By Julio Segura, Carlos Rodriguez Braun
An Eponymous Dictionary of Economics is an engaging and available reference paintings with accomplished insurance of the sector 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 attention-grabbing gains yet just a only a few makes an attempt were made to take on the topic lexicographically in technology and paintings. this can be the 1st eponymous dictionary of economics ever released in any language. There are countless numbers of eponyms and the typical economist might be accustomed to, not to mention be capable to grasp, a comparatively constrained variety of them. The Dictionary fills this void in a workable quantity that describes all suitable financial eponyms. a few infrequent yet fascinating eponyms also are integrated, many entries are cross-referenced and all have a succinct bibliography for additional analyzing. Julio Segura and Carlos Rodríguez Braun have assembled a distinct Dictionary that might be a useful and masses welcomed reference booklet for monetary newshounds, economists and financial students in any respect degrees of academe, and in all components of economics and its linked fields.
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Additional resources for An Eponymous Dictionary Of Economics: A Guide To Laws And Theorems Named After Economists (Elgar Original Reference)
And J. Tobin (1989), ‘The optimal cash balance proposition: Maurice Allais’ priority’, Journal of Economic Literature, XXVII, 1160–62. Tobin J. (1956), ‘The interest-elasticity of transactions demand for cash’, Review of Economics and Statistics, 38, 241–7. See also: Hicks–Hansen model, Keynes’s demand for money. observe the output of a production process and consider three events: the product is of high quality (B), medium quality (C) or low quality (D). The likelihood of these events depends on an unknown set of causes which we assume are exclusive and exhaustive; that is, one and only one of them must occur.
For instance, we The theorem states that the posterior probabilities are proportional to the product of the prior probabilities, p(Ai), and the likelihood of the observed event given the cause, p(B | Ai). This theorem is the main tool of the socalled ‘Bayesian inference’. In this paradigm Bayesian–Nash equilibrium all the unknown quantities in an inference problem are random variables with some probability distribution and the inference about the variable of interest is made by using this theorem as follows.
Thus the last paragraph of Arrow’s paper reads as follows: ‘It has been assumed that learning takes place only as a by-product of ordinary production. In fact, society has created institutions, education and research, whose purpose is to enable learning to take place more rapidly. ’ Indeed, this is precisely what more recent growth literature has been doing. J. (1962), ‘The economics implications of learning by doing’, Review of Economic Studies, 29 (3), 155–73. J. 1921, Nobel Prize 1972) and G.