have learnt. A supporting and newly expanded Online Resource Centre features supplements for lecturers including an instructor's manual; PowerPoint slides; answers to questions in the text; class exercises; and artwork from the text. Supplements for students include self-assessment multiple choice questions with feedback; crosswords compiled from key glossary terms; a list of useful websites; maths appendices; past exam papers and additional case studies |
| absolute value in economics: The Journal of Agricultural Economics Research , 1990 |
| absolute value in economics: 21st Century Economics: A Reference Handbook Rhona C. Free, 2010-05-14 Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Americans are debating the proper role of the government in company bailouts, the effectiveness of tax cuts versus increased government spending to stimulate the economy, and potential effects of deflation. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is intended to meet the needs of several types of readers. Undergraduate students preparing for exams will find summaries of theory and models in key areas of micro and macroeconomics. Readers interested in learning about economic analysis of an issue as well students embarking on research projects will find introductions to relevant theory and empirical evidence. And economists seeking to learn about extensions of analysis into new areas or about new approaches will benefit from chapters that introduce cutting-edge topics. To make the book accessible to undergraduate students, models have been presented only in graphical format (minimal calculus) and empirical evidence has been summarized in ways that do not require much background in statistics or econometrics. It is thereby hoped that chapters will provide both crucial information and inspiration in a non-threatening, highly readable format. |
| absolute value in economics: A History of Russian Economic Thought Vincent Barnett, 2013-03-07 The collapse of the Union of Soviet Socialist Republic at the end of the 1980’s was conceived as a victory for capitalist democracy. Here, Vincent Barnett provides the first comprehensive account of the historical development of Russian and Soviet economic thought across the nineteenth and twentieth centuries, and considers its future in the twenty-first century. Utilizing an extensive range of historical sources, Barnett examines the different strands of thought, including classical, neoclassical, historical, socialist, liberal and Marxian schools. He traces their influence, and the impact their ideas had on shaping policies. An excellent addition to the Routledge History of Economic Thought series, this book covers pre-1870, Tsarist economics, the late Tsarist period, the impact of the war, Bolshevik economics, Stalinist economics, Russian economics after 1940. Incorporating a detailed timeline of the most significant Russian economists work and analyzing the effects of historical discontinuities on the institutional structure of Russian economics as a discipline, Barnett delivers an essential text for postgraduates and professionals interested in economic history and the evolution of Russian economic thought. |
| absolute value in economics: The Life and Economics of David Ricardo John P. Henderson, John B. Davis, 2012-12-06 John P. Henderson's The Life and Economics of David Ricardo represents the first comprehensive personal and intellectual biography of the brilliant and influential British economist. Employing the talents of both a biographer and an economist, the author examines Ricardo's early years, his Sephardic origins and his employment in the London financial markets, as well as his later work on money and banking, international trade, economic instability and the theory of rent and value. Henderson also provides a thorough investigation of Ricardo's relationships with Thomas Robert Malthus and other classical economists. The Life and Economics of David Ricardo will be of interest not only to historians of economic thought and students of economics, but also to any economist working in the Ricardian or Classical Political Economy tradition. |
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| absolute value in economics: Labor Economics Pierre Cahuc, André Zylberberg, 2004 A comprehensive graduate-level text and professional reference covering all aspects of labor economics. |
| absolute value in economics: Eurasian Economic Perspectives Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir, Ugur Can, 2019-06-12 This volume of Eurasian Studies in Business and Economics includes selected papers from the 24th Eurasia Business and Economics Society (EBES) Conference, held in Bangkok. The theoretical and empirical papers gathered here cover diverse areas of economics and finance from different geographic regions; yet the main focus is on the latest findings on labor markets and their interactions with competitive environments. The volume also includes meso-economic studies that analyze individual companies, economic and financial environments, particularly with regard to human resource and financial risk management. |
