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Michael Lewis
Michael Lewis

Economics For Dummies


Macroeconomics studies national economies, and microeconomics studies the behavior of individual people and individual firms. Economists assume that people work toward maximizing their utility, or happiness, and firms act to maximize profits.




Economics for Dummies



Macroeconomics studies national economies, concentrating on economic growth and how to prevent and ameliorate recessions. Governments fight recessions and encourage growth using monetary policy and fiscal policy.


Sean Flynn, PhD, is an associate professor of economics at Scripps College in Claremont, California. A specialist in behavioral economics, Dr. Flynn has provided economic commentary for numerous news outlets, including NPR, ABC, FOX Business, and Forbes.


Does the study of managerial economics make your head spin? Relax! This hands-on, friendly guide helps you make sense of complex business concepts and explains to you in plain English how managerial economics enhances analytical skills, aids in problem-solving, and assists rational decision making. If you're enrolled in business courses or a manager already in the corporate world looking for a refresher, Managerial Economics For Dummies has you covered.


This book answers all of those questions in simple language while tracking with a traditional introductory economics class. Following in the steps of the first and second editions, the thoroughly updated Third Edition is a useful study guide and supplement to any high school or college level economics class.


This paper provides a minimalist derivation of the gravity equation and uses it to identify three common errors in the literature, what we call the gold, silver and bronze medal errors. The paper provides estimates of the size of the biases taking the currency union trade effect as an example. We generalize Anderson-Van Wincoop's multilateral trade resistance factor (which only works with cross section data) to allow for panel data and then show that it can be dealt with using time-varying country dummies with omitted determinants of bilateral trade being dealt with by time-invariant pair dummies.


A recurring commentator on FOX Business, ABC News, and NPR, Sean holds a B.A. in economics from the University of Southern California and a Ph.D. in economics from U.C. Berkeley, where he completed his dissertation under the supervision of Nobel Laureate George Akerlof.


He is the author of the international best seller "Economics for Dummies" as well as the coauthor, along with Campbell McConnell and Stanley Brue, of the world's best-selling college economics textbook, "Economics: Principles, Problems, and Policies".


Health economics is a discipline of economics applied to health care. One method used in health economics is decision tree modelling, which extrapolates the cost and effectiveness of competing interventions over time. Such decision tree models are the basis of reimbursement decisions in countries using health technology assessment for decision making. In many instances, these competing interventions are diagnostic technologies. Despite a wealth of excellent resources describing the decision analysis of diagnostics, two critical errors persist: not including diagnostic test accuracy in the structure of decision trees and treating sequential diagnostics as independent. These errors have consequences for the accuracy of model results, and thereby impact on decision making. This paper sets out to overcome these errors using color to link fundamental epidemiological calculations to decision tree models in a visually and intuitively appealing pictorial format. The paper is a must-read for modelers developing decision trees in the area of diagnostics for the first time and decision makers reviewing diagnostic reimbursement models.


Indeed, many today would consider that economics at its core is the study of the human condition and that economic principles seek to explain what drives us to make the decisions and take the actions that we do.


However, the difficulty in defining what economics as a subject actually is, and what economic analysis means, is increased when you consider that there are many different types of economic study. For example:


Additionally, economists can focus on macroeconomic matters and issues, such as monetary and fiscal policy, international trade, employment or gross domestic product, or they could spend more of their time looking at microeconomics.


Anyone seeking to develop their economics knowledge, whether to help them prepare for an exam, learn more about the field generally, or to improve their overall grades, would do well to ensure they are familiar with the most common economics terms.


One of the fiercest debates in recent years is around whether economics should be considered a science, a social science, or perhaps no science at all. The debate has been going on for years, but it appeared to peak in 2013 following the award of the Nobel Memorial Prize in Economic Sciences to three economists:


The debate has continued on over the years, with some arguing that economics cannot be a natural science, such as biology, chemistry, or physics, because economic experiments cannot be undertaken in the same controlled conditions.


