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The evolution of neoclassical economics can be divided into three phases. The first phase (= a pre-Keynesian phase) is dated between the initial forming of neoclassical economics (the second half of the nineteenth century) and the arrival of Keynesian economics in the 1930s. The second phase is dated between the year 1940 and the half of the 1970s.
Alfred Marshall FBA (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book Principles of Economics (1890) was the dominant economic textbook in England for many years.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics , especially rational expectations .
It uses neoclassical economic theory to reinterpret historical data, spreading throughout academia, causing economic historians untrained in economics to disappear from history departments. American cliometric economists Douglass Cecil North (1920–2015) and Robert William Fogel (1926–2013) were awarded the 1993 Nobel Economics Prize.
Post-Keynesians opposed the neoclassical synthesis and shared a fundamentalist interpretation of Keynes that sought to develop economic theories without classical elements. [217] The core of post-Keynesian belief is the rejection of three axioms that are central to classical and mainstream Keynesian views: the neutrality of money , gross ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 2 March 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy, Fife ...
James Tobin, writing on the contributions of John Bates Clark and Irving Fisher to neoclassical theory in America [28] argues that American economists contributed in their own way to the preparation of a common ground after the neoclassical revolution. In particular Clark and Irving Fisher "brought neoclassical theory into American journals ...
With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on ...