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Envelope Theorem in Optimization Theory In optimization theory, the Envelope Theorem simplifies analysis concerning how an optimal value of a function responds to changes in external parameters. Throughout economics, it’s useful in understanding how changes in prices, income, or other parameters affect maximum utility or profit, without having to recalculate an entire optimization problem. Let’s […]

Photo by Giorgio Trovato on Unsplash The Baumol-Tobin model is an economic theory showing how individuals and firms manage cash holdings to minimize the total costs associated with cash transactions and holding cash. It thus explores the trade-off between liquidity provided by holding cash that doesn’t earn any interest, and the correlated opportunity cost of not investing

Photo by Alexander Grey on Unsplash The Slutsky Equation, named for Russian mathematician Eugen Slutsky, is a concept in microeconomics detailing how a change in the price of a good affects the quantity demanded of the good. It breaks the net effect of a price change into two parts: the income effect and the substitution effect, as follows:

Photo by Sonika Agarwal on Unsplash In Prothero’s seminal work God Is Not One, he presents a four-part framework to understanding religions: identifying the central problem each religion addresses, the solution it offers, the techniques it employs to move from problem to solution, and the exemplars who embody this path. To gain a more nuanced perspective, we

Photo by Ioann-Mark Kuznietsov on Unsplash In John Bartkowski’s Beyond Biblical Literalism and Inerrancy, he uses hermeneutic theory to analyze and critique biblical literalism via the Protestant tradition. In this article we’ll explore and summarize his perspective on hermeneutic theory as critiquing biblical literalism. Before reading onward, make sure to click on the following to read

Photo by The New York Public Library on Unsplash British sociologist and anthropologist Edmund Leach studies in part creation myths. We’ve explored his arguments and ideas on creation myths in prior arguments, but never laid out a cohesive—though simplified—framework to analyze creation myths, or myths period, through the Leachian lens. First: note that we will define a

Photo by Ahmed Sherif on Unsplash In Prothero’s God is One, he explores the notion of Islamism, defining Islamism as a “radical form of politicized Islam.” He notes that Islamism means different things among different groups, but the “ism” largely denotes an ideology—that being an anti-Western and anti-American ideology applied to“political ends.” The goal of Islamists

Photo by Ehud Neuhaus on Unsplash The Mahabharata is a famous, ancient epic and one of the two Sanskrit texts revered in Hinduism. Today, the most adored part of the Mahabharata is the Bhagavad Gita, translating to “Sacred Song”, which is a dialogue on the ethics of war. Since the 1800s, the Bhagavad Gita has functioned as

Photo by Zaenal Abidin on Unsplash Ali explores the ways in which the Qur’an was received and displayed at the 1893 World’s Columbian Exposition in Chicago through her work The Qur’an at the World’s Fair: Orientalism, Exhibitionism, and the Sacred Text. Critical here is the notion of orientalism — check out my article here on Iwamura’s Virtual Orientalism to

Photo by Michael Myers on Unsplash Buddhism is a missionary religion, meaning like Christianity and Islam, one “converts” to Buddhism. All you have to do is recite the Three Refuges, known as the Three Jewels: I take refuge in the Buddha. I take refuge in the Dharma. I take refuge in the Sangha. Sangha means community. Dharma means “duty” in