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The first book of The General Theory of Employment, Interest and Money is a repudiation of Say's law. The classical view for which Keynes made Say a mouthpiece held that the value of wages was equal to the value of the goods produced, and that the wages were inevitably put back into the economy sustaining demand at the level of current production.
Time on the Cross: The Economics of American Negro Slavery (1974) is a book by the economists Robert Fogel and Stanley L. Engerman.Fogel and Engerman argued that slavery was an economically rational institution and that the economic exploitation of slaves was not as catastrophic as presumed, because there were financial incentives for slaveholders to maintain a basic level of material support ...
The underlying theme of the book, as Landsburg states on the first page, is that "[m]ost of economics can be summarized in four words: People respond to incentives." With this apparently innocuous observation, Landsburg discusses some unexpected effects of various policies such as automobile safety legislation and environmental policies.
1872 cartoon depiction of Carl Schurz as a carpetbagger. In the history of the United States, carpetbagger is a largely historical pejorative used by Southerners to describe allegedly opportunistic or disruptive Northerners who came to the Southern states after the American Civil War and were perceived to be exploiting the local populace for their own financial, political, or social gain.
Counter-economics is an economic theory and revolutionary method consisting of direct action carried out through the black market or the gray market. As a term, it was originally used by American libertarian activists and theorists Samuel Edward Konkin III and J. Neil Schulman. The former defined it as the study or practice "of all peaceful ...
In their macroeconomic models, the economic system is a subsystem of the environment. In this model, the circular flow of income diagram is replaced in ecological economics by a more complex flow diagram reflecting the input of solar energy, which sustains natural inputs and environmental services which are then used as units of production ...
The Wealth of Nations was the product of seventeen years of notes and earlier studies, as well as an observation of conversation among economists of the time (like Nicholas Magens) concerning economic and societal conditions during the beginning of the Industrial Revolution, and it took Smith some ten years to produce. [8]
In a review in the American Economic Review, the book was described as "a vigorous, skillful, and provocative challenge to sophisticated formulations of theory and policy," however "the lesson as a whole is too easy, and the "common-sense" answers are really answers only because the basic problems have been oversimplified so much as to divorce ...