Types of economic theory
1. Malthusian economics
2. Marxism
3. Tragedy of commons
4. Classical economics
5. Market socialism
6. Efficient Markets Hypothesis
7. Something Behavioral (e.g., Prospect Theory)
8. Rational Choice Theory
[Link] Income and
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What are the examples of the Cross-sectional data,Time series data and Panel data?
1. Cross-sectional Data:
- Definition: Cross-sectional data is collected at a single point in time, capturing information
about different individuals, entities, or groups.
- Example: A survey conducted in 2024 to gather information about the income, education level,
and employment status of various households in a city would yield cross-sectional data. Each
observation in the dataset represents a different household, and the data are collected at a specific
point in time.
2. Time Series Data:
- Definition: Time series data is collected over multiple time periods, capturing observations at
regular intervals.
- Example: Daily stock prices of a company from January 1, 2023, to December 31, 2023, would
constitute time series data. Each observation in the dataset represents the stock price of the
company on a specific date, forming a sequential series over time.
3. Panel Data (Longitudinal Data):
- Definition: Panel data, also known as longitudinal data, combines elements of both cross-
sectional and time series data by observing the same entities over multiple time periods.
- Example: A study tracking the academic performance of students from the same school over
several years would yield panel data. Each observation in the dataset represents a student, with
variables such as test scores, attendance, and socioeconomic background measured at multiple
time points.
In summary, cross-sectional data captures information at a single point in time across different
entities, time series data captures observations over time for a single entity, and panel data
captures observations over time for the same entities. Each type of data serves different analytical
purposes and requires distinct methods of analysis.