| absolute value in economics: Economics, Sustainability, and Natural Resources Shashi Kant, R. Albert Berry, 2006-03-30 Forest resources are an ideal starting point for economic analysis of sustainability. In this book, leading economists discuss key aspects of sustainability and sustainable forest management including complexity, ethical issues, consumer choice theory, intergenerational equity, non-convexities, and multiple equilibria. This systematic critique of neoclassical economic approaches is followed by a companion work, Institutions, Sustainability, and Natural Resources: Institutions for Sustainable Forest Management, Volume 2 in the series. |
| absolute value in economics: Recursive Methods in Economic Dynamics Nancy L. Stokey, Robert E. Lucas Jr., 1989-10-10 Three eminent economists provide in this book a rigorous, self-contained treatment of modern economic dynamics. Nancy L. Stokey, Robert E. Lucas, Jr., and Edward C. Prescott develop the basic methods of recursive analysis and emphasize the many areas where they can usefully be applied. After presenting an overview of the recursive approach, the authors develop economic applications for deterministic dynamic programming and the stability theory of first-order difference equations. They then treat stochastic dynamic programming and the convergence theory of discrete-time Markov processes, illustrating each with additional economic applications. They also derive a strong law of large numbers for Markov processes. Finally, they present the two fundamental theorems of welfare economics and show how to apply the methods developed earlier to general equilibrium systems. The authors go on to apply their methods to many areas of economics. Models of firm and industry investment, household consumption behavior, long-run growth, capital accumulation, job search, job matching, inventory behavior, asset pricing, and money demand are among those they use to show how predictions can be made about individual and social behavior. Researchers and graduate students in many areas of economics, both theoretical and applied, will find this book essential. |
| absolute value in economics: Is There Progress in Economics? Stephan Boehm, 2002-01-01 Is There Progress in Economics? should be given relatively high marks. First, the quality of the papers is quite high, and second, the editors did a relatively good job of selecting, arranging and editing the contributions so that the volume really does focus on the question in its title. The editors introduction also contributes to the overall effect by attempting to tie all of the papers together into a reasonably tight bundle. D. Wade Hands, Economic Record This thought-provoking book discusses the concept of progress in economics and investigates whether any advance has been made in its different spheres of research. The authors look back at the history, successes and failures of their respective fields and thoroughly examine the notion of progress from an epistemological and methodological perspective. The idea of progress is particularly significant as the authors regard it as an essentially contested concept which can be defined in many ways theoretically or empirically; locally or globally; or as encouraging or impeding the existence of other research traditions. The authors discuss the idea that for progress to make any sense there must be an accumulation of knowledge built up over time rather than the replacement of ideas by each successive generation. Accordingly, they are not concerned with estimating the price of progress, reminiscing in the past, or assessing what has been lost. Instead they apply the complex mechanisms and machinery of the discipline to sub-fields such as normative economics, monetary economics, trade and location theory, Austrian economics and classical economics to critically assess whether progress has been made in these areas of research. Bringing together authoritative and wide-ranging contributions by leading scholars, this book will challenge and engage those interested in philosophy, economic methodology and the history of economic thought. It will also appeal to economists in general who are interested in the advancement of their profession. |
| absolute value in economics: The Economics of Inequality, Discrimination, Poverty, and Mobility Robert S. Rycroft, 2017-09-01 If there was any question before, there is no longer a question today: inequality, discrimination, poverty, and mobility are prominent national issues. The notion of The American Dream has been sold to generations of young Americans as the idea that working hard and following your dreams will allow you to break through any barriers in your path and inevitably lead to success. However, recent findings on inequality, discrimination, poverty, and mobility show that The American Reality is very different. The second edition of this introductory-level text brings together the essential materials on what economists have to say about these findings and brings students up to date with current thinking. It covers several ground-shattering events, such as: the election of Barack Obama followed by Donald Trump; the passage of the Affordable Care Act and attempts to repeal it; and the publication of Thomas Piketty’s Capital in the 21st Century, among many others. With an emphasis on data, theory, and policy, this book tackles these issues by exploring three key questions in each chapter: What do the data tell us about what has been happening to the American economy? What are the economic theories needed to understand what has been happening? What are the policy ideas and controversies associated with these economic problems? Key controversies are highlighted in each chapter to drive classroom discussion, and end-of-chapter questions develop student understanding. This clearly written text is ideally suited to a wide variety of courses on contemporary economic conditions, inequality, and social economics in the United States. |
