Karl Marx, Friedrich Engels, Milton Friedman, and Paul Samuelson were famous economists.
Marx and Engels developed Marxist theory together, with Marx publishing influential works like The Communist Manifesto and Das Kapital. Engels published The Condition of the Working Class in England and collaborated with Marx.
Friedman represented the Monetarist perspective and reinterpreted the consumption function in the 1950s. He argued against "naive Keynesian" theory.
Samuelson was considered one of the founders of neo-Keynesian economics. He helped develop neoclassical economics and explained Keynesian principles.
Keynesian economics is an economic theory developed by John Maynard Keynes that argues that government intervention is necessary to increase aggregate demand and pull the economy out of recession. It posits that private sector spending affects income and output, and that inadequate private spending during economic downturns can lead to increased unemployment and a slower economy unless the government injects money directly into the economy through spending on public projects, tax cuts, or by increasing the money supply. Keynesian economics advocates for government intervention in the economy through fiscal policy tools like spending and taxation to stabilize output and mitigate economic cycles.
Milton Friedman's Monetary History of the United States provided empirical evidence that crushed the Keynesian model, showing through data that "inflation is always and everywhere a monetary phenomenon." The document discusses how Friedman concluded that money supply, not just government spending, is a key driver of economic activity and inflation. It also outlines Friedman's restatement of the quantity theory of money in his money demand function, which models the demand for money based on price level, real income, and interest rates on bonds, equity, and durable goods.
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.
John Maynard Keynes was an influential 20th century English economist known for developing Keynesian economics. Some of his key ideas included that employment is determined by effective demand, which depends on aggregate supply and demand. Consumption and investment determine aggregate demand, with consumption depending on income and propensity to consume. The multiplier effect means that a change in investment leads to a proportional change in national income and output. Interest rates are determined by the supply of money and liquidity preference. Keynes argued governments could fight unemployment through fiscal policy like taxation and public investment.
Brief review of Adam Smith's main concepts of growth.Prabha Panth
Adam Smith considered wealth of a nation to be its total output rather than just gold or agriculture. He believed economic growth increased total output, income, and standard of living. Smith argued growth occurs through increasing the division of labor, which raises productivity, and accumulating capital, which raises labor productivity by increasing the capital-labor ratio. This virtuous cycle of growth could eventually lead to a stationary state with zero growth.
Economics comes from the Greek word oikonomia which means household chores. Economics is considered a field of social science. Economics is relevant because it is part of everybody’s life. As a science, Economics is related to other sciences.
Ben Bernanke is an American economist who served as Chairman of the Federal Reserve from 2006 to 2014. He was a professor at Princeton University and chaired the economics department there. Bernanke also served on the Council of Economic Advisers under President George W. Bush before being appointed Fed Chairman. As Chairman, he helped steer the US economy through the late-2000s financial crisis and Great Recession.
The document discusses several key concepts in classical economics:
1. Classical economics included a value theory and distribution theory where the value of a product depended on production costs. Distribution of income was explained by costs of production.
2. Under classical economics, a landlord received rent, workers received wages, and capitalist tenants received profits from their investments.
3. Adam Smith was a prominent figure in classical economics and argued that labor is the source of a country's wealth and wealth increases through division of labor and free competition.
4. Physiocrats believed that agriculture was the sole source of wealth for a nation. Rent, wages, and profits were seen as distributions of the agricultural surplus.
Keynesian economics is an economic theory developed by John Maynard Keynes that argues that government intervention is necessary to increase aggregate demand and pull the economy out of recession. It posits that private sector spending affects income and output, and that inadequate private spending during economic downturns can lead to increased unemployment and a slower economy unless the government injects money directly into the economy through spending on public projects, tax cuts, or by increasing the money supply. Keynesian economics advocates for government intervention in the economy through fiscal policy tools like spending and taxation to stabilize output and mitigate economic cycles.
Milton Friedman's Monetary History of the United States provided empirical evidence that crushed the Keynesian model, showing through data that "inflation is always and everywhere a monetary phenomenon." The document discusses how Friedman concluded that money supply, not just government spending, is a key driver of economic activity and inflation. It also outlines Friedman's restatement of the quantity theory of money in his money demand function, which models the demand for money based on price level, real income, and interest rates on bonds, equity, and durable goods.
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.
John Maynard Keynes was an influential 20th century English economist known for developing Keynesian economics. Some of his key ideas included that employment is determined by effective demand, which depends on aggregate supply and demand. Consumption and investment determine aggregate demand, with consumption depending on income and propensity to consume. The multiplier effect means that a change in investment leads to a proportional change in national income and output. Interest rates are determined by the supply of money and liquidity preference. Keynes argued governments could fight unemployment through fiscal policy like taxation and public investment.
Brief review of Adam Smith's main concepts of growth.Prabha Panth
Adam Smith considered wealth of a nation to be its total output rather than just gold or agriculture. He believed economic growth increased total output, income, and standard of living. Smith argued growth occurs through increasing the division of labor, which raises productivity, and accumulating capital, which raises labor productivity by increasing the capital-labor ratio. This virtuous cycle of growth could eventually lead to a stationary state with zero growth.
Economics comes from the Greek word oikonomia which means household chores. Economics is considered a field of social science. Economics is relevant because it is part of everybody’s life. As a science, Economics is related to other sciences.
Ben Bernanke is an American economist who served as Chairman of the Federal Reserve from 2006 to 2014. He was a professor at Princeton University and chaired the economics department there. Bernanke also served on the Council of Economic Advisers under President George W. Bush before being appointed Fed Chairman. As Chairman, he helped steer the US economy through the late-2000s financial crisis and Great Recession.
The document discusses several key concepts in classical economics:
1. Classical economics included a value theory and distribution theory where the value of a product depended on production costs. Distribution of income was explained by costs of production.
2. Under classical economics, a landlord received rent, workers received wages, and capitalist tenants received profits from their investments.
3. Adam Smith was a prominent figure in classical economics and argued that labor is the source of a country's wealth and wealth increases through division of labor and free competition.
4. Physiocrats believed that agriculture was the sole source of wealth for a nation. Rent, wages, and profits were seen as distributions of the agricultural surplus.
Karl Marx identifies production as essential for human existence and as a social activity that requires cooperation and organization. He describes different modes of production throughout history - from primitive communism to slave societies to feudalism and capitalism - that determine societal class divisions and expressions of culture. Under capitalism, the economic base of forces and relations of production are controlled by the ruling capitalist class, while the social superstructure serves to maintain their interests, but contradictions will lead to revolution and establishment of a communist mode of production without classes.
Keynesian theory of money proposes that the relationship between the quantity of money and prices is indirect and non-proportional, unlike quantity theorists. Key provisions include that the economy is unstable and the state should use tools like monetary policy; a change in the money supply causes interest rate changes which lead to changes in investment demand and nominal GDP; and Keynes identified three macroeconomic policies - monetary, fiscal, and incomes policy - that affect GDP. Specifically, monetary policy aims to decrease interest rates to boost investment via money supply increases, while fiscal policy directly increases public investment when private investment is insufficient.
This document provides an outline of the history of economic thought from Adam Smith and the classical political economists in the 18th century to contemporary thinkers. It summarizes the key ideas and works of influential economists such as Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, Milton Friedman, Amartya Sen, and Thomas Piketty and the schools of thought they represented, including classical economics, marginalism, Keynesian economics, monetarism, and debates around inequality. The document traces the evolution of economic ideas and chronicles how economic theory has developed in response to historical conditions and events.
The document discusses key concepts related to economic institutions and systems. It defines economy as a social institution that organizes a society's production, distribution, and consumption of goods and services. Throughout history, economic systems have evolved from simple structures in primitive societies to today's more complex systems. Modern economies can generally be categorized as capitalist, socialist, or mixed. The functions of economic institutions include meeting basic needs, generating income and employment, promoting trade and investment, and more.
This document discusses different economic theories including capitalism, socialism, and communism. Capitalism is based on private ownership and free enterprise, while socialism believes wealth should be distributed publicly and communism involves total government control over the economy. Karl Marx proposed communism as a solution to inequality between social classes, believing workers should unite and control the means of production.
- Section 1 discusses economic growth, defining it as a persistent increase in real GDP and potential output. It examines how growth is presented on a PPC curve and discusses the determinants and measurement of economic growth.
- Section 2 defines economic development as the process of improving living standards and quality of life for all citizens through improvements in economic, social, and cultural aspects. It discusses different approaches to defining and measuring development.
- Section 3 likely discusses factors affecting the economic growth and development process, including investments, savings, productivity, technology, education and other macroeconomic factors.
