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The Curriculum Open-Access Resources in Economics Project (CORE Econ) is an organisation that creates and distributes open-access teaching material on economics. The goal is to make teaching material and reform the economics curriculum. [1] Its textbook is taught as an introductory course at almost 500 universities. [2]
Episode 18 - Economics Efficiency: What Price Controls? Rent control in New York City explains the effect of wage and price controls in a free market economy. Episode 19 - Monopoly: Who's In Control? Episode 20 - Oligopoly: Whatever Happened to Price Competition? Episode 21 - Pollution: How Much Is a Clean Environment Worth?
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.
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".
[8] [9] [10] When Ronald Reagan was giving speeches to General Electric plants in the 1950s and 60s, he read Economics in One Lesson [11] which helped influence his economic philosophy. [12] [13] Economics in One Lesson was an important work for the development of neoliberalism in America. [14]
[3]: 195–201 Similar models, though called slightly different names, appear in the textbooks by Charles Jones [15] and by Wendy Carlin and David Soskice [14] and the CORE Econ project. [14] Parallelly, texts by Akira Weerapana and Stephen Williamson have outlined approaches where the LM curve is replaced with a real interest rate rule. [15] [16]
[1] [2] Thomas Lemieux argues it is "one of the most widely used models in empirical economics". The equation has been examined on many datasets. The equation has been examined on many datasets. Typically the logarithm of earnings is modelled as the sum of years of education and a quadratic function of "years of potential experience".
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. [1] [2] Behavioral economics is primarily concerned with the bounds of rationality of economic ...