In defining a microeconomic system two distinct component elements will be identified: an environment and an institution. The environment consists of a list of N economic agents {l,..., N}, a list of K + 1 commodities (including resources) {O, l,..., K}, and certain characteristics of each agent ... Hence, a microeconomic environment is defined by the collection of characteristics e.
Vernon L. SmithRelated topics
agent certain component defining institutionRelated quotes
Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.
Pope Francis
The Capitalist system with its exploitation of those who are economically weak, with its robbery of the workers labour power, with its unethical way of appraising human beings by the number of things and the amount of money he possesses, instead of by their internal value and their achievements, must be replaced by a new and just economic system, in a word by German Socialism.
Gregor Strasser
The great advantage of our system of government over all others, is, that we have a written constitution, defining its limits, and prescribing its authorities; and that, however, for a time, faction may convulse the nation, and passion and party prejudice sway its functionaries, the season of reflection will recur, when calmly retracing their deeds, all aberrations from fundamental principle will be corrected.
Henry Clay
According to the science of cybernetics, which deals with the topic of control in every kind of system (mechanical, electronic, biological, human, economic, and so on), there is a natural law that governs the capacity of a control system to work. It says that the control must be capable of generating as much "variety" as the situation to be controlled.
Anthony Stafford Beer
I can look back... at two distinct periods of opinion whose foundations I have successively come to distrust-a period before 1919 or so, when the weight of classic authority unduly influenced me, and another period from 1919 to about 1925, when I placed too high a value on the elements of revolt, florid colour, and emotional extravagance or intensity.
H. P. Lovecraft