Adam Smith is considered the founder of classical economics. In his seminal work "The Wealth of Nations" published in 1776, he outlined several key ideas:
1) He argued that an "invisible hand" in the free market leads to economic prosperity as individuals pursuing their self-interest ultimately benefit society as a whole.
2) He believed that free trade and minimal government intervention are ideal.
3) He explained that division of labor increases productivity and specialization, and is limited by the extent of the market. Wider markets allow for more division of labor.
4) Smith analyzed factors of production including wages, profit, rent and their relationships in a market economy. He believed competition would
This document summarizes key aspects of the Phillips curve and debates around inflation theories. It discusses how Samuelson and Solow popularized the Phillips curve as a policy tool showing a tradeoff between inflation and unemployment. However, their interpretation led policymakers in the 1960s-1970s to pursue expansionary policies, fueling the Great Inflation. Later analysis found Samuelson and Solow did not actually estimate the Phillips curve relationship but drew it by hand, and a proper estimation shows a different relationship with implications for economic policy.
John Maynard Keynes was an English economist born in 1883 who developed theories advocating for government intervention in the economy. He believed governments should increase spending and cut taxes during recessions to stimulate demand and employment. This "multiplier effect" would lead to increased manufacturing output and incomes in a self-sustaining cycle. Keynes' theories were influential during the Great Depression and World War II, when deficit spending helped countries recover. While his ideas do not dominate modern economics, aspects of his approach influenced recent economic stimulus packages.
Monetarism is an economic school of thought that stresses the primary importance of the money supply in determining nominal GDP and price levels. It challenges Keynesian economics by arguing that monetary policy, not fiscal policy, should be used to stabilize the economy. Monetarists believe the central bank should target money supply growth and follow fixed rules, rather than have discretion, as monetary factors are more important than fiscal interventions in impacting economic outcomes.
The classical growth theory argues that economic growth will decrease or end because of an increasing population and limited resources Classical growth theory economists believed that temporary increases in real GDP per person would cause a population explosion that would consequently decrease real GDP.
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that will replicate here, they are:
*People face trade-offs
*The cost of something is what you give up to get it
*Rational people think at the margin
*People respond to incentives
*Trade can make everyone better off
*Markets are usually a good way to organize economic activity
*Governments can sometimes improve market outcomes
*A country's standard of living depends on its ability to produce goods and services
*Prices rise when the government prints too much money
*Society faces a short-run tradeoff between Inflation and unemployment.
It is a stream of social sciences and commerce.
It is a study of production, consumption, distribution and regulation of flow of goods and services in an economy.
It has a direct relation with money.
It studies the economic aspect of goods and services provided in the economy.
It is a wider concept and hence affects the overall conditions of the economy.
It has two major segments: micro and macro. It is derived from Greek word ‘Mikros’.
It creates efficiency and smoothens up the process of final consumption of goods and services.
It tries to understand the problems that occur while producing, distributing and consuming a product.
It deepens our understanding.
Consumption is a broader term and it is the essence of economics. Economists generally consider consumption to be the final purpose of economic activity, hence consumption per person is a central measure of an economy’s productive success.
Consumption in economics means utilization of a product or a commodity and to derive benefits from the same. The utility of a product will help us in satisfying our needs and hence it is consumption.
Consumption can be defined in different ways, but is usually best described as the final purchase of goods and services by individuals. The purchase of a new pair of shoes, a burger at the fast food restaurant, or the service of getting your house cleaned are all examples of consumption.
It is a state of maximum satisfaction from a consumption.
A producer will obtain the stage of equilibrium when he will get maximum profit from his production.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition.
This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called "competitive quantity" or market clearing quantity.
Production Possibility Frontier (Revision Presentation)tutor2u
The document discusses the production possibility frontier (PPF), which shows the maximum output combinations of two goods an economy can produce with full employment of resources. It explains key concepts like opportunity cost, diminishing returns, and shifts in the PPF due to changes in resources or technology. Causes of outward shifts include higher productivity and new resources, while inward shifts may occur after natural disasters, conflict, or recession that reduce resources and investment.
This document provides an overview of macroeconomics and the debate between free-market and Keynesian schools of thought. It discusses how Adam Smith developed ideas of free markets but John Maynard Keynes advocated government intervention to boost demand in response to the Great Depression. In the 1970s, Milton Friedman led a counter-revolution arguing excessive money supply and unions caused stagflation. Margaret Thatcher embraced free-market policies, but the 2007 crisis saw a return of Keynesian responses as the UK faced its worst recession since the 1930s.
Adam Smith was an 18th century Scottish economist who made important contributions to economic theory. He taught moral philosophy and economics, and is most famous for his book "The Wealth of Nations" published in 1776, in which he argued that free market capitalism and the invisible hand of self-interest would lead to economic prosperity through free trade, limited government intervention, and the division of labor.
Adam Smith rejected the mercantilist view that wealth consisted of gold and silver, instead believing that a nation's wealth came from goods and services. He argued for free markets with little government interference, except to uphold basic laws and order. According to Smith, countries should specialize in what they produce most efficiently and trade freely without restrictions. While allowing free competition, Smith acknowledged some role for government in areas like defense, justice, education, and maintaining commerce through fair taxation.
The document discusses the concept of scarcity in economics. It defines scarcity as limited resources being unable to meet unlimited wants, creating an economic problem. Economics is then presented as the study of allocating scarce resources efficiently to meet wants. The relationship between scarcity and economics is explored, with scarcity giving rise to the need for economics to address this issue through resource allocation. Key terms like demand, supply, and markets are also introduced in the summary.
The document summarizes three models of aggregate supply and the relationship between inflation and unemployment known as the Phillips curve. The models are the sticky-wage, imperfect-information, and sticky-price models. It also discusses how expectations are formed, the short-run tradeoff in the Phillips curve, and the costs of reducing inflation through contractionary policy.
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It can be studied at the macro level of whole economies or micro level of individual decision making. Resources are limited so choices must be made between alternatives, which involves tradeoffs. Production requires factors of land, labor, capital and entrepreneurship to transform inputs into goods and services. Firms aim to maximize profits by equating their marginal costs with marginal revenues from sales. Different economic systems approach these decisions in various ways such as traditional economies based on custom, command economies controlled by the government, and free market economies driven by supply and demand.
This study investigates the HBS effect in a panel of nine CEECs during 1993:Q1-2003:Q4 (unbalanced panel). Prior to estimating the model, we analyze several key assumptions of the model (e.g. wage equalisation, PPP and sectoral division) and elaborate on possible consequences of their failure to hold. In the empirical part of the paper, we check the level of integration of the variables in our panel using the Pedroni panel-stationarity tests. We then investigate the internal and external version of the HBS effect with the Pedroni panel-cointegration tests as well as by means of group-mean FMOLS and PMGE estimations to conclude that there is a strong evidence in support of the internal HBS and ambiguous evidence regarding the external HBS. Our estimates of the size of inflation and real appreciation consistent with the HBS effect turned out generally within the range of previous estimates in the literature (0-3 % per annum). However, we warn against drawing automatic policy conclusions based on these figures due to very strong assumptions on which they rest (which may not be met in near future). Finally, following the hypotheses put forward in the literature, we elaborate and attempt to evaluate empirically the potential impact of exchange rate regimes on the magnitude of the HBS effect.
Authored by: Monika Blaszkiewicz, Przemyslaw Kowalski, Łukasz Rawdanowicz, Przemyslaw Wozniak
Published in 2004
Karl Marx identifies production as essential for human existence and as a social activity that requires cooperation and organization. He describes different modes of production throughout history - from primitive communism to slave societies to feudalism and capitalism - that determine societal class divisions and expressions of culture. Under capitalism, the economic base of forces and relations of production are controlled by the ruling capitalist class, while the social superstructure serves to maintain their interests, but contradictions will lead to revolution and establishment of a communist mode of production without classes.
Keynesian theory of money proposes that the relationship between the quantity of money and prices is indirect and non-proportional, unlike quantity theorists. Key provisions include that the economy is unstable and the state should use tools like monetary policy; a change in the money supply causes interest rate changes which lead to changes in investment demand and nominal GDP; and Keynes identified three macroeconomic policies - monetary, fiscal, and incomes policy - that affect GDP. Specifically, monetary policy aims to decrease interest rates to boost investment via money supply increases, while fiscal policy directly increases public investment when private investment is insufficient.
This document provides an outline of the history of economic thought from Adam Smith and the classical political economists in the 18th century to contemporary thinkers. It summarizes the key ideas and works of influential economists such as Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, Milton Friedman, Amartya Sen, and Thomas Piketty and the schools of thought they represented, including classical economics, marginalism, Keynesian economics, monetarism, and debates around inequality. The document traces the evolution of economic ideas and chronicles how economic theory has developed in response to historical conditions and events.
