Economics

Economic dispatch(ED) is basically an optimization problem for economic scheduling of power generating units to meet the forecasted load demand while satisfying all operational constraints [1]. As practical ED is a complex constrained optimization problem, its solution requires robust optimization methods. An extensive study on has been carried out by researchers on small /medium/ large dimension problems related with single area till date [2]-[4]. The ED problem aims to determine the optimum powers

Economic Minimalism Dictionary.com defines economics as “the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind”. With that definition and the common sense knowledge that a healthy economy equals growth of a nation, we might assume that also means happiness, but that is not usually the case. Most people have grown up thinking the ideal life will be one of excess and consumption. That attaining more in life such as financial

travel and tourism is a form of convalescence and positive interests of people outside the residence. They travel with purpose: leisure, recreation, scenic view, historic, cultural and artistic projects. But if considered in the perspective of an economic sector, tourism is a business that is a highly effective synthesis in many aspects such as improved understanding of the natural, historical traditions and national culture, thereby contributing part augment love the country; for foreigners is the

In the era of capitalist globalization, the economic growth of China has made the country a possible regional leader with the potential to become a global power. With respect to economics, China’s capitalist market has become a key international player in global politics. One way of conceptualizing the phenomenon of economic expansion in China is through the examination of traditional and contemporary IR theories. China’s remarkable economic growth, which exemplifies their “socialist market economy

New Ideas From Dead Economics, written by Todd G. Buchholz, introduces different economic ideas from great economists throughout history. The book starts with the basic introduction of economists, and then points out the issue in the past of the ignorance of the economists. From his insightful perspective, Todd G. Buchholz illustrated the theories of the great economic thinkers in history and developed the modern economic thought based on those theories. Adam Smith’s “invisible hand” and “division

Economic Growth Economic growth is the percentage increase in real national output in a given time period or the increase in the productive potential of the economy. Countries grwo at different rates, this is partly due to the fact that they are at different stages of their economic cycle. The economic growth for the UK is at 0.2%. The main measure of output is gross domestic product (GDP). GDP is the total value of goods and services produced in an economy during one year. Economic growth

Behavioral economics has also consulted inter-temporal choice. Inter-temporal choice describes to how humans decide about what and how much to do at different times when decide at a time effect the facilities available at another time. Choice under risk or ambiguity relates the dual-system theory. Research suggests that people’s decisions can be affected by the “type and amount of information” they find. A behavioral equilibrium depends on people take from frequently acts their equilibrium strategies

An economic system governs how a society’s resources are allocated between people, and so the question of its morality is immensely important (Winfield, et al, 2014). This essay will analyse the different economic systems by considering the two economic systems that fall on the extreme ends of the spectrum of economic systems, these being capitalism and socialism. It will further discuss the characteristics of each of these economic systems and based on these, argue that the mixed economy is the

post -Second World War growth period, which is called Golden Age of Capitalism, has a great influence in human economic history. During the period of time, a great many of the capitalist countries have dramatically increased their economy and prosperity, such as United State which has a substantially economic expansion at an average rate of 3.5% annually between 1945 and 1970. Economic growth may be resulted by deregulation of market, rise of automotive manufacture and industrialization which contribute

In Asia, the economic growth has been phenomenal and the deepening of economic integration and larger trade volumes have led to both developed and developing nations to experience steady economic growth, especially at 10.1% in 2007 (ADB, 2015). Nevertheless, especially with China’s economic slowdown, the Asian region is facing problems such as decrease in labor force, labor productivity, and overall trade growth (ADB Report, 2015). In order to consolidate economic integration of the region, the ASEAN