Following Buchanan, the paper argues that classical liberal political economists must embrace the intellectual and practical challenges of the day, and bring a robust theory of political economy to bear on questions of justice, questions of freedom and responsibility, and questions concerning the ...
aIN THE WRITINGS OF CLASSICAL ECONOMISTS WHO FIRMLY ADVOCATED WHAT WE NOW REFER TO AS 在古典经济学家世界卫生组织文字牢固地主张了什么我们现在提到[translate]
aWhat do economists know that they can use to give reliable advice to policymakers and practitioners? For monetary policy, this issue has been debated for at least two centuries. The monetarist-Keynesian controversy is the most recent of these debates. Monetarists advanced the classical program, ...
Technological development and the economic growth dependent on it have brought about great changes in the economic systems which were described by the classical economists. Production has been concentrated into a few large corporations, such as the oil companies and the automobile producers. At the ...
The idea of a market economy first came from classical economists, including David Ricardo, Jean-Baptiste Say, and Adam Smith. All three of these economists were advocates for a free market. They argued that the “invisible hand” of market incentives andprofitmotives were more efficient in guid...
was more productive than ever, so much so that prominent economists in the 1990s—including the “Maestro” himself, then-Fed Chair Alan Greenspan, described the U.S. economy as witnessing a “productivity miracle.” See figure 1. For most of the last half century, U.S. labor productivity...
And it was this new mechanical cosmology – itself partly the outgrowth of capitalism – that political economists were trying to fit capital into. Their attempts to marry the logic of accumulation with the mechanized laws of the cosmos are imprinted all over classical political economy and the ...
What is the difference between classical and neoclassical economics? What are the key arguments made by neoclassical and radical economists? What are the differences between classical and neoclassical economic theory? What were the economic theories prior to the 1860s, before neoclassical economic theory...
Classical economists assume that the most important factor in a product's price is its cost of production. Neoclassical economists argue that the consumer's perception of a product's value is the driving factor in its price. The difference between actual production costs and retail price is the...
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...