The document discusses key concepts related to economic institutions and systems. It defines economy as a social institution that organizes a society's production, distribution, and consumption of goods and services. Throughout history, economic systems have evolved from simple structures in primitive societies to today's more complex systems. Modern economies can generally be categorized as capitalist, socialist, or mixed. The functions of economic institutions include meeting basic needs, generating income and employment, promoting trade and investment, and more.
This document discusses different economic theories including capitalism, socialism, and communism. Capitalism is based on private ownership and free enterprise, while socialism believes wealth should be distributed publicly and communism involves total government control over the economy. Karl Marx proposed communism as a solution to inequality between social classes, believing workers should unite and control the means of production.
- Section 1 discusses economic growth, defining it as a persistent increase in real GDP and potential output. It examines how growth is presented on a PPC curve and discusses the determinants and measurement of economic growth.
- Section 2 defines economic development as the process of improving living standards and quality of life for all citizens through improvements in economic, social, and cultural aspects. It discusses different approaches to defining and measuring development.
- Section 3 likely discusses factors affecting the economic growth and development process, including investments, savings, productivity, technology, education and other macroeconomic factors.
Adam Smith is considered the founder of classical economics. In his seminal work "The Wealth of Nations" published in 1776, he outlined several key ideas:
1) He argued that an "invisible hand" in the free market leads to economic prosperity as individuals pursuing their self-interest ultimately benefit society as a whole.
2) He believed that free trade and minimal government intervention are ideal.
3) He explained that division of labor increases productivity and specialization, and is limited by the extent of the market. Wider markets allow for more division of labor.
4) Smith analyzed factors of production including wages, profit, rent and their relationships in a market economy. He believed competition would
This document summarizes key aspects of the Phillips curve and debates around inflation theories. It discusses how Samuelson and Solow popularized the Phillips curve as a policy tool showing a tradeoff between inflation and unemployment. However, their interpretation led policymakers in the 1960s-1970s to pursue expansionary policies, fueling the Great Inflation. Later analysis found Samuelson and Solow did not actually estimate the Phillips curve relationship but drew it by hand, and a proper estimation shows a different relationship with implications for economic policy.
John Maynard Keynes was an English economist born in 1883 who developed theories advocating for government intervention in the economy. He believed governments should increase spending and cut taxes during recessions to stimulate demand and employment. This "multiplier effect" would lead to increased manufacturing output and incomes in a self-sustaining cycle. Keynes' theories were influential during the Great Depression and World War II, when deficit spending helped countries recover. While his ideas do not dominate modern economics, aspects of his approach influenced recent economic stimulus packages.
Monetarism is an economic school of thought that stresses the primary importance of the money supply in determining nominal GDP and price levels. It challenges Keynesian economics by arguing that monetary policy, not fiscal policy, should be used to stabilize the economy. Monetarists believe the central bank should target money supply growth and follow fixed rules, rather than have discretion, as monetary factors are more important than fiscal interventions in impacting economic outcomes.
The classical growth theory argues that economic growth will decrease or end because of an increasing population and limited resources Classical growth theory economists believed that temporary increases in real GDP per person would cause a population explosion that would consequently decrease real GDP.
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Gregory Mankiw in his Principles of Economics outlines Ten Principles of Economics that will replicate here, they are:
*People face trade-offs
*The cost of something is what you give up to get it
*Rational people think at the margin
*People respond to incentives
*Trade can make everyone better off
*Markets are usually a good way to organize economic activity
*Governments can sometimes improve market outcomes
*A country's standard of living depends on its ability to produce goods and services
*Prices rise when the government prints too much money
*Society faces a short-run tradeoff between Inflation and unemployment.
It is a stream of social sciences and commerce.
It is a study of production, consumption, distribution and regulation of flow of goods and services in an economy.
It has a direct relation with money.
It studies the economic aspect of goods and services provided in the economy.
It is a wider concept and hence affects the overall conditions of the economy.
It has two major segments: micro and macro. It is derived from Greek word ‘Mikros’.
It creates efficiency and smoothens up the process of final consumption of goods and services.
It tries to understand the problems that occur while producing, distributing and consuming a product.
It deepens our understanding.
Consumption is a broader term and it is the essence of economics. Economists generally consider consumption to be the final purpose of economic activity, hence consumption per person is a central measure of an economy’s productive success.
Consumption in economics means utilization of a product or a commodity and to derive benefits from the same. The utility of a product will help us in satisfying our needs and hence it is consumption.
Consumption can be defined in different ways, but is usually best described as the final purchase of goods and services by individuals. The purchase of a new pair of shoes, a burger at the fast food restaurant, or the service of getting your house cleaned are all examples of consumption.
It is a state of maximum satisfaction from a consumption.
A producer will obtain the stage of equilibrium when he will get maximum profit from his production.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case refers to a condition where a market price is established through competition.
This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes and the quantity is called "competitive quantity" or market clearing quantity.
Production Possibility Frontier (Revision Presentation)tutor2u
The document discusses the production possibility frontier (PPF), which shows the maximum output combinations of two goods an economy can produce with full employment of resources. It explains key concepts like opportunity cost, diminishing returns, and shifts in the PPF due to changes in resources or technology. Causes of outward shifts include higher productivity and new resources, while inward shifts may occur after natural disasters, conflict, or recession that reduce resources and investment.
This document provides an overview of macroeconomics and the debate between free-market and Keynesian schools of thought. It discusses how Adam Smith developed ideas of free markets but John Maynard Keynes advocated government intervention to boost demand in response to the Great Depression. In the 1970s, Milton Friedman led a counter-revolution arguing excessive money supply and unions caused stagflation. Margaret Thatcher embraced free-market policies, but the 2007 crisis saw a return of Keynesian responses as the UK faced its worst recession since the 1930s.
Adam Smith was an 18th century Scottish economist who made important contributions to economic theory. He taught moral philosophy and economics, and is most famous for his book "The Wealth of Nations" published in 1776, in which he argued that free market capitalism and the invisible hand of self-interest would lead to economic prosperity through free trade, limited government intervention, and the division of labor.
Adam Smith rejected the mercantilist view that wealth consisted of gold and silver, instead believing that a nation's wealth came from goods and services. He argued for free markets with little government interference, except to uphold basic laws and order. According to Smith, countries should specialize in what they produce most efficiently and trade freely without restrictions. While allowing free competition, Smith acknowledged some role for government in areas like defense, justice, education, and maintaining commerce through fair taxation.
The document discusses the concept of scarcity in economics. It defines scarcity as limited resources being unable to meet unlimited wants, creating an economic problem. Economics is then presented as the study of allocating scarce resources efficiently to meet wants. The relationship between scarcity and economics is explored, with scarcity giving rise to the need for economics to address this issue through resource allocation. Key terms like demand, supply, and markets are also introduced in the summary.
The document summarizes three models of aggregate supply and the relationship between inflation and unemployment known as the Phillips curve. The models are the sticky-wage, imperfect-information, and sticky-price models. It also discusses how expectations are formed, the short-run tradeoff in the Phillips curve, and the costs of reducing inflation through contractionary policy.
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It can be studied at the macro level of whole economies or micro level of individual decision making. Resources are limited so choices must be made between alternatives, which involves tradeoffs. Production requires factors of land, labor, capital and entrepreneurship to transform inputs into goods and services. Firms aim to maximize profits by equating their marginal costs with marginal revenues from sales. Different economic systems approach these decisions in various ways such as traditional economies based on custom, command economies controlled by the government, and free market economies driven by supply and demand.
This study investigates the HBS effect in a panel of nine CEECs during 1993:Q1-2003:Q4 (unbalanced panel). Prior to estimating the model, we analyze several key assumptions of the model (e.g. wage equalisation, PPP and sectoral division) and elaborate on possible consequences of their failure to hold. In the empirical part of the paper, we check the level of integration of the variables in our panel using the Pedroni panel-stationarity tests. We then investigate the internal and external version of the HBS effect with the Pedroni panel-cointegration tests as well as by means of group-mean FMOLS and PMGE estimations to conclude that there is a strong evidence in support of the internal HBS and ambiguous evidence regarding the external HBS. Our estimates of the size of inflation and real appreciation consistent with the HBS effect turned out generally within the range of previous estimates in the literature (0-3 % per annum). However, we warn against drawing automatic policy conclusions based on these figures due to very strong assumptions on which they rest (which may not be met in near future). Finally, following the hypotheses put forward in the literature, we elaborate and attempt to evaluate empirically the potential impact of exchange rate regimes on the magnitude of the HBS effect.
