human (link) of SocEcon

organization (link) of SocEcon

money (link) of SocEcon

name::
* McsEngl.SocEcon'att009-money!⇒money,
* McsEngl.SocEcon'money!⇒money,

tech (link) of SocEcon

name::
* McsEngl.SocEcon'att035-tech,
* McsEngl.SocEcon'tech,

producing-organization (link) of Econprdgsys

producing-sector of Econprdgsys

description::
· the-set of all producing-organizations.

name::
* McsEngl.SocEcon'att026-producing-sector!⇒sectorProducing,
* McsEngl.SocEcon'producing-sector!⇒sectorProducing,
* McsEngl.ogznPrdg.aggregate!⇒sectorProducing,
* McsEngl.producing-sector!⇒sectorProducing,
* McsEngl.sectorPrdg!⇒sectorProducing,
* McsEngl.sectorProducing,
* McsEngl.sectorProducing:sectorEcon,

part-tree-of-sectorProducing::
* sector-(any specific),
* public-sector,
* private-sector,

producing-human of Econprdgsys

description::
× Econproducer ≠ Econconsumer. {2024-08-29}
× Econproducer = Econconsumer.

· the-humans of the-producing-system have income and are the-same with the-humans of the-consuming-system.

name::
* McsEngl.Econprdgsys'producer!⇒Econproducer,
* McsEngl.Econproducer!=producer-human-of-economy,
* McsEngl.SocEcon'att037-producer!⇒Econproducer,
* McsEngl.SocEcon'producer!⇒Econproducer,
* McsEngl.producer//Econprdgsys//SocEcon!⇒Econproducer,
* McsEngl.producing-human!⇒Econproducer,

consuming-organization (link) of Econcsmgsys

name::
* McsEngl.Econcsmgsys'att001-household!⇒ogznCsmg,
* McsEngl.Econcsmgsys'household!⇒ogznCsmg,

consuming-sector (link) of Econcsmgsys

consuming-human of Econcsmgsys

description::
× Econconsumer = Sochuman = Econhuman.
× Econconsumer ≠ Econproducer. {2024-08-29}
× Econconsumer = Econproducer.

name::
* McsEngl.Econconsumer!=human-consumer-of-economy,
* McsEngl.Econcsmgsys'att002-consumer!⇒Econconsumer,
* McsEngl.Econcsmgsys'consumer!⇒Econconsumer,
* McsEngl.Econcsmr!⇒Econconsumer,
* McsEngl.SocEcon'att046-consumer!⇒Econconsumer,
* McsEngl.consumer!⇒Econconsumer,
* McsEngl.consuming-human!⇒Econconsumer,
* McsEngl.csmr!⇒Econconsumer,
====== langoGreek:
* McsElln.καταναλωτής!ο!=Econconsumer,

market of Econfin

description::
"Financial markets are platforms where people trade financial securities, commodities, and other fungible items at low transaction costs and at prices that reflect supply and demand. Here are the main types of financial markets:
### 1. **Capital Markets**
- **Stock Market (Equity Market)**: Where shares of publicly traded companies are issued and traded. Investors can buy stocks, which represent ownership in a company.
- **Bond Market (Debt Market)**: Where organizations (including governments) can raise funds by issuing bonds, which are essentially loans from investors to the issuer. This includes:
- **Government Bond Market**: Bonds issued by national governments.
- **Corporate Bond Market**: Bonds issued by corporations.
### 2. **Money Markets**
- These markets deal with short-term, high-quality debt instruments (typically less than one year). Examples include:
- Treasury Bills (T-Bills)
- Commercial Paper
- Certificates of Deposit (CDs)
- Repurchase Agreements (Repos)
### 3. **Forex (Foreign Exchange) Market**
- Where currencies are traded. The largest and most liquid market in the world, it facilitates international trade and investment by allowing conversion of one currency into another.
### 4. **Commodity Markets**
- Where physical commodities are traded. This includes:
- **Spot Markets**: Immediate delivery of commodities like gold, oil, agricultural products.
- **Futures Markets**: Contracts to buy or sell commodities at a future date at a specified price.
### 5. **Derivatives Markets**
- Markets for financial instruments that derive their value from an underlying asset. Types include:
- **Futures**: Contracts to buy or sell an asset at a future date.
- **Options**: Contracts that give the buyer the right, but not the obligation, to buy or sell an asset at a specified price within a certain time frame.
- **Swaps**: Agreements to exchange one stream of cash flows for another, often used for managing interest rate or currency risk.
### 6. **Cryptocurrency Markets**
- Platforms where cryptocurrencies like Bitcoin, Ethereum, and others are traded. These markets are decentralized and operate 24/7, distinct from traditional financial markets.
### 7. **Insurance Markets**
- Where risk is transferred from individuals or companies to insurance companies. This includes markets for various types of insurance like life, health, property, etc.
### 8. **Real Estate Markets**
- While not always considered in the same vein as other financial markets, real estate markets involve the buying, selling, and development of properties, often involving significant financial transactions and investment.
### 9. **Private Equity Markets**
- Markets where investments are made directly into private companies or that are not publicly traded. This includes venture capital, leveraged buyouts, and growth capital.
### 10. **Over-the-Counter (OTC) Markets**
- These are decentralized markets where trading occurs directly between two parties without the supervision of an exchange. OTC markets are common for derivatives, bonds, and stocks of smaller companies.
Each of these markets serves different purposes in the economy, from raising capital for businesses and governments to providing avenues for investment, speculation, and risk management. They collectively form the backbone of the global financial system, facilitating the flow of capital and the allocation of risk."
[{2024-09-04 retrieved} https://x.com/i/grok]

name::
* McsEngl.SocEcon'att048-fin-market!=marketFin,
* McsEngl.SocEcon'fin-market!=marketFin,
* McsEngl.financial-market!=marketFin,
* McsEngl.marketFin!=financial-market,

foreign-exchange-reserve of Econfin

description::
"Foreign exchange reserves, also known as forex reserves or FX reserves, are assets held by central banks and monetary authorities in different currencies. These reserves are used to back liabilities and influence monetary policy. They typically consist of foreign currencies, government securities, gold, and Special Drawing Rights (SDRs) from the International Monetary Fund (IMF).
Here are some key points about foreign exchange reserves:
1. **Purpose**:
- **Stabilizing the Currency**: Central banks use forex reserves to stabilize their currency by intervening in the foreign exchange market.
- **Confidence in the Economy**: High reserves can instill confidence among foreign investors and trading partners.
- **Liquidity**: Provides liquidity to the government and economy in times of crisis.
- **Trade Facilitation**: Ensures the country can meet its international payment obligations.
2. **Components**:
- **Foreign Currencies**: Major currencies like the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), British Pound (GBP), and others.
- **Gold Reserves**: Held as a hedge against inflation and currency devaluation.
- **Special Drawing Rights (SDRs)**: International reserve asset created by the IMF.
- **Other Reserve Assets**: Includes various foreign securities and other liquid assets.
3. **Management**:
- Managed by a country’s central bank or monetary authority.
- Decisions on the composition and use of reserves are influenced by economic conditions, policy objectives, and international trade dynamics.
4. **Global Trends**:
- Countries like China, Japan, and Switzerland have some of the largest forex reserves.
- The US, despite having significant foreign exchange activities, has relatively lower reserves compared to its economy size due to the US Dollar's status as a global reserve currency.
5. **Challenges**:
- **Opportunity Cost**: Holding large reserves can lead to an opportunity cost, as these funds could potentially be used for domestic investments.
- **Currency Risk**: Value of reserves can fluctuate with changes in exchange rates.
- **Inflation**: Excessive accumulation of reserves can sometimes lead to inflationary pressures.

### Importance of Foreign Exchange Reserves
- **Economic Stability**: Provides a cushion against external shocks, such as sudden capital flight or balance of payments crises.
- **Currency Management**: Helps in managing the country’s exchange rate and implementing monetary policy.
- **Creditworthiness**: Enhances the country’s creditworthiness and ability to borrow from international markets.
Foreign exchange reserves are a crucial aspect of a nation’s economic stability and financial health, playing a vital role in maintaining stability, supporting monetary policy, and fostering investor confidence."
[{2024-06-18 retrieved} https://chatgpt.com/c/4422e1d3-5a1c-4ff4-aadc-da5bdfefd92c]

name::
* McsEngl.Econfxreserve!=foreign-exchange-reserve,
* McsEngl.SocEcon'att043-foreign-exchange-reserve!⇒Econfxreserve,
* McsEngl.SocEcon'foreign-exchange-reserve!⇒Econfxreserve,
* McsEngl.foreign-exchange-reserve!⇒Econfxreserve,
====== langoChinese:
* McsZhon.wàihuì-chúbèi-外汇储备!=Econfxreserve,
* McsZhon.外汇储备-wàihuì-chúbèi!=Econfxreserve,
====== langoGreek:
* McsElln.συναλλαγματικό-αποθεματικό!=Econfxreserve,

law of Econfin

description::
">financial law:
"Financial law" is a broad term that encompasses a range of legal principles, regulations, and statutes that govern financial transactions and activities. It is a specialized field of law that addresses the legal aspects of financial markets, institutions, and instruments. Key areas within financial law include:

1. **Banking Law:** Governs the activities of banks and financial institutions, including regulations related to lending, deposits, and other banking operations.

2. **Securities Law:** Regulates the issuance and trading of securities such as stocks and bonds. It aims to ensure transparency and protect investors from fraud and market manipulation.

3. **Investment Law:** Focuses on the regulation of investment activities, including rules for investment funds, investment advisers, and the protection of investors.

4. **Insurance Law:** Deals with the legal aspects of insurance contracts, the operation of insurance companies, and the rights and obligations of policyholders.

5. **Corporate Finance Law:** Involves regulations related to corporate fundraising, mergers and acquisitions, and other financial transactions undertaken by corporations.

6. **Consumer Finance Law:** Addresses the legal framework for consumer lending, including regulations to protect consumers from unfair or deceptive practices.

7. **Tax Law:** Encompasses regulations related to the taxation of individuals, businesses, and financial transactions. Tax law is closely linked to financial law, as it influences the structuring of financial transactions.

8. **International Finance Law:** Deals with legal issues arising in the context of cross-border financial transactions and activities, including international banking and finance regulations.

9. **Financial Regulation:** Encompasses a broad set of rules and regulations aimed at maintaining the stability and integrity of financial markets. Regulatory bodies, such as central banks and financial regulatory agencies, play a crucial role in overseeing financial institutions and ensuring compliance with the law.

10. **Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations:** Focus on preventing illegal financial activities such as money laundering and terrorist financing by imposing obligations on financial institutions to verify and monitor their customers.

Given the complexity and constant evolution of financial markets, financial law is dynamic and subject to ongoing changes and updates. Legal professionals specializing in financial law often work closely with financial institutions, regulatory bodies, and other stakeholders to navigate and ensure compliance with these intricate regulations."
[{2023-12-07 retrieved} https://chat.openai.com/c/2c4094a4-a73e-4751-9247-1e4031d8a247]

name::
* McsEngl.financial-law!⇒lawFin,
* McsEngl.lawEconomy.006-financial!⇒lawFin,
* McsEngl.lawEconomy.financial!⇒lawFin,
* McsEngl.lawFin!=financial-law,

sysAcct.economy

description::
· the-conceptual-model that describes the-accounting-node-of-an-economy.

name::
* McsEngl.McaccgEcon!⇒acctEcon,
* McsEngl.acctEcon!=accounting-sys-of-whole-economy,
* McsEngl.SocEcon'accounting-conceptual-model!⇒acctEcon,
* McsEngl.accounting-conceptual-model--of-economy!⇒acctEcon,
* McsEngl.modelConceptualAccountingEconomy!⇒acctEcon,
* McsEngl.national-accounts!⇒acctEcon,
* McsEngl.system-of-national-accounts!⇒acctEcon,

wealth of sectorEcon

description::
· the-wealth of an-economy.

">the wealth of an economy:
The wealth of an economy refers to the total value of all assets owned by individuals, businesses, and the government within a country. It includes both tangible assets (such as real estate, machinery, and infrastructure) and intangible assets (such as intellectual property and financial assets). Understanding the wealth of an economy is essential for assessing its overall economic health, stability, and growth potential.

