There are variety of approaches (school of thoughts) exist in the economics theory, various economics classify the various SoT in variety of phases: Economic thought may be divided into three following phases but the methodical economic theory has been developed mainly from the establishment of the last phase i.e, “modern” era.
Pre modern period “start form Chinese civilization, and Greco Roman
Early-modern period of mercantilist & physiocrate thoughts
Modern period start from 1776 from great economist Adam Smith till to the classical economies era 1930,
The Chicago school of economics having a thought of neoclassical school inside the hypothetical community of economists, they usually have a strong focus around the faculty of the University of Chicago, some of whom have constructed and popularized its principles.
Mercantilism is an economic policy where nations try to accumulate wealth by exporting more than importing. Adam Smith coined the term "mercantile system" to describe countries that restrained imports and encouraged exports to enrich themselves. Most mercantilist policies arose from agreements between governments and domestic industries, where industries paid taxes in exchange for protection from foreign competition. Adam Smith argued that free trade benefits all parties and specialization improves efficiency, criticizing the harms of government favoring certain industries.
New Keynesian economics evolved in response to new classical critiques of Keynesian macroeconomics. It incorporates Keynesian ideas like sticky prices and wages to explain short-run economic fluctuations. A key difference from new classical economics is the assumption that prices and wages adjust slowly rather than quickly clearing markets. This allows for involuntary unemployment and a role for monetary policy. A new synthesis has emerged merging tools from both new classical and new Keynesian models.
Role Of The Govt. Macro Economics Chap02Ashar Azam
Markets exist because no individual or firm produces all goods and services needed to satisfy wants and needs. A market is an arrangement that allows buyers and sellers to exchange goods and services. Governments play an important economic role in mixed market economies by promoting macroeconomic stability, addressing issues of equity and fairness, and fostering conditions for economic growth while balancing other policy objectives like environmental protection.
The document discusses the Ricardian model of trade, which is based on technological differences between countries that lead to different marginal rates of transformation (MRTs). It uses the example of two countries, H and F, that produce two goods, wine and cheese. Country H has a comparative advantage in cheese while Country F has a comparative advantage in wine due to their different MRTs. The model shows that both countries can benefit from specializing in their comparative good and trading, resulting in higher overall output and consumption compared to a scenario without trade.
The Special Task Force consists of 5 members: Takahiro Kono, Sukirn Singh, Yeong-se Chang, Serina Yamada, and Evangel Jung. The document outlines the current economic situation including unemployment rate, inflation rate, and economic growth trends over time. It then discusses potential economic policies and proposals around fiscal policy, monetary policy, redistribution of taxes, reallocation of government expenditures, and measures to help retired/low-income citizens, the unemployed, and businesses.
This document provides an overview of key macroeconomic statistics including Gross Domestic Product (GDP), the Consumer Price Index (CPI), and the unemployment rate. It discusses how GDP can be measured through expenditures, income, and value added. The components of GDP expenditures are defined as consumption, investment, government spending, and net exports. Real GDP is introduced to control for inflation. The GDP deflator and inflation rates are also explained.
Macroeconomics is the study of the economy as a whole, including issues like growth, inflation, and unemployment. Economists use models to help explain and address these issues. Models make simplifying assumptions, like whether prices are flexible or sticky in the short-run. The chapter introduces concepts like endogenous and exogenous variables. It provides an example model of supply and demand for cars and how it can be used to analyze changes. The chapter outlines the topics that will be covered in the macroeconomics textbook, including classical theory, growth theory, and business cycle theory.
Mercantilism is an economic policy where nations try to accumulate wealth by exporting more than importing. Adam Smith coined the term "mercantile system" to describe countries that restrained imports and encouraged exports to enrich themselves. Most mercantilist policies arose from agreements between governments and domestic industries, where industries paid taxes in exchange for protection from foreign competition. Adam Smith argued that free trade benefits all parties and specialization improves efficiency, criticizing the harms of government favoring certain industries.
New Keynesian economics evolved in response to new classical critiques of Keynesian macroeconomics. It incorporates Keynesian ideas like sticky prices and wages to explain short-run economic fluctuations. A key difference from new classical economics is the assumption that prices and wages adjust slowly rather than quickly clearing markets. This allows for involuntary unemployment and a role for monetary policy. A new synthesis has emerged merging tools from both new classical and new Keynesian models.
Role Of The Govt. Macro Economics Chap02Ashar Azam
Markets exist because no individual or firm produces all goods and services needed to satisfy wants and needs. A market is an arrangement that allows buyers and sellers to exchange goods and services. Governments play an important economic role in mixed market economies by promoting macroeconomic stability, addressing issues of equity and fairness, and fostering conditions for economic growth while balancing other policy objectives like environmental protection.
The document discusses the Ricardian model of trade, which is based on technological differences between countries that lead to different marginal rates of transformation (MRTs). It uses the example of two countries, H and F, that produce two goods, wine and cheese. Country H has a comparative advantage in cheese while Country F has a comparative advantage in wine due to their different MRTs. The model shows that both countries can benefit from specializing in their comparative good and trading, resulting in higher overall output and consumption compared to a scenario without trade.
The Special Task Force consists of 5 members: Takahiro Kono, Sukirn Singh, Yeong-se Chang, Serina Yamada, and Evangel Jung. The document outlines the current economic situation including unemployment rate, inflation rate, and economic growth trends over time. It then discusses potential economic policies and proposals around fiscal policy, monetary policy, redistribution of taxes, reallocation of government expenditures, and measures to help retired/low-income citizens, the unemployed, and businesses.
This document provides an overview of key macroeconomic statistics including Gross Domestic Product (GDP), the Consumer Price Index (CPI), and the unemployment rate. It discusses how GDP can be measured through expenditures, income, and value added. The components of GDP expenditures are defined as consumption, investment, government spending, and net exports. Real GDP is introduced to control for inflation. The GDP deflator and inflation rates are also explained.
Macroeconomics is the study of the economy as a whole, including issues like growth, inflation, and unemployment. Economists use models to help explain and address these issues. Models make simplifying assumptions, like whether prices are flexible or sticky in the short-run. The chapter introduces concepts like endogenous and exogenous variables. It provides an example model of supply and demand for cars and how it can be used to analyze changes. The chapter outlines the topics that will be covered in the macroeconomics textbook, including classical theory, growth theory, and business cycle theory.
This document defines inflation and its causes such as demand-pull and cost-push inflation. It discusses the types of inflation including built-in, open, suppressed, sectoral, and comprehensive inflation. Effects on the economy like interest rates, exchange rates, and purchasing power are mentioned. India's historical inflation rates from 1950-2013 are shown, currently at 11.06% in June 2013. Methods to control inflation include monetary policy tools of the central bank and fiscal measures such as taxation and government expenditure.
