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Ronald Coase (1910–2013) of the Chicago School of Economics was the most prominent economic analyst of law, and the 1991 Nobel Prize in Economics winner. His first major article The Nature of the Firm (1937) argued that the reason for the existence of firms (companies, partnerships, etc.) is the existence of transaction costs.
The Austrian School of economics began with Carl Menger's 1871 Principles of Economics. Menger's followers formed a distinct group of economists until around World War II, when the distinction between Austrian economics and other schools of thought
The Lausanne School of economics is an extension of the neoclassical school of economic thought, named after the University of Lausanne in Switzerland. The school is primarily associated with Léon Walras and Vilfredo Pareto, both of whom held successive professorships in political economy at the university, in the latter half of the 19th ...
Treating economic history as a discrete academic discipline has been a contentious issue for many years. Academics at the London School of Economics (LSE) and the University of Cambridge had numerous disputes over the separation of economics and economic history in the interwar era. Cambridge economists believed that pure economics involved a ...
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (inflation adjusted for 2013), and did not rise much until the Industrial Revolution.
Quantum finance involves applying quantum mechanical approaches to financial theory, providing novel methods and perspectives in the field. [40] Quantum finance is an interdisciplinary field, in which theories and methods developed by quantum physicists and economists are applied to solve financial problems. It represents a branch known as ...
We at the Motley Fool have dedicated ourselves to getting back to the basics this month, culminating on Sept. 25 with Worldwide Invest Better Day. To this end, my Foolish colleagues and I have ...
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]