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Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory.
Joan Violet Robinson FBA (née Maurice; 31 October 1903 – 5 August 1983) was a British economist known for her wide-ranging contributions to economic theory.One of the most prominent economists of the century, Robinson incarnated the "Cambridge School" in most of its guises in the 20th century.
Adam Smith. The classical school of economic thought emerged in Britain in the late 18th century. The classical political economists Adam Smith, David Ricardo, Jean-Baptiste Say and John Stuart Mill published analyses of the production, distribution and exchange of goods in a market that have since formed the basis of study for most contemporary economists.
Classical economists are advocates of and theorists in classical economics. ... James Maitland, 8th Earl of Lauderdale ...
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.
Ilya Repin, portrait of Pavel Tretyakov, 1901. The contemporary economics of culture most often takes as its starting point Baumol and Bowen's [1] seminal work on the performing arts, which argues that reflection on the arts has been part of the history of economic thought since the birth of modern economics in the seventeenth century.