### Key Components of Economic Wealth
1. **Physical Capital**:
- **Infrastructure**: Roads, bridges, ports, and other public works.
- **Buildings**: Residential and commercial real estate.
- **Machinery and Equipment**: Industrial and agricultural tools and machines.
2. **Human Capital**:
- **Education**: The knowledge and skills of the workforce.
- **Health**: The physical and mental well-being of the population.
3. **Natural Resources**:
- **Land**: Agricultural and non-agricultural land.
- **Minerals**: Oil, gas, coal, and other mineral resources.
- **Water**: Access to freshwater sources.
4. **Financial Assets**:
- **Stocks and Bonds**: Ownership in companies and government debt.
- **Savings**: Deposits in banks and other financial institutions.
5. **Intellectual Property**:
- **Patents**: Legal rights to inventions.
- **Trademarks**: Brand identities and logos.
- **Copyrights**: Legal rights to creative works.

### Measuring Economic Wealth
Economic wealth is often measured using indicators such as:
- **Gross Domestic Product (GDP)**: The total value of goods and services produced within a country.
- **Net National Wealth**: The total value of assets minus liabilities.
- **Human Development Index (HDI)**: A composite measure of life expectancy, education, and per capita income.

### Distribution of Wealth
Understanding the distribution of wealth is crucial for addressing economic inequality. Wealth distribution can be analyzed through:
- **Gini Coefficient**: A measure of income or wealth inequality.
- **Wealth Quintiles**: Dividing the population into five groups based on wealth levels.

### Factors Influencing Economic Wealth
Several factors can influence the accumulation and distribution of wealth in an economy, including:
- **Economic Policies**: Taxation, spending, and regulatory policies.
- **Political Stability**: The degree of stability and predictability in governance.
- **Technological Advancements**: Innovations that drive productivity and growth.
- **Global Trade**: Access to international markets and resources.

### Challenges and Considerations
- **Sustainability**: Ensuring that economic growth does not deplete natural resources.
- **Equity**: Addressing disparities in wealth distribution to promote social stability.
- **Economic Diversification**: Reducing reliance on a single sector or resource.
Understanding and managing the wealth of an economy involves a comprehensive approach that considers various assets, their distribution, and the factors that influence their growth and sustainability."
[{2024-06-17 retrieved} https://chatgpt.com/c/5391bd7f-fce3-40f6-a71c-af6fc1dc9122]

">the wealth of an economy:
The wealth of an economy is not simply the amount of gold and silver it possesses, as was the prevailing view in the past. Instead, it is the total value of goods and services produced by a country, often measured by its Gross Domestic Product (GDP).
This concept was revolutionized by Adam Smith in his seminal work, "The Wealth of Nations," published in 1776. He argued that the true wealth of a nation lies in its productive capacity, driven by factors like:
* **Division of Labor:** Specialization of tasks, leading to increased efficiency and productivity.
* **Free Markets:** Allowing supply and demand to determine prices and allocation of resources.
* **Limited Government Intervention:** Believing that markets generally regulate themselves, with the government's role primarily focused on protecting property rights, enforcing contracts, and providing public goods like infrastructure and education.
However, GDP is not a perfect measure of wealth, as it doesn't account for factors like income inequality, environmental sustainability, or the value of leisure time.
Economists continue to debate and refine measures of economic well-being to provide a more comprehensive picture of a nation's wealth.
Would you like me to elaborate on any of these aspects or explore other measures of economic well-being? "
[{2024-06-17 retrieved} https://gemini.google.com/app/dd80e7fa762541f6]

name::
* McsEngl.Econwealth!=wealth-of-economy,
* McsEngl.SocEcon'att029-wealth!⇒Econwealth,
* McsEngl.SocEcon'wealth!⇒Econwealth,
* McsEngl.sectorEcon'wealth!⇒Econwealth,
* McsEngl.wealth-of-economy!⇒Econwealth,
* McsEngl.wealth-of-sectorEcon!⇒Econwealth,

Econmarket.SPECIFIC

description::
"Markets can be categorized in various ways based on different criteria such as the nature of goods or services exchanged, the structure of the market, the geographical scope, and more. Here's a comprehensive overview:

### **By Nature of Goods or Services**
- **Goods Market**:
- **Consumer Goods Market**: Where finished products are sold to consumers, e.g., supermarkets, online retail.
- **Industrial Goods Market**: Where goods used in production are traded, like raw materials, machinery.
- **Service Market**: Where services are provided, e.g., healthcare, education, entertainment, financial services.
- **Labor Market**: Where labor services are bought and sold, involving employers and employees.
- **Capital Market**: Deals with financial assets like stocks and bonds, as previously discussed.
- **Money Market**: Short-term financial instruments.
- **Foreign Exchange Market**: For trading currencies.
- **Commodity Market**: For trading raw or primary products, like oil, gold, agricultural products.

### **By Market Structure**
- **Perfect Competition**: Many buyers and sellers, homogeneous products, perfect information, no barriers to entry or exit.
- **Monopolistic Competition**: Many sellers, differentiated products, some market power, relatively easy entry.
- **Oligopoly**: Few large sellers, significant barriers to entry, interdependent decision-making.
- **Monopoly**: Single seller, high barriers to entry, significant market power.

### **By Geographical Scope**
- **Local Markets**: Confined to a small area, like a farmer's market or local shops.
- **Regional Markets**: Covering a larger area, like several states or provinces.
- **National Markets**: Operating within a single country.
- **International or Global Markets**: Spanning across countries or continents, like global stock exchanges or multinational corporations.

### **By Transaction Type**
- **Spot Market**: Transactions are completed immediately, like buying groceries.
- **Futures Market**: Transactions are agreed upon now but executed at a future date.
- **Options Market**: Buyers have the right, but not the obligation, to buy or sell at a future date.

### **By Time**
- **Physical or Brick-and-Mortar Markets**: Traditional markets where transactions occur in person.
- **Virtual or Online Markets**: Transactions occur over the internet, like e-commerce.

### **By Regulation**
- **Regulated Markets**: Operate under government or regulatory body oversight, like stock exchanges.
- **Unregulated or Black Markets**: Operate outside legal frameworks, often for illegal goods or services.

### **By Nature of Interaction**
- **Auction Markets**: Prices are determined through bidding, like eBay or traditional auctions.
- **Negotiated Markets**: Prices are set through bargaining between buyer and seller.

### **By Function**
- **Primary Markets**: Where new securities are issued, like IPOs.
- **Secondary Markets**: Where existing securities are traded among investors.

### **By Product Differentiation**
- **Markets for Homogeneous Products**: Products are identical, like commodities.
- **Markets for Differentiated Products**: Products have unique features or branding, like branded consumer goods.

### **By Customer Type**
- **B2B (Business-to-Business) Markets**: Transactions between businesses.
- **B2C (Business-to-Consumer) Markets**: Transactions between businesses and individual consumers.
- **C2C (Consumer-to-Consumer) Markets**: Transactions between consumers, often facilitated by platforms like eBay or Craigslist.
Each type of market serves specific functions within the economy, facilitating the exchange of goods, services, or financial instruments, and influencing how resources are allocated and economic activities are conducted."
[{2024-09-04 retrieved} https://x.com/i/grok]

name::
* McsEngl.Econmarket.specific,

Econeval.GDP

description::
">GDP definition:
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a country’s economic health. GDP can be calculated using three approaches:
1. **Production (or output) approach**: Summing up the outputs of every class of enterprise to arrive at the total. This method calculates the value added at each stage of production.
2. **Income approach**: Summing the total compensations to employees, gross profits for incorporated and non incorporated firms, and taxes less any subsidies.
3. **Expenditure approach**: Summing the total expenditures made for final goods and services at any given time period. This method is the most common and is calculated by adding consumption, investment, government spending, and net exports (exports minus imports).
GDP can be measured in nominal terms, which represent current market prices, or in real terms, which are adjusted for inflation. Real GDP provides a more accurate reflection of an economy's size and how it's growing over time."
[{2024-02-24 retrieved} https://chat.openai.com/c/7fb3a57d-bee2-46ea-9773-43ff7184bcb9]

"GDP: The sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data is in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used."
[{2021-02-24} https://wolframalpha.com]

name::
* McsEngl.Econeval.GDP,
* McsEngl.GDP!=Gross-Domestic-Product,
* McsEngl.GDP//SocEcon,
* McsEngl.SocEcon'att010-GDP,
* McsEngl.SocEcon/GDP,
* McsEngl.society'GDP,

Econeval.CPI-consumer-price-index

description::
"The **Consumer Price Index (CPI)** is a key economic indicator used to measure the average change over time in the prices paid by urban consumers for a basket of goods and services. It is widely used to assess inflation and cost of living changes. Here's a basic breakdown of what CPI represents:
### Key Points about CPI:
1. **Measurement of Inflation**: CPI is used to track inflation by calculating the percentage change in the price level of a basket of goods and services over a given period.
2. **Basket of Goods and Services**: The "basket" includes categories such as food, housing, transportation, medical care, education, and recreation. The basket is weighted based on consumer spending habits, and the contents may be updated periodically to reflect changes in these habits.
3. **Types of CPI**:
- **CPI-U** (CPI for All Urban Consumers): Covers about 93% of the U.S. population and is the most commonly cited CPI measure.
- **CPI-W** (CPI for Urban Wage Earners and Clerical Workers): Represents a narrower segment of the population, mainly for wage earners, and is often used in wage and benefit adjustments.
- **Core CPI**: Excludes volatile items like food and energy prices to provide a clearer view of long-term inflation trends.
4. **Uses of CPI**:
- Adjusting wages, pensions, and social security payments.
- Adjusting tax brackets and government benefits.
- Influencing monetary policy by central banks to control inflation.
5. **CPI vs. PPI**: The **Producer Price Index (PPI)** measures wholesale price changes at the producer level, while CPI focuses on prices consumers pay at the retail level.
Do you want to explore current CPI trends or more details about how it impacts various sectors?"
[{2024-09-09 retrieved} https://chatgpt.com/c/66de8965-a4d4-8003-85fb-3b8cb621b217]

name::
* McsEngl.CPI!=consumer-price-index!⇒Econcpi,
* McsEngl.Econcpi!=consumer-price-index,
* McsEngl.Econeval.CPI-consumer-price-index!⇒Econcpi,
* McsEngl.consumer-price-index!⇒Econcpi,

Econeval.HDI-human-development-index

description::
"The Human Development Index (HDI) is a statistic composite index of life expectancy, education (literacy rate, gross enrollment ratio at different levels and net attendance ratio), and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul Haq and was further used to measure a country's development by the United Nations Development Programme (UNDP)'s Human Development Report Office.[1][2][3]"
[{2021-02-25} https://en.wikipedia.org/wiki/Human_Development_Index]

name::
* McsEngl.Econeval.Human-Development-Index!⇒Sochdi,
* McsEngl.HDI!=Human-Development-Index!⇒Sochdi,
* McsEngl.HDI//SocEcon!⇒Sochdi,
* McsEngl.SocEcon'att017-HDI!⇒Sochdi,
* McsEngl.SocEcon/HDI!⇒Sochdi,
* McsEngl.Sochdi!=human-development-index-of-society,

Econeval.Gini-index

description::
"Gini index: The extent to which the distribution of income (or, in some cases, consumption expenditure) among individuals or households within an economy deviates from a perfectly equal distribution. A Lorenz curve plots the cumulative percentages of total income received against the cumulative number of recipients, starting with the poorest individual or household. The Gini index measures the area between the Lorenz curve and a hypothetical line of absolute equality, expressed as a fraction of the maximum area under the line. Thus a Gini index of 0 represents perfect equality, while an index of 1 implies perfect inequality."
[{2021-02-24} https://wolframalpha.com]

