If we had to apply the classical model principles to the global economy nowadays, it would be extremely difficult to make such simple assumptions really work. However, classical theorists like Pigou and Say were aware that a capitalist market economy could not...
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A look into central banks’ monetary policies
While the Bank of England is considering the option to limit the borrowing of Britain’s major banks and investors in the Euro zone are wondering how much the inflation rate will continue to drop, it makes more sense than ever to clarify how central banks can influence...
Bank-Based vs. Market-Based Economies
Can We Still Define Banks Nowadays? According to literature in the field, the following definition is widely accepted: “a bank is a financial intermediary that offers loans and deposits, and payment services” (Casu, 2006) However, nowadays banks have diversified the...
Linear Programming in Economics and Business: Graphical Method, Constraints and Simplex Method
In 1947 George Dantzig solved a problem the US Air Force thought was hopeless. A complete guide to linear programming for economics and business: formulation, the graphical method step by step, the corner point theorem, binding vs slack constraints, shadow prices and duality, the simplex method, and Stigler’s diet problem — with worked examples and exam technique.
What is Standard Deviation? Formula, Calculation and Examples
Statistics · VariabilityWhat is Standard Deviation?The most widely used measure of spread — how it works, how to calculate it, and why it matters more than the range.The mean tells you where the centre of your data is — but it tells you nothing about how spread out...
Derivatives in Economics: Marginal Cost, Revenue and Profit with Step-by-Step Calculus Examples
Every time a textbook says “marginal”, it means “derivative”. A complete guide to differentiation in economics: deriving marginal cost and marginal revenue, why MC cuts AC at its minimum, the MR = MC profit maximisation rule and the second-order condition everyone forgets, elasticity as a derivative, and why airlines sell seats below average cost.
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