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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]
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.
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.
Classical economics books (1 C, 9 P) N. Neoclassical economics (2 C, 16 P) New classical macroeconomics (1 C, 11 P) Pages in category "Classical economics"
In The Corruption of Economics, Gaffney and fellow Georgist Fred Harrison begin their inquiry with the observation that America’s nineteenth-century universities, like its railroads, were land-grant institutions, vested with warrants to vast acreages under the 1862 Morrill Act. They were thus not only noble outposts of practical learning but ...
Classical economists are advocates of and theorists in classical economics. Subcategories.
In both classical and Keynesian economics, the money market is analyzed as a supply-and-demand system with interest rates being the price. The money supply may be a vertical supply curve, if the central bank of a country chooses to use monetary policy to fix its value regardless of the interest rate; in this case the money supply is totally ...
In response to the Economic Calculation Problem proposed by the Austrian School of Economics that disputes the efficiency of a state-run economy, the theory of Market Socialism was developed in the late 1920s and 1930s by economists Fred M. Taylor (1855–1932), Oskar R. Lange (1904–1965), Abba Lerner (1903–1982) et al., combining Marxian ...