In an econometrics econometric model economics model , a parameter or variable is said to be endogenous when there is a correlation between the parameter or variable and the error term . Endogeneity can arise as a result of measurement error , autoregression with autocorrelation autocorrelated errors, simultaneity, Omitted variable bias omitted variable s, and sample selection errors. Broadly, a loop of causality between the independent variable independent and dependent variable s of a model leads to endogeneity. For example, in a simple supply and demand model, when predicting the quantity demanded in equilibrium, the price is endogenous because producers change their price in response to demand and consumers change their demand in response to price. In this case, the price variable is said to have total endogeneity once the demand and supply curves are known. In contrast, a change in consumer tastes or preference s would be an exogenous change on the demand curve . Exogeneity vs. Endogeneity In a stochastic model , the notion of the usual exogeneity, sequential exogeneity, strong strict ... In econometrics the problem of endogeneity occurs when the independent variable is correlation ... correction Heckman selection correction . Static Models The following are some common sources of endogeneity. Omitted Variable see Omitted variable bias In this case, the endogeneity comes from an uncontrolled ..., does not cause endogeneity though it does increase the variance of the error term . Dynamic Models The endogeneity problem is particularly relevant in the context of time series analysis of causal ... i gamma 2 y i v i math We can show that estimating either equation results in endogeneity. In the case ... at estimating either structural equation will be hampered by endogeneity. See also Virtuous circle and vicious circle Heterogeneity Endogenous money Endogeneity An inconvenient truth Podcast with Prof ... Category Statistical terminology Category Economics terminology Category Economics models de ... more details
Hatnote This article is about the social science. For other uses, see Economics disambiguation . Outline Outline of economics pp semi small yes Economics sidebar Economics is the Social sciences social science that analyzes the Production theory basics production , Distribution economics distribution , and Consumption economics consumption of Good economics and accounting goods and Service economics services . The term economics comes from the Ancient Greek lang grc wikt lang ..., but economists in the latter 19th century suggested economics as a shorter term for economic ... Marshall 1879 . The Economics of Industry , Macmillan, p. http books.google.com books?id wFc4yr9xfqAC ... A focus of the subject is how Agent economics economic agents behave or interact and how economy ... positive economics describing what is and normative economics advocating what ought to be between economic theory and applied economics between Rational choice theory rational and behavioral economics and between mainstream economics more orthodox dealing with the rationality individualism equilibrium nexus and heterodox economics more radical dealing with the institutions history social structure nexus . ref Davis, John B. 2006 . Heterodox Economics, the Fragmentation of the Mainstream, and Embedded Individual Analysis , in Future Directions in Heterodox Economics . Ann Arbor University of Michigan Press. ref Economic analysis may be applied throughout society, as in business economics business , financial economics finance , Health economics health care , and government, but also to such diverse ... LIBRARY Enc Crime.html Crime, The Concise Encyclopedia of Economics. . Retrieved October 21, 2007. ref education economics education , ref The World Bank 2007 . http go.worldbank.org 78EK1G87M0 Economics of Education. . Retrieved October 21, 2007. ref the Family economics family , Law and economics law , public choice politics , Economics of religion religion , ref Iannaccone, Laurence R. 1998 . Introduction ... more details
In economics a shock is an unexpected or unpredictable event that affects an economy, either positively or negatively. Technically, it refers to an unpredictable change in exogenous factors that is, factors unexplained by economics which may have an impact on Endogeneityeconomics endogenous economic variables. The response of economic variables, like GDP output and employment , at the time of the shock and at subsequent times, is called an impulse response function . ref Helmut L tkepohl 2008 , Impulse response function . The New Palgrave Dictionary of Economics , 2nd. ed. ref Types of shocks If the shock is due to constrained supply it is called a supply shock and usually results in price increases for a particular product. A technology shock is the kind resulting from a technological development that affects productivity . Shocks can also be produced when accident s or disaster s occur. The 2008 Western Australian