"In economics, the Gini coefficient (/ˈdʒiːni/ JEE-nee), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality[3] within a nation or a social group. It was developed by Italian statistician and sociologist Corrado Gini.
The Gini coefficient measures the inequality among the values of a frequency distribution, such as levels of income. A Gini coefficient of 0 reflects perfect equality, where all income or wealth values are the same, while a Gini coefficient of 1 (or 100%) reflects maximal inequality among values, a situation where a single individual has all the income while all others have none.[4][5]
The Gini coefficient was proposed by Corrado Gini as a measure of inequality of income or wealth.[6] For OECD countries in the late 20th century, considering the effect of taxes and transfer payments, the income Gini coefficient ranged between 0.24 and 0.49, with Slovakia being the lowest and Mexico the highest.[7] African countries had the highest pre-tax Gini coefficients in 2008–2009, with South Africa having the world's highest, estimated to be 0.63 to 0.7.[8][9] However, this figure drops to 0.52 after social assistance is taken into account, and drops again to 0.47 after taxation.[10] The country with the lowest Gini coefficient is Slovakia, with a Gini coefficient of 0.232.[11] The Gini coefficient of the global income in 2005 has been estimated to be between 0.61 and 0.68 by various sources.[12][13]
There are some issues in interpreting a Gini coefficient, as the same value may result from many different distribution curves. To mitigate this, the demographic structure should be taken into account. Countries with an aging population, or those with an increased birth rate, experience an increasing pre-tax Gini coefficient even if real income distribution for working adults remains constant. Many scholars have devised over a dozen variants of the Gini coefficient.[14][15][16]"
[{2024-05-15 retrieved} https://en.wikipedia.org/wiki/Gini_coefficient]

name::
* McsEngl.Econeval.Gini-coefficient!⇒Socgini,
* McsEngl.Gini-coefficient!⇒Socgini,
* McsEngl.Gini-index!⇒Socgini,
* McsEngl.Gini-ratio!⇒Socgini,
* McsEngl.SocEcon'att015-Gini-index!⇒Socgini,
* McsEngl.SocEcon'Gini-index!⇒Socgini,
* McsEngl.Socgini!=Gini-index-of-economy,
* McsEngl.society'Gini-index!⇒Socgini,

Econeval.economic-complexity-index

description::
"The Economic Complexity Index (ECI) is a measure that captures the knowledge intensity of an economy by considering the diversity and ubiquity of the products it exports. Here are key points to understand about the ECI:
1. **Conceptual Basis**: The ECI is based on the idea that the complexity of an economy is a reflection of the knowledge and capabilities embedded in its productive structure. This means that more complex economies produce a diverse range of sophisticated products.
2. **Diversity and Ubiquity**:
- **Diversity** refers to the range of different products a country exports. A higher diversity indicates a more complex economy.
- **Ubiquity** refers to the number of countries that can produce a given product. Products that are less ubiquitous (i.e., produced by fewer countries) tend to be more complex.
3. **Calculation**: The ECI is calculated using a network analysis approach where countries and products form a bipartite network. The index takes into account:
- The number of products a country exports.
- The number of countries that export each product.
The method involves iterating these relationships to reflect the interdependencies and capabilities required for production.
4. **Implications**:
- **Economic Development**: Higher economic complexity is associated with higher levels of income and economic growth. Countries with high ECI scores typically have more advanced industries and higher levels of innovation.
- **Policy Insights**: Policymakers can use the ECI to identify sectors with high potential for development, helping to craft strategies for economic diversification and growth.
5. **Global Rankings**: Countries are ranked based on their ECI scores. Developed economies like Japan, Germany, and the United States often score highly due to their diverse and sophisticated industrial bases. Developing economies with less diversified exports typically have lower ECI scores.
6. **Applications**:
- **Economic Forecasting**: The ECI can be used to predict future economic growth by analyzing the complexity of a country's exports.
- **Strategic Planning**: Governments and businesses can use the ECI to identify comparative advantages and target industries for investment and development.
Overall, the Economic Complexity Index provides valuable insights into the productive capabilities and potential of economies, guiding decisions in economic policy and business strategy."
[{2024-06-20 retrieved} https://chatgpt.com/c/0c6f6040-6ed8-4ac7-a443-d559cf1ffd9b]

name::
* McsEngl.ECI-economic-complexity-index,
* McsEngl.Econeval.economic-complexity-index,
* McsEngl.SocEcon'att044-economic-complexity-index,
* McsEngl.SocEcon'economic-complexity-index,
* McsEngl.economic-complexity-index,
* McsEngl.economic-complexity-index//evaluation-of-SocEcon,
====== langoChinese:
* McsZhon.jīngjì-fùzá-xìng-zhǐshù-经济复杂性指数!=economic-complexity-index,
* McsZhon.经济复杂性指数-jīngjì-fùzá-xìng-zhǐshù!=economic-complexity-index,

Econeval.net-worth

description::
">net worth of economy meaning:
The "net worth of an economy" refers to the total value of all assets owned by a country or its residents, minus the total liabilities. It is a measure of a nation's overall wealth and financial health. This includes physical assets (like land, buildings, and infrastructure) and financial assets (such as stocks, bonds, and savings), minus debts and obligations.
In economic terms, this net worth provides insight into the capacity of a country to sustain growth, manage debt, and maintain financial stability. It is important for assessing long-term economic strength and the ability to invest in future development."
[{2024-09-05 retrieved} https://chatgpt.com/c/a86b37db-230f-4393-8601-391ce8b5d5d2]

name::
* McsEngl.Econeval.net-worth,
* McsEngl.SocEcon'att049-net-worth,
* McsEngl.SocEcon'net-worth,
* McsEngl.net-worth-of-economy,

info-resource of eecon

description::
* {2021-08-02} https://joinup.ec.europa.eu/collection/open-source-observatory-osor/news/european-data-driven-innovation-open-source,

name::
* McsEngl.eecon'Infrsc,

lawEconomy.SPECIFIC

description::
* antitrust-law,
* bankruptcy-law,
* commerce-law,
* contract-law,
* corporate-law,
* financial-law,
* intellectual-property-law,
* international-economic-law,
* macroeconomic-law,
* microeconomic-law,
* property-law,
* securites-law,
* trade-law,

name::
* McsEngl.lawEconomy.specific,

lawEconomy.antitrust

description::
">antitrust-law:
Antitrust law, also known as competition law in some jurisdictions, is a set of legal rules and regulations designed to promote fair competition in the marketplace and prevent anticompetitive behavior by businesses. The primary goal of antitrust laws is to ensure that businesses operate in a way that benefits consumers, rather than engaging in practices that harm competition, limit consumer choice, or lead to the concentration of economic power in the hands of a few.

Key elements and objectives of antitrust laws include:

1. **Preventing Monopolies:** Antitrust laws aim to prevent the formation and abuse of monopolies, where a single company dominates a particular market and is able to control prices, reduce output, and limit consumer choice.

2. **Prohibiting Anticompetitive Practices:** Antitrust laws prohibit various anticompetitive practices, such as price fixing, bid rigging, market allocation, and other collusive activities that undermine competition.

3. **Regulating Mergers and Acquisitions:** Antitrust laws often require regulatory approval for mergers and acquisitions to prevent the creation of dominant market players that could stifle competition.

4. **Ensuring Fair Competition:** Antitrust laws seek to foster an environment where businesses compete fairly, encouraging innovation, efficiency, and better products and services for consumers.

5. **Consumer Protection:** Antitrust laws ultimately aim to protect consumers by promoting competition, which can lead to lower prices, higher quality products, and greater innovation.

In the United States, for example, the primary federal antitrust laws include the Sherman Antitrust Act, the Clayton Antitrust Act, and the Federal Trade Commission Act. Additionally, various countries around the world have their own antitrust laws and regulatory bodies to enforce them.

Enforcement of antitrust laws typically involves government agencies, such as the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) in the United States, as well as private parties who may bring civil lawsuits against companies engaged in anticompetitive behavior. Penalties for violating antitrust laws can include fines, injunctions, and, in some cases, criminal charges against individuals involved in the anticompetitive conduct."
[{2023-12-07 retrieved} https://chat.openai.com/c/92773be8-f572-4305-a8e4-12346d116c86]

name::
* McsEngl.antitrust-law,
* McsEngl.competition-law,
* McsEngl.lawEconomy.001-antitrust,
* McsEngl.lawEconomy.antitrust,

lawEconomy.bankruptcy

description::
">bankruptcy law:
Bankruptcy law is a complex area of law that governs the process of dealing with debts that cannot be paid. It is designed to help individuals and businesses get a fresh start by either liquidating their assets to pay their debts or creating a repayment plan.

**Types of Bankruptcy**
There are two main types of bankruptcy:
* **Chapter 7:** This is the most common type of bankruptcy, and it is used for individuals and businesses who cannot pay their debts and who have few assets to liquidate. In a Chapter 7 bankruptcy, a trustee is appointed to sell the debtor's nonexempt assets and distribute the proceeds to the creditors. The debtor's remaining debts are then discharged, which means that they are no longer legally obligated to repay them.
* **Chapter 13:** This type of bankruptcy is used for individuals who have regular income and who want to repay their debts over a period of three to five years. In a Chapter 13 bankruptcy, the debtor creates a repayment plan that outlines how they will pay their debts to their creditors. The court will approve the plan if it is fair and equitable to all creditors.


**Eligibility Requirements**
There are a number of eligibility requirements for filing for bankruptcy. These requirements vary depending on the type of bankruptcy filed, but some of the general requirements include:
* The debtor must be insolvent, which means that they must not be able to pay their debts as they become due.
* The debtor must have filed a tax return for the most recent tax year.
* The debtor must not have filed a bankruptcy petition in the past 180 days.
* The debtor must not have been convicted of a felony debt offense.

**The Bankruptcy Process**
The bankruptcy process typically involves the following steps:
* **Filing the petition:** The debtor files a bankruptcy petition with the bankruptcy court. The petition contains information about the debtor's assets, liabilities, and income.
* **Meeting of creditors:** The debtor must attend a meeting of creditors where they will answer questions about their finances.
* **Confirmation hearing:** The debtor and their creditors will appear before the bankruptcy judge at a confirmation hearing. The judge will approve or deny the debtor's repayment plan (in Chapter 13) or will discharge the debtor's debts (in Chapter 7).

**Debt Discharge**
One of the most important benefits of bankruptcy is that it can discharge debts. This means that the debtor is no longer legally obligated to repay the debts. However, not all debts are dischargeable. Some examples of nondischargeable debts include:
* Child support payments
* Alimony payments
* Student loans
* Debts arising from fraud or other criminal activity

**Debt Relief Alternatives**
There are a number of debt relief alternatives to bankruptcy, such as:
* **Debt consolidation:** This involves combining multiple debts into a single, lower-interest loan.
* **Debt settlement:** This involves negotiating with creditors to settle debts for less than the full amount owed.
* **Debt management plans:** These are formal plans that involve making regular payments to a credit counseling agency, which will then distribute the payments to creditors.

**Seeking Professional Help**
If you are considering bankruptcy, it is important to seek professional help from an attorney who specializes in bankruptcy law. An attorney can help you determine if bankruptcy is right for you and can guide you through the bankruptcy process.

**Conclusion**
Bankruptcy law can be a complex and confusing area of law. However, it can be a valuable tool for individuals and businesses who are struggling with debt. If you are considering bankruptcy, it is important to seek professional help and to understand the potential consequences of filing for bankruptcy."
[{2023-12-07 retrieved} https://bard.google.com/chat/eaa1891d83a55395]

name::
* McsEngl.bankruptcy-law,
* McsEngl.lawEconomy.002-bankruptcy,
* McsEngl.lawEconomy.bankruptcy,
* McsEngl.lawBankruptcy,
====== langoGreek:
* McsElln.νομοθεσία-χρεωκοπίας!η!=lawBankruptcy,

lawEconomy.commerce

description::
">commercial-law:
Commercial law, also known as mercantile law or trade law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. It is a broad field of law that encompasses a wide range of topics, including:
* **Contracts:** Commercial law governs the formation, validity, interpretation, and enforcement of contracts. This includes contracts for the sale of goods, services, and other commercial transactions.
* **Sales law:** Sales law governs the sale of goods and related issues, such as warranties, damages, and remedies.
* **Commercial paper:** Commercial paper is a type of negotiable instrument, such as checks, promissory notes, and drafts, that is used in commercial transactions. Commercial law governs the issuance, transfer, and enforcement of commercial paper.
* **Negotiable instruments:** Negotiable instruments are a type of security that can be transferred from one person to another. Commercial law governs the rights and obligations of parties to negotiable instruments.
* **Agency:** Agency law governs the relationship between an agent and a principal. An agent is a person who acts on behalf of another person, called a principal. Agency law governs the authority of an agent to act on behalf of a principal, the liability of an agent for the principal's actions, and the termination of an agency relationship.
* **Creditors' rights:** Creditors' rights law governs the rights of creditors to collect debts from debtors. This includes the right to file bankruptcy, the right to garnish wages, and the right to obtain liens.
* **Uniform Commercial Code (UCC):** The UCC is a set of laws that governs commercial transactions in the United States. The UCC is a uniform law, which means that it is the same law in all 50 states.

