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Topic: New classical economics


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In the News (Mon 17 Jun 19)

  
  New classical economics - Wikipedia, the free encyclopedia
New classical economics emerged as a school in macroeconomics during the 1970s.
Specifically, new classical macroeconomics (NCM) emphasises the importance of rigorous microfoundations, in which the macroeconomic model is built up from the actions of individual agents, whose behaviour is modelled by microeconomics.
New Keynesian economics was developed partly in response to NCM – it strives to provide microfoundations for Keynesian economic analysis.
en.wikipedia.org /wiki/New_classical_economics   (331 words)

  
 Macroeconomics - Wikipedia, the free encyclopedia   (Site not responding. Last check: 2007-10-07)
Post-Keynesian economics represents a dissent from mainstream Keynesian economics, emphasizing the role of uncertainty and the historical process in macroeconomics.
New classical economics, which explores the implications of rational expectations.
New Keynesian economics, which developed partly in response to new classical economics.
www.leessummit.us /project/wikipedia/index.php/Macroeconomics   (928 words)

  
 New Keynesian economics - Wikipedia, the free encyclopedia   (Site not responding. Last check: 2007-10-07)
The main assumption of New Keynesian economics that distinguishes it from the new classical economics is that wages and prices do not adjust instantly to allow the economy to attain full employment.
New Keynesianism, associated with Gregory Mankiw, once chair of the Council of Economic Advisors under President George W. Bush, is a response to the Robert Lucas and the new classical school.
That school criticized the inconsistencies of the neo-Keynesian school in light of the concept of "rational expectations." The new classicals combined a unique market-clearing equilibrium (at full employment) with rational expectations.
en.wikipedia.org /wiki/New_Keynesian_economics   (608 words)

  
 New classical economics - Encyclopedia, History, Geography and Biography
Specifically, New Classical Macroeconomics (NCM) emphasises the importance of rigorous microfoundations (where the macroeconomic model is built up from the actions of individual agents, whose behaviour is modelled by microeconomics).
New Keynesian economics was developed partly in response to NCM - it strives to provide microfoundations for Keynesian economic analysis.
The most famous New Classical model is that of Real Business Cycles, developed by Robert Lucas Jr, Finn E. Kydland and Edward C. Prescott, building upon the ideas of, among others, John F. Muth.
www.arikah.com /encyclopedia/New_classical_economics   (301 words)

  
 New classical economics -- Facts, Info, and Encyclopedia article   (Site not responding. Last check: 2007-10-07)
New Classical Economics emerged as a school in (The branch of economics that studies the overall working of a national economy) Macroeconomics during the 1970s.
Specifically, New Classical Macroeconomics (NCM) emphasises the importance of rigorous microfoundations (where the macroeconomic model is built up from the actions of individual agents, whose behaviour is modelled by (The branch of economics that studies the economy of consumers or households or individual firms) microeconomics).
New Classical Economics has also pioneered the use of (Click link for more info and facts about representative agent) representative agent models.
www.absoluteastronomy.com /encyclopedia/n/ne/new_classical_economics.htm   (306 words)

  
 Online edition of Daily News - Features
The contribution of Professors Kydland and Prescott, who won the Economics Nobel this year, was to reconcile the empirical reality of recessions with the assumptions of New Classical economics.
In awarding the Nobel Prize for economics this year to Edward Prescott and Finn Kydland, the Bank of Sweden has honoured a body of work that seeks to answer one of the fundamental paradoxes of `New Classical' economics.
New Classical economists like Robert Lucas took from the classical tradition the belief that markets are efficient and added the assumption of "rational expectations" - that the outcome of any given economic event such as a policy change does not differ systematically from what individuals and firms expected it to be.
www.dailynews.lk /2004/10/18/fea02.html   (807 words)

  
 New Keynesian Economics, by N. Gregory Mankiw: The Concise Encyclopedia of Economics: Library of Economics and Liberty
New Keynesian economics is the school of thought in modern macroeconomics that evolved from the ideas of John Maynard Keynes.
The label "new Keynesian" describes those economists who, in the eighties, responded to this new classical critique with adjustments to the original Keynesian tenets.
New classical economists build their macroeconomic theories on the assumption that wages and prices are flexible.
www.econlib.org /library/Enc/NewKeynesianEconomics.html   (2096 words)

