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Topic: Classical economics

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In the News (Wed 21 Aug 19)

  Economics - MSN Encarta
As a coherent economic theory, classical economics starts with Smith, continues with the British economists Thomas Robert Malthus and David Ricardo, and culminates in the synthesis of John Stuart Mill, who as a young man was a follower of Ricardo.
To the classical vision of capitalism, Marxism was in large measure a sharp rebuttal, but to some extent it embodied variations of classical themes.
Classical economics proceeded from the assumption of scarcity, such as the law of diminishing returns and Malthusian population doctrine.
encarta.msn.com /encyclopedia_761562677_2/Economics.html   (2251 words)

 classical economics – FREE classical economics Information | Encyclopedia.com: Find classical economics Research
The theories of the classical school were mainly concerned with the dynamics of economic growth.
Many of the fundamental principles of classical economics were set forth in Smith's Wealth of Nations (1776), in which he argued that a nation's wealth was greatest when its citizens pursued their own self-interest.
inframarginal economics or the modern classical economics of specialisation and division of...
www.encyclopedia.com /doc/1B1-360907.html   (940 words)

 Postscript to Classical Economics
The classical economists were, after all, interested in the big questions: the process of economic growth over prolonged time periods and the relation of the resulting distribution of income to its prospects.
Several recent analyses of economic growth in advanced economies, for example, have been constructed on the assumption that the distribution of income between the profit and non-profit shares of income is the basic determinant of the rate of growth.
Though the classical belief that the rising rents associated with population growth would tend to erode the rate of profit has largely been discarded, models constructed with classical categories now usually maintain that profits are likely to be squeezed for another reason - the existence of diminishing returns to capital investment.
www.wesleyan.edu /css/readings/Barber/post4.htm   (2437 words)

 Kepa M. Ormazabal, "Neo-Classical Economics Is Not 'Neo', but 'Anti'-Classical", Post-Autistic Economics ...
For the Classical tradition, the concept of price is only indirectly related to utility, and it is primarily related to profit; in other words: price is not a means to improve utility, but a means to surplus value, to the accumulation of capital for its own sake.
Looked at from Classical Economics, the problem with the “Neo-Classical” conceptions of value and profit is not that they are “highly abstract”, but to the contrary, namely, that they are “lowly abstract”, which is why they lead us to deny the evidence.
In Classical Economics, “high abstraction” does not lead to the employment of the term “competition” as equivalent to “exchange”, or to saying that, in developed capitalistic economies, profit is annihilated.
www.paecon.net /PAEReview/issue22/Ormazabal22.htm   (1515 words)

 Postscript to Neo-Classical Economics
Their approach brought new standards of rigour to economic discourse and largely silenced the overtones of inevitability which, in varying degree, had been associated with classical and Marxian argumentation.
Economic analysis, as construed by writers of a neo-classical persuasion, centred on the functioning of the market system and its major objective was to clarify the choices open to producers and consumers in market situations.
Economic theory, however, did not satisfactorily embrace the grey area between pure competition and pure monopoly until the late 1920s when Mrs Joan Robinson in Cambridge and Professor E. Chamberlin of Harvard worked out theories of 'imperfect' and 'monopolistic' competition respectively.
www.wesleyan.edu /css/readings/Barber/post7.htm   (2064 words)

 The Classical Ricardians
The Mercantilist economic policies of the British state had led to a rebellion and now the colonists established a home-grown liberal republican government more-or-less dedicated to laissez-faire and free trade.
At the core of the "Classical Ricardian" School was the trio of true disciples -- James Mill, J.R. McCulloch and Thomas de Quincey.
It was in an effort to stop economics from becoming a mish-mash of theories that John Stuart Mill (1848) wrote his famous textbook, restating the Ricardian Classical doctrines fully and explicitly.
cepa.newschool.edu /het/schools/ricardian.htm   (1383 words)

 classical economics
Central to the theory were economic freedom, competition, and laissez-faire government.
The idea that economic growth could best be promoted by free trade, unassisted by government, was in conflict with mercantilism.
The belief that agriculture was the chief determinant of economic health was also rejected in favour of manufacturing development, and the importance of labour productivity was stressed.
www.tiscali.co.uk /reference/encyclopaedia/hutchinson/m0021737.html   (228 words)

In the New Classical view, the constraint imposed by the logic of general equilibrium confers theoretical respectability on the model; econometric testing as suggested by exercising the model economy and performed on extended time-series data descriptive of the real-world economy establish the model's empirical relevance.
Economic agents would react one way if a particular price change is attributable to monetary expansion, which is presumed to affect all islands equally, and another way if the change is attributable to underlying economic conditions, which is presumed to affect only the one island.
Cyclical fluctuations in economic activity is mimicked by the motion of a child's rocking horse.
www.auburn.edu /~garriro/fnc1kyun.htm   (4242 words)

