Search results
Results from the WOW.Com Content Network
New classicals also introduced rational expectations and argued that governments had little ability to stabilize the economy given the rational expectations of economic agents. Most controversially, new classical economists revived the market clearing assumption, assuming both that prices are flexible and that the market should be modeled at ...
New institutional economics, a field pioneered by Douglass North, stresses the need of a legal framework in order for capitalism to function optimally, and focuses on the relationship between the historical development of capitalism and the creation and maintenance of political and economic institutions. [6] In new institutional economics and ...
New Institutional Economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics , especially rational expectations .
Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist is a 2017 non-fiction book by Oxford economist Kate Raworth. [1] The book elaborates on her concept of doughnut economics , first developed in her 2012 paper, A Safe and Just Space for Humanity .
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created by lowering barriers for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates and by allowing greater flexibility by reducing regulation. Consumers will then benefit from ...
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
The new economic history, or cliometrics, formalized economic history in a manner similar to the injection of mathematical models and statistics into the rest of economics. [ 12 ] The relationship between economic history, economics and history has long been the subject of intense discussion, and the debates of recent years echo those of early ...