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
Chapter 7 - inflation ,unemployment and underemployment for BBAginish9841502661
This document defines various types of inflation including low inflation, galloping inflation, and hyperinflation. It also discusses different measures used to calculate inflation rates such as the Consumer Price Index (CPI) and Wholesale Price Index (WPI). Finally, it outlines several causes of inflation including demand-pull factors related to increases in the money supply according to the Quantity Theory of Money, and cost-push factors like increases in wages or costs of raw materials.
1. Monopolies have market power that allows them to raise prices without losing all demand. Barriers to entry like large capital requirements, patents, and government franchises prevent competition against monopolies.
2. A pure monopoly is a single firm with no close substitutes and significant barriers to entry. It faces the market demand curve and sets both price and quantity to maximize profits where marginal revenue equals marginal cost.
3. Monopolies restrict output and raise prices above marginal cost, leading to inefficient allocation of resources. Antitrust policy aims to remedy monopolies through legislation like the Sherman Act and agencies that enforce antitrust laws.
This document provides an overview of the history of economic thought, outlining major economists and their ideas from ancient times through contemporary economic theory. It discusses early Greek philosophers like Xenophon and Aristotle and their work on household management. It then covers mercantilism and physiocrats before detailing the classical economists like Adam Smith, David Ricardo, Thomas Malthus, and Karl Marx. The document also summarizes the ideas of neoclassical thinkers, Keynes and the development of macroeconomics, monetarism, and concludes with some modern economists like Thomas Piketty.
1. The document discusses endogenous growth models and their representation of economic growth processes.
2. It addresses issues with decreasing marginal returns in endogenous growth models and introduces the Jones critique of these models.
3. Semi-endogenous growth models and the Jones model are presented as alternatives that account for decreasing marginal returns to R&D over time.
The document discusses economic growth and its key drivers. It defines economic growth as a long-term expansion of a country's productive potential. The main drivers of growth include increasing capital stock, labor supply, productivity, and innovation. However, growth also faces limitations such as infrastructure gaps, export dependency, human capital problems, and rising inequality within countries. Rapid growth can increase a nation's income but also widen inequality, posing challenges for maintaining balanced and sustainable development.
This document discusses unemployment, inflation, and the relationship between the two. It defines different types of unemployment, how unemployment affects the economy and individuals. The natural rate of unemployment hypothesis holds that there is always some level of voluntary unemployment. The Phillips curve shows an inverse relationship between unemployment and inflation, where lower unemployment corresponds with higher inflation.
Entire education shares up-to-date CSS economics books for upcoming CSS exams. Economics books also give you an opportunity to reveal through CSS economics past papers 2020, 2019 2016, and 2017. This book will help for CSS economics preparation to solved mcqs pdf.
John Maynard Keynes was a British economist born in 1883 in Cambridge, England. He attended Cambridge University where he studied mathematics and befriended members of the Bloomsbury Group. After graduating, Keynes held several government positions before returning to Cambridge. In the 1930s, Keynes published his seminal work "The General Theory of Employment, Interest and Money" which laid the foundations for modern macroeconomics and advocated for governments to spend money and implement fiscal policy to stimulate the economy during downturns. Keynes played a key role in the Bretton Woods institutions and helped establish the International Monetary Fund and World Bank, dying in 1946.
The document discusses the concept of perfect competition in economics. It defines key characteristics of a perfectly competitive market including many buyers and sellers, standardized products, and free entry and exit. Firms in a perfectly competitive market are price takers and will produce at the quantity where marginal revenue equals marginal cost to maximize profits in the short run. The document uses graphs and tables to illustrate how a competitive firm determines optimal output and profits under different market price conditions.
This document provides an overview of the simple Keynesian model of economics. It discusses the model's key assumptions, including that it is a one-sector closed economy model with constant prices and fixed resources in the short run. Equilibrium occurs when aggregate demand (planned expenditure) equals aggregate supply (actual output). The model was developed by John Maynard Keynes to explain unemployment during the Great Depression when demand was weak and actual output fell below potential output.
The Keynesian Cross Model, The Money Market, and IS/LMSalman Khan
This document discusses the Keynesian cross model and how to construct the IS-LM model of the economy. It explains how to build the IS curve from the goods market and loanable funds market, showing the relationship between interest rates and output. It then discusses how to build the LM curve from the money market. Finally, it shows that setting IS=LM determines the simultaneous equilibrium in goods, money, and loanable funds markets, solving for the equilibrium interest rate and output in the short run.
classical economic theory Vs Keynisian Theory - an overviewShreya Sahay
The great depression of 1929 was a major event in world economy. the theories and practices before the depression are called the classical theory whereas, the theory that developed after the depression and explains the depression is called Keynesian theory.
This document discusses the natural rate of unemployment and its causes. It begins by defining the natural rate of unemployment as the average rate around which the actual unemployment rate fluctuates over the business cycle. It then presents a model showing how the natural rate is determined by the rates of job separation and job finding. Frictional unemployment results from the time it takes to search for and transition between jobs, while structural unemployment stems from wage rigidities that prevent wages from adjusting downward to clear the labor market. The document explores factors like minimum wages, unions, efficiency wages, and sectoral shifts that contribute to real wage rigidity and the natural rate of unemployment.
This document provides an overview of Paul Krugman's new trade theory, which focuses on intra-industry trade driven by increasing returns to scale and imperfect competition. It discusses how intra-industry trade has become a large part of trade between industrialized nations as technology and resources have become more similar. Economies of scale, both internal and external, can lead to imperfect competition and influence patterns of trade. The theory of monopolistic competition is introduced to model trade driven by differentiated products and economies of scale. Trade integration creates a larger world market, allowing for more production scale, lower prices, and greater product variety compared to autarky.
The document provides an overview of the Mundell-Fleming model, which analyzes the effects of fiscal and monetary policy in a small open economy with perfect capital mobility. It describes the IS* and LM* curves and how they determine equilibrium income and exchange rates. Key points covered include: fiscal policy cannot affect output, while monetary policy impacts output by changing the exchange rate; floating exchange rates allow monetary policy flexibility; and fixed rates make fiscal policy more effective at changing output.
This document provides an overview of the economic theory of mercantilism. Some key points:
- Mercantilism held that a nation's strength depended on its wealth, which was measured by gold and silver reserves. It aimed to increase these reserves through trade surpluses.
- Mercantilism developed between the 16th-18th centuries in Western Europe as the nation state rose and feudalism declined. It was influenced by changes in technology, the Black Death pandemic, and influxes of New World gold and silver.
