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....
In this McKinsey Explainer, we look at what a recession is, their impact on the global economy, and what can be done to mitigate their impact.
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...
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 the Keynesian economic theory differ from Classical and Neoclassical Economic...
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...
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...
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 ...
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 ...
What Is Imperfect Competition? Imperfect competition exists whenever a market violates the abstract tenets of neoclassicalperfect competition. This can happen in both real and hypothetical markets. In an imperfectly competitive environment, companies sell different products and services, set their own indivi...
mistakes in the theory, which are even clearer due to the idealized nature of the theory.\nTherefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in ...