gas crisis resulting from a pipeline explosion at Varanus Island is one example. In the context of microeconomics shocks are also studied at the household level such as health, income, and consumption shocks. For example, in development microeconomics the relationship between household income shocks and household levels of consumption are studied to understand a household s ability to insure itself testing the full insurance hypothesis . See also portal Economics Impulse response function Vector autoregression Dynamic stochastic general equilibrium Exogenous Supply shock Demand shock Oil crisis Shock therapy economics Shock therapy Social risk management References reflist Refimprove date July 2008 Category Economics terminology Category Information, knowledge, and uncertainty economic term stub de Schock Volkswirtschaftslehre ja nl Schok economie ... more details
saved book title Economics subtitle cover image Supply demand right shift demand.svg cover color LightGrey Economics Main article Economics History of economic thought History of economic thought Schools of economic thought Classical economics Marxian economics Neoclassical economics Keynesian economics Post Keynesian economics Chicago school of economics Microeconomics Microeconomics Production possibility frontier Opportunity cost Production theory basics Division of labour Comparative advantage Gains from trade Supply and demand Market failure Government failure Information economics Environmental economics Agricultural economics Theory of the firm Industrial organization Labour economics Financial economics Business economics Managerial economics Public economics Public finance Welfare economics factors of production Macroeconomics Macroeconomics Economic growth Gross domestic product General equilibrium theory Circular flow of income Aggregate supply Aggregate demand Great Depression Unemployment Inflation Monetary policy Money Quantity theory of money History of money Fiscal policy Government spending Regulation National accounts International economics International economics Economic system Economics in practice Mathematical economics Economic methodology Econometrics Game theory Economist Economics and other subjects Law and economics Philosophy and economics Natural resource economics Thermoeconomics Category Wikipedia books on economicsEconomics ... more details
wiktionary economicsEconomics is the social science that studies the production, distribution, and consumption of goods and services. Economics may also refer to Economics textbook Economics textbook , an influential and well known introductory economics textbook by American economist Paul Samuelson and later, also with William Nordhaus Economics Aristotle Economics Aristotle sometimes referred to as The Economics , a work traditionally ascribed to Aristotle disambig pl Ekonomia ujednoznacznienie ... more details
Health Economics is a journal published by John Wiley & Sons , covering the subject of health economics . It was established in 1992, and is published monthly. See also Health economics Journal of Health Economics List of scholarly journals in economics External links http www3.interscience.wiley.com cgi bin jhome 5749 Health Economics at Wiley Interscience Category Economics journals Category Health economics Category Public health journals Category Publications established in 1992 health mag stub ... more details
Unreferenced date December 2009 Orphan date August 2008 In economics , entry into a market means becoming a supplier of good economics goods or services. Monopolies have an incentive to create barriers to entry . DEFAULTSORT Entry Economics Category Wholesale markets Econ stub ... more details
Infobox Journal cover File Economics Letters.gif discipline Economics abbreviation publisher Elsevier country Netherlands frequency Monthly history 1978 present openaccess website http www.elsevier.com locate ecolet ISSN 0165 1765 Economics Letters is a scholarly peer reviewed journal of economics that publishes concise communications letters that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research. Published by Elsevier . The current editor of the journal is Eric Maskin . Category Economics journals Category Elsevier academic journals Category Publications established in 1978 Category English language journals Category Monthly journals Economics stub socialscience journal stub de Economics Letters ru Economics Letters ... more details
New Economics may refer to New classical macroeconomics New Keynesian economics disambig Long comment to avoid being listed on short pages ... more details
unreferenced date February 2011 Infobox Journal title Economics Bulletin discipline Economics publisher country USA history 2001 openaccess immediate website http www.economicsbulletin.com ISSN 1545 2921 OCLC 49242773 Economics Bulletin is a scholarly peer reviewed Open access journal open access journal of economics that publishes concise notes, comments, and preliminary results in all areas of economics. The journal s mission is to provide free and rapid scientific communication. The journal was founded in 2001 by Myrna Wooders . The current when date February 2011 editor is John P. Conley . Category Economics journals Category Open access journals Economics stub socialscience journal stub de Economics Bulletin ... more details
