Search results
Results from the WOW.Com Content Network
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In 1803, J.B. Say distinguished the subject from its public-policy uses, defining it as the science of the production, distribution, and consumption of wealth. [2] On the satirical side, Thomas Carlyle (1849) coined 'the dismal science' as an epithet for classical economics, a term often linked to the pessimistic analysis of Malthus (1798). [3]
Beginning in the late 1960s, a number of neoliberal reforms were implemented in the Middle East. [ 233 ] [ 234 ] For instance, Egypt is frequently linked to the implementation of neoliberal policies, particularly with regard to the 'open-door' policies of President Anwar Sadat throughout the 1970s, [ 235 ] and Hosni Mubarak 's successive ...
The fledgling Republican Party led by Abraham Lincoln, who called himself a "Henry Clay tariff Whig", strongly opposed free trade. Early in his political career, Lincoln was a member of the protectionist Whig Party and a supporter of Henry Clay. In 1847, he declared: "Give us a protective tariff, and we shall have the greatest nation on earth".
Test your Presidents Day knowledge with these presidential trivia questions and answers. Learn little-known facts about Washington, Lincoln and more.
In Smith's view, if everyone is left to his own economic devices instead of being controlled by the state, the result would be a harmonious and more equal society of ever-increasing prosperity. [1] This underpinned the move towards a capitalist economic system in the late 18th century and the subsequent demise of the mercantilist system.
Equity premium puzzle: The equity premium puzzle is thought to be one of the most important outstanding questions in neoclassical economics. [6] It is founded on the basis that over the last one hundred years or so the average real return to stocks in the US has been substantially higher than that of bonds.
Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]