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Applied Economics
Applied economics is the study as regards the application of economic theory and econometrics in specific settings. As one of the two sets of fields of economics (the other set being the ''core''), it is typically characterized by the application of the ''core'', i.e. economic theory and econometrics to address practical issues in a range of fields including demographic economics, labour economics, business economics, industrial organization, agricultural economics, development economics, education economics, engineering economics, financial economics, health economics, monetary economics, public economics, and economic history. From the perspective of economic development, the purpose of applied economics is to enhance the quality of business practices and national policy making. The process often involves a reduction in the level of abstraction of this core theory. There are a variety of approaches including not only empirical estimation using econometrics, input-output analys ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Theory
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roger Backhouse (economist)
Roger Edward Backhouse, (born 19 January 1951) is a British economist, economic historian and academic. Since 1996, he has been Professor of the History and Philosophy of Economics at the University of Birmingham. Backhouse is an Associate Editor of the New Palgrave Dictionary of Economics (2008) and is also Book Review Editor of the ''Economic Journal,'' an editor of the ''Journal of Economic Methodology'' and an Associate Editor of the ''Journal of the History of Economic Thought.'' Backhouse is a noted scholar in the history of economics History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the History of writing#Inventions of writing, invention of writing systems is considered prehistory. "History" is an umbr ... and economic methodology and has published in the Keynesian economics, economics of Keynes, General disequilibrium, disequilibrium macroeconomics, and the History of the social sciences, histo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal supporter of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vilfredo Pareto
Vilfredo Federico Damaso Pareto ( , , , ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath (civil engineer, sociologist, economist, political scientist, and philosopher). He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. He was also responsible for popularising the use of the term "elite" in social analysis. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to discover that income follows a Pareto distribution, which is a power law probability distribution. The Pareto principle was named after him, and it was built on his observations that 80% of the wealth in Italy belonged to about 20% of the population. He also contributed to the fields of sociology and mathematics. According to the mathematician Benoit Mandelbrot and Richard L. Hudson: Biography Pareto was born of an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Léon Walras
Marie-Esprit-Léon Walras (; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist. He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory. Walras is best known for his book ''Éléments d'économie politique pure'', a work that has contributed greatly to the mathematization of economics through the concept of general equilibrium. The definition of the role of the entrepreneur found in it was also taken up and amplified by Joseph Schumpeter. For Walras, exchanges only take place after a Walrasian '' tâtonnement'' (French for "trial and error"), guided by the auctioneer, has made it possible to reach market equilibrium. It was the general equilibrium obtained from a single hypothesis, rarity, that led Joseph Schumpeter to consider him "the greatest of all economists". The notion of general equilibrium was very quickly adopted by major economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nassau William Senior
Nassau William Senior (; 26 September 1790 – 4 June 1864), was an English lawyer known as an economist. He was also a government adviser over several decades on economic and social policy on which he wrote extensively. Early life He was born at Compton, Berkshire, the eldest son of Rev. J. R. Senior, vicar of Durnford, Wiltshire. He was educated at Eton College and Magdalen College, Oxford; at university he was a private pupil of Richard Whately, afterwards Archbishop of Dublin with whom he remained connected by ties of lifelong friendship. He took the degree of B.A. in 1811 and became a Vinerian Scholar in 1813. Career Senior went into the field of conveyancing, with a pupilage under Edward Burtenshaw Sugden. When Sugden rather abruptly informed his pupils in 1816 that he was concentrating on chancery work, Senior took steps to qualify as a Certified Conveyancer, which he did in 1817. With one other pupil, Aaron Hurrill, he then took over Sugden's practice. Senior was c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Elliott Cairnes
John Elliott Cairnes (26 December 1823 – 8 July 1875) was an Republic of Ireland, Irish-born political economist. He has been described as the "last of the classical economists". Biography John Cairnes was born at Castlebellingham, County Louth. He was the son of William Elliott Cairnes (1787–1863) of Stameen, near Drogheda, and Marianne Woolsey, whose mother was the sister of Sir William Bellingham, 1st Baronet of Castlebellingham. John's father decided upon a business career, against the wishes of his mother (Catherine Moore of Moore Hall, Killinchy), and became a partner in the Woolsey Brewery at Castlebellingham. In 1825, William Cairnes started on his own account in Drogheda, making the Drogheda Brewery an unqualified success. He was remembered for his great business capacity and for the deep interest he took in charity. After leaving school, John Cairnes spent some years in the counting-house of his father at Drogheda. His tastes, however, lay altogether in the direc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Neville Keynes