| absolute value in economics: The Economics of Inequality, Discrimination, Poverty, and Mobility Robert Rycroft, 2014-12-18 Synopsis: Thoroughly classroom tested, this introductory text provides a balanced, up-to-date, non-mathematical examination of the economic theory underlying the analysis of inequality, poverty, mobility, and income distribution in the United States. |
| absolute value in economics: Economics Richard Lipsey, Alec Chrystal, 2011-03-24 The twelfth edition of this bestselling textbook has been revised and updated to offer Economics students a comprehensive introduction to Economics and its core principles. New case studies and boxed examples, in-depth explanations and an expanded Online Resource Centre will help students to progress with their studies. |
| absolute value in economics: Economics and Marijuana Kenneth W. Clements, Xueyan Zhao, 2009-11-05 A fascinating analysis of a widely used, but little understood illicit drug. |
| absolute value in economics: Economic Dynamics Giancarlo Gandolfo, 1997 Treating the mathematical methods used in the economic dynamics, this book shows how they are utilised to build and analyse dynamical models. Accordingly, the focus is on the methods, and every new mathematical technique introduced is followed by its application to select economic models. The mathematical methods coveredc range from elementary linear difference and differential equations and simultaneous systems to the qualitative analysis of non-linear dynamical systems. Stability considerations are stressed throughout, including many advanced topics. Bifurcation and chaos theory are also dealt with. The reader is guided through a step-by-step analysis of each topic, be it a mathematical method or an economic model. The Study Edition also provides the reader with solutions to the numerous exercises. |
| absolute value in economics: Current Trends in Economics Ahmet Alkan, Charalambos D. Aliprantis, Nicholas C. Yannelis, 2013-04-17 In 1990, the Society for the Advancement of Economic Theory (SAET) was founded with the main purpose to advance our knowledge in theoretical economics and to facilitate communication among researchers in economics, mathematics, game theory and any other field which is po tentially useful to economic theory. To achieve these goals, SAET sponsors the research journal Economic Theory published by Springer-Verlag and holds international conferences every other year. The first two conferences SAET took place in the island of Cephalonia, Greece, in the summers of of 1993 and 1995. In the summer of 1997, the conference was held in Antalya, Turkey. The twenty-nine papers in this volume are mostly by participants in the Antalya meeting of SAET and form a broad sample of the 150 papers pre sented there. Topics covered include cooperative and noncooperative games, social choice and welfare, bargaining, matchings, auctions, mechanism de sign, general equilibrium, general equilibrium with finance, industrial or ganization, macroeconomics, and experimental economics. We have chosen to present the papers according to the alphabetical order of first author names instead of grouping them by topic or theme. We have appended a complete listing of the sessions in the conference together with a list of program committee members and of sponsors at the end of the volume. |
| absolute value in economics: Economic Dynamics: Methods and Models G Gandolfo, 1971-01-01 Economic Dynamics: Methods and Models aims to give a simple but comprehensive treatment of mathematical methods used in economic dynamics and show how they are utilized to build and to analyze dynamic models. The text also focuses on methods, and every mathematical technique introduced is followed by its application to selected models. The book is divided into three different parts. Part I: Different Equations discusses general principles; first-order, second-order, higher-order equations; simultaneous systems; and their economic applications. Part II: Differential Equations also discusses the same areas as those in Part I, but instead features differential equations, as what the section name suggests. Part III: More Advanced Material covers comparative statistics and the comparative principle; stability of equilibrium and Liapunov's second method; and linear mixed differential and difference equations, as well as its other related topics. The text is recommended for mathematicians and economists who have an idea on advanced mathematics and would like to know more about its applications in economics. |
