neoclassical economic theoryHomo oeconomicusWhich schools of thought are favored by German economists? What makes a good economist and which economists have been most influential? These questions were addressed in a survey, conducted in the summer of 2006 among the members of the 'Verein f眉r ...
Alfred Marshall was an acclaimed and highly influential English economist. He is best known for his work Principles of Economics which was published in 1890 and would become the foundational textbook for students of economics in England and around the world....
Neoclassical economic thinkers developed the idea of business cycles: alternating peaks and troughs of economic expansion and contraction. Recessions, they argued, start at the peak of the cycle and end at the bottom of the trough, which is when the next period of expansion begins. Today, we ...
As a neoclassical economist, I define “sustainability” as the ability to consume as much as we do today and tomorrow. I was trained to measure societal well-being through GDP (gross domestic product) and employment rates. However, after this assessment, I’m reexamining the concept of a su...
neoclassical economistsargue that each unit of labor is the same and that diminishing returns occur because of limitations on the entire production process as additional units of labor are added to a fixed amount of capital. They contend that value comes from the consumer's perception of a ...
Is it a logical contradiction to be a neoclassical Keynesian? Explain. What is the Keynesian economic model, in layman terms? What is the Keynesian theory of money demand? What are the critiques made by Friedman to the Keynesian theory of money demand? What is the difference between the Austr...
State what is often referred to as the basic postulate of economics. When the economy is experiencing a recession, why would a neoclassical economist be unlikely to argue for aggressive policy to stimulate aggregate demand and return the economy to full employment? Explain your answer. How does ...
with a special emphasis on the latter part. A pillar of Reinert’s argument is the need to invest in education and R&D to build a solid domestic skills base that is crucial to secure growth in the long term. Unlike the neoclassical economic vision, such a skills base must be built on ...
Economists have never had a consistent definition of "entrepreneur" or "entrepreneurship" (the word "entrepreneur" comes from the French verbentreprendre, meaning "to undertake"). Though the concept of an entrepreneur existed and was known for centuries, the classical andneoclassical economistsleft ent...
Milton Friedman was a U.S. economist, best known as the most influential advocate of free-market capitalism and monetarism in the 20th century.