 On Neo-classical economics « Undergraduate Economist
The concern of the classical economists from Adam Smith to David Ricardo was the laws governing the emerging capitalist economy, characterized by wage labour, an increasingly sophisticated division of labour, the coordination of economic activities via a system of interdependent markets in which transactions are mediated through money, and rapid technical, organizational and institutional change.
Neoclassical economics began as a project to fashion an economic model in the image of Newtonian mechanics, one in which economic agents could be treated as if they were particles obeying mechanical laws, and all of whose behaviour could, in principle, be described simultaneously by a solvable system of equations.
I am not aware whether we should place these all with neoclassical economics, but i think, mathematics and neolclassical economics would have had some role in their development, and these are significant improvements in the understanding of markets.
alexmthomas.wordpress.com /2007/09/07/on-neo-classical-economics   (1468 words)

 Economics A-Z | Economist.com
HUMAN CAPITAL is the economic wealth or potential contained in a person, some of it endowed at birth, the rest the product of training and education, if only in the university of life.
The Asian economic crisis and CAPITAL FLIGHT of the late 1990s revived interest in capital controls, as some Asian governments wondered whether lifting the controls had left them vulnerable to the whims of international speculators, whose money could flow out of a country as fast as it once flowed in.
Classical economists, who included Adam SMITH, David RICARDO and John Stuart Mill, believed that the pursuit of individual self-interest produced the greatest possible economic benefits for society as a whole through the power of the INVISIBLE HAND.
www.economist.com /research/Economics/alphabetic.cfm?TERM=CAPITAL   (6037 words)

 Marx’s Critique of Classical Economics
In Marx’s estimation, classical political economy constituted a decisive stage in the investigation of the capitalist mode of production; around 1830 this phase begins to draw to a close, a close intimately bound up, for Marx, with the appearance of a new social and political force increasingly conscious of itself, the working class.
Classical political economy seeks to reduce the various fixed and mutually alien forms of wealth to their inner unity by means of analysis and to strip away the form in which they exist independently alongside one another.
Classical economy is not interested in elaborating how the various forms come into being, but seeks to reduce them to their unity by means of analysis, because it starts from them as given premises.
www.marxists.org /archive/pilling/works/capital/geoff1.htm   (5315 words)

 New Classical Macroeconomics, by Robert King: The Concise Encyclopedia of Economics: Library of Economics and Liberty
In contrast to classical macroeconomics, new and old, Keynesian macroeconomics did not begin with the assumption that an economy is made up of individually rational economic suppliers and demanders.
Classical macroeconomics at that time, like most other fields of economics, was just beginning to build formal mathematical and statistical models of economic behavior.
New classical macroeconomics applies standard principles of economics to the behavior of the economy as a whole.
www.econlib.org /library/Enc/NewClassicalMacroeconomics.html   (2646 words)

 Critique of Neo-classical Economics - Mainstream Weekly
A lot of economic literature emerged, and these came to be recognised as a distinct branch of Economics that is, “Economics of Development” for which academic courses were established as a part of the curriculum.
Economic growth has allowed fewer working hours, for example, Sweden, a welfare state, has 1300 to 1400 hours in a year as against 1600 in Britain and the USA and 2000 in Japan.
Economics should reinvent itself and rather than arrogating to itself the exclusive status of being “scientific” as distinguished from other social sciences, it should join hands with them to understand the reality and tackle the problems of the real world.
www.mainstreamweekly.net /article663.html   (6032 words)

 Economic Theory and Economic Reform in China: Neo-Classical Economics vs. Neo-Socialist Economics?, UCLA International ...
In a talk entitled “Viability, Economic Transition, and Reflections on Neo-classical Economics,” Professor Lin, the founder and director of the China Center for Economic Research at Peking University (for a biographical sketch, go to the bottom of this article), focused on the issue of viability.
Following the assumptions of neo-classical economics, the more or less stringent shock therapy applied to the former Soviet Union and the countries of Eastern Europe — where government subsidies were quickly and ruthlessly cut or entirely terminated, prices were liberalized, and firms were privatized — should have resulted in overall economic growth.
Justin Yifun Lin (Ph.D., University of Chicago, 1986) is the founder and director of the China Center for Economic Research at Peking University www.ccer.pku.edu.cn/ and professor of economics at Hong Kong University of Science and Technology.
www.international.ucla.edu /article.asp?parentid=3521   (1522 words)

 Economics is dead. Long live economics!
Economics being the science of human interaction, the human brain will be the final, numerically limited resource in any information society.
The industrial economy was a society in action, where the theories classical economics operated; the theories are not limited to such a society, so the change from one type of economy to another need have little impact on its economics.
The "money economy" is a model for trade and markets, not an economy, nor the necessary basis for classical economics; it can be compared to various forms of "barter economy" that some believe would be more appropriate to "new" economies, whether dominated by attention or something else.
www.firstmonday.org /issues/issue2_5/ghosh   (1904 words)