Authored by: Monika Blaszkiewicz, Przemyslaw Kowalski, Łukasz Rawdanowicz, Przemyslaw Wozniak
Published in 2004
This document provides an introduction to economics. It defines economics and outlines its two main approaches: microeconomics which focuses on individual units, and macroeconomics which looks at the overall economy. It also describes the normative approach which looks at "what ought to be" and involves value judgments, versus the positive approach which studies things objectively without imposing values. The document then discusses key concepts in economics like wages, employment, and the five main divisions of economics: consumption, distribution, exchange, production, and public finance. It concludes by outlining several other social sciences and fields related to economics.
This document is a 3,524 word essay analyzing the concept of purchasing power parity (PPP). It begins by discussing the "Law of One Price" and how real-world deviations occur. It then introduces PPP and discusses attempts to test it, noting mixed results. Factors like non-tradable goods, the Balassa-Samuelson effect, and currency selection can distort PPP. While theory suggests PPP should hold, in practice it remains difficult to conclusively test due to the many variables that influence exchange rates. PPP remains a fundamental concept, but like the Higgs boson, its existence is not definitively proven.
The document discusses various philosophies that emerged in reaction to the social and economic strains of the Industrial Revolution, including Malthus's theory of population growth outpacing food supply, David Ricardo's "Iron Law of Wages," and the development of socialism and communism as described by thinkers such as Marx, Engels, Smith, and others. It contrasts the key beliefs and perspectives of capitalism versus communism.
This document defines and describes different types of employee separation. There are two main categories of separation - voluntary and involuntary. Voluntary separation includes resignations and retirements. Involuntary separation includes dismissal for reasons like absenteeism or misconduct, as well as temporary layoffs due to lack of work or materials. Layoffs require compensation and recall of senior employees first. Retrenchment is termination due to replacement of labor by machines or department closure. Downsizing reduces workforce size during losses or restructuring. Exit interviews and succession planning can help minimize turnover.
This document discusses various types of separation processes in human resources, including turnover, retirement, layoffs, retrenchment, discharge, and voluntary retirement schemes. It defines each type of separation and provides details on calculation methods, legal requirements, notification processes, eligibility, and merits and demerits. Turnover is defined as the rate at which an employer gains and loses employees. There are four types of turnover: voluntary, involuntary, functional, and dysfunctional. Retirement and social security benefits are also outlined.
This document outlines the employee separation process for different types of separation including resignation, termination, retirement, discharge and dismissal. It provides steps for each process which involve obtaining necessary approvals, notifying the employee, calculating final payments and entitlements, settling any liabilities, and closing the employee file. The key steps common to most types of separation are determining final payments and entitlements based on policy, notifying the employee, settling any outstanding liabilities, obtaining necessary approvals, and making final payments to close the employee file.
This document provides an overview of key figures and ideas in the history of economic thought. It discusses thinkers from early philosophers like Plato and Aristotle to more modern economists like Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman. The document also outlines exam questions related to different levels and time periods that have assessed knowledge of economic thought.
Indifference curves show combinations of goods that provide the same level of satisfaction to a consumer. A consumer seeks to maximize utility by consuming the combination on their highest attainable indifference curve, which is tangent to their budget constraint. As more of a good is consumed, the marginal rate of substitution diminishes, following the law of diminishing marginal rate of substitution. When prices or income change, the budget constraint shifts, changing the optimal consumption bundle where the indifference curve is tangent to the new budget line.
This document discusses grievances in the workplace. It defines grievances as employee dissatisfactions or complaints regarding issues like promotions, wages, transfers, discipline, and working conditions. Grievances arise due to malfunctions or maladjustments in the workplace. The document outlines principles and procedures for handling grievances, including establishing a grievance machinery and addressing grievances at different levels up to arbitration. It emphasizes the importance of addressing grievances to improve employee morale.
The document outlines the grievance process, including:
1) The purpose is to allow employees and management to resolve workplace problems through open communication.
2) Steps include an oral grievance, written grievance, appeal to Employee Relations, and possible arbitration.
3) Management should investigate complaints thoroughly, treat employees fairly, and respond to grievances in a timely manner to prevent issues from escalating.
The document discusses grievances and grievance handling procedures. It defines a grievance as a formal dispute between an employee and management regarding employment conditions. Grievances must fall under categories like compensation, working conditions, discipline, etc. The document outlines the W's of grievance handling, guidance for writing grievances, common reasons for grievances like economic factors and supervision, sources of grievances, effects on production and employees, dos and don'ts, benefits, identification techniques, common grievance redressal structures, and typical multi-step grievance procedures used in unionized organizations.
This document discusses employee separation and retention in human resource management. It distinguishes between involuntary turnover, which is initiated by the organization, and voluntary turnover, which is initiated by employees. It emphasizes the importance of managing both types of turnover strategically in order to gain a competitive advantage. Specifically, it recommends measuring, monitoring, and surveying job satisfaction factors like pay, roles, supervision, and work conditions. Addressing issues found in surveys can help minimize voluntary turnover by increasing retention of valued employees. Procedures for disciplinary actions and dismissals should also consider principles of justice to minimize retaliatory reactions and maintain a productive workforce.
This document provides an overview of classical macroeconomic theory. It discusses how classical economics emerged as a revolution against mercantilism, emphasizing real factors over money and stressing free market mechanisms. Key aspects of classical theory included: (1) stressing real over monetary factors in determining output and employment, with money playing a limited role as a medium of exchange; and (2) believing self-adjusting market forces ensured adequate demand for output, making government intervention unnecessary. The document outlines classical economists' aggregate production function model, which related output to capital and labor inputs based on technology.
The document discusses two opposing views on the role of media in society: the Marxist view and the liberal-pluralist view. The Marxist view is that media maintains the existing state of affairs, while the liberal-pluralist view is that media promotes freedom of speech. The document then provides more details on these two perspectives and examples related to media in South Africa and globally.
A Brief History Of Economic Thought A Review EssayNat Rice
This document provides a review of Alessandro Roncaglia's 2017 book "A Brief History of Economic Thought". The review summarizes Roncaglia's approach to presenting the history of economic thought, highlighting how he provides biographical context on economists, traces the development of economic ideas over time with cross-references, and discusses the sociological context regarding the places economists worked and studied. The review also notes some interesting points from Roncaglia's book, such as discussions on colonies and population issues, Ricardo's views on machinery, and debates on costs and returns. Overall, the review presents Roncaglia's book as a useful roadmap for courses on the history of economic thought.
Global Political Economy: How The World Works?Jeffrey Harrod
These are the slides which are displayed by the lecturer Jeffrey Harrod in the on-line Lecture Course "Global Political Economy: How the World Works" which is available free on his website http://www.jeffreyharrod.eu/avcourse.html.
The purpose it to make the slides available to download which at the moment cannot be done from the on-line lecture. Many of the slides provide data which may be useful in presentations and research papers. Other slides are the points addressed in the lecture.
The course covers all the material conventionally found in courses on international political economy. The approach is critical and realist and seeks to understand or explain
power rather than functions which surround the world economy.
The lectures and slides cover investment, trade, finance , migration and labour paying special attention to the multinational corporation and the agencies of states as the central power players in the global economy.
report being 2 ½ to 4 single spaced pages in length—one inch m.docxAASTHA76
The document summarizes the significant contributions of cliometrics, or the application of economic theory and quantitative analysis, to the study of African American slavery. It discusses how Alfred Conrad and John Meyer's 1957 paper analyzing the profitability of slavery was one of the earliest cliometric studies. This kicked off extensive research on slavery using cliometric methods. While controversial, cliometric studies provided new insights and challenged previous historical interpretations of slavery. The document focuses on Conrad and Meyer's influential paper which found that slavery was a profitable economic institution in the antebellum South.
Macroeconomics is the study of the economy as a whole, examining aggregates such as national income, output, employment and price levels. It analyzes how these aggregates interact and how policies affect their behavior. Macroeconomics emerged as a separate field due to the failure of classical economics to explain the Great Depression. John Maynard Keynes developed theories emphasizing aggregate demand and the role of government in managing the economy. Later schools include monetarism, supply-side economics and new classical macroeconomics, debating the factors driving output and inflation.
Ludwig von Mises - The Free Market and Its Enemies: Pseudo-Science,Socialism,...William Ludeña Ignacio
This is the first of a series of lecture transcripts drawn from careful notes taken by Bettina Bien Greaves in the summer of 1951. It features Mises in a role in which we do not usually find him, not as a writer but as a speaker of enormous erudition and power.