- Major tenets included using economic policy as a way to increase state power, promoting domestic production and exports over imports, and obtaining trade surpluses to bring gold
The document provides an overview of the gravity model in international economics. It discusses that the gravity model shows that trade between countries depends on their economic sizes and is inversely related to the distance between them. Over time, improvements in transportation and communication have reduced the negative effects of distance on trade, and political factors like wars can significantly impact trade patterns. The types of goods traded have also changed over time, with manufacturing now making up the largest percentage of world trade compared to agricultural and mineral products in the past.
The document summarizes David Ricardo's theory of comparative advantage from 1817. It explains that Ricardo formalized the idea that countries can benefit from trade even if one country is more productive in all areas. Ricardo used a numerical example to show that if countries specialize in their comparative advantage goods, where their productivity is relatively higher, then total production can increase. The theory assumes differences in productivity across countries and industries and argues countries should allocate resources to comparative advantage industries to maximize global output through specialization and trade.
The Chicago School was a school of architects active in Chicago in the late 19th/early 20th century known for promoting steel-frame construction in commercial buildings. Key developments included William LeBaron Jenney's Home Insurance Building in 1885, considered the first skyscraper, which used a steel skeleton frame. Other influential architects included Dankmar Adler, Daniel Burnham, Louis Sullivan, and Frank Lloyd Wright. Characteristics of the Chicago School included the use of steel frames to allow for taller buildings, innovations in building foundations to support height, and stylistic influences like Richardsonian Romanesque and designs that emphasized the properties of steel through curves and sharp angles.
The Chicago School was an early modern architectural movement that flourished in Chicago from the 1880s until around 1910. Key features included steel-frame construction allowing for large windows, minimal ornamentation, and influences from European modernism. Louis Sullivan is considered a founder and pioneered modern skyscrapers. A Second Chicago School emerged in the 1940s under Mies van der Rohe focusing on new structural systems like tube frames.
This document defines inflation and its causes such as demand-pull and cost-push inflation. It discusses the types of inflation including built-in, open, suppressed, sectoral, and comprehensive inflation. Effects on the economy like interest rates, exchange rates, and purchasing power are mentioned. India's historical inflation rates from 1950-2013 are shown, currently at 11.06% in June 2013. Methods to control inflation include monetary policy tools of the central bank and fiscal measures such as taxation and government expenditure.
The Phillips curve describes an inverse relationship between unemployment and inflation, such that lower unemployment is associated with higher inflation. While observed to be stable in the short-run, it does not hold in the long-run. The document discusses the origins of the Phillips curve from William Phillips' 1958 paper and subsequent modifications by economists like Friedman and Phelps who argued it does not reflect long-run economic realities. It also examines shifts to the Phillips curve from supply shocks and how the relationship between unemployment and inflation is now understood with incorporation of inflation expectations.
Chapter 7 - inflation ,unemployment and underemployment for BBAginish9841502661
This document defines various types of inflation including low inflation, galloping inflation, and hyperinflation. It also discusses different measures used to calculate inflation rates such as the Consumer Price Index (CPI) and Wholesale Price Index (WPI). Finally, it outlines several causes of inflation including demand-pull factors related to increases in the money supply according to the Quantity Theory of Money, and cost-push factors like increases in wages or costs of raw materials.
1. Monopolies have market power that allows them to raise prices without losing all demand. Barriers to entry like large capital requirements, patents, and government franchises prevent competition against monopolies.
2. A pure monopoly is a single firm with no close substitutes and significant barriers to entry. It faces the market demand curve and sets both price and quantity to maximize profits where marginal revenue equals marginal cost.
3. Monopolies restrict output and raise prices above marginal cost, leading to inefficient allocation of resources. Antitrust policy aims to remedy monopolies through legislation like the Sherman Act and agencies that enforce antitrust laws.
This document provides an overview of the history of economic thought, outlining major economists and their ideas from ancient times through contemporary economic theory. It discusses early Greek philosophers like Xenophon and Aristotle and their work on household management. It then covers mercantilism and physiocrats before detailing the classical economists like Adam Smith, David Ricardo, Thomas Malthus, and Karl Marx. The document also summarizes the ideas of neoclassical thinkers, Keynes and the development of macroeconomics, monetarism, and concludes with some modern economists like Thomas Piketty.
1. The document discusses endogenous growth models and their representation of economic growth processes.
2. It addresses issues with decreasing marginal returns in endogenous growth models and introduces the Jones critique of these models.
3. Semi-endogenous growth models and the Jones model are presented as alternatives that account for decreasing marginal returns to R&D over time.
The document discusses economic growth and its key drivers. It defines economic growth as a long-term expansion of a country's productive potential. The main drivers of growth include increasing capital stock, labor supply, productivity, and innovation. However, growth also faces limitations such as infrastructure gaps, export dependency, human capital problems, and rising inequality within countries. Rapid growth can increase a nation's income but also widen inequality, posing challenges for maintaining balanced and sustainable development.
This document discusses unemployment, inflation, and the relationship between the two. It defines different types of unemployment, how unemployment affects the economy and individuals. The natural rate of unemployment hypothesis holds that there is always some level of voluntary unemployment. The Phillips curve shows an inverse relationship between unemployment and inflation, where lower unemployment corresponds with higher inflation.
Entire education shares up-to-date CSS economics books for upcoming CSS exams. Economics books also give you an opportunity to reveal through CSS economics past papers 2020, 2019 2016, and 2017. This book will help for CSS economics preparation to solved mcqs pdf.
John Maynard Keynes was a British economist born in 1883 in Cambridge, England. He attended Cambridge University where he studied mathematics and befriended members of the Bloomsbury Group. After graduating, Keynes held several government positions before returning to Cambridge. In the 1930s, Keynes published his seminal work "The General Theory of Employment, Interest and Money" which laid the foundations for modern macroeconomics and advocated for governments to spend money and implement fiscal policy to stimulate the economy during downturns. Keynes played a key role in the Bretton Woods institutions and helped establish the International Monetary Fund and World Bank, dying in 1946.
The document discusses the concept of perfect competition in economics. It defines key characteristics of a perfectly competitive market including many buyers and sellers, standardized products, and free entry and exit. Firms in a perfectly competitive market are price takers and will produce at the quantity where marginal revenue equals marginal cost to maximize profits in the short run. The document uses graphs and tables to illustrate how a competitive firm determines optimal output and profits under different market price conditions.
This document provides an overview of the simple Keynesian model of economics. It discusses the model's key assumptions, including that it is a one-sector closed economy model with constant prices and fixed resources in the short run. Equilibrium occurs when aggregate demand (planned expenditure) equals aggregate supply (actual output). The model was developed by John Maynard Keynes to explain unemployment during the Great Depression when demand was weak and actual output fell below potential output.