, Money Supply Endogeneity, and Business Cycles, Journal of Monetary Economics , 37 2 , pp. 345 ...Economics sidebar Monetary economics is a branch of economics that historically prefigured and remains ... article?id pde2008 M000370&q macroeconomics&topicid &result number 1 abstract and monetary economics ... 20&topicid &result number 1 abstract , The New Palgrave Dictionary of Economics . 2nd Edition. br ..., Moral, Political, and Literary . Reprinted in Hume, 1955, Writings on Economics , Eugene Rotwein ... Table of Contents. br Thomas Mayer , 1980. David Hume and Monetarism, Quarterly Journal of Economics ... Journal of Economics , 32 1 , pp. http www.jstor.org pss 1885078 38 65. Reprinted in part in A.C. Pigou 1924 , Essays in Applied Economics , pp. http books.google.com books?id FXU40tmugnIC&pg ... Was, Canadian Journal of Economics , 1 1 , pp. 1 15, & Collected Scientific Papers , 1972, v. III ... Clower, 1969b. What Traditional Monetary Theory Really Wasn t, Canadian Journal of Economics . 2 ... Age of the Quantity Theory The Development of Neoclassical Monetary Economics, 1870 1914 . Princeton ... mi qa5421 is n4 v60 ai n28638753 review. br Bennett T. McCallum , 1989. Monetary Economics Theory and Policy . Macmillan. http www.scribd.com doc 54703339 Monetary Economics Theory and Policy ..., 2007 2. Monetary Economics, NBER Reporter , pp. http www.nber.org reporter 2007number2 2007number2.pdf ... and monetary economics JEL E Subcategories . ref Monetary economics provides a framework for analyzing ... , v. 2, pp. 770 79 & in 2008, The New Palgrave Dictionary of Economics . 2nd Edition. http www.dictionaryofeconomics.com ... in Economics , v. 4, pp. http books.google.com books?id BIWEt8hRH2kC&pg PA699&lpg PA699&dq &ots ... Review , 51 2 , pp. http www.jstor.org pss 1914465 26 37. Reprinted in Tobin, 1987, Essays in Economics ... 54. br , 1993. A Search Theoretic Approach to Monetary Economics, American Economic Review ... V. Thakor, and Arnoud W.A. Boot, 1998. The Economics of Bank Regulation, Journal of Money, Credit ... more details
Distinguish Education economicsEconomics education or economic education is a field within economics that focuses on two main themes 1 the current state of, and efforts to improve, the economics curriculum, materials and pedagogical techniques used to teach economics at all educational levels and 2 research into the effectiveness of alternative instructional techniques in economics, the level of economic ... Abstract. ref ref http www.economicsnetwork.ac.uk cheer Computers in Higher Education Economics Review ref Economics education is distinct from economics of education , which focuses on the economics of the institution of education. Numerous organizations devote resources toward economics education. In the United States, organizations whose primary purpose is the advancement of economics education ..., the Foundation for Teaching Economics and Junior Achievement . The U.S. National Center for Research in Economic Education is a resource for research and Educational assessment assessment in economics education. Among broader U.S. organizations that devote significant resources toward economics education is the Federal Reserve System . In the United Kingdom there is The Economics Network, a government funded national project to support economics education in Higher education contexts, and the non profit Economics & Business Education Association EBEA for secondary education . Journals devoted to the topic of economics education include the Journal of Economic Education , ref http www.indiana.edu econed Journal of Economic Education ref International Review of Economics Education , ref http www.economicsnetwork.ac.uk iree International Review of Economics Education ref Australasian Journal of Economics Education , ref http www.uq.edu.au economics ajee Australasian Journal of Economics Education ref and Computers in Higher Education Economics Review . See also Education economics Simulations and games in economics education References reflist External links http www.economicsnetwork.ac.uk ... more details