Year: 1951.
Área de interés: Derecho, Educación y Ciencias Sociales. (documento disponible actualmente en inglés)
This document provides information about a development administration program at Universitas Pasundan in Bandung, Indonesia, including contact details and recommended readings. It discusses definitions of development, including early conceptualizations focused on economic growth and increasing per capita income, as well as later approaches considering additional factors like unemployment, poverty, and inequality. Key theories of economic and development thinking are summarized, such as Harrod-Domar, structural change models, dependence theory, neoclassical growth models, and new endogenous growth theory. Paradigms of development thinking, including classic, neoliberal, social, and sustainable approaches, are also outlined.
Dezhao Chen Week 6 DiscussionCOLLAPSETop of FormQ1. Given LinaCovington707
Dezhao Chen
Week 6 Discussion
COLLAPSE
Top of Form
Q1. Given the similarities and differences of three contending theories (Marxism, Neoclassical and Keynesianism) that you have learned in the class, briefly analyze the key factors that contributed to the decline of economic systems under Marxism in the late 20th century in the countries of Eastern Europe and East Asia. Give specific examples as part of your answers
The Marxist theory’s most fundamental principle is that it, ‘… sought to transform capitalist Europe into a cooperative commonwealth of freethinkers, and often called “socialism” or “communism.” (p. 135). The theory was that everyone would work for the better good of the state and others. The major pillars of Marxism and production are culture, politics and the natural climate. Marxism created tension in these three spheres as Wolff and Resnick (2012) say,
This in turn implies that the economy is always in a state of tension and change. A change in climate will favor some kinds of production and distribution and inhibit others. Changing political trends will favor and inhibit certain kinds of production and distribution. Changing cultural patterns too will stimulate some kinds of production and distribution and stifle others. (p. 144)
Besides the tension in the three spheres, another reason why Marxism collapsed especially in Russia is due to mismanagement and corruption. Marxism states that the fundamental power is to be given to workers and overproduction is supposed to benefit them. However this was not the case in Russia whereby greedy heads of government took over the benefits that came with the laborer’s work.
Q2. In understanding the process of rapid transformation of economic systems in many nations in the world from the beginning of 1990s, briefly explain why freedom to choose the right theoretical foundations still do matter to develop an appropriate economic system for economic growth and better income distribution of a society.
The freedom to choose the right theoretical foundations to follow as a nation whether neoclassic, Marxism or Keynesian theory is fundamental because it affects how people in the country see the world. For example Americans who live in a capitalist society view the world differently to Russians who are socialists and communists. Wolff and Resnick (2012) say that,
It follows that individuals will likely act differently depending on which theory they use in thinking about the economic aspects of their lives and social surroundings. As with theories people use to understand other objects of interest. to them (love, nature, politics, etc.), economic theories have conscious and unconscious effects on how people think and act. (p. 348)
Due to the fact that the economic system that the people of a country will choose will affect their lives, they should be the ones to develop an economic system that they feel will be of most benefit to them.
References
Wolff, R. D., & Resnick, S. A. (2012). Contendi ...
This document provides an overview and syllabus for an advanced macroeconomics course at Harvard University. The course will use dynamic optimization tools and models to analyze important macroeconomic policy issues such as growth, fiscal and monetary policy, consumption and investment, and business cycles. It will combine theoretical techniques with real-world applications and current policy debates. The course is divided into five sections covering growth models, overlapping generations models, consumption and investment, business cycles, and fiscal and monetary policy. Students will be evaluated based on a midterm, problem sets, and a final exam. Required readings draw from textbooks and academic articles.
‘With the collapse of Communism, Marx’s contribution to the analysis of culture lost its contemporary significance.’ Discuss.' An analysis of the global Occupy protests in 2011/12 in light of Marxist philosophy.
Leonard Mills has published several articles in academic journals on topics related to regional incomes and convergence, monetary policy, housing trends, and predictability of stock returns and recessions. He has also co-authored several unpublished working papers on vector-autoregression forecast models and testing for cointegration.
The Way to Wealth around the World BenjaminFranklin and the.docxchristalgrieg
This document discusses Benjamin Franklin's influence on the development and spread of capitalism globally. It argues that Franklin helped articulate the core emotions of modern capitalism through his famous quote that "time is money." Franklin is seen as one of the most prominent historical figures associated with capitalism. The document examines how Franklin became such an advocate for capitalism, how his economic ideas were disseminated internationally in the late 18th and early 19th centuries, and what may have been lost in the global embrace of his writings. It suggests Franklin represents an exceptional case in the historiography of political economy and the codification of a capitalist ethos given his global influence spanning the emergence of these fields.
This document provides an overview of key concepts in development economics including:
1. It discusses how development economics considers more than just economic growth and examines why some countries develop rapidly while others remain poor.
2. Key microeconomic and macroeconomic concepts are introduced like supply and demand, and linear stages of growth models.
3. Economic theories like economic nationalism that were influential in the development of countries are also summarized.
This document provides an overview of the history of economic development theories from World War 2 to modern times. It discusses how development economics emerged as a field in response to the needs of developing countries after the war. Early theories focused on modernization, industrialization, and linear stages of growth. Later, structuralism and dependency theory argued external factors influenced underdevelopment. Neoclassical theories emphasized free markets. Contemporary theories include endogenous growth theory examining knowledge-driven growth.
- The document discusses the history and evolution of macroeconomic thought from Keynes' work in the 1930s establishing modern macroeconomics to recent developments.
- It describes the neoclassical synthesis of the 1950s which integrated Keynesian and classical ideas and the influential IS-LM model.
- In the 1970s, the rational expectations critique challenged Keynesian models and assumptions, leading to new classical, new Keynesian, and new growth theory work.
- By the late 1980s, these schools of thought had integrated rational expectations and nominal rigidities into models still used today like New Keynesian and DSGE models.
Presentation by Roger Pielke Jr. at a workshop on Democratisation of Science – epistemological issues and new perspectives. Held at Lyon, France on 30 May 2018.
Oxford Brookes History MA Economic History Lecture 6/11/2007gsoh31
Economic history examines how economic phenomena evolved in the past using historical and statistical methods. It seeks to understand fundamental processes of change by analyzing topics like growth, structural change, and the roles of institutions and gender divisions through time. Economic historians employ quantitative techniques like regressions and consider counterfactual scenarios to test theories about how alternative economic realities may have unfolded. The field aims to be descriptive rather than normative by taking human nature and constraints as given.
This document summarizes the contributions of several prominent proponents of free market economics, including:
- Irving Fisher, an early American neoclassical economist who made important contributions to utility theory, interest rates, macroeconomics, and econometrics.
- Simon Kuznets, an economist who developed methods for calculating national income and its changes, and helped establish economics as an empirical science.
- Milton Friedman, an influential 20th century American economist who advocated for free market policies and spent over 30 years teaching at the University of Chicago.
- Gary Becker, a Nobel Prize winning economist who made contributions to family economics and analyzing human behavior as both rational and utility maximizing.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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2. Karl Marx (1818-1883)
Capitalist mode of production
Let the ruling
classes tremble at
a communist
revolution. The
proletarians have
nothing to lose but
their chains. They
have a world to
win. Workingmen
of all countries,
unite!
3. Karl Marx published numerous books during his lifetime, the most notable being The Communist
Manifesto (1848) and Das Kapital (1867–1894). Later Marx and Engels both began writing for six
different newspapers around the world, in England, the United States, Prussia, Austria and
South Africa.
Autonomist Marxist Theory and Practice in the Current Crisis.
Authors: Marks, Brian
Source: ACME: An International E-Journal for Critical Geographies. 2012, Vol. 11 Issue 3, p467-491. 25p.
From Territorial to Nonterritorial Capitalist Imperialism: Lenin and the Possibility of a Marxist Theory of Imperialism.
Authors: Sakellaropoulos, Spyros; Sotiris, Panagiotis
Source: Rethinking Marxism. Jan2015, Vol. 27 Issue 1, p85-106. 22p.
How to Change the World: Reflections on Marx and Marxist Theory.
Authors: Buzby, Amy
Source: Socialism & Democracy. Jul2012, Vol. 26 Issue 2, p143-146. 4p.
Introduction to Louis Althusser, 'Some Questions Concerning the Crisis of Marxist Theory and of the International Communist Movement'.
Authors: Montag, Warren
Source: Historical Materialism. 2015, Vol. 23 Issue 1, p141-151. 11p.
Marxist Crisis Theory and the Need to Explain Both Sides of Capitalism's Cyclicity.