Commercial law is an important area of law for businesses of all sizes. Businesses need to understand and comply with commercial law in order to protect themselves from legal liability and ensure the success of their business ventures.
Sources
en.wikipedia.org/wiki/Commercial_law
www.coloradolawyers.net/index.php?page=medical-practice-management-and-transactions"
[{2023-12-07 retrieved} https://bard.google.com/chat/b6b8552768e15dea]

name::
* McsEngl.commerce-law,
* McsEngl.commercial-law,
* McsEngl.mercantile-law,
* McsEngl.trade-law,
* McsEngl.lawEconomy.003-commerce,
* McsEngl.lawEconomy.commerce,

lawEconomy.financial (link)

lawEconomy.macroeconomy

description::
">macroeconomy legal-framework:
The legal framework in a macroeconomy refers to the set of laws, regulations, and institutions that govern economic activities at a national level. This framework plays a crucial role in shaping the overall economic environment, influencing the behavior of individuals, businesses, and government entities. Here are key aspects of the legal framework in a macroeconomy:

1. **Constitutional Law:**
- The constitution of a country establishes the basic legal structure and defines the powers and limitations of government entities. It may include provisions related to property rights, contract enforcement, and individual liberties.

2. **Property Rights:**
- Clear and enforceable property rights are essential for a functioning macroeconomy. Laws related to property ownership, transfer, and protection against infringement provide the foundation for economic transactions.

3. **Contract Law:**
- The legal framework includes laws governing contracts, which are crucial for economic transactions. These laws define the rights and obligations of parties entering into agreements and provide mechanisms for dispute resolution.

4. **Business and Commercial Law:**
- Regulations governing the formation, operation, and dissolution of businesses contribute to the legal framework. Commercial laws may cover areas such as corporate governance, bankruptcy, and antitrust regulations.

5. **Labor Laws:**
- Regulations related to employment, including wages, working hours, and employee rights, are part of the legal framework. Labor laws influence the dynamics of the job market and impact overall economic productivity.

6. **Taxation and Fiscal Policy:**
- Laws related to taxation and government spending are integral to the legal framework. These laws determine how the government raises revenue, allocates resources, and manages fiscal policy to influence economic conditions.

7. **Financial Regulations:**
- The legal framework includes regulations overseeing financial institutions, markets, and instruments. Financial laws aim to maintain stability, protect investors, and ensure the integrity of financial transactions.

8. **Monetary Policy:**
- Laws governing the central bank and its mandate to control the money supply and interest rates are crucial components of the legal framework. These laws influence inflation, interest rates, and overall economic stability.

9. **Consumer Protection:**
- Laws protecting consumers from fraudulent or unfair business practices contribute to a fair and transparent marketplace. Consumer protection laws can impact trust and confidence in the economy.

10. **Environmental and Regulatory Laws:**
- Regulations related to environmental protection, health and safety standards, and other industry-specific rules contribute to the legal framework. These laws balance economic development with social and environmental considerations.

11. **International Trade and Treaties:**
- Laws governing international trade, as well as treaties and agreements with other nations, shape a country's economic relations with the global community.

A well-functioning legal framework provides a stable and predictable environment for economic activities, fostering trust and confidence among participants. It also allows for the resolution of disputes and ensures that economic interactions occur within a set of rules that promote fairness and justice. The specific legal framework varies from country to country, reflecting different legal traditions, economic systems, and social priorities."
[{2023-12-07 retrieved} https://chat.openai.com/c/bf4e7f59-537e-4573-a7ee-0f38bce8a12a]

name::
* McsEngl.lawEconomy.009-macroeconomy,
* McsEngl.lawEconomy.macroeconomy,
* McsEngl.macroeconomy-law,

lawEconomy.microeconomy

description::
">microeconomy legal-framework:
The legal framework for the microeconomy refers to the set of laws, regulations, and policies that govern the behavior and interactions of individual businesses, consumers, and other economic agents within a specific market or industry. This framework is essential for ensuring fair competition, protecting consumers, and establishing the rules under which businesses operate. Here are some key components of the legal framework for the microeconomy:

1. **Business Formation and Registration:**
- Laws that dictate the process of establishing and registering businesses. This includes regulations related to business structures, registration requirements, and the legal rights and responsibilities of business owners.

2. **Contract Law:**
- Fundamental laws that govern the creation, enforcement, and interpretation of contracts. These laws provide the legal basis for agreements between businesses, consumers, and other parties, ensuring that contractual obligations are met.

3. **Consumer Protection Laws:**
- Regulations designed to safeguard the rights of consumers. These laws address issues such as product safety, fair advertising, pricing transparency, and protection against fraudulent or deceptive business practices.

4. **Employment and Labor Laws:**
- Legislation that outlines the rights and responsibilities of employers and employees. This includes laws related to wages, working hours, workplace safety, anti-discrimination measures, and employee benefits.

5. **Intellectual Property Laws:**
- Legal protections for intellectual property, including patents, trademarks, copyrights, and trade secrets. These laws encourage innovation by providing creators and inventors with exclusive rights to their intellectual creations.

6. **Antitrust and Competition Laws:**
- Laws that promote fair competition and prevent anticompetitive practices. These regulations aim to ensure that markets remain open and competitive, preventing monopolies and protecting consumers from unfair business practices.

7. **Tax Laws:**
- Regulations that govern the taxation of businesses and individuals. Tax laws dictate the rates, deductions, and reporting requirements for income, sales, and other taxes, impacting the financial decisions of businesses and individuals.

8. **Environmental Regulations:**
- Laws that address the impact of business activities on the environment. These regulations may include standards for emissions, waste disposal, and sustainable business practices to minimize the environmental footprint of businesses.

9. **Banking and Finance Laws:**
- Regulations governing financial institutions, banking activities, and financial markets. These laws aim to maintain the stability of the financial system, protect consumers, and prevent fraudulent financial practices.

10. **Data Protection and Privacy Laws:**
- Laws that regulate the collection, use, and protection of personal data. With the increasing reliance on technology, data protection laws are crucial for safeguarding the privacy rights of individuals and establishing trust in digital transactions.

A well-functioning legal framework for the microeconomy is essential for creating a business environment that is fair, transparent, and conducive to economic growth. It provides the necessary rules and safeguards to facilitate transactions, resolve disputes, and protect the interests of all stakeholders involved in economic activities at the micro level."
[{2023-12-08 retrieved} https://chat.openai.com/c/69a31ce7-7d6d-4f60-bf8b-12f7b12b93f8]

name::
* McsEngl.lawEconomy.010-microeconomy,
* McsEngl.lawEconomy.microeconomy,
* McsEngl.microeconomy-law,

lawEconomy.property

description::
× generic: civil-law,
× whole: civil-law,

">property law:
Property law is a branch of civil law that deals with the rights and interests in real and personal property. It governs the various forms of ownership and tenancy in land and personal property, as well as the relationships between individuals and their property. Property law encompasses a wide range of legal principles and rules that regulate the acquisition, use, and disposition of property. Here are some key concepts within property law:

1. **Real Property and Personal Property:**
- **Real Property:** Refers to land, as well as anything permanently attached to it, such as buildings and fixtures. Ownership of real property is often transferred through deeds.
- **Personal Property:** Includes movable items, such as goods, vehicles, and intellectual property. Ownership of personal property is typically transferred through a bill of sale or other transfer documents.

2. **Ownership and Possession:**
- **Ownership:** The right to possess, use, and dispose of property. Ownership can be sole or shared (joint tenancy, tenancy in common).
- **Possession:** Physical control and occupancy of property. Possession doesn't always imply ownership.

3. **Transfer of Property:**
- Property can be transferred through sale, gift, inheritance, or other legal means. The process often involves a formal transfer document, such as a deed for real property or a bill of sale for personal property.

4. **Landlord-Tenant Law:**
- Governs the legal relationships between landlords and tenants. It includes issues such as lease agreements, rent payments, property maintenance, and eviction.

5. **Easements and Servitudes:**
- **Easement:** A right to use another person's land for a specific purpose, such as access or utilities.
- **Servitude:** A broader term that includes both easements and other restrictions on land use.

6. **Adverse Possession:**
- A legal doctrine that allows someone who openly occupies and uses another person's property for a certain period to potentially acquire legal ownership.

7. **Zoning and Land Use Regulation:**
- Government regulations that control how land can be used and developed. Zoning laws divide areas into different zones (residential, commercial, industrial) with specific allowable uses.

8. **Intellectual Property:**
- While intellectual property primarily falls under its own legal category, there are intersections with property law, especially concerning rights to intangible assets like patents, trademarks, and copyrights.

9. **Nuisance and Trespass:**
- **Nuisance:** Unreasonable interference with the use and enjoyment of another person's property.
- **Trespass:** Unauthorized entry onto another person's property.

10. **Eminent Domain:**
- The government's power to take private property for public use, with compensation to the owner. This is often used for public infrastructure projects.

Property law can vary significantly between jurisdictions, and legal systems may have different approaches to property rights and regulations. Legal professionals specializing in real estate law, land use law, and related fields help individuals and businesses navigate property-related issues."
[{2023-12-07 retrieved} https://chat.openai.com/c/3fbe8c26-1ebd-44a4-b35c-4b0dc21be518]

name::
* McsEngl.lawEconomy.007-property!⇒lawProperty,
* McsEngl.lawProperty,
* McsEngl.property-law!⇒lawProperty,

consumer-price-inflation of SocEcon

description::
"The annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used."
[{2021-02-24} https://wolframalpha.com]

name::
* McsEngl.consumer-price-inflation,
* McsEngl.SocEcon'att016-consumer-price-inflation,
* McsEngl.SocEcon'consumer-price-inflation,
* McsEngl.society'consumer-price-inflation,

economic-model of SocEcon

description::
">economic model vs macroeconomic model:
An economic model and a macroeconomic model are related concepts but they serve different purposes and have distinct scopes.
**Economic Model:**
1. **General Scope:** Economic models are simplified representations of an aspect of the economy. They can vary widely in their scope and complexity. Economic models can be used to analyze a variety of economic phenomena, ranging from individual or firm behavior (microeconomics) to broader economic trends (macroeconomics).
2. **Purpose:** The purpose of an economic model is to abstract from the complexities of the real world and focus on specific relationships or variables that are of interest. This can help in understanding how these variables interact and in making predictions about how changes in one variable might affect others.
3. **Examples:** Economic models can include supply and demand models in a market, game theory models of strategic interaction, or models of individual decision-making under uncertainty.
**Macroeconomic Model:**
1. **Specific Scope:** Macroeconomic models are a subset of economic models that deal specifically with the economy as a whole. They focus on aggregate variables like GDP, inflation, unemployment, national income, and the overall price level.
2. **Purpose:** These models are used to analyze and predict broad economic phenomena and to understand how different sectors of the economy interact with each other. They are particularly useful for government policy analysis, helping to predict the impact of fiscal and monetary policy decisions on the economy.
3. **Examples:** Common macroeconomic models include the IS-LM model (which analyzes the relationship between interest rates and real output in the goods and money markets), DSGE models (Dynamic Stochastic General Equilibrium), and Keynesian models for fiscal policy analysis.
In summary, while all macroeconomic models are economic models, not all economic models are macroeconomic. Economic models have a broader application, covering both microeconomic and macroeconomic issues, whereas macroeconomic models are specifically designed to study the economy at a large scale, focusing on aggregate variables and overall economic dynamics."
[{2024-02-01 retrieved} https://chat.openai.com/c/6bc0aa6e-812d-4fef-9f89-68c995a874cb]

name::
* McsEngl.SocEcon'att030-economic-model,
* McsEngl.SocEcon'economic-model,
* McsEngl.economic-model,

planning of SocEcon

description::
">economic planning:
Economic planning refers to the process by which key economic decisions are made or influenced by central governments. It contrasts with laissez-faire approaches where decisions are largely left to the forces of supply and demand in free markets. Economic planning is often associated with socialist or communist economic systems, but it is also utilized in various forms within mixed economies, where both the government and the private sector play significant roles.
There are several types of economic planning, including:
1. **Centralized Planning**: In this system, the government makes all decisions regarding the production and distribution of goods and services. The Soviet Union's five-year plans are a classic example of centralized planning.
2. **Decentralized Planning**: In contrast to centralized planning, decentralized planning allows for more local or regional decision-making, often within a broader national framework. This approach can be seen in some European countries where regional governments have significant autonomy.
3. **Indicative Planning**: This type of planning involves the government providing guidelines or targets for the economy but not mandating specific actions. France's use of indicative planning in the post-World War II era to modernize its economy is a well-known example.
4. **Directive Planning**: Directive planning involves the government setting specific goals for the economy, often including quantitative targets for production. This approach can involve a mix of central and local planning mechanisms.
Economic planning can have various objectives, such as stabilizing the economy, achieving rapid industrialization, ensuring social welfare, and redistributing income. However, the effectiveness of economic planning is a subject of debate among economists. Proponents argue that it can lead to more equitable distributions of resources and reduce the severity of economic cycles. Critics, on the other hand, contend that it can lead to inefficiencies, lack of innovation, and the misallocation of resources due to the centralization of decision-making and the potential for bureaucratic inefficiency.
Throughout history, the role and extent of economic planning have evolved, with many countries shifting towards more market-oriented approaches in the late 20th century. Nonetheless, elements of economic planning remain in various forms around the world, reflecting the ongoing debate about the optimal balance between government intervention and market freedom in achieving economic and social objectives."
[{2024-03-03 retrieved} https://chat.openai.com/c/b326faee-44c1-42fb-a497-6363929d8816]

name::
* McsEngl.Econplng!=economy-planning,
* McsEngl.SocEcon'att031-planning!⇒Econplng,
* McsEngl.SocEcon'planning!⇒Econplng,
* McsEngl.economic-planning!⇒Econplng,
* McsEngl.economy-planning!⇒Econplng,

