He analyzed the evolution of economies with a mathematical model, called an overlapping generations model, that scholars have since used to study, for example, the functioning over time of the Social Security system and the management of public debt.
Fig. 1 Evolution of Economies of Scale under the aegis of Industrial Revolution, 1700s 2000s.
The theoretical framework of the barometer is based on the evolution of economies from industrial development phase to sustainable knowledge society.
Universities play determinant roles in a knowledge-based society and have wide impacts on the evolution of economies and the collective well-being.
In the first stage of evolution of an economy, agriculture; primary sector typically is the main driver of an economy.
In response to suggestions that the digital sharing economy could kill off traditional jobs, Katainen said this was part of the evolution of the economy, adding: "New jobs have always replaced old jobs".
The Frankish fiscal system reflected the evolution of the economy.
The dead hand of the state would only corrupt the natural evolution of the economy.
The evolution of the economy will depend on the way policymakers respond to the new situation.
"The exact timing of the first adjustment of Bank rate will be a product of the evolution of the economy.
The ultimate answer will depend on the evolution of the economy, particularly the degree of slack, the prospects for its absorption, and the broader inflation outlook".
