Recursive economics is a branch of modern economics based on a paradigm of individuals making a series of two-period optimization decisions over time.
Read more about Recursive Economics: Differences Between Recursive and Neoclassical Paradigms, The Recursive Model, Pioneers in The Field, Applications in Economics, See Also
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)