snippets of economics (& -ists) while I’m studying
Nash equilibrium: Named after U.S. mathematician John Nash (1928-). In game theory, a concept where each player’s best strategy is to maintain her present (non-cooperative) behaviour given the present behaviour of the other players. oh what a beautiful mind. creative destruction: Coined by economist Joseph Schumpeter (1883-1950). The elimination of one product by a superior product, the process of competition … Read More