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An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
Economists commonly use the term recession to mean either a period of two successive calendar quarters each having negative growth [clarification needed] of real gross domestic product [1] [2] [3] —that is, of the total amount of goods and services produced within a country—or that provided by the National Bureau of Economic Research (NBER): "...a significant decline in economic activity ...
The term "revolutionary" has been applied to the book in its impact on economic analysis. [79] During the following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium.
Shiller was ranked by the IDEAS RePEc publications monitor in 2008 as among the 100 most influential economists of the world; [8] and was still on the list in 2019. [9] Eugene Fama, Lars Peter Hansen and Shiller jointly received the 2013 Nobel Memorial Prize in Economic Sciences, "for their empirical analysis of asset prices". [10] [11]
Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity. The following outline is provided as an overview of and topical guide to economics:
Macroeconomics is traditionally divided into topics along different time frames: the analysis of short-term fluctuations over the business cycle, the determination of structural levels of variables like inflation and unemployment in the medium (i.e. unaffected by short-term deviations) term, and the study of long-term economic growth.
Topics have included the breakup of nations, [32] the origins and rate of change of political institutions in relation to economic growth, [33] development, [34] financial markets and regulation, [35] the importance of institutions, [36] backwardness, [37] reform [38] and transition economies, [39] the role of culture, ethnicity and gender in ...
"Thirteen critical points in contemporary economic theory". Journal of Economic Literature. 10 (4): 1163–1189. JSTOR 2721542. Alessandro Innocenti (1995). "Oskar Morgenstern and the Heterodox Potentialities of the Application of Game Theory to Economics". Journal of the History of Economic Thought. 17 (2): 205–227. doi:10.1017 ...