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Variable observed binary economy (PO)<br />An ECONOMY with many personal incomes arising from both labour and capital. This occurs because of widespread ownership of financial capital. Despite economies becoming capital intensive, this form of organization enables a high proportion of a population to share in rising incomes. Wider dispersion of wealth could promote social justice, democracy, efficiency and economic growth.<br /> <br /><em>Reference</em><br />Ashford, R. (1996) 'Louis Kelso's binary economy', Journal of Socio-Economics 25: 1-53.<br /> Kelso, L.O. and Adler, M.J. (1958) The Capitalist Manifesto, New York: Random House.
simulation model (C9)<br />A model of economic reality concentrating on the main and crucial features of an ECONOMY and attempting to estimate the relationships between those features with a view to estimating the effects of changing the values of those variables. Such models have been used in the study of cyclical fluctuations, in corporate decision making and national ECONOMIC PLANNING.<br /><em>Reference</em><br />Bonini, C.P. (1963) Simulation of Information and Decision Systems in the Firm, Englewood Cliffs, NJ: Prentice HalL Duesenberry, IS., Eckstein, 0. and Fromm, G. (1960) 'A simulation model of the United States economy in recession', Econometrica 28: 749-809.
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<strong>Withdrawal date</strong> – The date the student withdraws, as determined by the school. May also be referred to as the last date of attendance (LDA) or the out of school date (OSD).
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