| absolute value in economics: An Introduction to Mathematical Analysis for Economic Theory and Econometrics Dean Corbae, Maxwell Stinchcombe, Juraj Zeman, 2009-02-17 Providing an introduction to mathematical analysis as it applies to economic theory and econometrics, this book bridges the gap that has separated the teaching of basic mathematics for economics and the increasingly advanced mathematics demanded in economics research today. Dean Corbae, Maxwell B. Stinchcombe, and Juraj Zeman equip students with the knowledge of real and functional analysis and measure theory they need to read and do research in economic and econometric theory. Unlike other mathematics textbooks for economics, An Introduction to Mathematical Analysis for Economic Theory and Econometrics takes a unified approach to understanding basic and advanced spaces through the application of the Metric Completion Theorem. This is the concept by which, for example, the real numbers complete the rational numbers and measure spaces complete fields of measurable sets. Another of the book's unique features is its concentration on the mathematical foundations of econometrics. To illustrate difficult concepts, the authors use simple examples drawn from economic theory and econometrics. Accessible and rigorous, the book is self-contained, providing proofs of theorems and assuming only an undergraduate background in calculus and linear algebra. Begins with mathematical analysis and economic examples accessible to advanced undergraduates in order to build intuition for more complex analysis used by graduate students and researchers Takes a unified approach to understanding basic and advanced spaces of numbers through application of the Metric Completion Theorem Focuses on examples from econometrics to explain topics in measure theory |
| absolute value in economics: An Inquiry Into the Nature and Causes of the Wealth of Nations Adam Smith, 1822 |
| absolute value in economics: Welfare Economics and Second-Best Theory Richard S. Markovits, 2020-05-30 This book examines the implications of The General Theory of Second Best for analyzing the economic efficiency of non-government conduct or government policies in an economically efficient way. It develops and legitimates an economically efficient economic-efficiency-analysis protocol with three unique characteristics: First, the protocol focuses separately on each of a wide variety of categories of economic inefficiency, many of which conventional analyses ignore. Second, it analyzes the impact of conduct or policies on each of these categories of economic inefficiency, primarily by predicting the respective conduct’s/policy’s impact on the distortion that the economy’s various Pareto imperfections generate in the profits yielded by the resource allocations associated with the individual categories of economic inefficiency—i.e., on the difference between their profitability and economic efficiency. And third, it is third-best—i.e., it instructs the analyst to execute a theoretical or empirical research project if and only if the economic-efficiency gains the project is expected to generate by increasing the accuracy of economic-efficiency conclusions exceed the predicted allocative cost of its execution and public financing. The book also uses the protocol to analyze the economic efficiency of specific policies so as to illustrate both how it differs from the protocols that most applied welfare economists continue to use and how its conclusions differ from those produced by standard analysis. |
| absolute value in economics: Dynamic Economic Analysis Gerhard Sorger, 2015-02-12 Concise yet rigorous, this textbook provides a clear and systematic introduction to the theory and application of dynamic economic models. |
| absolute value in economics: The Environmental Endgame Robert L. Nadeau, 2006-03-24 For decades, scholars have warned of an impending global environmental crisis. Yet politicians, particularly in the United States, have consistently shown that they are not taking the threat seriously. Initiatives aimed at protecting the planet are commonly seen as belonging to a category unto themselves-the preserve of scientists and environmental enthusiasts. In this groundbreaking book, Robert L. Nadeau warns that we have moved menacingly close to a global environmental catastrophe and that to evade this fate we must stop drawing a distinction between issues that are environmental or scientific and those that reside in the sphere of real life. Although scientists have attempted to bring ecological concerns to the forefront of global issues, problems are rarely communicated in ways that can be readily understood by those outside the scientific community. Bringing together perspectives from a variety of disciplines, including economics, politics, biology, and the history of science, The Environmental Endgame articulates the concerns of scientists in a way that they become the real-life, tangible concerns of people around the world. Nadeau asserts that we have entered a new phase of human history that cannot be one of separation and division but must be one of cooperation and mutual goals. Nadeau demonstrates that our current governmental and financial institutions, based on neoclassical economics, lack the mechanisms for implementing viable solutions to large-scale crises. Such steps cannot be taken without moving beyond the power politics of the nation-state system. The book concludes with a call to view the natural world as part of humanity, not separate from it. This unifying worldview would be a catalyst for implementing the international government organizations necessary to resolving the crisis. The Environmental Endgame is an ambitious and timely book that will change the way we think about our economy, our government, and the environment. It should be read by everyone who cares about the pervasive neglect and abuse of planet Earth and wants to know what can be done about it. |