Authors: Dunn, Bill
Source: Rethinking Marxism. Oct2011, Vol. 23 Issue 4, p524-542. 19p. 2 Charts, 2 Graphs
4. Marxist Theory and Strategy: Getting Somewhere Better.
Authors: Panitch, Leo; Gindin, Sam
Source: Historical Materialism. 2015, Vol. 23 Issue 2, p3-22. 20p.
New Forces of Resistance: Antiessentialist Revolutionary Subjectivity in Marxist Theory.
Authors: Lovato, Brian C.
Source: Rethinking Marxism. Jul2015, Vol. 27 Issue 3, p464-478. 15p.
Race, Surplus Population and the Marxist Theory of Imperialism.
Authors: McIntyre, Michael
Source: Antipode. Nov2011, Vol. 43 Issue 5, p1489-1515. 27p.
Some Questions Concerning the Crisis of Marxist Theory and of the International Communist Movement.
Authors: Althusser, Louis
Source: Historical Materialism. 2015, Vol. 23 Issue 1, p152-178. 27p.
The Poverty of (Marxist) Theory: Peasant Classes, Provincial Capital, and the Critique of Globalization in India.
Authors: Parthasarathy, D.
Source: Journal of Social History. Summer2015, Vol. 48 Issue 4, p816-841. 26p.
5. Friedrich Engels (1820-18950)
All history has
been a history of
class struggles
between
dominated
classes at various
stages of social
development.
Father of Marxist theory, together with Karl Marx
6. Friedrich Engels is the father of the Marxist theory, together with Karl Marx. In 1845 he
published The Condition of the Working Class in England
Theories of Practice: Marxist History-Writing and Complexity.
Authors: Haldon, John1 jhaldon@princeton.edu
Source: Historical Materialism. 2013, Vol. 21 Issue 4, p36-70. 35p.
Towards an open Marxist theory of imperialism.
Authors: Sutton, Alex1
Source: Capital & Class. Jun2013, Vol. 37 Issue 2, p217-237. 21p.
What Is Living and What Is Dead in the Marxist Theory of History.
Authors: Chibber, Vivek1
Source: Historical Materialism. 2011, Vol. 19 Issue 2, p60-91. 32p.
When Organization Studies Turns to Societal Problems: The Contribution of Marxist Grand Theory.
Authors: Vidal, Matt; Adler, Paul; Delbridge, Rick
Source: Organization Studies (01708406). Apr2015, Vol. 36 Issue 4, p405-422. 18p.
A Note on Epistemic Naivete in Marx and Engels
Author: Jacquette, Dale
Source: Critical Review, 2011, v. 23, iss. 1-2, pp. 117-22
7. An Econometric Analysis of Engel's Curve: Household Food and Clothing Consumption in Turkey
Author: Caglayan, Ebru; Astar, Melek
Source: Scientific Annals of the 'Alexandru Ioan Cuza' University of Iasi, 2012, v. 59, iss. 1, pp. 317-23
Back to Engel? Some Evidence for the Hierarchy of Needs
Author: Chai, Andreas; Moneta, Alessio
Source: Journal of Evolutionary Economics, September 2012, v. 22, iss. 4, pp. 649-76
Beyond Engel's Law--A Cross-Country Analysis
Author: Kaus, Wolfhard
Source: Journal of Socio-Economics, December 2013, v. 47, pp. 118-34
Catching-up and inflation in Europe: Balassa–Samuelson, Engel's Law and other culprits.
Authors: Égert, Balázs
Source: Economic Systems. Jun2011, Vol. 35 Issue 2, p208-229. 22p.
Estimation of a Complete System of Nonlinear Engel Curves: Further Evidence from Box-Cox Engel Curves for Sri Lanka
Author: Rajapakse, S.
Source: Applied Economics, February 2011, v. 43, iss. 1-3, pp. 371-85
Friedrich Engels and Marxian Political Economy.
Authors: Barnett, Vincent
Source: Journal of the History of Economic Thought (Cambridge University Press). Dec2013, Vol. 35 Issue 4, p539-542. 4p.
Marx and Engels' Vision of a Better Society
Author: Campbell, Al
Source: Forum for Social Economics, October 2010, v. 39, iss. 3, pp. 269-78
The Evolution of Engel Curves and Its Implications for Structural Change Theory
Author: Moneta, Alessio; Chai, Andreas
Source: Cambridge Journal of Economics, July 2014, v. 38, iss. 4, pp. 895-923
9. Milton Friedman (1912–2006)
If you put the federal
government in charge of
the Sahara Desert, in 5
years there'd be a shortage
of sand.
“Naive Keynesian" theory
10. Milton Friedman, the "naive Keynesian" (as opposed to Neo-Keynesian) theory began with
his 1950s reinterpretation of the consumption function. Friedman represented the
Monetarist perspective
"Adaptive Expectations" of Milton Friedman and Monetarists and Phillips Curve; And the Comparison of them with Other Macroeconomic Schools.
Authors: Birol, Özlen Hiç
Source: Annual International Conference on Qualitative & Quantitative Economics Research. 2013, p84-95. 12p.
Daily exchange rate variance.
Authors: Harvey, John T.
Source: Journal of Post Keynesian Economics. Summer93, Vol. 15 Issue 4, p515. 26p.
Friedman Meets Becker and Mulligan in a Monetary Neoclassical Growth Model
Author: Chen, Been-Lon; Hsu, Yu-Shan; Lu, Chia-Hui
Source: Journal of Economics (Zeitschrift fur Nationalokonomie), October 2011, v. 104, iss. 2, pp. 99-126
Friedman's Monetary Economics in Practice
Author: Nelson, Edward
Source: Journal of International Money and Finance, November 2013, v. 38, pp. 59-83
In Old Chicago: Simons, Friedman, and the Development of Monetary-Policy Rules
Author: Tavlas, George S.
Source: Journal of Money, Credit, and Banking, February 2015, v. 47, iss. 1, pp. 99-121
Milton Friedman on the Ineffectiveness of Fiscal Policy
Author: Congdon, Tim
Source: Economic Affairs, March 2011, v. 31, iss. 1, pp. 62-65
Milton Friedman, the Demand for Money, and the ECB's Monetary Policy Strategy
Author: Hall, Stephen G.; Swamy, P. A. V. B.; Tavlas, George S.
Source: Federal Reserve Bank of St. Louis Review, May-June 2012, v. 94, iss. 3, pp. 153-85
11. Monetary policy when wages are downwardly rigid: Friedman meets Tobin.
Authors: Kim, Jinill; Ruge-Murcia, Francisco J.
Source: Journal of Economic Dynamics & Control. Dec2011, Vol. 35 Issue 12, p2064-2077
Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960
Author: Bordo, Michael D.; Rockoff, Hugh
Source: American Economic Review, May 2013, v. 103, iss. 3, pp. 61-65
On the optimality of the Friedman rule in a New Monetarist model.
Authors: Hiraguchi, Ryoji; Kobayashi, Keiichiro
Source: Economics Letters. Oct2014, Vol. 125 Issue 1, p57-60. 4p.
Tactics and Strategy in Monetary Policy: Benjamin Friedman's Thinking and the Swiss National Bank
Author: Gerlach, Stefan; Jordan, Thomas J.
Source: International Journal of Central Banking, Supplement 1 January 2012, v. 8, pp. 23-56
Tactics and Strategy in Monetary Policy: Benjamin Friedman's Thinking and the Swiss National Bank: Discussion
Author: Svensson, Lars E. O.
Source: International Journal of Central Banking, Supplement 1 January 2012, v. 8, pp. 57-63
The Influence of Irving Fisher on Milton Friedman's Monetary Economics
Author: Bordo, Michael D.; Rockoff, Hugh
Source: Journal of the History of Economic Thought, June 2013, v. 35, iss. 2, pp. 153-77
12. Paul Samuelson (1915-2009 )
Globalization presumes
sustained economic
growth. Otherwise, the
process loses its economic
benefits and political
support.
Neo-Keynesian theory
13. Paul Samuelson explain the principles of Keynesian economics and how to think about
economics. Samuelson is considered to be one of the founders of neo-Keynesian
economics and a seminal figure in the development of neoclassical economics.
2012 HES Presidential Address Does the Victor Enjoy the Spoils? Paul Samuelson as Historian of Economics
Author: Mirowski, Philip
Source: Journal of the History of Economic Thought, March 2013, v. 35, iss. 1, pp. 1-17
An Analysis of China's Economic Reform Using the Neo-classical Model of International Trade
Author: Gibbons, Jarrod; Kulkarni, Kishore G.
Source: Journal of Emerging Knowledge on Emerging Markets, 2011, v. 3, pp. 82-104
Defining Economics in the Twenty First Century.
