Neoclassical synthesisThe neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s.
Neoclassical economicsNeoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production.
TroposphereThe troposphere is the lowest layer of the atmosphere of Earth. It contains 75% of the total mass of the planetary atmosphere and 99% of the total mass of water vapor and aerosols, and is where most weather phenomena occur. From the planetary surface of the Earth, the average height of the troposphere is in the tropics; in the middle latitudes; and in the high latitudes of the polar regions in winter; thus the average height of the troposphere is .
General equilibrium theoryIn economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts with the theory of partial equilibrium, which analyzes a specific part of an economy while its other factors are held constant.
Economic equilibriumIn economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.
CycloneIn meteorology, a cyclone (ˈsaɪ.kloʊn) is a large air mass that rotates around a strong center of low atmospheric pressure, counterclockwise in the Northern Hemisphere and clockwise in the Southern Hemisphere as viewed from above (opposite to an anticyclone). Cyclones are characterized by inward-spiraling winds that rotate about a zone of low pressure. The largest low-pressure systems are polar vortices and extratropical cyclones of the largest scale (the synoptic scale).
Extratropical cycloneExtratropical cyclones, sometimes called mid-latitude cyclones or wave cyclones, are low-pressure areas which, along with the anticyclones of high-pressure areas, drive the weather over much of the Earth. Extratropical cyclones are capable of producing anything from cloudiness and mild showers to severe gales, thunderstorms, blizzards, and tornadoes. These types of cyclones are defined as large scale (synoptic) low pressure weather systems that occur in the middle latitudes of the Earth.
New neoclassical synthesisThe new neoclassical synthesis (NNS), which is now generally referred to as New Keynesian economics, and occasionally as the New Consensus, is the fusion of the major, modern macroeconomic schools of thought – new classical macroeconomics/real business cycle theory and early New Keynesian economics – into a consensus view on the best way to explain short-run fluctuations in the economy. This new synthesis is analogous to the neoclassical synthesis that combined neoclassical economics with Keynesian macroeconomics.
Tropical cycloneA tropical cyclone is a rapidly rotating storm system characterized by a low-pressure center, a closed low-level atmospheric circulation, strong winds, and a spiral arrangement of thunderstorms that produce heavy rain and squalls. Depending on its location and strength, a tropical cyclone is referred to by different names, including hurricane (ˈhʌrᵻkən,_-keɪn), typhoon (taɪ'fuːn), tropical storm, cyclonic storm, tropical depression, or simply cyclone.
Hadley cellThe Hadley cell, also known as the Hadley circulation, is a global-scale tropical atmospheric circulation that features air rising near the equator, flowing poleward near the tropopause at a height of above the Earth's surface, cooling and descending in the subtropics at around 25 degrees latitude, and then returning equatorward near the surface. It is a thermally-direct circulation within the troposphere that emerges due to differences in insolation and heating between the tropics and the subtropics.
Classical economicsClassical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand).
SimulationA simulation is the imitation of the operation of a real-world process or system over time. Simulations require the use of models; the model represents the key characteristics or behaviors of the selected system or process, whereas the simulation represents the evolution of the model over time. Often, computers are used to execute the simulation. Simulation is used in many contexts, such as simulation of technology for performance tuning or optimizing, safety engineering, testing, training, education, and video games.
Jet streamJet streams are fast flowing, narrow, meandering air currents in the atmospheres of the Earth, Venus, Jupiter, Saturn, Uranus, and Neptune. On Earth, the main jet streams are located near the altitude of the tropopause and are westerly winds (flowing west to east). Jet streams may start, stop, split into two or more parts, combine into one stream, or flow in various directions including opposite to the direction of the remainder of the jet.
Tropical cyclone basinsTraditionally, areas of tropical cyclone formation are divided into seven basins. These include the north Atlantic Ocean, the eastern and western parts of the northern Pacific Ocean, the southwestern Pacific, the southwestern and southeastern Indian Oceans, and the northern Indian Ocean (Arabian Sea and Bay of Bengal). The western Pacific is the most active and the north Indian the least active.
Rossby waveRossby waves, also known as planetary waves, are a type of inertial wave naturally occurring in rotating fluids. They were first identified by Sweden-born American meteorologist Carl-Gustaf Arvid Rossby. They are observed in the atmospheres and oceans of Earth and other planets, owing to the rotation of Earth or of the planet involved. Atmospheric Rossby waves on Earth are giant meanders in high-altitude winds that have a major influence on weather. These waves are associated with pressure systems and the jet stream (especially around the polar vortices).
MarginalismMarginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility.
Computer simulationComputer simulation is the process of mathematical modelling, performed on a computer, which is designed to predict the behaviour of, or the outcome of, a real-world or physical system. The reliability of some mathematical models can be determined by comparing their results to the real-world outcomes they aim to predict. Computer simulations have become a useful tool for the mathematical modeling of many natural systems in physics (computational physics), astrophysics, climatology, chemistry, biology and manufacturing, as well as human systems in economics, psychology, social science, health care and engineering.
Wake turbulenceWake turbulence is a disturbance in the atmosphere that forms behind an aircraft as it passes through the air. It includes a variety of elements, the most significant of which are wingtip vortices and jetwash. Jetwash refers to the rapidly moving gases expelled from a jet engine; it is extremely turbulent but of short duration. Wingtip vortices, however, are much more stable and can remain in the air for up to three minutes after the passage of an aircraft. It is therefore not true turbulence in the aerodynamic sense, as true turbulence would be chaotic.
TurbulenceIn fluid dynamics, turbulence or turbulent flow is fluid motion characterized by chaotic changes in pressure and flow velocity. It is in contrast to a laminar flow, which occurs when a fluid flows in parallel layers, with no disruption between those layers. Turbulence is commonly observed in everyday phenomena such as surf, fast flowing rivers, billowing storm clouds, or smoke from a chimney, and most fluid flows occurring in nature or created in engineering applications are turbulent.
Lorentz factorThe Lorentz factor or Lorentz term is a quantity expressing how much the measurements of time, length, and other physical properties change for an object while that object is moving. The expression appears in several equations in special relativity, and it arises in derivations of the Lorentz transformations. The name originates from its earlier appearance in Lorentzian electrodynamics – named after the Dutch physicist Hendrik Lorentz. It is generally denoted γ (the Greek lowercase letter gamma).
