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The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, [1] which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value.
An example in economic policy, economist Anthony Downs concluded that a high income voter ‘votes for whatever party he believes would provide him with the highest utility income from government action’, [19] using rational choice theory to explain people's income as their justification for their preferred tax rate.
In the social sciences, the term "normative" has broadly the same meaning as its usage in philosophy, but may also relate, in a sociological context, to the role of cultural 'norms'; the shared values or institutions that structural functionalists regard as constitutive of the social structure and social cohesion.
In economics, Georgescu-Roegen's work has generated the term 'entropy pessimism'. [105]: 116 Since the 1990s, leading ecological economist and steady-state theorist Herman Daly – a student of Georgescu-Roegen – has been the economics profession's most influential proponent of the entropy pessimism position. [106]: 545f [107]
For example, in the neoclassical growth model, the working population is growing at a rate which is exogenous (determined outside the model, by non-economic forces). In dynamic equilibrium, output and the physical capital stock also grow at that same rate, with output per worker and the capital stock per worker unchanging.
The concept of an open system was formalized within a framework that enabled one to interrelate the theory of the organism, thermodynamics, and evolutionary theory. [1] This concept was expanded upon with the advent of information theory and subsequently systems theory. Today the concept has its applications in the natural and social sciences.
In response to the Economic Calculation Problem proposed by the Austrian School of Economics that disputes the efficiency of a state-run economy, the theory of Market Socialism was developed in the late 1920s and 1930s by economists Fred M. Taylor (1855–1932), Oskar R. Lange (1904–1965), Abba Lerner (1903–1982) et al., combining Marxian ...
In the configuration model, the degree of each vertex is pre-defined, rather than having a probability distribution from which the given degree is chosen. [2] As opposed to the Erdős–Rényi model, the degree sequence of the configuration model is not restricted to have a Poisson distribution, the model allows the user to give the network any desired degree distribution.