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In the social sciences an open system is a process that exchanges material, energy, people, capital and information with its environment. French/Greek philosopher Kostas Axelos argued that seeing the "world system" as inherently open (though unified) would solve many of the problems in the social sciences, including that of praxis (the relation ...
Economic efficiency. In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: [citation needed] Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the ...
Exchange economy. Exchange economy is technical term used in microeconomics research to describe interaction between several agents. In the market, the agent is the subject of exchange and the good is the object of exchange. Each agent brings his/her own endowment, and they can exchange products among them based on a price system.
In economics, the "J curve" is the time path of a country’s trade balance following a devaluation or depreciation of its currency, under a certain set of assumptions. A devalued currency means imports are more expensive, and on the assumption that the volumes of imports and exports change little at first, this causes a fall in the current ...
Ecological economics, bioeconomics, ecolonomy, eco-economics, or ecol-econ is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially. [ 1 ] By treating the economy as a subsystem of Earth's larger ...
Imperialism studies. Ecologically or ecological unequal exchange is a concept from ecological economics that builds from the notion of unequal exchange. It considers the inequities hidden in the monetary value of trade flows not only in terms of wages, and quantities of labor but also regarding materials, energy and environmental degradation.
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market.It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, and ...
Stabilization policy attempts to stimulate an economy out of recession or constrain the money supply to prevent excessive inflation. Fiscal policy, often tied to Keynesian economics, uses government spending and taxes to guide the economy. Fiscal stance: The size of the deficit or surplus. Tax policy: The taxes used to collect government income ...