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Questions about how economic terms, quantities, or ideas can be defined.

1
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My advice would to be to keep clearly separate the very specific concept of "Pareto efficiency" (which is presented in @BB King's answer and which is implied by the passage the OP quoted), with the mo …
answered May 27 '16 by Alecos Papadopoulos
1
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other way. What I am writing here is what is its historically established definition in Economics. Is it a "reasonable" definition? It is, if one realizes that it essentially respects the …
answered Mar 10 '18 by Alecos Papadopoulos
3
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Consider a production function $$y = F(A,K,L)$$ where $A$ represent "technology" (in the broad sense including for example also organizational technology), $K$ is capital and $L$ is labor (again bot …
answered Jan 14 '16 by Alecos Papadopoulos
1
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"Normal" in this context means "trend" (usually a simple linear trend, but in principle could be a non-linear trend by using for example the Hodrick-Prescott filter device). Decompose output $Y_t = T …
answered Jun 11 '17 by Alecos Papadopoulos
2
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At the abstract level, this phenomenon is covered by the concept of "Technological Change", which, in Economics, does not have a strict/narrow "Engineering" interpretation: here, "Technology" is not o …
answered Jul 20 '15 by Alecos Papadopoulos