The Keynesian Cross Model, The Money Market, and IS/LMSalman Khan
This document discusses the Keynesian cross model and how to construct the IS-LM model of the economy. It explains how to build the IS curve from the goods market and loanable funds market, showing the relationship between interest rates and output. It then discusses how to build the LM curve from the money market. Finally, it shows that setting IS=LM determines the simultaneous equilibrium in goods, money, and loanable funds markets, solving for the equilibrium interest rate and output in the short run.
classical economic theory Vs Keynisian Theory - an overviewShreya Sahay
The great depression of 1929 was a major event in world economy. the theories and practices before the depression are called the classical theory whereas, the theory that developed after the depression and explains the depression is called Keynesian theory.
This document discusses the natural rate of unemployment and its causes. It begins by defining the natural rate of unemployment as the average rate around which the actual unemployment rate fluctuates over the business cycle. It then presents a model showing how the natural rate is determined by the rates of job separation and job finding. Frictional unemployment results from the time it takes to search for and transition between jobs, while structural unemployment stems from wage rigidities that prevent wages from adjusting downward to clear the labor market. The document explores factors like minimum wages, unions, efficiency wages, and sectoral shifts that contribute to real wage rigidity and the natural rate of unemployment.
This document provides an overview of Paul Krugman's new trade theory, which focuses on intra-industry trade driven by increasing returns to scale and imperfect competition. It discusses how intra-industry trade has become a large part of trade between industrialized nations as technology and resources have become more similar. Economies of scale, both internal and external, can lead to imperfect competition and influence patterns of trade. The theory of monopolistic competition is introduced to model trade driven by differentiated products and economies of scale. Trade integration creates a larger world market, allowing for more production scale, lower prices, and greater product variety compared to autarky.
The document provides an overview of the Mundell-Fleming model, which analyzes the effects of fiscal and monetary policy in a small open economy with perfect capital mobility. It describes the IS* and LM* curves and how they determine equilibrium income and exchange rates. Key points covered include: fiscal policy cannot affect output, while monetary policy impacts output by changing the exchange rate; floating exchange rates allow monetary policy flexibility; and fixed rates make fiscal policy more effective at changing output.
This document provides an overview of the economic theory of mercantilism. Some key points:
- Mercantilism held that a nation's strength depended on its wealth, which was measured by gold and silver reserves. It aimed to increase these reserves through trade surpluses.
- Mercantilism developed between the 16th-18th centuries in Western Europe as the nation state rose and feudalism declined. It was influenced by changes in technology, the Black Death pandemic, and influxes of New World gold and silver.
- Major tenets included using economic policy as a way to increase state power, promoting domestic production and exports over imports, and obtaining trade surpluses to bring gold
The document provides an overview of the gravity model in international economics. It discusses that the gravity model shows that trade between countries depends on their economic sizes and is inversely related to the distance between them. Over time, improvements in transportation and communication have reduced the negative effects of distance on trade, and political factors like wars can significantly impact trade patterns. The types of goods traded have also changed over time, with manufacturing now making up the largest percentage of world trade compared to agricultural and mineral products in the past.
The document summarizes David Ricardo's theory of comparative advantage from 1817. It explains that Ricardo formalized the idea that countries can benefit from trade even if one country is more productive in all areas. Ricardo used a numerical example to show that if countries specialize in their comparative advantage goods, where their productivity is relatively higher, then total production can increase. The theory assumes differences in productivity across countries and industries and argues countries should allocate resources to comparative advantage industries to maximize global output through specialization and trade.
The Chicago School was a school of architects active in Chicago in the late 19th/early 20th century known for promoting steel-frame construction in commercial buildings. Key developments included William LeBaron Jenney's Home Insurance Building in 1885, considered the first skyscraper, which used a steel skeleton frame. Other influential architects included Dankmar Adler, Daniel Burnham, Louis Sullivan, and Frank Lloyd Wright. Characteristics of the Chicago School included the use of steel frames to allow for taller buildings, innovations in building foundations to support height, and stylistic influences like Richardsonian Romanesque and designs that emphasized the properties of steel through curves and sharp angles.
The Chicago School was an early modern architectural movement that flourished in Chicago from the 1880s until around 1910. Key features included steel-frame construction allowing for large windows, minimal ornamentation, and influences from European modernism. Louis Sullivan is considered a founder and pioneered modern skyscrapers. A Second Chicago School emerged in the 1940s under Mies van der Rohe focusing on new structural systems like tube frames.
The document discusses the city planning of Chandigarh, India. It describes how Le Corbusier revised the initial plan by Albert Mayer, dividing the city into sectors of about 1200 by 800 meters. Each sector was designed as an autonomous neighborhood with housing, schools, shops, and recreational spaces. The capital complex was shifted to a higher ground and designed according to Le Corbusier's philosophies. While the planning approach was praised for creating a well-organized city, it was also criticized for being too standardized and not reflecting Indian culture and ways of life. The document analyzes the planning concepts and provides an overview of the development of Chandigarh.
Fallingwater, designed by Frank Lloyd Wright, is a private home built over a waterfall in western Pennsylvania in 1937. It is considered one of Wright's greatest works and is renowned for its integration with the natural surroundings. The home was commissioned by Edgar Kaufmann and built using local stone and reinforced concrete cantilevers projecting from the rock face. Over 150,000 visitors tour the home each year, which has required extensive restoration work to address leaks and structural issues due to its location directly over running water.
architecture history - Industrial revolutionomarnene
The document discusses the architectural and social impacts of the Industrial Revolution during the 19th century. Key inventions like the steam engine led to new building types like factories. New materials like cast iron, steel, and glass allowed larger structures to be built. Cities grew as people migrated for work. Living and working conditions for many were difficult, leading to the rise of labor unions and movements for workers' rights.
The document provides information about the Bauhaus school of art and design founded in Germany in 1919. It discusses the school's approach of integrating art, technology and craftsmanship. Buildings were simple, functional and industrial in style, using materials like steel, glass and concrete. Ornament was derived from the visual effects of materials. The goal was to create an aesthetic suited to the modern world by relating form, materials and function. Key figures discussed include founder Walter Gropius and designs like the Bauhaus school building in Dessau with its asymmetrical forms and use of glass. Furniture was designed to be simple, unornamented and functional.
