NASA EXPLAINS DUST BOWL DROUGHT. NASA scientists have an explanation for one of the worst climatic events in the history of the United States, the Dust Bowl drought, which devastated the Great Plains and all but dried up an already depressed American economy in the 1930's.
The short run [in economics] is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied.
All of economics is meant to be about peopleâs behavior. So, what is behavioral economics, and how does it differ from the rest of economics? Economics traditionally conceptualizes a world populated by calculating, unemotional maximizers that have been dubbed Homo economicus. The standard economic framework ignores or rules out virtually all the behavior studied by cognitive and social psychologists.