 Neoclassical Economics, by E. Roy Weintraub: The Concise Encyclopedia of Economics: Library of Economics and Liberty
In brief, the success of neoclassical economics is connected to the "scientificization" or "mathematization" of economics in the twentieth century.
For once neoclassical economics was associated with scientific economics, to challenge the neoclassical approach was to seem to challenge science and progress and modernity.
The rules of theory development and assessment are clear in neoclassical economics, and that clarity is taken to be beneficial to the community of economists.
www.econlib.org /library/Enc/NeoclassicalEconomics.html   (1542 words)

 Matthew McCartney, "Game Theory: a Refinement or an Alternative to Neo-classical Economics?", Post-Autistic ...
The implications of this are profound: they open the door for a completely different way of analysing the stability and efficiency of an economy, the role of the state, expectations, and the role of conflict in economic exchange.
Like neo-classical economics game theory has been heavily saturated by the concept of rationality: it is “the branch of mathematics concerned with the formal aspect of rational decision.” (Rapaport, 1966, p16).
Game theory illustrates just how non-robust are the efficiency properties of neo-classical economic theory, it provides a neat framework in which to model and justify a developmental role for the state and can neatly illustrate how expectations can, contrary to neo-classical economic theory have an important impact on the real economy.
www.paecon.net /PAEReview/issue30/McCartney30.htm   (3669 words)

 Post-Autistic Economics Network and Post-Autistic Economics Review (heterodox economics)
But in contemporary mainstream economics, the tools are often in the driver's seat, declaring evident facts impossible and reducing the subtleties of the real world to whatever clockwork economists best know how to build.
Economics has increasingly become an intellectual game played for its own sake and not for its practical consequences for understanding the economic world.
Post-Autistic Economics, however, addresses a different kind of situation: one where one theory, that illuminates a few facets of its domain rather well, wants to suppress other theories that would illuminate some of the many facets that it leaves in the dark.
www.paecon.net   (3202 words)

  Classical Economics Essays| Classical Economics Dissertations
Classical economics is widely regarded as the first modern school of economic thought.
The Classical economists took the theory of the determinants of the level and growth of population as part of Political Economy.
One issue is whether classical economics is a forerunner of neoclassical economics or a school of thought that had a distinct theory of value, distribution, and growth.
www.economics.degree-essays.com /classical-economics-essays.html   (1492 words)

  Classical economics - Information from Reference.com
Classical economics is widely regarded as the first modern school of economic thought.
Sometimes the definition of classical economics is expanded to include William Petty, Johann Heinrich von Thünen, and Karl Marx.
One issue is whether classical economics is a forerunner of neoclassical economics or a school of thought that had a distinct theory of value, distribution, and growth.
www.reference.com /search?q=Classical+economics   (1306 words)

  economics. The Columbia Encyclopedia, Sixth Edition. 2001-05
Smith identified self-interest as the basic economic force and, through his analysis of the division of labor and his comprehensive study of the development of economic institutions in the West, established economics as a major area of study.
Marx’s critique of capitalism was moral and social, as well as economic; but in the exposition of the workings of the capitalist system he and his followers developed important insights into the structural weaknesses of the market economy, especially the recurrence of economic crises (see depression).
In the 1980s supply-side economics (which sees economic growth as essential for improving the material health of society) was used as a policy tool by the Reagan administration.
www.bartleby.com /65/ec/economics.html   (1442 words)

 Classical Free: ECONOMICS I   (Site not responding. Last check: )
Economic vocabulary is introduced when appropriate and is set off in "New Term" blocks so that each term is actually learned in conjunction with its initial use.
Economics has been considered a branch of theology, law, philosophy, and politics at different times in history and to some extent this is all true.
Everyone has made an economic decision (the "art" side of it) and most of us make several each day, but the study (the "science" side) of how and why we make decisions, is relatively new -- just a few hundred years old compared to astronomy, for instance, which is thousands of years old.
www.classicalfree.org /tgc_econ.asp   (1574 words)

 Bloomsbury.com - Research centre
Classical economics was the dominant theory of economics from the 18th century until it was refined in the 20th century into neoclassical economics.
The classical and neoclassical schools were eclipsed between the mid-1930s and the mid-1970s by the followers of John Maynard Keynes (see Keynesian Theory).
Keynes attacked the two main classical tenets, arguing (1) that the rate of interest is determined or influenced by the speculative actions of bondholders; and (2) that wages are inflexible downwards, so that national income may be in apparent equilibrium at a point below full employment.
www.bloomsburymagazine.com /ARC/detail.asp?entryid=103122&bid=2   (361 words)

 economics@Everything2.com   (Site not responding. Last check: )
Economics is often split into two fields, microeconomics, and macroeconomics.
Economics was seen as the dismal science because of Rev. Malthus's predictions in the 19th century.
Classical economics refers primarily to work before the 20th century by people such as Adam Smith, David Ricardo, and Jean-Baptiste Say.
everything2.com /index.pl?node=economics   (1338 words)

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