  
 NEW KEYNESIAN ECONOMICS FACTS AND INFORMATION   (Site not responding. Last check: 2007-10-07)
The main assumption of New Keynesian economics that distinguishes it from the new_classical_economics is that wages and prices do not adjust instantly to allow the economy to attain full_employment.
New Keynesianism, associated with Gregory_Mankiw, once chair of the Council_of_Economic_Advisors under President George_W._Bush, is a response to the Robert_Lucas and the new classical school.
That school criticized the inconsistencies of the neo-Keynesian school in light of the concept of "rational_expectations." The new classicals combined a unique market-clearing equilibrium (at full_employment) with rational expectations.
velocipay.com /New_Keynesian_economics   (562 words)

  
 New classical economics Article, Newclassicaleconomics Information   (Site not responding. Last check: 2007-10-07)
Specifically, New Classical Macroeconomics (NCM) emphasises theimportance of rigorous microfoundations (where the macroeconomic model is built up from the actions of individual agents, whosebehaviour is modelled by microeconomics).
New Keynesian economics was developed partly in response toNCM - it strives to provide microfoundations for Keynesian economic analysis.
The most famous New Classical model is that of Real businesscycles, developed by Robert Lucas Jr, who later received the Nobel Prize for his work.
www.anoca.org /keynesian/models/new_classical_economics.html   (276 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)

  
 NEW CLASSICAL AND OLD AUSTRIAN ECONOMICS
The comparison of New Classical and Old Austrian theories is best facilitated by letting EBCT refer to those theories in which (a) individuals make the best use of the information available to them and (b) an informational deficiency temporarily masks the interventions of the monetary authority.
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.
www.auburn.edu /~garriro/fnc1kyun.htm   (4242 words)

  
 Classical Economics   (Site not responding. Last check: 2007-10-07)
The Classical School of Political Economy "Classical Economics" is usually understood to include a group of primarily British political economists
Neo-classical economics begins.....Important schools of thought are Classical economics, Marxian economics,...
New classical macroeconomics applies standard principles of economics to the...
www.backtolifeband.com /classicaleconomics.html   (204 words)

  
 classical economics --  Encyclopædia Britannica
Amid the usual parade of festivals, celebrations, premieres, and commemorations, the world of classical music in 1996 endured forces of change, tribulation, and even crisis, plagued by sobering new economic realities and labour difficulties that were becoming increasingly common in an era of reduced public and private support for the arts.
Although the word “economics” was used in the 1790s, the subject was generally called political economy until late in the 19th century.
term used, often derogatorily, to describe classical economic liberalism of the 19th century, based on the writings of Adam Smith in ‘The Wealth of Nations'; French word bourgeois refers to merchants, bankers, and entrepreneurs of the towns; prosperous middle class, or bourgeoisie, was contrasted with the workers, called the proletariat; bourgeoisie deemed by antiliberals...
www.britannica.com /eb/article-9024233?tocId=9024233   (923 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)

  
 Boyes/Melvin Economics: Fundamental Questions
New classical economists emphasize rational expectations and believe that the economy tends toward equilibrium.
Economic theories develop in response to new economic situations or perceived failings in old theories.
Thus Keynesian theory evolved to explain the Great Depression, and monetarist and new classical economics evolved to explain the problem of simultaneous unemployment and inflation.
college.hmco.com /economics/boyes_melvin/shared/student/fq16.html   (198 words)

  
 Boyes/Melvin Chapter Overview and Strategies
Monetarists and new classical economists argue for nonactivist rules with respect to monetary policy and a balanced budget on the fiscal side.
New Keynesians point to wage and price rigidities as the reason that the economy finds its equilibrium at less than potential output.
The new classical model: The two major components of new classical economics are rational expectations and market clearing.
college.hmco.com /economics/boyes_melvin/shared/faculty/chov16.html   (414 words)

  
 TOPIC 15 — KEYNESIAN MACRO-ECONOMICS
The new Marxian challenge to the neo-classical synthesis was for the most part external to the whole system of orthodox economic doctrine, which was rejected by the Marxists in its entirety.
The new classical theory referred to earlier in connection with the monetarist school reasserted the classical belief in the self-adjusting properties of a market economy and argued that such systems tend to establish equilibrium at the full employment, capacity output, level.
A distinguishing feature of the new classical analysis is its assertion that the effectiveness of markets is attributable to the skills people acquire in accurately forecasting outcomes based on experience, the concept known as "rational expectations".
www.chass.utoronto.ca /~reak/eco100/100_15.htm   (6003 words)

