Convergence (economics)The idea of convergence in economics (also sometimes known as the catch-up effect) is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies. In the Solow-Swan growth model, economic growth is driven by the accumulation of physical capital until this optimum level of capital per worker, which is the "steady state" is reached, where output, consumption and capital are constant. The model predicts more rapid growth when the level of physical capital per capita is low, something often referred to as “catch up” growth.
SphereA sphere () is a geometrical object that is a three-dimensional analogue to a two-dimensional circle. Formally, a sphere is the set of points that are all at the same distance r from a given point in three-dimensional space. That given point is the centre of the sphere, and r is the sphere's radius. The earliest known mentions of spheres appear in the work of the ancient Greek mathematicians. The sphere is a fundamental object in many fields of mathematics. Spheres and nearly-spherical shapes also appear in nature and industry.
Evolutionary economicsEvolutionary economics is a school of economic thought that is inspired by evolutionary biology. Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited rationality as the drivers of economic evolution.
Economy of TaiwanThe economy of Taiwan is a highly developed market economy. It is the 5th largest in Asia and 17th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. Taiwan is notable for its rapid economic development to a developed, high-income country. This economic growth has been described as the Taiwan Miracle. It is gauged in the high-income economies group by the World Bank. Taiwan is one of the most technologically advanced computer microchip makers in the world.
The Nature of the Firm"The Nature of the Firm" (1937) is an article by Ronald Coase. It offered an economic explanation of why individuals choose to form partnerships, companies, and other business entities rather than trading bilaterally through contracts on a market. The author was awarded the Nobel Memorial Prize in Economic Sciences in 1991 in part due to this paper. Despite the honor, the paper was written when Coase was an undergraduate and he described it later in life as "little more than an undergraduate essay.
Celestial spheresThe celestial spheres, or celestial orbs, were the fundamental entities of the cosmological models developed by Plato, Eudoxus, Aristotle, Ptolemy, Copernicus, and others. In these celestial models, the apparent motions of the fixed stars and planets are accounted for by treating them as embedded in rotating spheres made of an aetherial, transparent fifth element (quintessence), like gems set in orbs. Since it was believed that the fixed stars did not change their positions relative to one another, it was argued that they must be on the surface of a single starry sphere.
Law and economicsLaw and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law, which emerged primarily from scholars of the Chicago school of economics. Economic concepts are used to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal rules will be promulgated.
Dandelin spheresIn geometry, the Dandelin spheres are one or two spheres that are tangent both to a plane and to a cone that intersects the plane. The intersection of the cone and the plane is a conic section, and the point at which either sphere touches the plane is a focus of the conic section, so the Dandelin spheres are also sometimes called focal spheres. The Dandelin spheres were discovered in 1822. They are named in honor of the French mathematician Germinal Pierre Dandelin, though Adolphe Quetelet is sometimes given partial credit as well.
Individual capitalIndividual capital, the economic view of talent, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership. Individual talent and initiative was recognized as an intangible quality of persons in economics back to at least Adam Smith.
Promotion (marketing)In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand or issue, most of the time persuasive in nature. It helps marketers to create a distinctive place in customers' mind, it can be either a cognitive or emotional route. The aim of promotion is to increase brand awareness, create interest, generate sales or create brand loyalty. It is one of the basic elements of the market mix, which includes the four Ps, i.