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اگر آپ تعلیمی نیوز، رجسٹریشن، داخلہ، ڈیٹ شیٹ، رزلٹ، اسائنمنٹ،جابز اور باقی تمام اپ ڈیٹس اپنے موبائل پر فری حاصل کرنا چاہتے ہیں ۔تو نیچے دیے گئے واٹس ایپ نمبرکو اپنے موبائل میں سیو کرکے اپنا نام لکھ کر واٹس ایپ کر دیں۔ سٹیٹس روزانہ لازمی چیک کریں۔
نوٹ : اس کے علاوہ تمام یونیورسٹیز کے آن لائن داخلے بھجوانے اور جابز کے لیے آن لائن اپلائی کروانے کے لیے رابطہ کریں۔
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MODULE 3MODULE 3
Quality Assurance and Control
Introduction
SimplilearnTraining's channel (2012). Quality Planning vs Quality Assurance vs Quality Control (Streaming video). Retrieved from
https://www.youtube.com/watch?v=iCgzbYi_Iw8
As project work is executed, project managers make certain that quality assurance is performed
activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Quality control entails monitoring specific
project results to determine whether they meet relevant quality standards, which have been defined with the project scope.
For example, in IT projects, factors that can negatively affect the likelihood of success may include advances in technology during the project's execution,
infrastructure changes that impact security and data management, or the risks involved in implementing new technology for the first time. There are various
quality control techniques to ensure the project achieves successful outcomes.
Passionate Project Management. (2014). Project Management Concept #3: Quality Assurance v Quality Control
https://www.youtube.com/watch?v=cnvDYN8udGM
This module will cover:
Monitoring and Controlling project work, including IT projects.
Tools and techniques for project quality control and quality assurance.
This module will help you:
https://www.youtube.com/watch?v=iCgzbYi_Iw8
https://www.youtube.com/watch?v=cnvDYN8udGM
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Page 2 of 2https://laureate-au.blackboard.com/bbcswebdav/pid-8527169-dt-…er/MS_GPM/PROJ_6003/6.%20Web%20Content/module%2003/index.html
Identify sources of data required for project quality control.
Explain the difference between standards and regulations.
Apply tools and techniques in monitoring, controlling, measuring and managing project performance and quality to achieve
CULTURAL
POLITICAL
ECONOMY
LECTURER
DR AMIN SAMMAN
Rhind Building, D515
Office hours: Thursday, 14.00–16.00
[email protected]
Please sign up for appointments online
http://www.supersaas.com/schedule/Amin_Samman/Office_Hours
http://city.ac.uk
http://www.supersaas.com/schedule/Amin_Samman/Office_Hours
OUR
APPROACH
The objectives of this module are twofold:
1. To introduce the key concepts, approaches, and debates in
this field
2. To provide an opportunity for in-depth study of the cultural
logics at work in one or more aspect of contemporary
capitalism
The first is meant to enable the second:
• Our core objective is to use these concepts and debates to
study the concrete issues and problems that define the
contemporary cultures of global capitalism
WEEK 1
OUTLINE
1. What is cultural political economy?
2. Economism and beyond
3. Module structure
4. Housekeeping
WHAT IS CULTURAL ...
260320, 12)58 AMLaureate International UniversitiesPage .docxBHANU281672
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MODULE 3MODULE 3
Quality Assurance and Control
Introduction
SimplilearnTraining's channel (2012). Quality Planning vs Quality Assurance vs Quality Control (Streaming video). Retrieved from
https://www.youtube.com/watch?v=iCgzbYi_Iw8
As project work is executed, project managers make certain that quality assurance is performed
activities that are undertaken to ensure that a project uses the processes needed to meet quality requirements. Quality control entails monitoring specific
project results to determine whether they meet relevant quality standards, which have been defined with the project scope.
For example, in IT projects, factors that can negatively affect the likelihood of success may include advances in technology during the project's execution,
infrastructure changes that impact security and data management, or the risks involved in implementing new technology for the first time. There are various
quality control techniques to ensure the project achieves successful outcomes.
Passionate Project Management. (2014). Project Management Concept #3: Quality Assurance v Quality Control
https://www.youtube.com/watch?v=cnvDYN8udGM
This module will cover:
Monitoring and Controlling project work, including IT projects.
Tools and techniques for project quality control and quality assurance.
This module will help you:
https://www.youtube.com/watch?v=iCgzbYi_Iw8
https://www.youtube.com/watch?v=cnvDYN8udGM
26/03/20, 12)58 AMLaureate International Universities
Page 2 of 2https://laureate-au.blackboard.com/bbcswebdav/pid-8527169-dt-…er/MS_GPM/PROJ_6003/6.%20Web%20Content/module%2003/index.html
Identify sources of data required for project quality control.
Explain the difference between standards and regulations.
Apply tools and techniques in monitoring, controlling, measuring and managing project performance and quality to achieve
CULTURAL
POLITICAL
ECONOMY
LECTURER
DR AMIN SAMMAN
Rhind Building, D515
Office hours: Thursday, 14.00–16.00
[email protected]
Please sign up for appointments online
http://www.supersaas.com/schedule/Amin_Samman/Office_Hours
http://city.ac.uk
http://www.supersaas.com/schedule/Amin_Samman/Office_Hours
OUR
APPROACH
The objectives of this module are twofold:
1. To introduce the key concepts, approaches, and debates in
this field
2. To provide an opportunity for in-depth study of the cultural
logics at work in one or more aspect of contemporary
capitalism
The first is meant to enable the second:
• Our core objective is to use these concepts and debates to
study the concrete issues and problems that define the
contemporary cultures of global capitalism
WEEK 1
OUTLINE
1. What is cultural political economy?
2. Economism and beyond
3. Module structure
4. Housekeeping
WHAT IS CULTURAL.
1. The document discusses the Neoclassical School of economic thought, which developed in Europe in the late 19th and early 20th centuries. Key contributors included Léon Walras, Alfred Marshall, and Vilfredo Pareto.
2. It outlines some of the differences between the Neoclassical School and earlier Marginalist economists, including a greater focus on both supply and demand in price determination and an increased interest in the role of money.
3. The document then discusses Alfred Marshall's significant contributions to Neoclassical economics, including his development of concepts like price elasticity, consumer and producer surplus, and the distinction between short-run and long-run periods for markets to adjust.
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The document provides an overview of macroeconomics. It defines economics as the study of how societies provide for needs and wants with scarce resources. It discusses the evolution of economic thought from wealth to welfare to scarcity concepts. It defines macroeconomics as the study of aggregate economic performance including topics like unemployment, inflation, and growth. It outlines the scope of macroeconomics and differences between microeconomics and macroeconomics. Finally, it discusses key macroeconomic concepts like gross domestic product, net domestic product, and limitations of macroeconomic analysis.
