By Nelson Brian
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Additional resources for A Comprehensive Dictionary of Economics
I • economy, economIes : two meanings of 'economies' ~ need to be distinguished: I 1. the economies of regions (as "'::.. %,,::'v aggregates of interrelated eco• economic union nomic activities). t with the I 2. in the sense of economising, added feature that additional I savings, cost reductions, etc. as policies: monetary, fiscal, wel- used in agglomeration econofare, are also harmonised across : mies, scale economies, the member countries. ~ localisation economies. tdIKCftClmfCrWpne.... q,tot........
Durbin's h test an algorit~m ~or detecting autocorrelanon ill the errors of a time series regression. The ~ : ~ ; : ~ ; : ~ ~ ; ;. : ~ ; : ~ I : ~ I ; ~ : ~ ; EconomiCS=======1I "",50======dyna="",m"",ic"",m"",ul=tiP"",I=ier~ Economic Overhead Capital (EOC) theory. Sources of these gains are not well understood or documented, although there exist a variety of possible theoretical reasons for them and some empirical evidence that countries have benefited more than the static gains alone would suggest.
0 for the Durbin-Watson statistic indicates that there is no serial correlation. This result is biased towards the finding that there is no serial correlation if lagged values of the regressors are in regression. • dynamic effects certain effects of trade and trade I i beralisation that are poorly un d erstood, including both multilateral and preferential trade agreements, that extend beyond the static gains from trade. Such dynamic effects are thought to make the gains from trade substantially larger than in the static model.