Steady-state economyA steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.
Dynamical systemIn mathematics, a dynamical system is a system in which a function describes the time dependence of a point in an ambient space, such as in a parametric curve. Examples include the mathematical models that describe the swinging of a clock pendulum, the flow of water in a pipe, the random motion of particles in the air, and the number of fish each springtime in a lake. The most general definition unifies several concepts in mathematics such as ordinary differential equations and ergodic theory by allowing different choices of the space and how time is measured.
Loop gainIn electronics and control system theory, loop gain is the sum of the gain, expressed as a ratio or in decibels, around a feedback loop. Feedback loops are widely used in electronics in amplifiers and oscillators, and more generally in both electronic and nonelectronic industrial control systems to control industrial plant and equipment. The concept is also used in biology. In a feedback loop, the output of a device, process or plant is sampled and applied to alter the input, to better control the output.
Discrete time and continuous timeIn mathematical dynamics, discrete time and continuous time are two alternative frameworks within which variables that evolve over time are modeled. Discrete time views values of variables as occurring at distinct, separate "points in time", or equivalently as being unchanged throughout each non-zero region of time ("time period")—that is, time is viewed as a discrete variable. Thus a non-time variable jumps from one value to another as time moves from one time period to the next.
Transient stateA system is said to be transient or in a transient state when a process variable or variables have been changed and the system has not yet reached a steady state. The time taken for the circuit to change from one steady state to another steady state is called the transient time. When a chemical reactor is being brought into operation, the concentrations, temperatures, species compositions, and reaction rates are changing with time until operation reaches its nominal process variables.
Mathematical optimizationMathematical optimization (alternatively spelled optimisation) or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries.
Opportunity costIn microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen.
Temporal paradoxA temporal paradox, time paradox, or time travel paradox, is a paradox, an apparent contradiction, or logical contradiction associated with the idea of time travel or other foreknowledge of the future. While the notion of time travel to the future complies with current understanding of physics via relativistic time dilation, temporal paradoxes arise from circumstances involving hypothetical time travel to the past – and are often used to demonstrate its impossibility.
Cost–benefit analysisCost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy.
CostIn production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer.
Novikov self-consistency principleThe Novikov self-consistency principle, also known as the Novikov self-consistency conjecture and Larry Niven's law of conservation of history, is a principle developed by Russian physicist Igor Dmitriyevich Novikov in the mid-1980s. Novikov intended it to solve the problem of paradoxes in time travel, which is theoretically permitted in certain solutions of general relativity that contain what are known as closed timelike curves.
Transaction costIn economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931, and Oliver E. Williamson's Transaction Cost Economics article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs.
