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contemporaneous externality (D6, QO) An economic activity affecting another type of production in the same time period, e.g. bee-keeping helps fruit farming.<br /><em>See also:</em> sequential externality contestable markets thesis (Ll)<br />BAUMoL's view that competition can be maintained by the state ensuring that an industry's barriers to entry are kept low. Under such circumstances, free entry and exit will maintain the market in a competitive state. This thesis is compatible with recent UK COMPETITION POLICY.<br /><em>Reference</em><br />Baumol, W.J., Panzar, L.C. and Willig, R.D. (1982) Contestable Markets and the Theory of Industry Structure, New York: Harcourt Brace Jovanovich.
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Lachmann, Ludwig, 1906-90 (B3) Educated at the University of Berlin. He fled in 1933 from Germany to work at the London School of Economics where contact with HAYEK allowed him to develop his economics in the tradition of the AUSTRIAN scHooL; in 1948 he became professor of economics and economic history at Witwatersrand University, South Africa, where he taught a wide range of economics and encouraged the study of major economics texts. In his Capital and Its Structure (1956) he viewed capital as being in a ceaseless state of mutation. His work on knowledge and expectations anticipated SHACKLE.
<strong>Realtime</strong> – A system requirement that a program respond within a small amount of time, typically mili- or microseconds. In jargon, refers to doing something while someone is waiting or watching. The MDHE' s web loan delivery product, MODEL Direct, is a realtime product providing data directly from the MDHE' s FFEL Program database. Change transactions are also sent and posted realtime via MODEL Direct. The MDHE' s FAMOUS system is also a realtime product for administering the state grant and scholarship programs.
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Hybrid Mode