Positive economics as opposed to normative economics is the branch of economics that concerns the description and explanation of economic phenomena. ref name Wong Stanley Wong 1987 . positive economics, The New Palgrave A Dictionary of Economics , v. 3, pp. 920 21 ref It focuses on facts and cause and effect behavioral relationships and includes the development and testing of economic theory economics theories . ref Richard Lipsey Richard G. Lipsey 2008 . positive economics. The New Palgrave Dictionary of Economics . Second Edition. http www.dictionaryofeconomics.com article?id pde2008 P000130&q positive 20economics&topicid &result number 1 Abstract. ref Earlier terms were value free economics and its German language German counterpart wertfrei economics. Positive economics as science , concerns ... of Economic Science . ref A standard theoretical statement of positive economics as Falsifiability ... economics as such avoids economic Value theory value judgements. For example, a positive economic ... instruction on what policy ought to be followed. Still, positive economics is commonly deemed necessary ... economics . Positive economics is sometimes defined as the economics of what is , whereas normative economics discusses what ought to be . The distinction was exposited by John Neville Keynes ... in Positive Economics essay . ref Milton Friedman 1953 . Essays in Positive Economics The Methodology of Positive Economics The Methodology of Positive Economics , Essays in Positive Economics . ref .... Such debates are reflected in discussion of positive science and specifically in economics, where critics, such as Gunnar Myrdal 1954 dispute the idea that economics can be completely neutral and agenda free. Positive economics usually answers the question why . To illustrate, an example of a positive ... on facts. See also MultiCol Normative economics Philosophy of economics Consumer theory ColBreak Production possibilities frontier Supply and demand Distribution economics ColBreak Economic methodology ... more details
unreferenced date September 2009 Mineral economics is the study of the business and economic aspects of natural resource extraction and use. Mineral economics involves studying topics in economic and financial analysis that are developed to meet the special needs of the natural resource industries. All participants in the industry use mineral economics, including national and local governments, corporations, banks and financial companies, and consulting firms. See also Economic geology Category Mining engineering Category Mineral economics ... more details
Orphan date February 2009 Cleanup date February 2008 Recursive economics is a branch of modern economics based on highly complex mathematical function . The mathematical model model s are based on dynamical system dynamic differential equation s. This approach has been popularised by Robert Lucas, Jr. and Edward Prescott . Books Recursive Methods in Economic Dynamics by Nancy L. Stokey, Robert E. Lucas, Jr., Edward C. Prescott, Harvard 1989 economics stub Category Mathematical economics ... more details
Economics sidebar Orphan date February 2011 In economics, a trough is a low turning point or a Maxima and minima local minimum of a business cycle . The time evolution of many parameters of economics exhibit a wave like behavior with local maxima peaks followed by local minima troughs . A business cycle may be defined as the period between two consecutive peaks. DEFAULTSORT Trough Economics Category Business cycle Business stub ... more details
Orphan date September 2011 Folk economics is the intuitive economics of Training untrained people. ref cite journal last Rubin first Paul H. title Folk Economics journal Southern Economic Journal year 2003 month July volume 70 issue 1 pages 157 171 jstor 1061637 ref References reflist Category Economics terminology economy stub ... more details
The following outline is provided as an overview of and topical guide to economicsEconomics &ndash analyzes the Production theory basics production , Distribution economics distribution , and Consumption economics consumption of Good economics and accounting goods and Service economics services . It aims to explain how economy economies work and how economic Agent economics agents interact. Nature of economicsEconomics can be described as all of the following Academic discipline &ndash body of knowledge ... science &ndash field of academic scholarship that explores aspects of human society. Essence of economics Business Economy Finance Trade Branches of economics Subdisciplines of economics Attention economics Behavioural economics Bioeconomics biophysical Bioeconomics Contract theory Development economics Econometrics Economic geography Economic history Economic sociology Education economics Energy economics Entrepreneurial economics Environmental economics Feminist economics Financial economics Green economics Industrial organization Information economics International economics Institutional economics Labor economics Law and economics Managerial economics Mathematical economics Monetary economics Public finance Public economics Real estate economics Regional science Resource economics Socialist economics Welfare economics Methodologies or approaches Behavioural economics Computational economics Econometrics Evolutionary economics Experimental economics Praxeology used by the Austrian School Social psychology Multidisciplinary fields involving economics Constitutional economics Econophysics Neuroeconomics Political economy Socioeconomics Thermoeconomics Transport economicsEconomics ... Economy of Asia in topic Economy of Economy of Europe Oceania in topic Economy of History of economics Main History of economic thought Ancient economic thought Economics of classical antiquity Aristotle Nicomachean Ethics Economics in the Middle Ages Feudalism and Manorialism Economics of the Renaissance ... more details