Authors: Khumalo, Bhekuzulu
Source: International Advances in Economic Research. Feb2012, Vol. 18 Issue 1, p128-129.
Economic Doctrines and Network Policy
Author: Atkinson, Robert D.
Source: Telecommunications Policy, June 2011, v. 35, iss. 5, pp. 413-25
Ideological Profiles of the Economics Laureates: Paul A. Samuelson
Author: Klein, Daniel B.; Daza, Ryan
Source: Econ Journal Watch, September 2013, v. 10, iss. 3, pp. 561-69
No Good Deed Goes Unpunished? Revisiting the Hayek-Samuelson Exchange over Hayek's Alleged 'Inevitability' Thesis
Author: Farrant, Andrew; McPhail, Edward
Source: History of Economic Ideas, 2010, v. 18, iss. 3, pp. 87-103
On Paul Samuelson
Author: Solow, Robert
Source: Challenge, March-April 2010, v. 53, iss. 2, pp. 113-16
14. Paul Anthony Samuelson: Historian of Economic Thought
Author: Medema, Steven G.; Waterman, Anthony M. C.
Source: History of Economic Ideas, 2010, v. 18, iss. 3, pp. 67-86
Paul Samuelson and Revealed Preference Theory
Author: Hands, D. Wade
Source: History of Political Economy, Spring 2014, v. 46, iss. 1, pp. 85-116
Paul Samuelson and the Invention of the Modern Economics of the Invisible Hand
Author: Kennedy, Gavin
Source: History of Economic Ideas, 2010, v. 18, iss. 3, pp. 105-19
Paul Samuelson's Legacy
Author: Dixit, Avinash
Source: Annual Review of Economics, 2012, v. 4, iss. 1, pp. 1-31
Revisiting Samuelson's Foundations of Economic Analysis
Author: Backhouse, Roger E.
Source: Journal of Economic Literature, June 2015, v. 53, iss. 2, pp. 326-50
Samuelson and Solow on the Phillips Curve and the 'Menu of Choice': A Retrospective
Author: Schwarzer, Johannes A.
Source: Oeconomia, September 2013, v. 3, iss. 3, pp. 359-89
Stabilizing consumer choice: the role of 'true dynamic stability' and related concepts in the history of consumer choice theory.
Authors: Hands, D. Wade
Source: European Journal of the History
15. The Changing Place of Visual Representation in Economics: Paul Samuelson between Principle and Strategy, 1941-1955
Author: Giraud, Yann B.
Source: Journal of the History of Economic Thought, June 2010, v. 32, iss. 2, pp. 175-97
The Dangers of Samuelson's Economic Method.
Authors: HIGGS, ROBERT
Source: Independent Review. Winter2011, Vol. 15 Issue 3, p471-476. 6p.
The Dangers of Samuelson's Economic Method.
Authors: HIGGS, ROBERT
Source: Independent Review. Winter2011, Vol. 15 Issue 3, p471-476. 6p.
The Samuelson-Solow Phillips Curve and the Great Inflation
Author: Hall, Thomas E.; Hart, William R.
Source: History of Economics Review, Winter 2012, iss. 55, pp. 62-72
Transition of Bosnia and Herzegovina Economy: An Example of Economics Barbarism
Author: Stojanov, Dragoljub
Source: Montenegrin Journal of Economics, 2012, v. 8, iss. 1, pp. 187-96
What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?
Authors: Davidson, Paul
Source: Journal of Post Keynesian Economics. 2015, Vol. 37 Issue 3, p369-383. 15p.
16. Friedrich Hayek (1899-1992
I do not think it is an
exaggeration to say
history is largely a
history of inflation,
usually inflations
engineered by
governments for the
gain of governments.
Classical liberalism
17. Friedrich Hayek was an Austrian and British economist and philosopher best
known for his defence of classical liberalism
Against Leviathan: A Review of Classical Liberalism in the 21st Century: Essays in Honour of Norman P. Barry
Author: O'Keeffe, Dennis
Source: Economic Affairs (Institute of Economic Affairs), June 2011, v. 31, iss. 2, pp. 96-97
Classical Liberalism in Australian Economics.
Authors: Berg, Chris
Source: Econ Journal Watch. May2015, Vol. 12 Issue 2, p192-220. 29p.
Classical Liberalism in the Czech Republic.
Authors: Šíma, Josef; Nikodym, Tomáš
Source: Econ Journal Watch. May2015, Vol. 12 Issue 2, p274-292. 19p.
Classical Liberalism in the Liberal Party since 1886
Author: Davies, Stephen
Source: Economic Affairs (Institute of Economic Affairs), June 2012, v. 32, iss. 2, pp. 6-10
DARWINIAN CONSERVATISM VERSUS METAPHYSICAL CONSERVATISM.
Authors: Arnhart, Larry
Source: Intercollegiate Review. Fall2010, Vol. 45 Issue 1/2, p22-32. 11p.
Government by Choice: Classical Liberalism and the Moral Status of Immigration Barriers
Author: Maloberti, Nicolas
Source: Independent Review, Spring 2011, v. 15, iss. 4, pp. 541-62
Hayek's Slippery Slope, the Stability of the Mixed Economy and the Dynamics of Rent Seeking.
Authors: Alves, André Azevedo; Meadowcroft, John
Source: Political Studies. Dec2014, Vol. 62 Issue 4, p843-861. 19p. 6
18. Lost Causes: The Retreat from Classical Liberalism.
Author: D'Amico, Daniel J.
Source: Independent Review, Spring2013, v. 17, iss. 4
Mark Pennington: Robust political economy: classical liberalism and the future of public policy.
Author: Boettke, Peter
Source: Public Choice, Dec2012, v. 153, iss. 3/4
Reconciling Rawls and Hayek? Review Essay
Author: Chartier, Gary
Source: Independent Review, Spring 2013, v. 17, iss. 4, pp. 577-88
Robust Political Economy: Classical Liberalism and the Future of Public Policy - By Mark Pennington.
Author: Bader, Ralf M.
Source: Economic Affairs, Oct2011, v. 31, iss. 3
Robust Political Economy: Classical Liberalism and the Future of Public Policy.
Authors: Norton, Andrew
Source: Policy. Winter2011, Vol. 27 Issue 2, p57-59. 3p.
Symposium on James M. Buchanan and Classical Liberalism: Introduction
Author: Coyne, Christopher J.
Source: Independent Review, Winter 2014, v. 18, iss. 3, pp. 325-30
The Emergence of Neoliberalism: Thinking Through and Beyond Michel Foucault’s Lectures on Biopolitics.
Authors: Gane, Nicholas
Source: Theory, Culture & Society. Jul2014, Vol. 31 Issue 4, p3-27. 25p.
The Evolution of Darwinian Liberalism
Author: Arnhart, Larry
Source: Journal of Bioeconomics, April 2015, v. 17, iss. 1, pp. 3-15
19. Classical free market economic theory
Adam Smith (1723 -1790)
Wherever there is
great property, there is
great inequality... for
one very rich man,
there must be at least
five hundred poor.
20. A Category-Mistake in the Classical Labour Theory of Value
Author: Wright, Ian
Source: Erasmus Journal for Philosophy and Economics, Spring 2014, v. 7, iss. 1, pp. 27-55
A Modest Proposal Regarding Neo-classical Economics
Author: Friedman, Kenneth S.
Source: Interdisciplinary Journal of Economics and Business Law, 2012, v. 1, iss. 3, pp. 31-46
Adam Smith and the Labour Contract: Is Labour Exchange Analogous to Commodity Exchange?
Author:Aspromourgos, Tony
Source:Economic and Labour Relations Review, July 2010, v. 20, iss. 2, pp. 39-48
Adam Smith on Thumos and Irrational Economic 'Man'
Author:Hill, Lisa
Source:European Journal of the History of Economic Thought, February 2012, v. 19, iss. 1, pp. 1-22
Adam Smith's 'Collateral' Inquiry: Fashion and Morality in The Theory of Moral Sentiments and The Wealth of Nations
Author:Smith, Craig
Source:History of Political Economy, Fall 2013, v. 45, iss. 3, pp. 505-22
Adam Smith's Essentials: On Trust, Faith, and Free Markets
Author:Evensky, Jerry
Source:Journal of the History of Economic Thought, June 2011, v. 33, iss. 2, pp. 249-67
Adam Smith is the writer of An Inquiry into the Nature and Causes of the Wealth
of Nations (1776), usually abbreviated as The Wealth of Nations
21. Adam Smith's Green Thumb and Malthus's Three Horsemen: Cautionary Tales from Classical Political Economy
Author:Dale, Gareth
Source:Journal of Economic Issues, December 2012, v. 46, iss. 4, pp. 859-79
Amartya Sen Reading Adam Smith
Author:Eiffe, Franz F.
