Agent-based computational economicsAgent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents. As such, it falls in the paradigm of complex adaptive systems. In corresponding agent-based models, the "agents" are "computational objects modeled as interacting according to rules" over space and time, not real people. The rules are formulated to model behavior and social interactions based on incentives and information.
Dynamical systems theoryDynamical systems theory is an area of mathematics used to describe the behavior of complex dynamical systems, usually by employing differential equations or difference equations. When differential equations are employed, the theory is called continuous dynamical systems. From a physical point of view, continuous dynamical systems is a generalization of classical mechanics, a generalization where the equations of motion are postulated directly and are not constrained to be Euler–Lagrange equations of a least action principle.
Stock and flowEconomics, business, accounting, and related fields often distinguish between quantities that are stocks and those that are flows. These differ in their units of measurement. A stock is measured at one specific time, and represents a quantity existing at that point in time (say, December 31, 2004), which may have accumulated in the past. A flow variable is measured over an interval of time. Therefore, a flow would be measured per unit of time (say a year). Flow is roughly analogous to rate or speed in this sense.
Council houseA council house (also ‘corporation house’) or council flat is a form of British public housing built by local authorities. A council estate is a building complex containing a number of council houses and other amenities like schools and shops. Construction took place mainly from 1919 after the Housing Act 1919 to the 1980s, with much less council housing built since then. There were local design variations, but they all adhered to local authority building standards.
London Stock ExchangeLondon Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. the total market value of all companies trading on the LSE stood at $3.18 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. Since 2007, it has been part of the London Stock Exchange Group (LSEG ()). The LSE was the most-valued stock exchange in Europe from 2003 when records began until Autumn 2022, when the Paris exchange overtook it.
EmergentismEmergentism is the belief in emergence, particularly as it involves consciousness and the philosophy of mind. A property of a system is said to be emergent if it is a new outcome of some other properties of the system and their interaction, while it is itself different from them. Within the philosophy of science, emergentism is analyzed both as it contrasts with and parallels reductionism. Emergentism can be compatible with physicalism, the theory that the universe is composed exclusively of physical entities, and in particular with the evidence relating changes in the brain with changes in mental functioning.
Public propertyPublic property is property that is dedicated to public use. The term may be used either to describe the use to which the property is put, or to describe the character of its ownership (owned collectively by the population of a state). This is in contrast to private property, owned by an individual person or artificial entities that represent the financial interests of persons, such as corporations. State ownership, also called public ownership, government ownership or state property, are property interests that are vested in the state, rather than an individual or communities.
Resource efficiencyResource efficiency is the maximising of the supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively, with minimum wasted (natural) resource expenses. It means using the Earth's limited resources in a sustainable manner while minimising environmental impact. A 2014 report by The Carbon Trust suggested that resource challenges are intensifying rapidly – for example, there could be a 40% gap between available water supplies and water needs by 2030, and some critical materials could be in short supply as soon as 2016.
