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Nelson and Winter introduce the notion of the "competency puzzle" to distinguish the extensive foresight and broad level of rationality ascribed to actors in the neoclassical model with the bounded sort of rationality assumed in evolutionary models. The competency puzzle captures the paradox of our willingness to place our faith and even lives in the hands of firms that we are confident can perform highly complex and difficult tasks even as we recognize that these same firms are relatively incompetent from other perspectives. The solution to the puzzle does involves:
a. Recognizing that high competency is often achievable where complex skills can be learned and perfected through practice
b. Understanding that learning stimulated by positive short-term feedback is often particularly effective for mastering complex activities
c. Appreciating that sophisticated foresight, logical deliberation, and effective improvisation involve very different mental processes than do routine, learned behaviors
d. Accepting that when rich and relevant information becomes available to an organization, it usually finds routinized ways of exploiting it.
e. All of the above are parts of the solution to the competency puzzle.
Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education? Why does a movie actress like Angelina Jolie earn more than a movie actress from the 1940s?
q. throughout history the most popular form of money has been gold.a. give three reasons why gold has been such a
Explain how much of input 2 does it use. B) What is the most that it is willing to bribe an inspector to allow it to use another unit of input 1.
What does a sensitivity analysis of NPV (no taxes) show? (Answers appear in order: [Pessimistic, Most Likely, Optimistic].)
What is the economic rationale behind Airline mergers? Bring both supply side (costs) and demand side (revenue) considerations into your answer. Simple diagrams would be beneficial.
Allows the government to collect wealth for redistribution based on the amount of stored wealth that is being passed on in the form of an inheritance.
If yields on one-year bonds are expected to rise and the liquidity premium is zero, the yield curve will be:
If the interest rate is 9% per year, how long will it take to recover the initial investment?
Briefly describe the Great Depression. Explicitly explain why it is believed to have been an American led world recession. Be sure to highlight the important causes in your explanation.
Year 1 Quantity Price Burdock Vision 5 Holter Analysis System 50 $6,000 foldable wheelchair 300 $116. Year 2 Quantity Price Burdock Vision 5 Holter Analysis System 55 $5,600 foldable wheelchair 290 $190 If Year 1 is the base year, what are the year 2..
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply.
A movement upward and to the left along a demand curve is called a(n)
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