Facts of Economics Curriculum and Teaching Methodijtsrd
Education is designed to produce existing knowledge in new minds and to make these minds more receptive and more capable of absorbing transforming, creating and using knowledge. However, the ability to understand is a scarce good but can be expanded by suitable training. There is a scheme of plugging the knowledge gap in economics for university and college teachers better known as Refresher Course, fully funded by University Grants Commission. Every year almost twenty universities are assigned the work of refreshing the teachers in the courses of economics. Every teacher has to attend minimum four such refreshers. However, it is intrigue to note that content of refreshers courses in economics bypass the principles and emphasises topics on general economics. The obvious results of this strategy are no significant improvement in the knowledge of teachers in economics. It is to be noted that diffusion of knowledge can be accomplished through several roots. However, knowledge cannot be absorbed unless some knowledge is already possessed. Finally as our stock of knowledge expands it becomes necessary to communicate properly this knowledge. Unless there is improved efficiency in teaching, it may become increasingly difficult to free resources for the discovery of new knowledge. Mr. Shaikh Matin Shaikh Husen ""Facts of Economics Curriculum and Teaching Method"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd24015.pdf
Paper URL: https://www.ijtsrd.com/economics/other/24015/facts-of-economics-curriculum-and-teaching-method/mr-shaikh-matin-shaikh-husen
This document summarizes the key differences between microeconomics and macroeconomics. Microeconomics examines individual markets and consumer behavior, while macroeconomics looks at aggregate variables for the whole economy. Specifically, microeconomics is concerned with supply and demand in individual markets, while macroeconomics focuses on monetary/fiscal policy and economic growth at the national level. A key difference is that microeconomics assumes markets will quickly reach equilibrium, but macroeconomics recognizes economies may remain in disequilibrium like during recessions.
First, Second, and Third Generation Islamic EconomicssAsad Zaman
The document provides an overview of the history and evolution of Islamic economics. It discusses:
1) How Islamic economics first emerged in the early 20th century as an ideological basis for liberation struggles against Western colonial rule. This was the first generation of Islamic economics.
2) How the failure of political Islam led to a second generation that sought to combine capitalism with Islamic principles through modifications like prohibiting interest. However, this mixing of fundamentally different systems proved impossible.
3) The birth of a third generation that rejects building Islamic economics on capitalist foundations. It focuses on micro-level projects and principles like generosity, cooperation and social responsibility over individualism and wealth maximization. The talk outlines some third generation projects.
This document provides information about an economics course titled "Macroeconomic Theory" taught by Professor M. Mohsin in spring 2016. It outlines the purpose of the course as introducing important current topics in macroeconomics and the technical tools used to discuss them. It lists nine required textbook chapters and journal articles. The evaluation method includes three assignments, a midterm exam, and a cumulative final exam. The course covers topics such as economic growth models, dynamic equilibrium models, monetary policy, and real business cycle theory.
Similar to Chicago school of economic thought, Key Econimist of chicago School of thought (10)
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This document summarizes the contribution of the air transport industry to macroeconomic stability. It discusses how aviation contributes significantly to global GDP and employment, facilitating over 3 billion passengers and 50 million tons of freight annually. This supports over 8.7 million direct jobs and generates $606 billion for the global economy. Aviation also stimulates tourism, which contributes $2 trillion to world GDP and over 101 million jobs globally. The document then discusses the air transport industry in Pakistan, how passenger traffic has grown significantly in recent years, and projections that transit traffic in Pakistan will continue growing rapidly through 2022.
The responsibilities of EASA include to:
Giving advice for the drafting of EU legislation, implementing and monitoring safety rules (including inspections in the member states),
Giving type-certification of aircraft and components as well as the approval of organizations involved in the design,
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This document is a presentation about product mix and dimensions given by Noman Khan. It discusses the total range of products offered by an organization as its product mix. A product mix includes product lines, which are groups of closely related products, and individual products within each line. The presentation defines several dimensions of a product mix, including width, length, depth, and consistency. It provides examples of product lines and individual products from Unilever brands like Lux, Sunsilk, Dove, Brooke Bond Supreme, and Surf Excel to illustrate these concepts.
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6.
ACKNOWLEDGEMENT
I, first of all, would like to express my gratitude to the Almighty Allah who
gave my resources, expertise and many more to initiate and complete the
project assignment happily on time, also would like to bless all those people
who provided support, specially my family, who offered me peace of mind to
concentrate and focus on the subject assignment.
I also would like to thanks my Institute (PAF KIET) and the instructor Mr.
Qazi Salman who thought me Economics which is new for me and i was
studying this dismal science subject very first time, and it’s proved to be an
understandable without any extra efforts. Instructor kind support took this
long & difficult journey converted into a destination.
It would not better, to cover up the unconditional support of my Office
for provision of best quality resources, and tools after office hour to complete
it effectively and efficiently, and support of related websites, books, and
articles, related to the concerned school of thought.
Noman Khan
Chicago School of Economic Thought
Page (vi)
7.
TABLE OF CONTENT
Dedication
………………………………………………………………………………………………………………….. v
Acknowledgement ………………………………………………………………………………………………………………….. vi
Table of Content
A.
B.
C.
D.
E.
F.
G.
H.
I.
J.
………………………………………………………………………………………………………………….. vii
Economics school of thought:
Chicago school of thought:
History of Chicago SoT:
Main Ideas:
Key Economist :
E.1. Frank Knight:
E.2. Ronald Coase:
E.3. George Stigler:
E.4. Milton Friedman:
E.5. Robert Fogel:
E.6. Gary Becker:
E.7. Richard Posner:
E.8. Robert E. Lucas:
E.9. Eugene Fama:
E.10. Friedrich Hayek:
Key theories / laws:
Impact of the school in society:
Quotable quotations:
Conclusion:
References:
………………………………………………………………………………………..…. 1
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Chicago School of Economic Thought
Page (vii)
8.
CHICAGO ECONOMICS SCHOOL OF THOUGHT
A. ECONOMICS SCHOOLS OF THOUGHTS:
A.1 Schools of thought (SoT) define as “the viewpoint or belief or system of beliefs acknowledged as
convincing by some group or school". In economics, a school of thought can be thought of as a
belief or system of beliefs held by some cluster of economists. Each SoT differs by the set of
economic phenomena they wish to explain, the economic practices used, and the assumptions
used in order to explain those economic phenomena.
A.2 Here the word "school" does not mean to be a terrestrial place but it is a thought or belief of
economists. However most often the economists belong to certain schools of thought that have
been linked to the specific universities / schools, such as the Austrians School of Economics,
University of Chicago etc.
A.3 There are variety of approaches (school of thoughts) exist in the economics theory, various
economics classify the various SoT in variety of phases: Economic thought may be divided into
three following phases but the methodical economic theory has been developed mainly from the
establishment of the last phase i.e, “modern” era.