SPECIFIC-TREE of SocEcon

description::
===
* market-economy,
* planned-economy,
* mixed|market-planned-economy,
===
* eco-economy,
* ecoNo-economy,

name::
* McsEngl.SocEcon.specific,

SocEcon.market

description::
">market economy:
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided solely by the interactions of a country's individual citizens and businesses. There is little government intervention or central planning. This system is characterized by a spontaneous and decentralized order of arrangements through which individuals make economic decisions. Based on supply and demand, the resources are allocated through the price mechanism where the prices of goods and services are determined in a free price system set by supply and demand.
The main features of a market economy include:
1. **Private Property**: Individuals and businesses have the right to own and use property as they see fit in their economic activities.
2. **Freedom of Choice**: Consumers are free to choose what products to buy, and producers are free to choose what and how much to produce.
3. **Motivation of Self-Interest**: Economic decisions are motivated by self-interest. Consumers seek to maximize their utility, and producers aim to maximize their profits.
4. **Competition**: A large number of buyers and sellers compete with each other. Competition leads to efficiency and innovation.
5. **Limited Government**: The role of the government in a market economy is to ensure the market is open and free, to enforce contracts, and to provide for public goods.
6. **Market and Prices**: Prices in a market economy are determined by the interaction of supply and demand. Prices serve as signals to both buyers and sellers.
Market economies have the advantage of being highly efficient, fostering innovation, and offering a wide variety of goods and services to consumers. However, they can also lead to income inequality, neglect of social goods that are not profitable, and boom-and-bust economic cycles.
Different degrees of market economies exist. Some countries, like the United States, have a market economy with significant government regulation and intervention. Others may have a freer market with less government intervention. The effectiveness and desirability of a market economy often depend on the balance between free market principles and appropriate regulatory oversight to protect public interest and enhance economic stability and growth."
[{2024-02-24 retrieved} https://chat.openai.com/c/49ebabbd-cc01-4fc0-b1cd-4d24b596d521]

name::
* McsEngl.SocEcon.023-market!⇒econMrkt,
* McsEngl.SocEcon.market!⇒econMrkt,
* McsEngl.econMrkt!=market-economy,
* McsEngl.market-economy!⇒econMrkt,

SocEcon.planned

description::
">planned-economy:
A planned economy, also known as a command economy, is an economic system where the government or a central authority makes all decisions regarding the production and distribution of goods and services. This includes decisions on what to produce, how to produce it, and for whom it is produced. The central authority plans and directs economic activity according to long-term goals and objectives, often with the aim of achieving specific social, political, or economic outcomes.
Key characteristics of a planned economy include:
1. **Central Planning Authority**: A central body, often a government agency, decides on the allocation of resources, including labor, capital, and natural resources. This authority sets production targets for different sectors and industries.
2. **Government Ownership**: In many planned economies, the government owns the means of production. This includes factories, businesses, and land. The goal is to control the economy's direction and redistribute resources and wealth according to the central plan.
3. **Allocation of Resources**: Instead of market forces like supply and demand determining the distribution and price of goods and services, the central authority allocates resources according to the plan. This is intended to prevent market failures and ensure that the economy serves the collective needs and goals of the society.
4. **Lack of Competition**: Since the government or central authority controls production and distribution, there is little to no competition between businesses. This can lead to inefficiencies and lack of innovation, as there are fewer incentives for improvement compared to market economies.
5. **Emphasis on Social Welfare**: Planned economies often prioritize goals such as full employment, social welfare, and equitable distribution of wealth. The central plan may include objectives that are not directly related to economic efficiency but aim to improve the overall well-being of the population.
6. **Reduced Consumer Choice**: With the government controlling production, there is often less variety of goods and services available to consumers. The focus is on meeting basic needs and fulfilling the plan's objectives rather than catering to individual preferences.
Planned economies can be contrasted with market economies, where decisions regarding investment, production, and distribution are made by private individuals or businesses based on supply and demand. Mixed economies incorporate elements of both planning and market-driven decision-making.
The effectiveness and efficiency of planned economies have been subjects of debate. Proponents argue that they can lead to more equitable distribution of resources and focus on long-term societal goals. Critics, however, point to issues such as lack of incentives, inefficiency, and the difficulty of accurately planning for a complex economy. Historically, planned economies have been associated with socialist and communist countries, though the degree and form of planning can vary significantly."
[{2024-02-24 retrieved} https://chat.openai.com/c/9530f76d-f3b7-45ab-9704-bf998f06581f]

name::
* McsEngl.SocEcon.023-planned!⇒econPlnd,
* McsEngl.SocEcon.planned!⇒econPlnd,
* McsEngl.econPlnd!=planned-economy,
* McsEngl.planned-economy!⇒econPlnd,

SocEcon.mixed

description::
">mixed economy:
A mixed economy is an economic system that combines elements of both capitalism and socialism. It represents a middle ground between a market economy, where economic decisions and the pricing of goods and services are guided solely by the interactions of a country's individual citizens and businesses, and a planned economy, where the government or state makes all the decisions regarding the production and distribution of goods and services.
Key characteristics of a mixed economy include:
1. **Private and Public Sector Coexistence:** Both the private sector (businesses owned by private individuals or groups) and the public sector (government-owned or operated enterprises) play significant roles in the economy.
2. **Government Regulation:** The government intervenes in the market through regulations, policies, and laws to correct market failures, protect the environment, and ensure social welfare. This intervention can include regulations on business practices, environmental protection laws, and social security programs.
3. **Market Freedom with Oversight:** While businesses in a mixed economy have the freedom to operate in the market, this freedom comes with oversight to prevent monopolies, protect consumers, and maintain economic stability.
4. **Social Welfare Programs:** A mixed economy supports various social welfare programs to provide a safety net for its citizens. These can include healthcare services, education, and unemployment benefits, aiming to reduce inequality and ensure a basic standard of living for all.
5. **Economic Planning:** While much of the economic planning is left to the market, the government may also engage in strategic planning in certain sectors, such as infrastructure, defense, and education, to support long-term economic goals.
Mixed economies are found around the world, with each country implementing its own balance between market freedom and government control. Examples include the United States, Canada, Australia, most of Western Europe, and many other countries. The specific mix between public and private sectors varies significantly from one country to another, reflecting different historical, cultural, and social preferences."
[{2024-02-24 retrieved} https://chat.openai.com/c/a56afb4f-d176-4378-a87b-d4c2ca24fd82]

name::
* McsEngl.SocEcon.024-mixed!⇒econMixd,
* McsEngl.SocEcon.mixed!⇒econMixd,
* McsEngl.econMixd!-mixed-economy,
* McsEngl.market-and-planned-economy!⇒econMixd,
* McsEngl.mixed-economy!⇒econMixd,
* McsEngl.planned-and-market-economy!⇒econMixd,

SocEcon.knowledge

description::
"The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation.[1] The key element of value is the greater dependence on human capital and intellectual property as the source of innovative ideas, information and practices.[2] Organisations are required to capitalise on this "knowledge" in their production to stimulate and deepen the business development process. There is less reliance on physical input and natural resources. A knowledge-based economy relies on the crucial role of intangible assets within the organisations' settings in facilitating modern economic growth.[3]"
[{2024-01-21 retrieved} https://en.wikipedia.org/wiki/Knowledge_economy]

name::
* McsEngl.SocEcon.016-knowledge,
* McsEngl.SocEcon.knowledge,
* McsEngl.information-economy,
* McsEngl.knowledge-economy,

SocEcon.network

description::
"The network economy is the emerging economic order within the information society. The name stems from a key attribute - products and services are created and value is added through social networks operating on large or global scales. This is in sharp contrast to industrial-era economies, in which ownership of physical or intellectual property stems from its development by a single enterprise. Business models for capturing ownership rights for value embedded in products and services created by social networks are being explored."
[{2024-01-21 retrieved} https://en.wikipedia.org/wiki/Network_economy]

name::
* McsEngl.SocEcon.017-network,
* McsEngl.SocEcon.network,
* McsEngl.network-economy,

SocEcon.autonomous (link)

SocEcon.capitalist

description::
· capitalist-economy is an-economy with employers and employees.

name::
* McsEngl.SocEcon.005-capitalism!⇒econCptl,
* McsEngl.SocEcon.capitalism!⇒econCptl,
* McsEngl.econCapitalism!⇒econCptl,
* McsEngl.econCptl!=capitalist-economy,
* McsEngl.capitalism-economy!⇒econCptl,
* McsEngl.capitalist-economy!⇒econCptl,
* McsEngl.socCptl'economy!⇒econCptl,

SocEcon.feudal

description::
">feudalism vs serfdom:
Feudalism and serfdom are related concepts that were prevalent in medieval societies, particularly in Europe, during the Middle Ages. While they are closely connected, they refer to different aspects of the social and economic structure of feudal societies.

**Feudalism:**
Feudalism was a political and social system that dominated medieval Europe. It was characterized by a hierarchical structure of land ownership and obligations. At the top of the hierarchy was the monarch (king or queen), who granted land (fiefs) to nobles (lords or vassals) in exchange for loyalty, military service, and other forms of support. In turn, these nobles could further subdivide their land and grant portions of it to lower-ranking nobles or knights.
The key features of feudalism include:
1. **Decentralized Authority:** Political power was decentralized, with local lords holding significant authority over their territories.
2. **Land Ownership:** Land was the primary source of wealth and power. The king owned the ultimate authority over all land, but he granted land to nobles in exchange for services.
3. **Hierarchy:** Society was organized into a hierarchical structure, with the king at the top, followed by nobles, knights, and peasants.

**Serfdom:**
Serfdom, on the other hand, refers specifically to the condition of the peasant class within the feudal system. Serfs were bound to the land they worked and were subject to the authority of the local lord. Unlike slaves, serfs were not considered the property of the lord; however, they were not free to leave the land or choose their occupation. Serfs worked the land, paid rent to the lord in the form of goods or labor, and were often subject to various feudal obligations.
Key features of serfdom include:
1. **Tied to the Land:** Serfs were attached to the land and couldn't leave without the lord's permission.
2. **Limited Rights:** While not slaves, serfs had limited personal freedoms and rights. They were subject to the authority of the lord.
3. **Economic Dependency:** Serfs were economically dependent on the land and the protection of the lord. Their lives were closely tied to agricultural production.

