By Julio Segura, Carlos Rodriguez Braun
An Eponymous Dictionary of Economics is an interesting and available reference paintings with complete assurance of the sphere 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 across - has many fascinating positive factors yet just a only a few makes an attempt were made to take on the topic lexicographically in technological know-how and paintings. this can be the 1st eponymous dictionary of economics ever released in any language. There are enormous quantities of eponyms and the typical economist might be familiar with, not to mention be capable of grasp, a comparatively constrained variety of them. The Dictionary fills this void in a viable quantity that describes all proper monetary eponyms. a few infrequent yet attention-grabbing eponyms also are integrated, many entries are cross-referenced and all have a succinct bibliography for additional interpreting. Julio Segura and Carlos Rodríguez Braun have assembled a distinct Dictionary that would be a useful and lots more and plenty welcomed reference publication for monetary reporters, economists and fiscal students in any respect degrees of academe, and in all components of economics and its linked fields.
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Additional info for An eponymous dictionary of economics: a guide to laws and theorems named after economists
William J. 1922) originally formulated the theory in Baumol (1986) and Baumol et al. (1982). Contestable markets theory contends, under certain assumptions, that monopoly and efficiency prices are not so different. The idea is that, assuming the inexistence of barriers to entry, a monopoly firm has no 16 Baumol’s disease other choice than to establish prices as close as possible to efficiency or competitive market prices. Otherwise the monopoly would put in danger its continuity as the only firm in the market.
Fire burns, and water refreshes; heavy bodies descend and lighter substances fly upwards, by the necessity of their own nature; nor was the invisible hand of Jupiter ever apprehended to be employed in those matters’. 10, p. 184), where, in a passage redolent of a philosopher’s distaste for consumerism, Smith stresses the unintended consequences of human actions: The produce of the soil maintains at all times nearly that number of inhabitants which it is capable of maintaining. The rich only select from the heap what is most precious and agreeable.
Though he was not fully aware of it in 1951, Arrow’s analysis of voting systems falls within a centuries-old tradition of authors who discussed the properties of voting systems, including Plinius the Young, Ramón Llull, Borda, Condorcet, Laplace and Dodgson, among others. Arrow added historical notes on some of these authors in his 1963 edition, and the interested reader can find more details on this tradition in McLean and Urken (1995). Each of these authors 7 studied and proposed different methods of voting, but none of them fully acknowledged the pervasive barriers that are so well expressed by Arrow’s theorem: that no method at all can be perfect, because any possible one must violate some of the reasonable requirements imposed by the impossibility theorem.