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Economic Category: Schools of Economic Thought

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Schools of Economic Thought - Article

1. Arthur Young

Arthur Young was widely regarded by his contemporaries as the leading agricultural writer of the time. This article gives a short biography of Arthur Young. [Details...]

2. Austrian Economics

The major cornerstones of Austrian economics are methodological individualism, methodological subjectivism, and an emphasis on processes rather than on end states. This article describes each of these. [Details...]

3. Cantillon's "Land Theory of Value"

General equilibrium theory, indeed much of economics itself, owes its existence to an Irishman who lived obscurely in 18th Century France by the name of Richard Cantillon. In his remarkable Essai sur la Nature du Commerce en Generale (published only in 1755, but written c.1732-1734), Cantillon sets out, perhaps for the first time, the vision of an "economy" as a set of interacting markets connected by a price system with balanced circular flows of income between agents. Cantillon's setting was the first great breakthrough in economic theory - for it provided the fundamental structural idea behind the concept of an "economy" which was to possess all subsequent economics - Physiocratic, Classical and Neoclassical. [Details...]

4. Keynesian Economics

This article explains the six principal tenets which seem central to Keynesianism, which is a theory of total spending in the economy and of its effects on output and inflation. [Details...]

5. Marxism

This article describes Karl Marx and Marxism which captures his theories and values regarding how the economy works. [Details...]

6. Monetarism

This article explains one of the principal monetarist propositions: sustained money growth in excess of the growth of output produces inflation; to end inflation or produce deflation, money growth must fall below the growth of output, as well as two more monetarist propositions. [Details...]

7. Neoclassical Economics

The article outlines the framework of Neoclassical Economics and discusses attempts to discredit it, how it conceptualized households and firms as rational actors, and an assessment of the values associated with it. [Details...]

8. New Classical Macroeconomics

This article portrays the general differences in perspective, current policy discussions, discusses determinants of consumption and investment, as well as tax cuts. [Details...]

9. New Keynesian Economics

This article discusses the disagreement between new classical and new Keynesian economists, the staggering of prices, coordination failure, efficiency wages, and policy implications. [Details...]

10. Public Choice Theory

Public choice theory is a branch of economics that developed from the study of taxation and public spending. This article discusses government action in relation to government failure, underpinnings of public choice theory, and examines public choice economists and how they influence legislation. [Details...]

11. Rational Expectations

This article describes the influences between expectations and outcomes, the efficient markets theory of stock prices, the permanent income theory of consumption, tax-smoothing models, expectational error models of the business cycle, and design of macroeconomic policies. [Details...]

12. Supply-Side Economics

An encyclopedia entry detailing supply-side economics focusing on tax policy. [Details...]

13. The Austrian Theory of Capital

This article covers Capital and Time, Jevons's Amount of Investment, Bohm-Bawerk's Average Period of Production, Wicksell's Optimal Production Period, Hayek's Disequilibrium Theory, Hicks's Flows, and Debates on Austrian Capital Theory. [Details...]

14. The Encaisse Desiree (Desired Cash Balance) of Leon Walras

Leon Walras (1874) attempted to construct a consistent theoretical rationale to explain the relationship between the supply of money and the price level. [Details...]

15. The General Glut Controversy and Say's Law

In a simple shoe-hat world, at any one time, three possible situations may arise: (1) there may be a sufficient amount of shoes and hats to satisfy all demand; (2) there may be too many shoes offered on the market - implying too great a demand for hats; and (3) there may be too many hats and not enough shoes. Situations (2) and (3) are situations when markets have not made precise the allocations. However, the essence of Say's Law is that there can never be too much of both shoes and hats. A shoemaker would not make more shoes if he did not desire more hats. Therefore, Say's Law concludes, general gluts cannot exist. [Details...]

16. The Neoclassical Theory of Distribution

This article covers Factor Payments and the Concept of Rent, The Marginal Productivity Theory of Distribution, and Substitution and Distribution. [Details...]

17. The Neoclassicals

This article covers the Marginalist Revolution, the Neoclassical Theory of Value, and the Neoclassical Family of Schools. [Details...]

18. The Opportunity Cost Doctrine

This article covers Opportunity Cost and The Austrian-Marshallian Debate. [Details...]

19. The Paretian System - Efficiency

This article covers Pareto-Optimality and The Fundamental Welfare Theorems. [Details...]

20. The Paretian System - Equilibrium

This article covers general equilibrium in the Paretian System first with a graphical illustration of a two-sector model, and then a more general multi-sector model. [Details...]

21. The Paretian System - Social Welfare

This article covers The Social Optimum, The New Welfare Economics, Welfare Comparisons, and Bergson-Samuelson Social Welfare Functions. [Details...]

22. The Protestant Ethic Thesis

This article summarizes German sociologist Max Weber's formulation, considers criticisms of Weber's thesis, and reviews evidence of linkages between cultural values and economic growth. [Details...]

23. Thomas Robert Malthus

This article gives a brief decsription on Malthus's prediction that the population would be unable to feed itself in a certain matter of time. [Details...]

Schools of Economic Thought - Interactive Tutorial

24. Economics General - Macroeconomics. Intro

Listing of resources including articles, tutorials, and sample questions etc introducing basic ideas and schools of thought in Macroeconomics. [Details...]

Schools of Economic Thought - Online Book

25. Edgeworthian Exchange

A collection of articles providing a comprehensive coverage of the Edgeworthian Exchange. The following topics are covered: Edgeworth's Indeterminacy of Contract, Determinacy Restored, Edgeworth's Conjecture, Monopoly Pricing and Contracts, The Continuum Economy, Imperfect Curiosa, The Non-Standard Economy, Core Convergence, Adjustment Processes, and Coalitional Exchange. [Details...]

26. The Paretian System

A collection of articles providing a comprehensive coverage of the Paretian System. The follwoing topics are covered: Equilibrium, Efficiency, Market Failure, and Social Welfare. [Details...]

Schools of Economic Thought - Course lecture

27. Economics Defined


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