In summary, feudalism is the broader social and political system characterized by the exchange of land for services and the hierarchical structure of authority, while serfdom is a specific condition of the peasant class within that system, involving their attachment to the land and their obligations to the local lord."
[{2023-12-10 retrieved} https://chat.openai.com/c/336c6168-0f8a-4999-9e52-2d5d0c352c28]

name::
* McsEngl.SocEcon.011-feudal!⇒econFeudal,
* McsEngl.SocEcon.feudal!⇒econFeudal,
* McsEngl.econFeudal!=feudal-economy,
* McsEngl.feudal-economy!⇒econFeudal,
* McsEngl.serfdom-economy!⇒econFeudal,
====== langoGreek:
* McsElln.δουλοπαροικιακή-οικονομία!η!⇒econFeudal,
* McsElln.φεουδαρχική-οικονομία!η!⇒econFeudal,

SocEcon.slave

description::
">overview of slave-economy:
The term "slave economy" typically refers to an economic system that is heavily dependent on the institution of slavery, where enslaved individuals are a central component of the workforce. Historically, many societies have engaged in slave economies, with the most well-known example being the transatlantic slave trade and the plantation economies of the Americas during the 16th to 19th centuries.
Here is an overview of key aspects of a slave economy:

1. **Labor Force:** Enslaved individuals form a significant portion of the labor force. They are often forced to work in agriculture, mining, construction, and other physically demanding activities. Plantation economies, in particular, were heavily reliant on slave labor for cultivating crops like tobacco, sugar, cotton, and indigo.

2. **Social Hierarchy:** Slave economies are characterized by a rigid social hierarchy, where enslaved individuals occupy the lowest strata. Owners, usually landowners or wealthy individuals, hold significant power and wealth.

3. **Economic Dependency:** The economy becomes highly dependent on the institution of slavery. Profits generated from slave labor contribute significantly to the economic prosperity of the society or region. The slave trade itself becomes a lucrative business.

4. **Legal Framework:** The legal system is often structured to support and maintain the institution of slavery. Laws are enacted to control and regulate the lives of enslaved individuals, ensuring their subservience and limiting their rights.

5. **Resistance and Rebellion:** Enslaved individuals often resist their conditions through various means, including acts of rebellion, escape, or forming communities to preserve their cultural practices. Slave revolts and uprisings have been a recurring feature throughout history.

6. **Impact on Culture and Society:** The pervasive use of slave labor can have a profound impact on the culture and society of the time. It may contribute to the dehumanization of enslaved individuals, fostering racism and prejudice.

7. **Abolition Movements:** Over time, various abolition movements have sought to challenge and dismantle the institution of slavery. These movements are driven by moral, ethical, religious, and humanitarian considerations.

It's important to note that while the transatlantic slave trade and plantation economies are among the most infamous examples, slavery has existed in various forms throughout history and in different parts of the world. The consequences of past slave economies continue to shape social, economic, and cultural dynamics in many regions today. The legacy of slavery often includes persistent inequalities and challenges in achieving social justice and equality.
[{2023-12-10 retrieved} https://chat.openai.com/c/ffd05a59-51a2-4759-995d-174652f2d6b3]

name::
* McsEngl.SocEcon.012-slave!⇒econSlave,
* McsEngl.SocEcon.slave!⇒econSlave,
* McsEngl.econSlave!=slave-economy,
* McsEngl.slave-economy!⇒econSlave,

SocEcon.gig

description::
"The gig economy refers to a labor market characterized by short-term contracts or freelance work as opposed to permanent jobs. This economic model has grown significantly in recent years, driven by advancements in technology, particularly the rise of digital platforms that connect workers with customers or clients. Examples of gig economy jobs include driving for ride-sharing services like Uber or Lyft, delivering food through apps like DoorDash or UberEats, or performing freelance work on platforms such as Upwork or Fiverr.
### Key Features of the Gig Economy:
1. **Flexibility:** Gig workers often have the ability to choose when and where they work, offering more control over their schedules.
2. **Independence:** Workers operate as independent contractors rather than employees, meaning they do not receive traditional employment benefits like health insurance or retirement plans.
3. **Variety of Jobs:** Gig jobs can range from highly skilled tasks (like graphic design or software development) to less specialized work (like driving or delivery).
4. **Technology-Driven:** Digital platforms play a central role in the gig economy, providing the infrastructure for matching workers with opportunities and managing transactions.
5. **Income Variability:** Earnings can fluctuate significantly based on demand, hours worked, and competition among workers.
### Pros and Cons of the Gig Economy:
- **Pros:**
- Flexibility and autonomy.
- Opportunity for supplemental income.
- Ability to pursue multiple gigs simultaneously.
- Entry into the workforce with minimal barriers.
- **Cons:**
- Lack of job security and benefits.
- Income instability.
- Limited legal protections and rights.
- Potential for exploitation by platforms.
### Economic and Social Impact:
The gig economy has had significant implications for the traditional workforce, leading to discussions around labor rights, taxation, and the definition of employment. It has provided opportunities for many to earn income in non-traditional ways, but it has also raised concerns about the long-term sustainability of this model, particularly regarding worker protections and income stability.
Governments and regulatory bodies are increasingly scrutinizing gig economy platforms to ensure fair treatment of workers, leading to evolving legislation in various parts of the world. The future of the gig economy may see more regulation aimed at providing greater protection for gig workers while maintaining the flexibility that defines this sector."
[{2024-08-03 retrieved} https://chatgpt.com/c/b0503439-5d08-4e8a-a587-fb82b5ba91da]

name::
* McsEngl.SocEcon.025-gig!⇒econGig,
* McsEngl.SocEcon.gig!⇒econGig,
* McsEngl.econGig!=gig-economy,
* McsEngl.gig-economy!⇒econGig,

SocEcon.service

description::
"A service economy is an economic system where the production of services is the dominant economic activity. In this type of economy, services account for a larger share of GDP than goods.
**Characteristics of a service economy:**
* **Production of intangible goods:** The primary output of a service economy is intangible, meaning it cannot be physically touched or stored. Examples of intangible goods include education, healthcare, financial services, and tourism.
* **High levels of human capital:** Service industries often require a workforce with high levels of education and training. This is because many service jobs involve providing specialized knowledge or expertise to customers.
* **Increased importance of information and technology:** Service industries are heavily reliant on information and technology. This is because they need to use these tools to manage customer data, communicate with clients, and provide services remotely.
* **Globalization:** Service industries are increasingly globalized. This is because companies can now easily provide their services to customers in other countries over the internet.
**Examples of service industries:**
* **Finance:** Banks, insurance companies, and investment firms
* **Healthcare:** Hospitals, clinics, and medical providers
* **Education:** Schools, universities, and training centers
* **Technology:** Software companies, data centers, and IT services
* **Retail:** Stores, restaurants, and entertainment venues
* **Transportation:** Airlines, railways, and trucking companies
* **Government:** Public administration, education, and healthcare
**The rise of the service economy:**
The service economy has been growing in importance for decades. This is due to a number of factors, including:
* **Increased demand for services:** As incomes rise, people have more disposable income to spend on services.
* **Technological advancements:** Technology has made it easier to provide services remotely and across borders.
* **Changes in the workforce:** The workforce is becoming increasingly educated and skilled, making it better suited for service jobs.
The service economy has both positive and negative effects.
**Positive effects:**
* **Services create jobs:** The service economy creates a large number of jobs, which can help to reduce unemployment.
* **Services improve our quality of life:** Services provide us with essential goods and services that make our lives easier and more enjoyable.
* **Services promote innovation:** Service industries are often at the forefront of technological innovation.
**Negative effects:**
* **Services can be less stable than goods:** The demand for services can be more volatile than the demand for goods, which can lead to job losses.
* **Services can be more difficult to measure:** It can be difficult to track the output of service industries, which can make it hard to measure economic growth.
* **Services can be more susceptible to automation:** Some service jobs are at risk of being automated, which could lead to job displacement.
Overall, the service economy is a major force in the global economy. It has both positive and negative effects, and it is likely to continue to grow in importance in the years to come."
[{2024-01-22 retrieved} https://bard.google.com/chat/a688f76cad2cb0a7]

name::
* McsEngl.SocEcon.018-service!⇒econSrvc,
* McsEngl.SocEcon.service!⇒econSrvc,
* McsEngl.econSrvc!=service-economy,
* McsEngl.service-economy!⇒econSrvc,

SocEcon.macroeconomic-model

description::
"A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.
Macroeconomic models may be logical, mathematical, and/or computational; the different types of macroeconomic models serve different purposes and have different advantages and disadvantages.[1] Macroeconomic models may be used to clarify and illustrate basic theoretical principles; they may be used to test, compare, and quantify different macroeconomic theories; they may be used to produce "what if" scenarios (usually to predict the effects of changes in monetary, fiscal, or other macroeconomic policies); and they may be used to generate economic forecasts. Thus, macroeconomic models are widely used in academia in teaching and research, and are also widely used by international organizations, national governments and larger corporations, as well as by economic consultants and think tanks."
[{2023-12-09 retrieved} https://en.wikipedia.org/wiki/Macroeconomic_model]

">types of macroeconomic models:
Macroeconomic models are mathematical representations of the economy that are used to explain economic phenomena and make forecasts about future economic conditions. There are several different types of macroeconomic models, each with its own strengths and weaknesses.

**Simple Theoretical Models**
Simple theoretical models are often used to illustrate basic economic concepts. They are typically based on a small number of assumptions and can be easily understood by non-economists. Examples of simple theoretical models include the IS-LM model and the Mundell-Fleming model.

**Empirical Forecasting Models**
Empirical forecasting models are statistical models that are used to forecast future economic conditions. They are based on historical data and are typically used by central banks and other policymakers. Examples of empirical forecasting models include vector autoregression (VAR) models and autoregressive integrated moving average (ARIMA) models.

**Dynamic Stochastic General Equilibrium (DSGE) Models**
DSGE models are the most complex type of macroeconomic model. They are based on microeconomic foundations and are designed to capture the dynamic interactions of households, firms, and the government. DSGE models are often used to study the effects of economic policies and other shocks to the economy.

**Agent-Based Computational Macroeconomic Models**
Agent-based computational macroeconomic models are a relatively new type of model that has gained popularity in recent years. They are based on the idea that the economy is made up of a large number of individual agents, such as households and firms, who make decisions based on their own perceptions and motivations. Agent-based models are often used to study the emergence of complex economic phenomena, such as business cycles and financial crises.

**Examples of Macroeconomic Models**
Here are some examples of specific macroeconomic models:
* **IS-LM model:** This model describes the relationship between investment, savings, and the money supply.
* **Monetary policy transmission mechanism:** This model describes how changes in the money supply can affect economic activity.
* **Real business cycle model:** This model argues that economic fluctuations are driven by supply shocks, such as technological change or natural disasters.
* **New Keynesian model:** This model combines insights from both Keynesian and neoclassical economics to explain economic fluctuations.
* **Dynamic stochastic general equilibrium (DSGE) model:** This is the most complex type of macroeconomic model, and it is used to study the effects of economic policies and other shocks to the economy.

**Applications of Macroeconomic Models**
Macroeconomic models are used for a variety of purposes, including:
* **Understanding the causes of economic fluctuations**
* **Forecasting future economic conditions**
* **Developing and evaluating economic policies**
* **Educating students about macroeconomics**

**Limitations of Macroeconomic Models**
Macroeconomic models are only approximations of the real economy, and they can be inaccurate for a variety of reasons. For example, they may not take into account all of the factors that affect the economy, or they may make assumptions that are not realistic. As a result, it is important to be aware of the limitations of macroeconomic models and to use them with caution."
[{2023-12-09 retrieved} https://bard.google.com/chat/07ca5190440dc1bc]


">types of macroeconomic models:
Macroeconomic models are analytical tools used by economists to study and understand the behavior of an economy as a whole. These models aim to capture the relationships among various economic variables at the aggregate level. There are several types of macroeconomic models, each with its own set of assumptions and methodologies. Here are some common types:

1. **Classical Macroeconomic Models:**
- **Classical Aggregate Supply-Aggregate Demand Model:** This model is based on the classical economic principles of Say's Law and assumes that markets clear and the economy quickly adjusts to full employment.
- **Classical Growth Models:** These models focus on the long-term growth of the economy, often incorporating factors such as capital accumulation and technological progress.

