The concepts of “market” and “market economy” are not identical. As already mentioned, the market in one form or another has existed since then, since which commodity production operates. However, commodity production and the market do not always and necessarily lead to a market economy, although the latter implies a high level of market development. […]
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National wealth statistics
The most important indicator characterizing the economic power of the country is national wealth. National wealth is a set of material goods accumulated in society as a result of the previous labor of people, and natural resources suitable for use. The composition of national wealth should include the totality of the country’s resources (economic assets), […]
Estimating the accuracy of random variable prediction
The easiest way to characterize the accuracy of the forecast is to indicate the extent of fluctuations in the values of a random variable in the sample. The range of oscillations is the difference between the maximum and minimum values, the larger it is, the lower the accuracy of the forecast. But this characteristic has […]
Subjects and objects of the foreign exchange market
There are four main categories of subjects in the foreign exchange market: banks and non-bank dealers trading in foreign currency; individuals and firms performing commercial and investment operations; arbitrageurs and speculators; central banks and treasuries. Banks and non-bank dealers trading foreign exchange “make the market” both technically and organizationally. They make a profit by buying […]
Scheme of the "competitive diamond" by M. Porter
The country will receive super-profits, or “technological rents”, until other countries copy its innovations. Posner’s model suggests that once an innovation has been copied, there is no point in trading it on the foreign market. In order to constantly trade in any product, it is necessary to ensure a “flow of innovations” in its production. […]