Although it may be difficult to justify calling economics a natural science, this does not diminish its importance as a subject, nor does it discredit economic theories that use mathematical or statistical elements to create an argument for economic trends or human behaviour.


Regardless of whether economics is considered to be a natural science or social science, the fact remains that it is still classified as a science according to the Nobel Prize in Economics, the full name of which is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.


The latest recipient of the Nobel Prize in Economics was actually Richard H. Thaler for his work in the realm of behavioural economics. Although the Laureates have been awarded the Nobel Prize in Economics for many subjects of study, macroeconomics has emerged as a particularly popular topic for winners.


If you are interested in learning more about the great economists of the day, and the works that have earnt them such a prestigious and renowned accolade within the academic community, then you could look to hire an economics tutor to help explain the theories that these Nobel Laureates have.


Superprof has a range of enthusiastic economics tutors, who can help teach you about specific economic theories or models and can test you about what theories and views Nobel Laureates hold.


Not only is learning about the Nobel Prize in Economics and its winners valuable in terms of the insight you gain into the latest trends in economics, but it will also improve your own economics knowledge, which can have a beneficial impact on your own studies and exam performance.


Even if you would rather focus on learning more about a specific area of economics, such as macroeconomics, financial economics, or behavioural economists, Superprof has tutors that have experience teaching these areas and can help you broaden your knowledge of these topics.


Understand the science of wealth and prosperity Find FREE quizzes for every chapter online Learn about good markets, bad monopolies, and inflation Decode budget deficits and trade gains This book gives you everything you need to understand our rapidly evolving economy-as well as the economic fundamentals that never change. What's the best way to fight poverty? How can governments spur employment and wage growth? What can be done to protect endangered species and the environment? This book explains the answers to those questions-and many more-in plain English.Inside...Get the fascinating scoop on behavioral economicsUnderstand the model of supply and demandSee how governments use monetary and fiscal policy to fight recessionsDiscover game theory and the secrets of cooperation


EconPapers FAQ Archive maintainers FAQ Cookies at EconPapers Format for printing The RePEc blog The RePEc plagiarism page Robustness for DummiesVincenzo Verardi, Marjorie Gassner and Darwin Ugarte (Obfuscate( 'fundp.ac.be', 'darwin.ugarte' ))Additional contact information Darwin Ugarte: Center for Research in the Economics of Development, University of NamurNo 1206, Working Papers from University of Namur, Department of EconomicsAbstract:In the robust statistics literature, a wide variety of models have been developed to cope with outliers in a rather large number of scenarios. Nevertheless, a recurrent problem for the empirical implementation of these estimators is that optimization algorithms generally do not perform well when dummy variables are present. What we propose in this poper is a simple solution to this involving the replacement of the sub-sampling step of the maximization procedure by a projection-based method. This allows us to propose robust estimators involving categorical variables, be they explanatory of dependent. Some Monte Carlo simulations are presented to illustrate the good behavior of the method.Keywords: S-estimators; robust regression; dummy variable; outliers (search for similar items in EconPapers)Pages: 27 pagesDate: 2012-05References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers (3) Track citations by RSS feedDownloads: (external link) First version, 2012 (application/pdf)Related works:Working Paper: Robustness for dummies (2012) Working Paper: Robustness for Dummies (2012) This item may be available elsewhere in EconPapers: Search for items with the same title.Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/TextPersistent link: :nam:wpaper:1206Access Statistics for this paperMore papers in Working Papers from University of Namur, Department of Economics Contact information at EDIRC.Bibliographic data for series maintained by François-Xavier Ledru (Obfuscate( 'unamur.be', 'francois-xavier.ledru' )). var addthis_config = "data_track_clickback":true; var addthis_share = url:" :nam:wpaper:1206"Share This site is part of RePEc and all the data displayed here is part of the RePEc data set. Is your work missing from RePEc? Here is how to contribute. Questions or problems? Check the EconPapers FAQ or send mail to Obfuscate( 'oru.se', 'econpapers' ). EconPapers is hosted by the Örebro University School of Business. 041b061a72


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