Pre modern period “start form Chinese civilization, and Greco Roman
Early‐modern period of mercantilist & physiocrate thoughts
Modern period start from 1776 from great economist Adam Smith till to the classical
economies era 1930,
B. CHICAGO SCHOOL OF THOUGHT:
B.1 The Chicago school of economics having a thought of neoclassical school inside the hypothetical
community of economists, they usually have a strong focus around the faculty of the University of
Chicago, some of whom have constructed and popularized its principles.
B.2 In the macroeconomics background, it is linked to the freshwater school of macroeconomics, in
contrast to the saltwater school based in coastal universities. Chicago macroeconomic theory
forbidden the Keynesianism until the mid‐1970s in favor of monetarism, when it turned to new
classical macroeconomics heavily based on the concept of rational expectations. The freshwater‐
saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated
ideas from each other. More specifically, without having to give up the Keynesian focus traditional
sticky and imperfect competition in New Keynesian economics, elected to incorporate the insights
of rational expectations, was developed as a response to new classical economics.
B.3 Chicago economists have also left their intellectual influence in other fields, notably in
pioneering public choice theory and law and economics, which have led to revolutionary changes
Chicago School of Economic Thought
Page 1 of 11
9.
in the study of political science and law. Other economists affiliated with Chicago have made their
impact in fields as diverse as social economics and economic. Thus, there is not a clear delineation
of the Chicago SoT, a terminology that is frequently used in the public and electronic and print
media especially in educational groups. Nevertheless, the Chicago SoT is characterized mostly by
Kaufman in 2010 in this way:
C.
HISTORY OF CHICAGO SCHOOL OF THOUGHT
C.1 Major conceptual protector of traditional economics and capitalism, it has been one of the most
influential bodies of economic thought in recent times. This monetarist school is connected with
the economics department at the University of Chicago, especially during 1970s and particularly
with professor (1948‐79) Milton Friedman (1912‐2006) who won Nobel Prize in economics in
1976 for his theory of normal rate of joblessness. His colleagues went on to win seven more
Nobels, including George Stigler (1911‐91) in 1982 for deregulation theory, Merton Miller (1923‐)
in 1990 for financial economics, Ronald Coase (1910‐) for Coase's theorem in 1991, Gary Becker
(1930‐) for application of microeconomics to non‐market behavior in 1992, and Robert Lucas
(1937‐) for the theory.
C.2 Its basic beliefs of this SoT are:
(1)
Free (open) markets are best allocate resources in an economy than any government,
(2)
Market Failure is caused by the Monopolies that are created by government, attempt to
regulate an economy,
(3)
Governments should avoid trying to manage aggregate demand and, instead,
(4)
There should be a minimal government intervention (monopolies); economic freedom and
free trade, tax cutting and tax reforms will serve and relief the market / economy in the best
way.
(5)
Should focus on maintaining a steady and low rate of growth of money supply.
(6)
Inflation adjustment and inflation targeting in another main idea of this SoT.
For further details please visit:
http://www.businessdictionary.com
C.3 The hierarchy of various Economics SoT in chronological order from 1500 to 2010 can also be
shown in the following family tree of economics:
Chicago School of Economic Thought
Page 2 of 12
11.
C.4 Most of the economics belief and have a consensus on the classification of various SoT that there
are two major school of thoughts exist in society of economics one is Classical SoT and other is
neo‐classical SoT, classical SoT initiate right from the Adam Smith era 1776 whereas Neo‐classical
era start form 1930, whereas Chicago SoT is actually belong to the neoclassical school of thought.
From 1950 till late 70s, Keynes' view and its theory were considered as the main factor in the
economy, after that era, in late 1970, Friedrich Hayek's view that the state / government should
have a minimum role in the economy and market, this thought got popularity in the world of
business. This inspiration of F. A. Hayek's concepts and of the Chicago SoT was the real cause of
end of Keynesian thoughts and Chicago SoT appears as a right wing of mainstream of economics.
The classification of wings is given below:
Chicago School of Economic Thought
Page 4 of 12
12.
D. MAIN IDEAS OF CHICAGO SoT:
D.1 As we have described earlier that the Chicago SoT strictly tracks the neoclassical price theory and
libertarianism and they disbelieved the concept of Keynesianism, Chicago SoT more belief on the
monetarism concept of Friedman's, and Robert Lucas’s rational expectations theory. It also
disregards government laissez‐faire regulation of business, and dominant many ideas and
approaches. The main ideas of this SoT are given below:
Free (open) markets are best allocate resources in an economy,
There should be a minimal government intervention (monopolies); economic freedom and free
trade, tax cutting and tax reforms will serve and relief the market / economy in the best way.
Inflation adjustment and inflation targeting in another main idea of this SoT.
Monetarist of this SoT belief that supplies and demand of money must be kept in equilibrium in
free market.
The ideology of Globalization and International trade / finance was come out in this era, in
which Chicago SoT played an important contribution.
Privatization & marketization
Variables like output and wages in macro‐economic should be considered collectively for the
entire economy because both are interdependent to each other.
E.
KEY ECONOMIST OF CHICAGO SoT:
E.1 Frank Knight:
Frank Knight (1885–1972) was an early member of this SoT and one of the
faculty members of University of Chicago department. Knight have a great
contribution in macroeconomics and his has a most significant work
was over “Risk, Uncertainty and Profit” in 1921 from which the
term “Knightian uncertainty” was invented. Knight's perception was
revolutionary, and noticeably different from later Chicago school thinkers.
He believed on free market and less intervention of government that while
the free market could be inefficient, government programs were even less
efficient.
E.2 Ronald Coase:
The Noble Prize‐winner, Ronald Coase (b. 1910) is the most projecting
economic analyst of law and for this contribution he won this prize in
1991. His first article in 1937 “The Nature of the Firm”, argued that the
existence of firms like companies, partnerships, etc. are the causes of the
existence of transaction costs. Rational individuals trade through mutually
agreed contracts on free markets until the costs of transactions mean that
using corporations to produce things is more cost‐effective.
Ronald has second major article is “The Problem of Social Cost” published in 1960, that argued if
we lived without transaction costs, people in the world would bargain with one another to create
the same allocation of resources, regardless of the way a court might rule in property disputes.
Chicago School of Economic Thought
Page 5 of 12
13.
The base of this phenomenon was legal court case about nuisance named Sturges v Bridgman,
filed in 1879 in London, in which a noisy sweet‐maker was functioning next to the quiet clinical
activity place of a doctor; the doctor filed the case to court in search of an injunction against the
noise produced by the sweet‐maker. Ronald Coase said that regardless of whether the judge ruled
that the sweet maker had to stop using his machinery, or that the doctor had to put up with it,
they could strike a mutually beneficial bargain that reaches the same outcome of resource
distribution.
