Steady-state economyA steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.
Constitutive equationIn physics and engineering, a constitutive equation or constitutive relation is a relation between two physical quantities (especially kinetic quantities as related to kinematic quantities) that is specific to a material or substance, and approximates the response of that material to external stimuli, usually as applied fields or forces. They are combined with other equations governing physical laws to solve physical problems; for example in fluid mechanics the flow of a fluid in a pipe, in solid state physics the response of a crystal to an electric field, or in structural analysis, the connection between applied stresses or loads to strains or deformations.
Fluid dynamicsIn physics, physical chemistry and engineering, fluid dynamics is a subdiscipline of fluid mechanics that describes the flow of fluids—liquids and gases. It has several subdisciplines, including aerodynamics (the study of air and other gases in motion) and hydrodynamics (the study of liquids in motion). Fluid dynamics has a wide range of applications, including calculating forces and moments on aircraft, determining the mass flow rate of petroleum through pipelines, predicting weather patterns, understanding nebulae in interstellar space and modelling fission weapon detonation.
ViscoplasticityViscoplasticity is a theory in continuum mechanics that describes the rate-dependent inelastic behavior of solids. Rate-dependence in this context means that the deformation of the material depends on the rate at which loads are applied. The inelastic behavior that is the subject of viscoplasticity is plastic deformation which means that the material undergoes unrecoverable deformations when a load level is reached. Rate-dependent plasticity is important for transient plasticity calculations.
ViscoelasticityIn materials science and continuum mechanics, viscoelasticity is the property of materials that exhibit both viscous and elastic characteristics when undergoing deformation. Viscous materials, like water, resist shear flow and strain linearly with time when a stress is applied. Elastic materials strain when stretched and immediately return to their original state once the stress is removed. Viscoelastic materials have elements of both of these properties and, as such, exhibit time-dependent strain.
UnemploymentUnemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed).
Transient stateA system is said to be transient or in a transient state when a process variable or variables have been changed and the system has not yet reached a steady state. The time taken for the circuit to change from one steady state to another steady state is called the transient time. When a chemical reactor is being brought into operation, the concentrations, temperatures, species compositions, and reaction rates are changing with time until operation reaches its nominal process variables.
ViscosityThe viscosity of a fluid is a measure of its resistance to deformation at a given rate. For liquids, it corresponds to the informal concept of "thickness": for example, syrup has a higher viscosity than water. Viscosity is defined scientifically as a force multiplied by a time divided by an area. Thus its SI units are newton-seconds per square metre, or pascal-seconds. Viscosity quantifies the internal frictional force between adjacent layers of fluid that are in relative motion.
NAIRUNon-accelerating inflation rate of unemployment (NAIRU) is a theoretical level of unemployment below which inflation would be expected to rise. It was first introduced as NIRU (non-inflationary rate of unemployment) by Franco Modigliani and Lucas Papademos in 1975, as an improvement over the "natural rate of unemployment" concept, which was proposed earlier by Milton Friedman. In the United States, estimates of NAIRU typically range between 5 and 6%.
