Construct · 1 fields · 1 citations

near-rationality: a standalone construct

One name. One construct. A landmark on the map.

● anchor · a standalone construct Nearest construct by meaning·not indexed
near-rationality1 CONSTRUCTNear-rationalityAKERLOF · MACROECONOMICS

A single standalone construct; nearby constructs are located against it in the Collider. Tap a field for its definition, unit, and measures.

Macroeconomics

the idea that small, privately inexpensive departures from optimizing in wage and price setting can produce large aggregate effects of demand shocks.

In macroeconomics, near-rationality refers to the idea that small, privately inexpensive departures from optimizing in wage and price setting can produce large aggregate effects of demand shocks. This meaning comes from Akerlof (1985) in The Quarterly Journal of Economics.[1]

Unit
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Nearby constructs

aggregate3 fields · 6 citationsjingle · one word, three constructsdemand4 fields · 4 citationsjingle · one word, four constructs

References

  1. Akerlof, G. A., & Yellen, J. L. (1985). A Near-Rational Model of the Business Cycle, With Wage and Price Inertia. The Quarterly Journal of Economics, 100, 823. https://doi.org/10.2307/1882925

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