Transformative economics is an alternative theory of socio economics . Transformative economics was derived from Progressive Utilization Theory PROUT a social philosophy developed by India n philosopher Prabhat Ranjan Sarkar in 1959. Proponents of this theory view capitalism traditional capitalism as a system that treats Human nature humanity as an input labour and cost wages , with the result being the accumulation of Capital economics capital . Transformative economics attempts to reverse this and make the outputs of the economic system work for humanity, by placing environmental and local community needs at the foundation of economics. External links http www.prout.org Proutist Universal http www.worldproutassembly.org World Prout Assembly econ stub Category Economic ideologies ... more details
Economics of participation is an umbrella term spanning the economic analysis of worker cooperative s, labor managed firm s, profit sharing , gain sharing , employee ownership , ESOP s, works councils , codetermination , and other programs and policies by which employees participate in decision making and or financial results in firms. Relevant Scholarly Organizations and Journals Journals and other publications Economic and Industrial Democracy Annals of Public and Cooperative Economics Journal of Comparative Economics Economic Analysis Journal Advances in the Economic Analysis of Participatory and Labor Managed Firms Scholarly associations International Association for the Economics of Participation Contributing Scholars David Ellerman Derek C. Jones James Meade Jaroslav Vanek External links http ocean.st.usm.edu w300388 International Association for the Economics of Participation IAFEP website Category Economics terminology econ stub ... more details
Expert subject Economics date February 2009 Consumer economics is a branch of economics . It is a broad field, principally concerned with microeconomics microeconomic analysis behavior in units of consumer s, family families , or individuals in contrast to traditional economics, which primarily government or business units . It sometimes also encompasses family financial planning and policy analysis. The term largely describes what was more commonly called home economics in the past. Consumer Economics differs from Economics in general. Consumer Economics has a multidisciplinary character. Cochrane and Bell in their definition described it as the study of decision making by households with respect to the choice of goods and services used in living together with the relationships growing out of, and the activities surrounding, that decision making. History Consumer economics has its roots in pre World War academia. The traditional economists had little interest in analyzing family units. When economic theory was insufficient to explain the phemonemon of women starting to enter the labor force en masse , consumer economics both gained attention and received important contributions from economic theorists. Major theoretical cornerstones include Gary Becker s Household Production Model, time allocation models and Stigler s information search theory. Consumer economics concludes the family unit economists were strongly influenced by the most recent consumer era which was the Modern Consumer Movement of the 1970s. The connection between Consumer Economics and consumer related politics has been overt, Fact date May 2007 although the strength of the connection varies between Universities and individuals. Many facets of Consumer economics are measured regularly by the Federal Reserve System and the Bureau of Economic Analysis and are available for the public. A number of indicators ... Economics University of Georgia Category Household behavior and family economics fr conomie domestique ... more details
The economics of language is an emerging field of study concerning a range of topics such as the effect of language on Cultural economics culture , income, markets for language related goods and services, and the costs and benefits of language planning options, preservation of minority languages, etc. ref Edward P. Lazear 1999 . Culture and Language, Journal of Political Economy , 107 6 , Part 2, p http www.jstor.org pss 2990748 p. S95 S126. Complete http www.nber.org papers w5249.pdf abstract. ref ref http www.jstor.org pss 1601229 Grin, Fran ois. 1994. The Economics of Language Match or Mismatch? International Political Science Review 15 1 25 42 ref It is relevant to analysis of language policy . Selected readings http www.pch.gc.ca progs lo ol perspectives english explorer index.html Breton, Albert, ed. 2000. Exploring the Economics of Language . Ottawa Official Languages Support Program, Canadian Heritage. http www.routledgelanguages.com books The Economics of Language isbn9780415771818 Chiswick, Barry R., and Paul W. Miller. 