Economics Concept

An Economics Concept is a domain-specific concept for the field of economics.

• • …
• Example(s):
  • an Economic Measure.
  • …
• Counter-Example(s):
  • a Statistics Concept.
  • a Psychology Concept.
• See: Machine Learning Concept, Behavioral Economics.

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References

2014

• (Piketty, 2014) ⇒ Thomas Piketty. (2014). “Capital in the Twenty-First Century." Harvard University Press. ISBN:9780674369559
  • QUOTE: … For example, income, capital, the economic growth rate, and the rate of return on capital are abstract concepts — theoretical constructs rather than mathematical certainties. Yet I will show that these concepts allow us to analyze historical reality in interesting ways, provided that we remain clear-eyed and critical about the limited precision with which we can measure these things. I will also use a few equations, such as [math]\displaystyle{ a = r × ß }[/math] (which says that the share of capital in national income is equal to the product of the return on capital and the capital/income ratio), or [math]\displaystyle{ \beta = s / g }[/math] (which says that the capital/income ratio is equal in the long run to the savings rate divided by the growth rate).

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