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Classical & Trade Economic Theory

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Abstractions that formalize classical economic theory and international development, covering production and demand fundamentals (law of demand, household production function, marginal demand), growth and trade models (industrialization, Jones model, trade globalization), and monetary or welfare concepts like metallism.

20 abstractions in this family — domain-specific abstractions that sit near one another in structural-signature space (k-means over structural-signature embeddings). Each is shown with its short description.

  • Conjectural variation — In oligopoly theory, conjectural variation is the belief that one firm has an idea about the way its competitors may react if it varies its output or price.
  • Economic democracy — Economic democracy (sometimes called a democratic economy ) is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers (such as a board of directors) to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public.
  • Generalized Ozaki cost function — In economics the generalized-Ozaki (GO) cost function is a general description of the cost of production proposed by Shinichiro Nakamura.
  • Habakkuk Thesis — The Habakkuk thesis, proposed and named after British economist Sir John Habakkuk, is a theory that land abundance and labor scarcity in antebellum America led to high wages, which resulted in effective searches for labor-saving technological innovations.
  • Household production function — A household production function models how households combine purchased commodities with time and skills to produce the services or final goods from which they derive utility.
  • Industrialization — Industrialisation (UK) or industrialization (US) is "the period of social and economic change that transforms a human group from an agrarian and feudal society into an industrial society.
  • Inframarginal analysis — Inframarginal analysis compares discrete specialization and organizational configurations, solves the local optimum within each feasible corner, and then selects the best configuration including transaction costs.
  • International trade — International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or demand for goods or services.
  • Jones model — The Jones model (also known as the semi-endogenous growth model) is a growth model developed in 1995 by economist Charles I.
  • Law of Demand — In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded.
  • Law of increasing costs — In economics, the law of increasing costs is a principle that states that to produce an increasing amount of a good a supplier must give up greater and greater amounts of another good.
  • Marginal demand — Marginal demand in economics is the change in demand for a product or service in response to a specific change in its price.
  • Metallism — Metallism is the economic principle that the value of money derives from the purchasing power of the commodity upon which it is based.
  • Periphery countries — In world-systems theory, periphery countries are those that are less developed than the semi-periphery and core countries.
  • Rosenfeld's law — Rosenfeld's law is an axiom relating physics to economics, that states that the amount of energy required to produce one dollar of GDP has decreased by about one percent per year since 1845.
  • Scarcity value — Scarcity value is an economic factor describing the increase in an item's relative price by a low supply.
  • Tocqueville Effect — The Tocqueville effect (also known as the Tocqueville paradox) is the phenomenon in which, as social conditions and opportunities improve, social frustration grows more quickly.
  • Trade globalization — Trade globalization is a type of economic globalization and a measure (economic indicator) of economic integration.
  • Welfare Cost of Inflation — In macroeconomics, the welfare cost of inflation comprises the changes in social welfare caused by inflation.
  • Wicksell's theory of capital — Named after Swedish economist Knut Wicksell (1851-1926), Wicksell's theory of capital examines factor prices as derived from the value of the marginal product.