(Redirected from economic concept)
- an Economic Measure.
- See: Machine Learning Concept, Behavioral Economics.
- (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]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]\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).