2. **Keynesian Macroeconomic Models:**
- **Keynesian Cross Model:** Developed by John Maynard Keynes, this model focuses on the short run and introduces the concept of aggregate demand and the role of government intervention in managing the economy.
- **IS-LM Model:** This model combines the investment-savings (IS) curve with the liquidity-money (LM) curve to analyze the relationship between interest rates and output in the short run.

3. **Monetarist Models:**
- **Monetary Aggregate Targeting Models:** These models emphasize the role of money supply and its impact on inflation and economic activity. Monetarists often argue for a stable growth rate in the money supply.
- **Quantity Theory of Money Models:** Based on the equation of exchange, these models relate the money supply, velocity of money, and the price level to economic output.

4. **New Keynesian Models:**
- **New Keynesian Phillips Curve Models:** These models incorporate price and wage rigidities into the Phillips curve framework, allowing for a more nuanced analysis of inflation and output dynamics.
- **Dynamic Stochastic General Equilibrium (DSGE) Models:** DSGE models integrate microeconomic foundations into macroeconomic analysis, incorporating the behavior of individual agents and considering the impact of shocks on the economy.

5. **Real Business Cycle (RBC) Models:**
- **RBC Models:** These models focus on real shocks to the economy, such as changes in technology or productivity, to explain business cycle fluctuations. They emphasize the role of real factors in driving economic cycles.

6. **Agent-Based Models:**
- **Agent-Based Models (ABMs):** These models simulate the interactions of individual agents (households, firms) to understand how their decisions collectively shape macroeconomic outcomes. ABMs are useful for capturing heterogeneity and complex dynamics.

7. **Open Economy Models:**
- **Mundell-Fleming Model:** This model extends the IS-LM framework to analyze the interactions between exchange rates and interest rates in an open economy.
- **Small Open Economy Models:** These models consider the effects of international trade, capital flows, and exchange rate movements on a small open economy.

These are just a few examples, and there are many variations and extensions within each category. Macroeconomic modeling is an evolving field, and researchers continue to develop new models to better understand and address the complexities of the global economy."
[{2023-12-09 retrieved} https://chat.openai.com/c/cf2fa2d7-fc3f-48ab-9757-642d8deb4bb4]

name::
* McsEngl.SocEcon.008-macroeconomic-model,
* McsEngl.SocEcon.macroeconomic-model,
* McsEngl.macroeconomic-model,

SocEcon.input-output-model

description::
">input-output economic model:
The input-output economic model is a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies. Wassily Leontief (1906-1999), who won the Nobel Prize in Economics in 1973 for his development of this model, introduced the concept. The model is based on the premise that the output of one sector of the economy is the input of another sector, thus forming a complex web of economic activities.
The input-output model is used to analyze the flow of goods and services between sectors within an economy. It is represented by a matrix where the rows represent the inputs to an industry, and the columns represent the output from an industry. This matrix helps in understanding how changes in one sector of the economy can affect other sectors. For example, it can be used to predict the impact of an increase in demand in one sector on other sectors, to assess the effects of external shocks on the economy, or to analyze the environmental impact of economic activities.
The model requires detailed data on the economy, including the consumption of goods and services by each sector, the production of goods and services by each sector, and the flow of goods and services between sectors. Once the input-output table is constructed, it can be used to calculate multipliers that indicate the total impact on the economy of a change in one sector.
Input-output analysis is a foundational tool in economics that has applications in policy making, economic planning, and sustainability studies. It allows policymakers and researchers to estimate the direct and indirect economic impacts of various economic events and policies, helping in decision-making processes that aim to optimize economic outcomes."
[{2024-02-01 retrieved} https://chat.openai.com/c/ec40dad3-8f1d-4fd0-9133-499fb8aa42e0]

name::
* McsEngl.SocEcon.021-input-output-model,
* McsEngl.SocEcon.input-output-model,
* McsEngl.input-output--economic-model,

SocEcon.agent-based-computational-macroeconomic-model

description::
">Agent-Based Computational Macroeconomic Models:
Agent-Based Computational Macroeconomic Models (ABCMMs) are a type of computational modeling approach used to study macroeconomic phenomena by simulating the interactions and behaviors of individual economic agents. In traditional macroeconomic models, such as Dynamic Stochastic General Equilibrium (DSGE) models, agents are often represented by representative agents or homogeneous groups. In contrast, ABCMMs focus on modeling the heterogeneity and adaptive behavior of individual agents, allowing for a more detailed and realistic representation of economic dynamics.

Key features of Agent-Based Computational Macroeconomic Models:

1. **Agent Heterogeneity:** In ABCMMs, economic agents are heterogeneous and have diverse characteristics, preferences, and decision-making rules. This reflects the real-world diversity observed in households, firms, and financial institutions.

2. **Adaptive Behavior:** Agents in ABCMMs typically adapt their behavior based on their experiences and the information available to them. This can lead to the emergence of complex and non-linear dynamics, allowing the model to capture phenomena such as market bubbles, crashes, and other macroeconomic patterns that arise from individual interactions.

3. **Interaction Networks:** Agents interact with each other through networks, representing various economic relationships. These networks can include trade connections, financial transactions, and other forms of economic linkages.

4. **Learning and Information Processing:** Agents in ABCMMs often have bounded rationality, limited information, and imperfect foresight. They learn from past experiences and adjust their strategies over time, which contributes to the evolving dynamics of the model.

5. **Emergent Properties:** ABCMMs aim to capture the emergence of macroeconomic phenomena as a result of interactions among heterogeneous agents. This approach allows researchers to explore how aggregate economic patterns, such as business cycles, unemployment, and inflation, emerge from the bottom-up interactions of individual agents.

6. **Policy Experiments:** ABCMMs provide a platform for conducting policy experiments to understand the effects of different policy interventions on the macroeconomy. Researchers can explore the consequences of changes in fiscal policy, monetary policy, or regulatory frameworks within a simulated environment.

While ABCMMs offer a more flexible and realistic representation of economic systems compared to traditional models, they also come with challenges, such as computational complexity and the need for substantial amounts of data to calibrate and validate the models. Nonetheless, they have become an important tool for researchers seeking to understand the dynamics of complex economic systems and the implications of various policy interventions."
[{2023-12-09 retrieved} https://chat.openai.com/c/d7fef31f-6828-4e19-9881-044f43828222]


">Agent-Based Computational Macroeconomic Models:
**What are Agent-Based Computational Macroeconomic Models?**

Agent-based computational macroeconomic (ACMM) models are a type of macroeconomic model that simulates the economy as a collection of interacting agents rather than as a system of equations. This approach allows for a more detailed and realistic representation of the economy, as it can capture the heterogeneity of agents and their complex interactions.

**Key Features of ACMM Models**
ACMM models typically have the following key features:
* **Heterogeneity of agents:** Agents in ACMM models are typically heterogeneous, meaning that they have different characteristics and behaviors. This heterogeneity can be in terms of factors such as income, wealth, preferences, and decision-making rules.
* **Limited rationality:** Agents in ACMM models are typically assumed to be limitedly rational, meaning that they do not have perfect information or the ability to fully optimize their decisions. This approach allows for more realistic behavior, as it captures the fact that real-world agents often make mistakes or have biases in their decision-making.
* **Dynamic interactions:** Agents in ACMM models interact with each other in real time, and these interactions can affect each agent's behavior and the overall economy. This dynamic nature of ACMM models allows for the emergence of complex phenomena, such as economic fluctuations and financial crises.

**Applications of ACMM Models**
ACMM models have been used to study a wide range of macroeconomic phenomena, including:
* **Business cycles:** ACMM models have been used to study the causes of business cycles, such as the factors that lead to recessions and expansions.
* **Financial crises:** ACMM models have been used to study the causes of financial crises, such as the role of contagion and herd behavior.
* **Economic policy:** ACMM models have been used to evaluate the effectiveness of different economic policies, such as monetary and fiscal policy.

**Advantages of ACMM Models**
ACMM models have several advantages over traditional macroeconomic models:
* **More realistic representation of the economy:** ACMM models can capture the complexity and heterogeneity of the real economy more realistically than traditional models.
* **Ability to study emergent phenomena:** ACMM models can be used to study complex phenomena that cannot be explained by traditional models.
* **Flexibility in model design:** ACMM models are relatively easy to modify to study different economic scenarios.

**Challenges of ACMM Models**
ACMM models also have some challenges:
* **Computational complexity:** ACMM models can be computationally expensive to run, which limits the size and complexity of the models that can be studied.
* **Data requirements:** ACMM models require a large amount of data to parameterize the models and evaluate their results.
* **Interpretability:** The results of ACMM models can be difficult to interpret, as they can be sensitive to the initial conditions of the model and the specific parameters used.

**Overall, ACMM models are a promising new approach to macroeconomic modeling that offers a more realistic and nuanced understanding of the economy. As computational power and data availability continue to increase, ACMM models are likely to play an increasingly important role in macroeconomic research and policy.**"
[{2023-12-09 retrieved} https://bard.google.com/chat/06f507f397f126c4]

name::
* McsEngl.ABCMM!⇒agent-based-computational-macroeconomic-model,
* McsEngl.ACMM!⇒agent-based-computational-macroeconomic-model,
* McsEngl.SocEcon.010-agent-based-computational-macroeconomic-model,
* McsEngl.SocEcon.agent-based-computational-macroeconomic-model,
* McsEngl.agent-based-computational-macroeconomic-model,

SocEcon.circular-flow-model

description::
">give me a conceptual model of an economy:
Economists use various models to conceptualize and understand the workings of an economy. One commonly used model is the Circular Flow Model, which provides a simplified representation of the interactions between different economic agents. Here's a basic overview of the Circular Flow Model:

1. **Households:** In the economy, households are the primary consumers of goods and services. They own factors of production (such as labor) and supply them to firms in exchange for income.

2. **Firms:** Firms are businesses that produce goods and services. They hire labor and purchase other inputs from households and, in return, pay wages and other forms of income.

3. **Product Market:** This is where goods and services are bought and sold. Firms sell their products to households in exchange for money, and households buy goods and services from firms.

4. **Factor Market:** This is where the factors of production (land, labor, capital, and entrepreneurship) are bought and sold. Households provide these factors to firms, and in return, firms pay for these inputs.

5. **Government:** The government plays a role in the economy by collecting taxes from households and firms and providing goods and services (such as infrastructure, education, and defense). The government may also redistribute income through various social programs.

6. **Financial Market:** This is where households can save money and invest, and firms can borrow money for investment. Financial institutions, such as banks, facilitate the flow of funds between savers and borrowers.

7. **International Sector:** This represents the economic interactions with the rest of the world. Countries engage in international trade by exporting and importing goods and services, and there are flows of capital and investment across borders.

The Circular Flow Model illustrates how money, goods, and services circulate in the economy through various transactions. It's important to note that this model is a simplified representation and doesn't capture all the complexities of a real-world economy. For example, it doesn't account for government intervention, the role of central banks, or the impacts of economic fluctuations.

Other more advanced models, such as the Aggregate Demand and Aggregate Supply model or various macroeconomic models, delve into greater detail to analyze factors like inflation, unemployment, and overall economic output. These models are used by economists to make predictions, formulate policies, and understand the dynamics of different economic systems."
[{2023-12-08 retrieved} https://chat.openai.com/c/1c7b391e-1744-407e-99a1-60fac5f34f70]

">Circular Flow Model of economy:
The circular flow model is a simplified representation of how money, goods, and services flow between different sectors of an economy. It is a useful tool for understanding how households, businesses, and governments interact in a market economy.

**Components of the Circular Flow Model**
The circular flow model consists of four main components:
1. **Households:** Households provide factors of production (labor, land, capital) to businesses in exchange for income (wages, rent, interest payments).
2. **Businesses:** Businesses use the factors of production to produce goods and services, which are then sold to households in exchange for revenue.
3. **Government:** The government collects taxes from households and businesses and then uses that money to provide public goods and services, such as education, healthcare, and infrastructure.
4. **Markets:** Markets are the places where goods and services are bought and sold. There are two types of markets: product markets, where goods and services are traded, and factor markets, where factors of production are traded.