John Neville Keynes ( ; 31 August 1852 – 15 November 1949) was a British economist and father of John Maynard Keynes. Biography Born in Salisbury, Wiltshire, Keynes was the child of John Keynes (1805–1878) and his wife Anna Maynard Neville (1821–1907). He was educated at Amersham Hall School, University College London and Pembroke College, Cambridge, where he became a fellow in 1876. He held a lectureship in Moral Sciences from 1883 to 1911. He was elected as Registrary in 1910, and held that office until 1925. He divided economics into "positive economy" (the study of what is, and the way the economy works), "normative economy" (the study of what should be), and the "art of economics" (applied economics). The art of economics relates the lessons learned in positive economics to the normative goals determined in normative economics. He tried to synthesise deductive and inductive reasoning as a solution to the "Methodenstreit". His main works were: ''Studies and Exerc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Stuart Mill
John Stuart Mill (20 May 1806 – 7 May 1873) was an English philosopher, political economist, Member of Parliament (MP) and civil servant. One of the most influential thinkers in the history of classical liberalism, he contributed widely to social theory, political theory, and political economy. Dubbed "the most influential English-speaking philosopher of the nineteenth century", he conceived of liberty as justifying the freedom of the individual in opposition to unlimited state and social control. Mill was a proponent of utilitarianism, an ethical theory developed by his predecessor Jeremy Bentham. He contributed to the investigation of scientific methodology, though his knowledge of the topic was based on the writings of others, notably William Whewell, John Herschel, and Auguste Comte, and research carried out for Mill by Alexander Bain. He engaged in written debate with Whewell. A member of the Liberal Party and author of the early feminist work ''The Subjection o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean-Baptiste Say
Jean-Baptiste Say (; 5 January 1767 – 15 November 1832) was a liberal French economist and businessman who argued in favor of competition, free trade and lifting restraints on business. He is best known for Say's law—also known as the law of markets—which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what is now called Say's law. Moreover, he was one of the first economists to study entrepreneurship and conceptualized entrepreneurs as organizers and leaders of the economy. Early life Say was born in Lyon. His father Jean-Etienne Say was born to a Protestant family which had moved from Nîmes to Geneva for some time in consequence of the revocation of the Edict of Nantes. Say was intended to follow a commercial career and in 1785 was sent with his brother Horace to complete his education in England. He lodged for a time in Croydon and afterwards (following a return visit to France) in Fulham. During the latter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Economic Perspectives
The ''Journal of Economic Perspectives'' (JEP) is an economic journal published by the American Economic Association. The journal was established in 1987. It is very broad in its scope. According to its editors its purpose is: #to synthesize and integrate lessons learned from active lines of economic research; #to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of thinking; #to offer readers an accessible source for state-of-the-art economic thinking; #to suggest directions for future research; #to provide insights and readings for classroom use; #and to address issues relating to the economics profession.'' Its current editor is Heidi Williams, and its managing editor A managing editor (ME) is a senior member of a publication's management team. Typically, the managing editor reports directly to the editor-in-chief and oversees all aspects of the publication. United States In the United States, a managing edit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gloss (annotation)
A gloss is a brief notation, especially a marginal one or an interlinear one, of the meaning of a word or wording in a text. It may be in the language of the text or in the reader's language if that is different. A collection of glosses is a ''glossary.'' A collection of medieval legal glosses, made by glossators, is called an ''apparatus''. The compilation of glosses into glossaries was the beginning of lexicography, and the glossaries so compiled were in fact the first dictionaries. In modern times a glossary, as opposed to a dictionary, is typically found in a text as an appendix of specialized terms that the typical reader may find unfamiliar. Also, satirical explanations of words and events are called glosses. The German Romantic movement used the expression of gloss for poems commenting on a given other piece of poetry, often in the Spanish style. Glosses were originally notes made in the margin or between the lines of a text in a classical language; the meaning of a word ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