  
 Macroeconomics   (Site not responding. Last check: 2007-10-07)
Summary on Macroeconomics and on the New Classical Contribution
Since New Classical economists concede there are still unsolved problems with their ideas, and have not come up with solutions to those problems that even the New Classical economists themselves can agree are the solutions, it seems fair to say that New Classical Economics has not succeeded.
Once the overall level of employment is determined by macroeconomic equilibrium (Aggregate Supply and Demand), the allocation of the given amount of resources employed is important, and here microeconomic supply and demand have their key role.
william-king.www.drexel.edu /top/prin/txt/controv2/un16.html   (679 words)

  
 Macroeconomics - FreeEncyclopedia   (Site not responding. Last check: 2007-10-07)
Macroeconomics can be used to analyse how best to influence policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments.
That is, it does not wish to combat inflation or deflation by means of demand management as in Keynesian economics, but by means of monetary policy (essentially altering the interest rate).
New classical economics, which emphasises the idea of rational expectations.
openproxy.ath.cx /ma/Macroeconomics.html   (400 words)

  
 David Colander   (Site not responding. Last check: 2007-10-07)
"The Tenacious Dissent of Milton Friedman," in Economics and its Discontents: Twentieth Century Dissenting Economists (Steven Pressman and Richard P.F. Holt, eds.): Edward Elgar, 1998.
"Economic Methodology, Macroeconomics, and Externalities," keynote address of 1988 Pennsylvania Economic Society, in Proceedings of Pennsylvania Economic Society, 1988.
"Was Keynes a Keynesian or a Lernerian?" Journal of Economic Literature, December, 1984.
community.middlebury.edu /~colander/Bio/resume_a.htm   (1451 words)

  
 Read about New classical economics at WorldVillage Encyclopedia. Research New classical economics and learn about New ...   (Site not responding. Last check: 2007-10-07)
New Classical Economics emerged as a school in
Specifically, New Classical Macroeconomics (NCM) emphasises the importance of rigorous microfoundations (where the macroeconomic model is built up from the actions of individual agents, whose behaviour is modelled by
New Classical Economics has also pioneered the use of
encyclopedia.worldvillage.com /s/b/New_classical_economics   (246 words)

  
 PKT message, Re: "New" v. "Classical" economics
If they could get beyond their foolish attempts at simplistic solutions they may eventually realize that there is a rational explanation of the appearance of economic activity from such action.
That is, while printing money does not itself cause economic activity, the inevitable redistribution of wealth that accompanies any increase or decrease in money may either increase or decrease economic activity.
Some day economists may admit their mistake and leave monetary policy for its only rational purpose, the control of money value, and pursue other means to modify the distribution of wealth and/or purchasing power in such a manner as to reliably cause positive economic activity.
archives.econ.utah.edu /archives/pkt/2000m01/msg00001.htm   (366 words)

  
 Rhetoric of Economics
Economics is usually learned in a sterile environment, in which the complexities of the political and economic world are absent.
Mathematics as Philosophy: The new classical school and the new Keynesian response—This section considers a particular debate to reveal the political philosophies which underlie the mathematics of economic theory.
After the development of the new international economics of the early 1980's, economists adopted exactly the opposite view: filed trade is not wise in theory, but it is in practice.
www.commercialdiplomacy.org /model_curriculum/m_bg_rhetoric2.htm   (838 words)

  
 Recently published books by Monash staff
It teaches economics from a different standpoint, based on specialization and the division of labour.
Non-linear programming, dynamic programming, and other non- classical mathematical programming are employed to resurrect the spirit of classical mainstream economics within a modern formal framework.
Xiaokai Yang is Professor in the Department of Economics at Monash University.
www.lib.monash.edu.au /non-cms/collections/monash-authors/2001/063122002x.html   (241 words)

  
 Economics 384 - Syllabus
We will then turn to a series of policy questions concerning the relationships between economic growth, the distribution of income and employment policy with some attention to institutional structures, in particular, the design of labor market institutions.
Classical and Keynesian Macroeconomics - Sept. 9, 14
Monetarists and New Classical Economists - Sept. 16 - 28
web.grinnell.edu /economics/syllabi/ecn384-ferg.html   (1086 words)

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