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....
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...
Hall isn’t a neoclassical economist (he is an ecologist anyway) because he isn’t using the main methods of neoclassical economics – methodological individualism and optimization. Hall is a biophysical economist. Spash counterposes himself to economists who think ecological economics is just a new...
What is meant by the term 'business cycle' as described by economists? What is meant by the term "business cycle" in economics? How did neoclassical economists explain the business cycles? Define business cycle and explain the concepts of expansion and recession. Is the definition of a ...
Is Adam Smith's theory of free-market economics compatible with America's economy today? If you were an economist, would you be a Keynesian economist or a neoclassical economist? Why? Discuss the differences between them. What is the difference between the Keynesian Theory and th...
What is a Pareto Principle? What is Pareto Analysis? What is Economic Efficiency? What is Neoclassical Economics? What is Welfare Economics? Discussion Comments WiseGeek, in your inbox Our latest articles, guides, and more, delivered daily. ...
The Fisher effect is a theory stating that when interest rates rise, inflation rises as well, and vice versa. Economists use the...
Imagine that the U.S. economy falls into depression. Explain the recommendations of a Keynesian economist to correct the problem. How would a post-scarcity society impact Capitalism? According to Keynesian economists, what is the explanation of why an economy may not be able to remov...
Chicago School is a neoclassical economic school of thought that originated at the University of Chicago in the 1930s.1The main tenets of the Chicago School are thatfree marketsbest allocate resources in an economy and that minimal, or even no, government intervention is best for economic prosper...
Milton Friedman was a U.S. economist, best known as the most influential advocate of free-market capitalism and monetarism in the 20th century.