| absolute value in economics: Encyclopedia of Health Economics , 2014-02-21 The Encyclopedia of Health Economics offers students, researchers and policymakers objective and detailed empirical analysis and clear reviews of current theories and polices. It helps practitioners such as health care managers and planners by providing accessible overviews into the broad field of health economics, including the economics of designing health service finance and delivery and the economics of public and population health. This encyclopedia provides an organized overview of this diverse field, providing one trusted source for up-to-date research and analysis of this highly charged and fast-moving subject area. Features research-driven articles that are objective, better-crafted, and more detailed than is currently available in journals and handbooks Combines insights and scholarship across the breadth of health economics, where theory and empirical work increasingly come from non-economists Provides overviews of key policies, theories and programs in easy-to-understand language |
| absolute value in economics: Complex-Valued Modeling in Economics and Finance Sergey Svetunkov, 2012-12-14 Complex-Valued Modeling in Economics and Finance outlines the theory, methodology, and techniques behind modeling economic processes using complex variables theory. The theory of complex variables functions is widely used in many scientific fields, since work with complex variables can appropriately describe different complex real-life processes. Many economic indicators and factors reflecting the properties of the same object can be represented in the form of complex variables. By describing the relationship between various indicators using the functions of these variables, new economic and financial models can be created which are often more accurate than the models of real variables. This book pays critical attention to complex variables production in stock market modeling, modeling illegal economy, time series forecasting, complex auto-aggressive models, and economic dynamics modeling. Very little has been published on this topic and its applications within the fields of economics and finance, and this volume appeals to graduate-level students studying economics, academic researchers in economics and finance, and economists. |
| absolute value in economics: Principles of Economics in Context Neva Goodwin, Jonathan M. Harris, Julie A. Nelson, Brian Roach, Mariano Torras, 2015-03-04 Principles of Economics in Context lays out the principles of micro- and macroeconomics in a manner that is thorough, up to date, and relevant to students, attuned to the economic realities of the world around them. It offers engaging treatment of important current topics such as new thinking in behavioral economics, financial instability and market bubbles, debt and deficits, and policy responses to the problems of unemployment, inequality, and environmental sustainability. This new, affordable edition combines the just-released new editions of Microeconomics in Context and Macroeconomics in Context to provide an integrated full-year text covering all aspects of both micro and macro analysis and application, with many up-to-date examples and extensive supporting web resources for instructors and students. Key features include: An eye-opening statistical portrait of the United States; Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; Presentation of policy issues in historical, institutional, social, political, and ethical context--an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; Issues of human well-being, both domestic and global, are given central importance, enriching the topics and analytical tools to which students are introduced; The theme of sustainability--financial, social, and ecological--is thoroughly integrated in the book, with chapters on alternatives to standard GDP measurement, the environment, common property, public goods, and growth and sustainability in the twenty-first century; Full complement of instructor and student support materials online, including test banks and grading through Canvas. |
| absolute value in economics: Principles of Digital Economics Zhiyi Liu, 2022-02-11 This book aims to digital economics as an inter-discipline research area, by integrating economics, philosophy of technology, computer science and sociology. It takes an in-depth look at the history of technology development covering the changes and challenges to the society and thoughts, as it is, which helps readers to understand the logic and operation of the emerging integrated economy. Also a lot of innovation cases in digital transformation of China are presented in this book. |
