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Post-Keynesian economics is a heterodox school that holds that both neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The post-Keynesian school encompasses a variety of perspectives, but has been far less influential than the other more mainstream Keynesian schools.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Means–ends analysis [1] (MEA) is a problem solving technique used commonly in artificial intelligence (AI) for limiting search in AI programs.. It is also a technique used at least since the 1950s as a creativity tool, most frequently mentioned in engineering books on design methods.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Monetarism is an economic theory commonly associated with neoliberalism. [96] Formulated by Milton Friedman, it focuses on the macroeconomic aspects of the supply of money, paying particular attention to the effects of central banking. [291]
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Robbins develops and defends several propositions about the relation of scarcity to economics and of economic theory to science, including the following. [2] "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." (1935, p. 15)
A primary theory in this vein is the debt deflation theory of Irving Fisher, which he proposed to explain the Great Depression. A more recent complementary theory is the Financial Instability Hypothesis of Hyman Minsky, and the credit theory of economic cycles is often associated with Post-Keynesian economics such as Steve Keen.