Bifurcated Approach: A Dual Framework in Economic Price Theory

bifurcated approach

Part of Speech: noun phrase
Pronunciation (Katakana): バイファーケイティッド・アプローチ

Definition:
A method or framework that divides a problem or analysis into two distinct parts, typically applying different principles or theories to each segment.

Usage Note:
Often used in academic, economic, and strategic contexts where two different explanatory models or treatments are applied to different aspects of the same issue.

Example:

“Earlier theorists had adopted a bifurcated approach, using the new marginal utility theory to explain the relative prices between goods, but using aggregate concepts such as ‘the total quantity of money’ to explain absolute prices. For example, the earlier theorists could use marginal utility theory to explain why, in equilibrium, one apple would trade for two bananas. But to explain why one apple would have a price of $1, while a banana would have a price of 50 cents, the theorists would invoke the total quantity of dollars compared to the total quantity of fruit and the ‘velocity of circulation’ of money. Mises's approach treated dollar bills no differently from apples or bananas; it showed how the same principles of marginal utility could explain all market exchange ratios, even those involving the good serving as money.”
Robert P. Murphy & Donald J. Boudreaux, Choice: Cooperation, Enterprise, and Human Action

Etymology:
From bifurcate, meaning "to divide into two branches or parts" (Latin bifurcus, "two-pronged") + approach, meaning method or strategy.

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