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The main goal of the new model is to re-frame economic problems and set new goals. In this context, the model is also referred to as a "wake-up call to transform our capitalist worldview". [5] In this model, an economy is considered prosperous when all twelve social foundations are met without overshooting any of the nine ecological ceilings ...
The concept of institutional complementarity has deep roots in the social sciences. [2] Whereas the sociological approach of the interdependence of different institutions has left the actions of the individuals largely outside the analysis, the modern approach, developed mainly by economists, has been based on the analysis of the constraints facing the actions of the individuals acting in ...
Alex Bernhardt, Principal, US Responsible Investment Leader, Mercer, said "It contains an excoriating critique of neoclassical economic theory and proposes a compelling and elegant alternative to the growth-at-any-costs mentality pervading political-economic thinking and practice today. There is much to be said for the practicality of this ...
Marxian economics—particularly in academia—is distinguished from Marxism as a political ideology, as well as from the normative aspects of Marxist thought: this reflects the view that Marx's original approach to understanding economics and economic development is intellectually independent from his own advocacy of revolutionary socialism.
In economics and game theory, the decisions of two or more players are called strategic complements if they mutually reinforce one another, and they are called strategic substitutes if they mutually offset one another. These terms were originally coined by Bulow, Geanakoplos, and Klemperer (1985). [1]
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behavior.Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other.
In economics, a complementary good is a good whose appeal increases with the popularity of its complement. [ further explanation needed ] Technically, it displays a negative cross elasticity of demand and that demand for it increases when the price of another good decreases. [ 1 ]
Keynesian economics developed during and after the Great Depression from the ideas presented by Keynes in his 1936 book, The General Theory of Employment, Interest and Money. [5] Keynes' approach was a stark contrast to the aggregate supply-focused classical economics that preceded his book.