Coase beliefs that the only one solution exist for prevention of this dispute that is transaction
costs. The concept is that government legislation and regulation are not as essential or effective
for helping people as lawyers and government planners believe. Coase and others like him wanted
a change of approach, to put the burden of proof for positive effects on a government that was
intervening in the market, by analyzing the costs of action.
E.3 George Stigler:
George Stigler (1911–1991) was a follower of Frank Knight and worked on
his thesis under the nose of Knight and developed “Economic Theory of
Regulation”, also known as capture, and won the Nobel Prize in 1982. His
theory says those interest groups and other political participants will use
the regulatory and coercive powers of government to shape laws and
regulations in a way that is beneficial to them. This theory is an important
component of the Public Choice field of economics.
Stigler also conducted an extensive research and study on the history of economic thought and
published an article in 1962 of "Information in the Labor Market" that developed the theory
of search unemployment.
E.4 Milton Friedman:
Milton Friedman (1912–2006) is one of the most influential economists of
the late twentieth century in this SoT. He was also a student of Frank
Knight along with above mentioned George; Friedman won the Nobel
Prize in 1976 for his contribution in Economics. His article “A Monetary
History of the United States” publicized in 1963 in which he emphasized
that the Great Depression had been caused by the Federal Reserve's
policies through the 1920s, and worsened in the 1930s. Friedman argued
that laissez‐faire government policy is more desirable than government
intervention in the economy.
There is a famous slogan we usually use in daily life i,e. "money matters" associated with
Friedman, but he had also leveled punitive criticism of his ideological opponents. Referring
to Thorstein Veblen's assertion that economics unrealistically models people as "lightning
calculator(s) of pleasure and pain", Friedman wrote.
Chicago School of Economic Thought
Page 6 of 12
14.
E.5 Robert Fogel:
Robert Fogel (b.1926), a co‐winner of the Nobel Prize in 1993 in the field of
Economics, he has a lot of involvement by setting a new standards of
Economics in which he is best known for his introduction of “New
economic history”, “historical analysis”, “invention of cliometrics”, and “a
notation system for quantitative data”.
Fogel also set out to rebut systematically the idea that railroads contributed
to economic growth in the 19th century by his two abstracts namely
“Railroads and American Economic Growth: Essays in Econometric History”,
and “Time on the Cross: The Economics of American Negro Slavery” in 1964 & 1974 respectively.
He argued that slavery was morally wrong, but argues that it was not necessarily less efficient
than wage‐labor, he proved analytically that before the American civil war, slaves in the Southern
states of America had a higher standard of living than the industrial proletariat of the Northern
states.
E.6 Gary Becker:
Gary Becker (b. 1930) is best known for his work for applying economic
methods of thinking to other fields of society such as sexual relationships,
criminality, slavery and drugs, assuming that people act rationally. This
value addition in Society of Economics and very well focused‐work on labor
economic put him a Nobel Prize‐winner in 1992.
There are some quotations that are named with Gary Becker, as stated
bellow:
E.7 Richard Posner:
Richard Posner (b. 1939) is basically a legal advisor and lawyer rather than
an economist and is known primarily for his work in law and economics.
Posner's main works is not only about corporations, contract, tort, labor
law, but also detail discussion on criminal law, discrimination and family
law. He attempts to apply rational choice models to areas of law, that
reflect in “Economic Analysis of Law”.
Posner goes so far as to say that:
"{The central} meaning of justice, perhaps the most common is – efficiency… (Because) in a world
of scarce resources waste should be regarded as immoral."
Chicago School of Economic Thought
Page 7 of 12
15.
E.8 Robert E. Lucas:
Robert Lucas (b. 1937), was another assert of Chicago SoT who got the
Nobel Prize earlier in 1995. he was ranked consistently in top 10 great
economist in research papers in the field of Economics. His contribution in
Macroeconomics and its several tools / topics included asset pricing,
economic growth, and monetary Economics. Lucas given the concept of
integration of Micro & Macroeconomics, he belief that
macroeconomics must not be considered as an isolated mode of thought
from microeconomics, and that analysis in both should be built on the
same foundations.
E.9 Eugene Fama:
Eugene Fama (b. 1939) is an American economist who is well identified as
“the father of the hypothesis”, his theoretical and empirical work on
“Random walk theory” as well as “Portfolio theory” give him a distinguish
place in the world of economics. He has expended his entire teaching
career at the University of Chicago. Fama is also famous for his Ph.D.
thesis in 1965 "The Behavior of Stock Market Prices", he concluded that
stock prices are unpredictable and uncertain and follow an unplanned
walk pattern of movement.
He solidified this idea in his 1970 article, "Efficient Capital Markets: A Review of Theory and
Empirical Work", this concept of Price behavior of stock Market & efficient market latter caused
the establishment of modern economic theory.
E.10 Friedrich August Hayek:
Friedrich August Von Hayek, the Liberal economist usually known as F. A.
Hayek was a major political thinker of the 20th century was the instructor
of another area of study (committee of social thought) at Chicago
University during 1950s and he had a little knowledgeable interaction
with the economics department and he was not considered a Chicago
School member but the Austrian School. Nevertheless he and Milton
Friedman worked together to devoted the libertarian and democratic
ideology.
F. A. Hayek collectively got the Nobel Prize for his pioneering work with Gunnar Myrdal in “the
theory of money and economic fluctuations” and “the interdependence theory of economic, social
and institutional phenomena".
For further details please visit the link:
http://en.wikipedia.org/wiki/Chicago_school_of_economics
Chicago School of Economic Thought
Page 8 of 12
17.
The economists Chicago SoT, Ronald Coase, G. Stigler, and J. M. Buchanan were the inventor
of Political science and institutional theory, while in neoclassical economics; economic
history was set by Robert Fogel.
Detailed economic interpretation on various sociological matters such as marriage,
addiction, and family issues were given by Gary Becker. His most well‐known effort was
“Path‐breaking analysis” of "human capital", who impact a lot to serve the society, in which
he emphases on the government to expenditure on three important area, he said, "deals
with expenditures on people for education, training, health & safety, that in a broad sense
raise productivity."
Chicago SoT contribution was to demonstrate the market power, externalities, and the
people choices, in “public policy” as well as in economic sciences. Chicago school also had a
strong top management commitment and a lot of self‐confidence that we had the right
concept for the well‐being of the society and the rest of the profession was wrong.
Economists of Chicago SoT had also left their intellectual impact not only in Economics but in
other area of study, particularly on “Pioneering public choice theory” and law, which has
given the direction to the ground‐breaking changes in the Law study and political science.
Other economists affiliated with Chicago have made their impact in fields as diverse as social
economics and economic history.
H. QUOTABLE QUOTATIONS:
H.1
Frank Knight:
H.2
Ronald Coase:
Chicago School of Economic Thought
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