Source:History of Economics Review, Winter 2010, iss. 51, pp. 1-23
Entrepreneurship, risk and income distribution in Adam Smith.
Authors:Aspromourgos, Tony
Source:European Journal of the History of Economic Thought. Feb2014, Vol. 21 Issue 1, p21-40. 20p.
Friedrich List's Adam Smith Historiography and the Contested Origins of Development Theory.
Authors:Watson, Matthew
Source:Third World Quarterly. Apr2012, Vol. 33 Issue 3, p459-474. 16p.
In Defence of Adam Smith's Theory of Value
Author:Sinha, Ajit
Source:European Journal of the History of Economic Thought, February 2010, v. 17, iss. 1, pp. 29-48
Interdependence, the Invisible Hand, and Equilibrium in Adam Smith
Author:Witztum, Amos
Source:History of Political Economy, Spring 2010, v. 42, iss. 1, pp. 155-92
Market Stability in Adam Smith: Competitive Process and Institutions.
Authors:Menudo, José M.
Source:Journal of Economic Issues (M.E. Sharpe Inc.). Sep2013, Vol. 47 Issue 3, p719-744. 26p.
Neo-classical Economic Theory on Housing Markets and Behavioural Sciences: Ally or Opponent?
Authors:Boelhouwer, Peter1 p.j.boelhouwer@tudelft.nl
Source:Housing, Theory & Society. Sep2011, Vol. 28 Issue 3, p276-280. 5p. 1 Graph.
22. On Adam Smith's Ambiguities on Value and Wealth
Author:Meacci, Ferdinando
Source:History of Political Economy, Winter 2012, v. 44, iss. 4, pp. 663-89
Samuel Bailey and the Subversion of the Classical Theory of Value: A Note
Author:De Vivo, Giancarlo
Source:Contributions to Political Economy, June 2014, v. 33, pp. 55-60
The Classical Notion of Competition Revisited.
Authors:Salvadori, Neri; Signorino, Rodolfo
Source:History of Political Economy. Spring2013, Vol. 45 Issue 1, p149-175. 27p.
The Classical Theory of Normal Prices and the Analysis of Economic Changes: A Comment.
Authors:Ravagnani, Fabio
Source:Review of Political Economy. Jan2012, Vol. 24 Issue 1, p131-143. 13p.
The Infeasibility of Free Trade in Classical Theory: Ricardo's Comparative Advantage Parable has no Solution.
Authors:BAIMAN, RON
Source:Review of Political Economy. Jul2010, Vol. 22 Issue 3, p419-437. 19p.
The Moralizing Role of Distance in Adam Smith: The Theory of Moral Sentiments as Possible Praise of Commerce
Author:Paganelli, Maria Pia
Source:History of Political Economy, Fall 2010, v. 42, iss. 3, pp. 425-41
23. John Maynard Keynes (1883 – 1946)
Capitalism is the
astounding belief
that the most
wickedest of men
will do the most
wickedest of things
for the greatest
good of everyone
Keynesian theory
24. A new Keynesian model with delay: Monetary policy lag and determinacy of equilibrium.
Author: Eiji Tsuzuki
Source: Economic Analysis & Policy, 2014, v. 44, iss. 3
Are There Important Differences between Classical and Twenty-First-Century Monetary Theories? Did the Keynesian and Monetarist Revolutions Matter?
Author: Wood, John H.
Source: History of Political Economy, Spring 2014, v. 46, iss. 1, pp. 117-48
Austerity in the European Union: Keynesian Stimulus versus Fiscal Consolidation
Author: Brady, Gordon L.
Source: Atlantic Economic Journal, March 2015, v. 43, iss. 1, pp. 55-65
Basic Income, Full Employment, and Social Provisioning: Some Polanyian/Keynesian Insights.
Author: Seccareccia, Mario
Source: Journal of Economic Issues (M.E. Sharpe Inc.), Jun2015, v. 49, iss. 2
Business Cycle Implications of Internal Consumption Habit for New Keynesian Models
Author: Kano, Takashi; Nason, James M.
Source: Journal of Money, Credit, and Banking, March-April 2014, v. 46, iss. 2-3, pp. 519-44
Capital Accumulation, Structural Change and Real Exchange Rate in a Keynesian-Structuralist Growth Model.
Author: Oreiro, José Luis; Missio, Fabricio
Source: Panoeconomicus, 2015, v. 62, iss. 2
Empirical Evidence on Inflation Expectations in the New Keynesian Phillips Curve<sup>†</sup>.
Source: Journal of Economic Literature, Mar2014, v. 52, iss. 1
Estimating a High-Frequency New-Keynesian Phillips Curve
Author: Ahrens, Steffen; Sacht, Stephen
Source: Empirical Economics, March 2014, v. 46, iss. 2, pp. 607-28
Functional Distribution of Income and Economic Activity in Croatia: Post-Keynesian Approach
Author: Vujcic, Boris; Deskar-Skrbic, Milan; Ratkovski, Zvonimir; Zrnc, Jurica
Source: Zbornik Radova Ekonomskog Fakulteta u Rijeci: Casopis za Ekonomsku Teoriju i Praksu/Proceedings of Rijeka School of Economics: Journal of
Economics and Business, Spring 2014, v. 32, iss. 1, pp. 53-73
25. Inflation in the Great Recession and New Keynesian Models.
Author: Del Negro, Marco; Giannoni, Marc P.; Schorfheide, Frank
Source: American Economic Journal: Macroeconomics, Jan2015, v. 7, iss. 1
Money in the production function: A new Keynesian DSGE perspective.
Author: Benchimol, Jonathan
Source: Southern Economic Journal, Jul2015, v. 82, iss. 1
Post-Keynesian Alternative Policies to Curb Macroeconomic Imbalances in the Euro Area.
Author: Hein, Eckhard; Detzer, Daniel
Source: Panoeconomicus, 2015, v. 62, iss. 2
POST-KEYNESIAN THEORY AND POLICY FOR MODERN CAPITALISM.
Author: Harcourt, G. C.; Kriesler, Peter
Source: Journal of Australian Political Economy, Winter2015, v. 75
Reinterpreting the Keynesian Revolution.
Author: Repapis, Constantinos
Source: Journal of the History of Economic Thought (Cambridge University Press), Mar2014, v. 36, iss. 1
Rethinking the Keynesian Revolution.
Author: Skaggs, Neil T.
Source: European Journal of the History of Economic Thought, Feb2014, v. 21, iss. 1
Returns to Scale, Market Power, and the Nature of Price Rigidity in New Keynesian Models with Self-Fulfilling Expectations
Author: Huang, Kevin X. D.; Meng, Qinglai
Source: Journal of Money, Credit, and Banking, March-April 2014, v. 46, iss. 2-3, pp. 293-320
Small-Scale New Keynesian Model Features That Can Reproduce Lead, Lag and Persistence Patterns
Author: Cassou, Steven P.; Vazquez, Jesus
Source: B.E. Journal of Macroeconomics, January 2014, v. 14, iss. 1, pp. 267-300
26. THE CENTRAL FALLACY OF KEYNESIAN ECONOMICS.
Author: MULLIGAN, ROBERT F.
Source: Quarterly Journal of Austrian Economics, Fall2014, v. 17, iss. 3
THE KEYNESIAN MULTIPLIER CONCEPT IGNORES CRUCIAL OPPORTUNITY COSTS.
Author: BOYES, WILLIAM J.
Source: Quarterly Journal of Austrian Economics, Fall2014, v. 17, iss. 3
Trend inflation and monetary policy rules: determinacy analysis in New Keynesian model with capital accumulation.
Author: Gerko, Elena; Sossounov, Kirill
Source: B.E. Journal of Macroeconomics, 2015, v. 15, iss. 1
Trend Inflation and the Nature of Structural Breaks in the New Keynesian Phillips Curve
Author: Kim, Chang-Jin; Manopimoke, Pym; Nelson, Charles R.
Source: Journal of Money, Credit, and Banking, March-April 2014, v. 46, iss. 2-3, pp. 255-66
WHY KEYNESIAN CONCEPTS CANNOT BE USED TO EXPLAIN PRE-KEYNESIAN ECONOMIC THOUGHT: A READER'S GUIDE TO CLASSICAL
ECONOMIC THEORY.
Author: KATES, STEVEN
Source: Quarterly Journal of Austrian Economics, Fall2014, v. 17, iss. 3