2007. The Economics of Language International Analyses . Routledge. http www1.worldbank.org wbiep decentralization library12 grin.htm Grin, Fran ois, and Fran ois Vaillancourt. n.d. The Economics of Multilingualism Overview of the Literature and Analytical Framework http www.e elgar economics.com Bookentry DESCRIPTION.lasso?id 2520 Lamberton, Donald M., ed. 2002. The Economics of Language . Cheltenham, UK E. Elgar Pub. See also Language tax References Reflist Category Languages Category Cultural economics Language, Economics of econ stub lang stub ... more details
The pluralism in economics movement is a campaign to eliminate monism in economics. The movement s adherents have stated that substantive and methodological monism currently dominates mainstream economics . In the past, economics had greater scientific pluralism , according to Dalen. ref name dalen cite journal author Hendrik P. Dalen title Pluralism in Economics A Public Good or a Public Bad? version ... name paecon cite web last first authorlink coauthors title Policy Implications of Post Autistic Economics work publisher Post Autistic Economics Network date 2006 10 09 url http www.paecon.net PolicyImplications.htm ... ref A confederation for pluralism has encouraged the inclusion of a wide variety of Neoclassical economics neoclassical and heterodox economics heterodox economic theories including Austrian economics Austrian , feminist economics feminist , Marxian economics Marxian , institutional economics institutional , social, and evolutionary economics , stating that each tradition of thought adds something ... title ICAPE home work publisher International Confederation of Associations for Pluralism in Economics ... Economic Review . This petition described itself as a plea for a pluralistic and rigorous economics Citation needed date June 2007 . Many critics of mainstream economics began to describe themselves as proponents ... of Associations for Reform in Economics ICARE . ref name icapehist cite web last first authorlink ... in Economics date url http www.icape.org history.htm doi accessdate 2007 05 25 ref Later, French students announced a post autistic economics movement. A rebellion of students at the cole Normale ..., not all critics of mainstream economics favored pluralistic practice, often calling for reform instead ... dedicated to the movement for pluralism in economics are http www.icape.org The International Confederation of Associations for Pluralism in Economics ICAPE ... seeks to foster intellectual pluralism ... icapehist http www.open.ac.uk socialsciences hetecon The Association for Heterodox Economics themes ... more details
Economics sidebar Agricultural economics originally applied the principles of economics to the production of crops and livestock a discipline known as agronomics. Agronomics was a branch of economics that specifically ... scope of the discipline is much broader. Agricultural economics today includes a variety of applied areas, having considerable overlap with conventional economics. ref Karl A. Fox 1987 . agricultural economics, The New Palgrave A Dictionary of Economics , v. 1, pp. 55 62. ref ref B.L. Gardner 2001 , Agriculture, Economics of, International Encyclopedia of the Social & Behavioral Sciences ... Abstract & outline. ref ref C. Ford Runge 2008 . agricultural economics, The New Palgrave Dictionary of Economics , 2nd Ed., http www.dictionaryofeconomics.com article?id pde2008 A000243&q agricultural 20&topicid &result number 4 Abstract. ref Origins Economics is the study of resource ... of agricultural economics can be traced out to works on land economics. Henry Charles Taylor was the greatest contributor with the establishment of the Department of Agricultural Economics at Wisconsin in 1909. ref cite web title The Story of The Department of Agricultural Economics 1909 1972 ... 2009 09 17 ref Another contributor, Theodore Schultz was among the first to examine development economics ... instrumental in establishing econometrics as a tool for use in analyzing agricultural economics ... Journal of Farm Economics volume 38 issue 3 pages 748 762 jstor 1234459 ref Development One scholar summarizes the development of agricultural economics as follows Agricultural economics arose in the late ... throughout the 20th century largely as an empirical branch of general economics. The discipline ..., Agricultural Economics A Brief Intellectual History, page 1 abstract , University of Minnesota Working ... economists have made many well known contributions to the economics field with such models as the cobweb ... Theorem jstor 1881734 journal Quarterly Journal of Economics volume 52 issue 2 pages 255 80 ref ... more details
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