Types of economic systems and their criteria

Mankind in its difficult history has already “experienced” quite a lot of different economic systems. This gives grounds to raise the question of their classification. Classification in science is always a complex matter. Its success, scientific validity largely depends on the correctly selected “key”. Such a “key” is the criterion of separation, i.e. its main […]

Determination of equilibrium output by iterative method

In the standard economic scheme, the subordination of the end and the means is established as: Facility (production)(reason) Purpose (consumption, final demand)(result) where the means (the end of the lowest level) is independent, and the end (the goal of the higher level) is dependent on variables. In the intersectoral balance, the opposite attitude is taken: […]

Quantitative approach to utility and demand analysis

The starting point of the functioning of any economic system is the needs of people. Consumption is the process of satisfying needs. Good is a means of satisfying needs. There are a huge number of goods that satisfy the needs. What kind of good, and in what quantity should be produced, is determined by the […]