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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.
Economic history is the study of history using methodological tools from economics or with a special attention to economic phenomena. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions.
Another example of a model in ecological economics is the doughnut model from economist Kate Raworth. This macroeconomic model includes planetary boundaries, like climate change into its model. These macroeconomic models from ecological economics, although more popular, are not fully accepted by mainstream economic thinking.
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade". [1] Its concern is thus the interrelation of financial variables, such as share prices, interest rates and exchange rates, as opposed to those concerning ...
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.
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 ...
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The economics of the Enron scandal have been a target of the "two cows" joke, often describing the accounting fraud that took place in Enron's finances. Much of the beginning of the joke when used to describe Enron resembles the following: