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Austrian School
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as ''Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics.Frederic S. Lee, 2008. "heterodox economics," '' The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65 Abstract. These include institutional, evolutionary, feminist, social, post-Keynesian (not to be confused with New Keynesian), ecological, Austrian, complexity, Marxian, socialist, and anarchist economics. Economics may be called '' orthodox'' or ''conventional'' economics by its critics.C. Barry, 1998. ''Political-economy: A comparative approach''. Westport, CT: Praeger. Alternatively, mainstream economics deals with the "rationality–individualism–equilibrium nexus" and heterodox economics is more "radical" in dealing with the "institutions–history–social structure nexus". A 2008 review documented several prominent groups of heterodox economists since at least the 1990s as working tog ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Model
A mathematical model is a description of a system using mathematical concepts and language. The process of developing a mathematical model is termed mathematical modeling. Mathematical models are used in the natural sciences (such as physics, biology, earth science, chemistry) and engineering disciplines (such as computer science, electrical engineering), as well as in non-physical systems such as the social sciences (such as economics, psychology, sociology, political science). The use of mathematical models to solve problems in business or military operations is a large part of the field of operations research. Mathematical models are also used in music, linguistics, and philosophy (for example, intensively in analytic philosophy). A model may help to explain a system and to study the effects of different components, and to make predictions about behavior. Elements of a mathematical model Mathematical models can take many forms, including dynamical systems, statisti ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Utility
In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit. There are three types of marginal utility. They are positive, negative, or zero marginal utility. For instance, you like eating pizza, the second piece of pizza brings you more satisfaction than only eating one piece of pizza. It means your marginal utility from purchasing pizza is positive. However, after eating the second piece you feel full, and you would not feel any better from eating the third piece. This means your marginal utility from eating pizza is zero. Moreover, you might feel sick if you eat more than three pieces of pizza. At this time, your marginal utility is negative. In other words, a negative marginal utility indicates that every unit of goods or service consumed will do more harm than good, which will ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Principles Of Economics (Menger)
''Principles of Economics'' (german: Grundsätze der Volkswirtschaftslehre; 1871) is a book by economist Carl Menger which is credited with the founding of the Austrian School of economics. It was one of the first modern treatises to advance the theory of marginal utility. Summary Menger advanced his theory that the marginal utility of goods, rather than labor inputs, is the source of their value. This marginalist theory solved the diamond-water paradox that had been puzzling classical economists: the fact that mankind finds diamonds to be far more valuable than water although water is far more important. Menger stressed uncertainty in the making of economic decisions, rather than relying on " homo economicus" or the rational man who was fully informed of all circumstances impinging on his decisions. This was a deviation from classical and neoclassical economic thought. Menger asserted that such perfect knowledge never exists, and that therefore all economic activity implies ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Empire
The Austrian Empire (german: link=no, Kaiserthum Oesterreich, modern spelling , ) was a Central-Eastern European multinational great power from 1804 to 1867, created by proclamation out of the realms of the Habsburgs. During its existence, it was the third most populous monarchy in Europe after the Russian Empire and the United Kingdom. Along with Prussia, it was one of the two major powers of the German Confederation. Geographically, it was the third-largest empire in Europe after the Russian Empire and the First French Empire (). The empire was proclaimed by Francis II in 1804 in response to Napoleon's declaration of the First French Empire, unifying all Habsburg possessions under one central government. It remained part of the Holy Roman Empire until the latter's dissolution in 1806. It continued fighting against Napoleon throughout the Napoleonic Wars, except for a period between 1809 and 1813, when Austria was first allied with Napoleon during the invasion of Ru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter G
Peter may refer to: People * List of people named Peter, a list of people and fictional characters with the given name * Peter (given name) ** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church * Peter (surname), a surname (including a list of people with the name) Culture * Peter (actor) (born 1952), stage name Shinnosuke Ikehata, Japanese dancer and actor * ''Peter'' (album), a 1993 EP by Canadian band Eric's Trip * ''Peter'' (1934 film), a 1934 film directed by Henry Koster * ''Peter'' (2021 film), Marathi language film * "Peter" (''Fringe'' episode), an episode of the television series ''Fringe'' * ''Peter'' (novel), a 1908 book by Francis Hopkinson Smith * "Peter" (short story), an 1892 short story by Willa Cather Animals * Peter, the Lord's cat, cat at Lord's Cricket Ground in London * Peter (chief mouser), Chief Mouser between 1929 and 1946 * Peter II (cat), Chief Mouser between 1946 and 1947 * Peter III (cat), Chief Mouser between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustav Von Schmoller
Gustav Friedrich (after 1908: von) Schmoller (; 24 June 1838 – 27 June 1917) was the leader of the "younger" German historical school of economics. He was a leading '' Sozialpolitiker'' (more derisively, '' Kathedersozialist'', "Socialist of the Chair"), and a founder and long-time chairman of the '' Verein für Socialpolitik'', the German Economic Association, which continues to exist. The appellation "Kathedersozialist" was given to Schmoller and other members of the Verein by their enemies. Schmoller disavowed the "socialist" label, instead tracing his thought to the heterodox liberalism represented by Jérôme-Adolphe Blanqui, Jean Charles Léonard de Sismondi, John Stuart Mill, Johann Heinrich von Thünen, Bruno Hildebrand, Thomas Edward Cliffe Leslie, Lorenz von Stein, and Émile de Laveleye and radicals such as Frederic Harrison and Edward Spencer Beesly. His goal was to reconcile the Prussian monarchy and bureaucracy "with the idea of the Liberal state and com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Economics
The historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The school rejected the universal validity of economic theorems. They saw economics as resulting from careful empirical and historical analysis instead of from logic and mathematics. The school also preferred reality, historical, pol ... [...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 latte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gunnar Myrdal
Karl Gunnar Myrdal ( ; ; 6 December 1898 – 17 May 1987) was a Swedish economist and sociologist. In 1974, he received the Nobel Memorial Prize in Economic Sciences along with Friedrich Hayek for "their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena." When his wife, Alva Myrdal, received the Nobel Peace Prize in 1982, they became the fourth ever married couple to have won Nobel Prizes, and the first to win independent of each other (versus a shared Nobel Prize by scientist spouses). He is best known in the United States for his study of race relations, which culminated in his book '' An American Dilemma: The Negro Problem and Modern Democracy''. The study was influential in the 1954 landmark U.S. Supreme Court Decision '' Brown v. Board of Education''. In Sweden, his work and political influence were important to the establishment of the Folkhemmet and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
