EconomicsEconomic ideas and trends play a crucial yet little-understood role in the development of the world in which we live and are therefore vital to understanding our society today. From mercantilists through Keynesians to modern economic thought, this handbook covers 50 of the greatest minds and 10 core theories. Including Hume, Smith, Marx, and von Mises, succinct biographies reach behind the personalities and reveal the outstanding contribution each has made to this internationally important and pervasive discipline. The essential concepts and themes have been expertly selected and the complex issues clearly explained within a social, political, and cultural context, allowing the rich history of economic thought to be told and the motivations behind its phenomenal global development to be understood. |
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Page 30
... behavior . On the contrary , human beings are capable of feeling empathy toward their fellow beings . Therefore , the Smithian concept of self - interest in the market exchange should not be associated with a belief in utterly selfish ...
... behavior . On the contrary , human beings are capable of feeling empathy toward their fellow beings . Therefore , the Smithian concept of self - interest in the market exchange should not be associated with a belief in utterly selfish ...
Page 95
... behavior was described by the theory of choice , where consumer preferences were guided by the principles of utility maximization , including the law of diminishing marginal utility ( the idea that we receive less additional utility ...
... behavior was described by the theory of choice , where consumer preferences were guided by the principles of utility maximization , including the law of diminishing marginal utility ( the idea that we receive less additional utility ...
Page 97
... behavior , including their economic behavior . Economic action cannot be understood solely from fixed assumptions about human 96 97.
... behavior , including their economic behavior . Economic action cannot be understood solely from fixed assumptions about human 96 97.
Contents
William Petty 22 Richard Cantillon | 24 |
GROWTH THEORY | 69 |
Abba Lerner 80 Nicholas Kaldor | 82 |
Copyright | |
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accumulation Adam Smith aggregate demand agriculture anarchism argued Austrian Austrian School banking became behavior Born business cycle Cantillon capital capitalist chartal chartalist classical political economy commodity concept consumers consumption contributions currency debt deficit determined Died distribution economic activity economic analysis economic growth economic theory economists effect England Importance exchange factors firms fiscal framework full employment gender global government intervention Greenspan Hayek historical human Human Development Index ideas imperfect income individual industrial inequality inflation innovation institutions interest rates investment Jevons Kaldor Keynes Keynes's Keynesian Khaldun labor Leontief macroeconomics Malthus marginal utility Marx Mercantilists monetary policy money supply neoclassical economics Nobel Prize output and employment partial equilibrium perfect competition Physiocrats population growth production profit result Ricardo Say's Law School of Economics Schumpeter sector social costs society spending Sraffa Stagflation Stiglitz subsistence surplus technological trade Veblen wage Walras wealth welfare economics workers