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One of the most influential economists of the 20th century, [5] [6] [7] he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. [8] His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics". [9]
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 ...
Keynesian economics has developed from the work of John Maynard Keynes and focused on macroeconomics in the short-run, particularly the rigidities caused when prices are fixed. It has two successors. Post-Keynesian economics is an alternative school—one of the successors to the Keynesian tradition with a focus on macroeconomics. They ...
In 1927, King moved on from public service to become an economics professor at New York University. During the Great Depression , King opposed the New Deal . Instead, he advocated a sliding scale of wages based on production, no government intervention in business, currency expansion, the reduction of taxes in upper brackets, and the abolition ...
Post-Keynesian economics can be seen as an attempt to rebuild economic theory in the light of Keynes' ideas and insights. However, even in the early years, post-Keynesians such as Joan Robinson sought to distance themselves from Keynes, and much current post-Keynesian thought cannot be found in Keynes.
Attilio Celant (born 1942), Italian economist, Dean of the Faculty of Economics (2002–2011) and Professor of Economic Geography at "Sapienza" University of Rome, Rome Seweryn Chajtman (1919–2012), Polish scientist, engineer, teacher of the Industrial Management , creator of the Alternative Theory of Organization and Management
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Classical economists and their immediate predecessors reoriented economics away from an analysis of the ruler's personal interests to broader national interests. Adam Smith, following the physiocrat François Quesnay, [7] identified the wealth of a nation with the yearly national income, instead of the king's treasury. Smith saw this income as ...