**Flow of Money and Goods**
The circular flow model illustrates how money and goods flow between these four sectors:
1. **Flow of money from households to businesses:** Households spend their income on goods and services produced by businesses. This creates revenue for businesses, which they can use to pay wages to workers, rent to landowners, and interest to lenders.
2. **Flow of money from businesses to households:** Businesses use the money they earn from sales to pay for the factors of production they need to produce goods and services. This money flows back to households in the form of wages, rent, and interest payments.
3. **Flow of money from government to households and businesses:** The government collects taxes from households and businesses, which it uses to provide public goods and services. This money flows from the government to households and businesses in the form of transfers, such as social security payments and subsidies.
4. **Flow of goods and services from businesses to households and government:** Businesses produce goods and services, which they sell to households and the government. This creates a demand for goods and services, which drives production.

**Importance of the Circular Flow Model**
The circular flow model is a useful tool for understanding how economies function. It can help to explain the following:
1. **The role of markets:** The circular flow model shows how markets play a central role in the economy by facilitating the exchange of goods and services between households and businesses.
2. **The role of money:** The circular flow model shows how money acts as a medium of exchange, which facilitates transactions and promotes efficiency in the economy.
3. **The role of government:** The circular flow model shows how the government affects the economy through taxation, spending, and regulation.
4. **The interdependence of economic sectors:** The circular flow model shows how the different sectors of the economy are interdependent and how changes in one sector can affect the others."
[{2023-12-08 retrieved} https://bard.google.com/chat/8f4fe272c47be908]

name::
* McsEngl.SocEcon.006-circular-flow-model,
* McsEngl.SocEcon.circular-flow-model,
* McsEngl.circular-flow--economic-model,

SocEcon.computable-general-equilibrium--model

description::
">Computable general equilibrium model:
**Computable general equilibrium (CGE) models** are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology, or other external factors. CGE models are also referred to as AGE (applied general equilibrium) models.
Overview
A CGE model consists of two main components:
A set of equations describing model variables: These equations typically represent the behavior of different economic agents, such as firms, households, and the government. They may also include equations that describe the behavior of specific sectors of the economy, such as agriculture or manufacturing.
A database: The database contains actual economic data on variables such as production levels, consumption patterns, and trade flows. This data is used to initialize the model and calibrate the parameters of the equations.
CGE models are typically used to analyze the following types of questions:
The impact of policy changes: CGE models can be used to assess the impact of changes in taxes, subsidies, trade barriers, and other government policies on the economy. For example, a CGE model could be used to estimate the impact of a carbon tax on the economy, or the impact of a free trade agreement on employment.
The impact of technological change: CGE models can be used to analyze the impact of technological change on the economy. For example, a CGE model could be used to estimate the impact of a new agricultural technology on production costs and prices.
The impact of external shocks: CGE models can be used to analyze the impact of external shocks, such as natural disasters or economic crises, on the economy. For example, a CGE model could be used to estimate the impact of a drought on agricultural production and food prices.

Advantages of CGE models
CGE models have several advantages over other types of economic models:
CGE models are micro-founded: This means that they are based on microeconomic principles, such as profit maximization for firms and utility maximization for households. This makes them more realistic than other types of economic models, such as macroeconometric models.
CGE models are multi-sectoral: This means that they can capture the interactions between different sectors of the economy. This makes them more useful for analyzing policy changes that have a wide range of effects on the economy.
CGE models are dynamic: This means that they can capture the time-dependent effects of policy changes. This makes them more useful for analyzing long-run policy impacts.

Disadvantages of CGE models
CGE models also have some disadvantages:
CGE models can be complex and difficult to use: This is because they are based on a large number of equations and parameters.
CGE models can be expensive to build and maintain: This is because they require a lot of data and computing power.
CGE models can be sensitive to changes in assumptions and data: This means that it is important to use them with caution and to be aware of their limitations.
Despite their limitations, CGE models are a valuable tool for economic analysis. They can be used to provide policymakers with a better understanding of the potential impacts of economic policies and shocks.
Sources
www.redalyc.org/journal/3967/396773998003/movil/
en.wikipedia.org/wiki/Computable_general_equilibrium#:~:text=Computable%20general%20equilibrium%20(CGE)%20models,(applied%20general%20equilibrium)%20models.
[{2024-01-31 retrieved} https://bard.google.com/chat/ff6b7ccae4ad1311]

name::
* McsEngl.AGE!=applied-general-equilibrium--model!⇒econCgem,
* McsEngl.CGE!=computable-general-equilibrium--model!⇒econCgem,
* McsEngl.SocEcon.019-computable-general-equilibrium--model!⇒econCgem,
* McsEngl.SocEcon.computable-general-equilibrium--model!⇒econCgem,
* McsEngl.applied-general-equilibrium--model!⇒econCgem,
* McsEngl.computable-general-equilibrium--model!⇒econCgem,
* McsEngl.econCgem!=computable-general-equilibrium--model,

SocEcon.aggregate-demand-and-aggregate-supply--model

description::
">Aggregate Demand and Aggregate Supply economic-model:
The Aggregate Demand (AD) and Aggregate Supply (AS) model is a fundamental framework in macroeconomics used to analyze the overall performance of an economy. It helps economists and policymakers understand the factors that influence the level of output, employment, and prices in the economy.

### 1. **Aggregate Demand (AD):**
- **Definition:** Aggregate Demand represents the total quantity of goods and services demanded by all sectors of an economy at different price levels and in a given period.
- **Components of AD:**
- Consumption (C): Spending by households on goods and services.
- Investment (I): Spending by businesses on capital goods.
- Government Spending (G): Government expenditures on goods and services.
- Net Exports (NX): The difference between exports and imports.

### 2. **Aggregate Supply (AS):**
- **Definition:** Aggregate Supply represents the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels and in a given period.
- **Short-Run Aggregate Supply (SRAS):** In the short run, the level of output can deviate from its long-run potential due to factors like changes in resource prices.
- **Long-Run Aggregate Supply (LRAS):** In the long run, the level of output is determined by the economy's productive capacity and is not affected by changes in price levels.

### 3. **Equilibrium:**
- The equilibrium in the AD-AS model occurs where the aggregate demand equals the aggregate supply. This equilibrium level of output is associated with a specific price level.

### 4. **Shifts in Aggregate Demand and Supply:**
- **Factors affecting AD shifts:**
- Changes in consumer confidence.
- Fiscal policy changes (government spending and taxation).
- Monetary policy changes (interest rates and money supply).
- Changes in exchange rates affecting net exports.

- **Factors affecting AS shifts:**
- Changes in input prices (e.g., wages, oil prices).
- Technological advancements.
- Changes in the labor force and productivity.
- Government regulations affecting production.

### 5. **Macroeconomic Equilibrium:**
- When AD and AS intersect, the economy is in short-run equilibrium. However, this may differ from the long-run equilibrium, where the economy operates at its full potential level of output.

### 6. **Inflationary and Recessionary Gaps:**
- An inflationary gap occurs when the economy is operating above its long-run potential, leading to upward pressure on prices.
- A recessionary gap occurs when the economy is operating below its long-run potential, leading to high unemployment and lower prices.

### 7. **Policy Implications:**
- Policymakers use the AD-AS model to design and implement economic policies. For instance, during a recession, policymakers may implement expansionary fiscal or monetary policies to boost AD.

Understanding the AD-AS model is crucial for policymakers to make informed decisions about economic stabilization and growth. It provides a framework for analyzing the impact of various factors on the overall health of an economy."
[{2023-12-09 retrieved} https://chat.openai.com/c/84f1ba55-37e7-47f0-9618-4dc5a388c528]

name::
* McsEngl.AD-AS-model,
* McsEngl.SocEcon.007-aggregate-demand-and-aggregate-supply--model,
* McsEngl.SocEcon.aggregate-demand-and-aggregate-supply--model,
* McsEngl.aggregate-demand-and-aggregate-supply--economic-model,

SocEcon.econometric-model

description::
">econometric-models vs computational-economic-models:
Econometric models and computational economic models are both tools used to analyze and understand economic phenomena. However, they differ in their approaches and applications.

**Econometric models** are statistical models that are used to analyze economic data and test economic theories. They are typically constructed using linear or nonlinear regression techniques, and they are used to estimate relationships between economic variables. Econometric models are often used to forecast economic trends, evaluate policy interventions, and test the validity of economic theories.

**Computational economic models** are computer simulations that are used to represent and analyze economic systems. They are typically based on mathematical equations or agent-based techniques, and they are used to study the behavior of complex economic systems under different conditions. Computational economic models are often used to explore the effects of policy changes, simulate economic shocks, and develop new economic theories.

Here is a table summarizing the key differences between econometric models and computational economic models:
| Feature | Econometric Models | Computational Economic Models |
| Approach | Statistical | Computational |
| Data | Historical data | Synthetic data |
| Application | Forecasting, policy evaluation, theory testing | Understanding complex systems, exploring policy effects, developing new theories |
| Strengths | Strong ability to analyze statistical relationships | Flexibility to model complex systems |
| Weaknesses | Limited ability to model nonlinear relationships | Difficulty in establishing causal relationships |
| Examples | Regression models, time series models | Agent-based models, dynamic stochastic general equilibrium (DSGE) models |

In general, econometric models are better suited for analyzing relatively simple economic relationships, while computational economic models are better suited for analyzing complex economic systems. However, there is some overlap between the two approaches, and researchers often use a combination of econometric and computational methods to study economic phenomena.

Here are some examples of how econometric models and computational economic models have been used:
* **Econometric models:**
* Forecasting inflation
* Analyzing the impact of tax cuts on economic growth
* Testing the validity of the rational expectations hypothesis
* **Computational economic models:**
* Studying the effects of trade liberalization on industry structure
* Simulating the impact of monetary policy on asset prices
* Developing new theories of economic growth

As computational methods continue to develop, it is likely that computational economic models will become even more important for understanding and analyzing economic phenomena."
[{2023-12-09 retrieved} https://bard.google.com/chat/6b8a8b75be5d9e2b]

name::
* McsEngl.SocEcon.020-econometric-model,
* McsEngl.SocEcon.econometric-model,
* McsEngl.econometric-model,

global-commons of socGlbl

description::
"Global commons is a term typically used to describe international, supranational, and global resource domains in which common-pool resources are found. Global commons include the earth's shared natural resources, such as the high oceans, the atmosphere and outer space and the Antarctic in particular.[1] Cyberspace may also meet the definition of a global commons."
[{2023-12-24 retrieved} https://en.wikipedia.org/wiki/Global_commons]

name::
* McsEngl.global-commons,
* McsEngl.socGlbl'commons,

info-resource of econEco

description::
* https://en.wikipedia.org/wiki/Ecology,
* https://en.wikipedia.org/wiki/Eco-industrial_development,
* https://www.theblueeconomy.org/,
* https://en.wikipedia.org/wiki/Green_economy,
* https://en.wikipedia.org/wiki/Environmental_economics,

name::
* McsEngl.econEco'Infrsc,

econEco.circular-003

description::
"The circular economy is a way of building a world with no waste."
[{2020-11-13} https://www.weforum.org/agenda/2020/11/4-lessons-from-nature-to-build-a-circular-economy]
===
"A circular economy (often referred to simply as "circularity"[1]) is an economic system aimed at eliminating waste and the continual use of resources. Circular systems employ reuse, sharing, repair, refurbishment, remanufacturing and recycling to create a closed-loop system, minimising the use of resource inputs and the creation of waste, pollution and carbon emissions.[2] The circular economy aims to keep products, equipment and infrastructure[3] in use for longer, thus improving the productivity of these resources. All "waste" should become "food" for another process: either a by-product or recovered resource for another industrial process or as regenerative resources for nature (e.g., compost). This regenerative approach is in contrast to the traditional linear economy, which has a "take, make, dispose" model of production.[4]"
[{2020-11-13} https://en.wikipedia.org/wiki/Circular_economy]
===
"Circular Economy: A more sustainable approach to consumption and production, the circular economy model focuses on minimizing waste and making the most of resources. This model contrasts with the traditional linear economy, which has a 'take, make, dispose' model of production. In a circular economy, products and materials are kept in use for as long as possible, through strategies like recycling, repair, and remanufacturing, to create a closed-loop system, reducing resource extraction and environmental impact."
[{2024-03-05 retrieved} https://chat.openai.com/c/1749eecd-7c3f-4848-9d75-0a05f3c155a4]

name::
* McsEngl.circular-economy!⇒econCircular,
* McsEngl.econCircular,
* McsEngl.econEcon.circular!⇒econCircular,
* McsEngl.SocEcon.003-circular!⇒econCircular,
* McsEngl.SocEcon.circular!⇒econCircular,