Topics to be Discussed 11.1 Summary Initial research about the economic growth The definition about the economic growth Weighing standard about the economic growth Headspring of the economic growth Economic growth and economic development

Definition (1) Econometrics: economic measurement. (2) Econometrics: the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena. (3) Econometrics: the result of a certain outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend

True and False Questions: 1. Economic interest maximization and risk aversion are two characteristics of an economic man 2. Maslow's theory of the hierarchy of needs believes that man are resourceful evaluator and maximizer 3. Firm is a coalition of economic men. 4. The economic nature of man gives rise to the emerge of accounting

Chapter Objectives: This chapter provides a way to measure economic exposure, discusses its determinants, and presents methods for managing and hedging economic exposure

（一）经济发展的概念 Concept 1、经济增长Economic Growth 2、经济发展Economic development 3、经济增长与经济发展 （二）对经济发展的测度与比较 Measurement and comparative method

 Introduction  Problem formulation  Characteristics of prime mover-generator  Model of economic dispatch and its solution  Economic dispatch considering line loss  Gradient method  Newton method  Dynamic programming  Co-dispatch of thermal and hydro plants

Normative Definition: Economics is the science that studies how to efficiently allocate economic resources Positive Definition: Economics is the science that studies how an economy operates or how economic variables are determined under the given economic system. The System of an Economy:

Introduction to Economic Fluctuations The modern world regards business cycles much as the ancient Egyptians regarded the overflowing of the Nile. The phenomenon recurs at intervals, it is of great importance to everyone, and natural causes of it are not in sight -John Bates Clark, 1898 Economic fluctuations present a recurring problem for economists and policy-

1. Please elaborate the term of efficient market 2. Please elaborate the terms of ethical man, economic man, rational economic man, bounded ationality, REMM 3. According to economic man and REMM, all men are self-interested\potential thieves However, this is conflict with our observations. Please

Ch. 16 Stochastic Model Building Unlike linear regression model which usually has an economic theoretic model built somewhere in economic literature, the time series analysis of a stochastic process needs the ability to relating a stationary ARMA model to real data. It is usually best achieved by a three-stage