mechanical exercise in constrained maximization

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09:01 Jun 10, 2018
English to Farsi (Persian) translations [PRO]
Management / فرصت های کارآفرینی
English term or phrase: mechanical exercise in constrained maximization
Price and quality are assumed to be given facts of nature and each participant acts in such a way that equilibrium is instantly maintained. When temporary gaps in equilibrium occur those gaps are immediately perceived and participants adjust behavior (i.e. production or consumption) in way that simultaneously maximize resources for all system participants. Each individual decision is seen as a mechanical exercise in constrained maximization. Markets, therefore, consist of successfully maximizing agents whose decisions fit together perfectly. Gaps in equilibrium are obvious and instantly grasped by all appropriate agents. As a result, there are no opportunities for entrepreneurial profits (or losses), no opportunity perception, and no entrepreneurship.
teimoor bahrami
Iran


Summary of answers provided
4بیشینه سازی محدود در تمرین از روی عادت
Ehsan Mirzaei


  

Answers


4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
بیشینه سازی محدود در تمرین از روی عادت


Explanation:
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Ehsan Mirzaei
Iran
Local time: 15:18
Works in field
Native speaker of: Native in Farsi (Persian)Farsi (Persian), Native in Persian (Farsi)Persian (Farsi)
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