| absolute value in economics: Economics and Culture C. D. Throsby, 2001 In an increasingly globalised world, economic and cultural imperatives can be seen as two of the most powerful forces shaping human behaviour. This book considers the relationship between economics and culture both as areas of intellectual discourse, and as systems of societal organisation. Adopting a broad definition of culture, it explores the economic dimensions of culture, and the cultural context of economics. The book is built on a foundation of value theory, developing the twin notions of economic and cultural value as underlying principles for integrating the two fields. Ideas of cultural capital and sustainability are discussed, especially as means of analysing the particular problems of cultural heritage, drawing parallels with the treatment of natural capital in ecological economics. The book goes on to discuss the economics of creativity in the production of cultural goods and services; culture in economic development; the cultural industries; and cultural policy. |
| absolute value in economics: Economics and the Interpretation and Application of U.S. and E.U. Antitrust Law Richard S. Markovits, 2014-05-22 This volume (1) defines the specific-anticompetitive-intent, lessening-competition, distorting-competition, and exploitative-abuse tests of illegality promulgated by U.S. and/or E.U. antitrust law, (2) compares the efficiency defenses promulgated by U.S. and E.U. antitrust law, (3) compares the conduct-coverage of the various U.S. and E.U. antitrust laws, (4) defines price competition and quality-or-variety-increasing-investment (QV-investment) competition and explains why they should be analyzed separately, (5) defines the components of individualized-pricing and across-the-board-pricing sellers’ price minus marginal cost gaps and analyses each’s determinants, (6) defines the determinants of the intensity of QV-investment competition and explains how they determine that intensity, (7) demonstrates that definitions of both classical and antitrust markets are inevitably arbitrary, not just at their periphery but comprehensively, (8) criticizes the various protocols for market definition recommended/used by scholars, the U.S. antitrust agencies, the European Commission, and U.S. and E.U. courts, (9) explains that a firm’s economic (market) power or dominance depends on its power over both price and QV investment and demonstrates that, even if markets could be defined non-arbitrarily, a firm’s economic power could not be predicted from its market share, (10) articulates a definition of “oligopolistic conduct” that some economists have implicitly used–conduct whose perpetrator-perceived ex ante profitability depended critically on the perpetrator’s belief that its rivals’ responses would be affected by their belief that it could react to their responses, distinguishes two types of such conduct–contrived and natural–by whether it entails anticompetitive threats and/or offers, explains why this distinction is critical under U.S. but not E.U. antitrust law, analyzes the profitability of each kind of oligopolistic conduct, examines these analyses’ implications for each’s antitrust legality, and criticizes related U.S. and E.U. case-law and doctrine and scholarly positions (e.g., on the evidence that establishes the illegal oligopolistic character of pricing), and (11) executes parallel analyses of predatory conduct--e.g., criticizes various arguments for the inevitable unprofitability of predatory pricing, the various tests that economists/U.S. courts advocate using/use to determine whether pricing is predatory, and two analyses by economists of the conditions under which QV investment and systems rivalry are predatory and examines the conditions under which production-process research, plant-modernization, and long-term full-requirements contracts are predatory. |
| absolute value in economics: Introduction to Estimating Economic Models Atsushi Maki, 2010-12-14 The book's comprehensive coverage on the application of econometric methods to empirical analysis of economic issues is impressive. It uncovers the missing link between textbooks on economic theory and econometrics and highlights the powerful connection between economic theory and empirical analysis perfectly through examples on rigorous experimental design. The use of data sets for estimation derived with the Monte Carlo method helps facilitate the understanding of the role of hypothesis testing applied to economic models. Topics covered in the book are: consumer behavior, producer behavior, market equilibrium, macroeconomic models, qualitative-response models, panel data analysis and time-series analysis. Key econometric models are introduced, specified, estimated and evaluated. The treatment on methods of estimation in econometrics and the discipline of hypothesis testing makes it a must-have for graduate students of economics and econometrics and aids their understanding on how to estimate economic models and evaluate the results in terms of policy implications. |
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