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Debunking Economics
''Debunking Economics: The Naked Emperor of the Social Sciences'' is a book by the economist Steve Keen about the problems with mainstream economics. The book was initially published by Zed Books in 2001, and a revised and updated version was published in 2011. Translated versions were also published in Spanish, French and Chinese. The book is suitable for a general reader, and uses words and figures rather than equations to make its points, but is aimed at those with at least some basic knowledge of economics. Description The book strongly criticises many of the key ideas and assumptions of neoclassical economics. It argues that components of the theory such as demand curves, which are supposed to represent the aggregate behaviour of consumers, are theoretical constructs that have little empirical support. Keen questions the conventional theory of the firm, arguing that monopolies can have a useful role. He also revisits the Cambridge capital controversy of the 1960s to argue ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steve Keen
Steve Keen (born 28 March 1953) is an Australian economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay. Hyman Minsky's financial instability hypothesis forms the main basis of his major contribution to economics which mainly concentrates on mathematical modelling and simulation of financial instability. He is a notable critic of the Australian property bubble, as he sees it. Keen was formerly an associate professor of economics at University of Western Sydney, until he applied for voluntary redundancy in 2013, due to the closure of the economics program at the university. In autumn 2014, he became a professor and Head of the School of Economics, History and Politics at Kingsto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonlinear Differential Equation
In mathematics and science, a nonlinear system is a system in which the change of the output is not proportional to the change of the input. Nonlinear problems are of interest to engineers, biologists, physicists, mathematicians, and many other scientists because most systems are inherently nonlinear in nature. Nonlinear dynamical systems, describing changes in variables over time, may appear chaotic, unpredictable, or counterintuitive, contrasting with much simpler linear systems. Typically, the behavior of a nonlinear system is described in mathematics by a nonlinear system of equations, which is a set of simultaneous equations in which the unknowns (or the unknown functions in the case of differential equations) appear as variables of a polynomial of degree higher than one or in the argument of a function which is not a polynomial of degree one. In other words, in a nonlinear system of equations, the equation(s) to be solved cannot be written as a linear combination ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Monbiot
George Joshua Richard Monbiot ( ; born 27 January 1963) is a British writer known for his environmental and political activism. He writes a regular column for ''The Guardian'' and is the author of a number of books. Monbiot grew up in Oxfordshire and studied zoology at the University of Oxford. He then began a career in investigative journalism, publishing his first book '' Poisoned Arrows'' in 1989 about human rights issues in West Papua. In later years, he has been involved in activism and advocacy related to various issues, such as climate change, British politics and loneliness. In ''Feral'' (2013), he discussed and endorsed expansion of rewilding. He is the founder of The Land is Ours, a campaign for the right of access to the countryside and its resources in the United Kingdom. Monbiot was awarded the Global 500 in 1995 and the Orwell Prize in 2022. Early life Born in Kensington, Monbiot grew up in Rotherfield Peppard, Oxfordshire. His father, Raymond Monbiot, is a bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gene Callaham
In biology, the word gene (from , ; "...Wilhelm Johannsen coined the word gene to describe the Mendelian units of heredity..." meaning ''generation'' or ''birth'' or ''gender'') can have several different meanings. The Mendelian gene is a basic unit of heredity and the molecular gene is a sequence of nucleotides in DNA that is transcribed to produce a functional RNA. There are two types of molecular genes: protein-coding genes and noncoding genes. During gene expression, the DNA is first copied into RNA. The RNA can be directly functional or be the intermediate template for a protein that performs a function. The transmission of genes to an organism's offspring is the basis of the inheritance of phenotypic traits. These genes make up different DNA sequences called genotypes. Genotypes along with environmental and developmental factors determine what the phenotypes will be. Most biological traits are under the influence of polygenes (many different genes) as well as gen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Review Of Austrian Economics
''The Review of Austrian Economics'' is a peer-reviewed academic journal published by Springer Science+Business Media. It was established by Murray Rothbard, who edited ten volumes between 1987 and 1997. After his death, Walter Block, Hans-Hermann Hoppe, and Joseph T. Salerno edited the journal for two years. It was published by Lexington Books and later by Kluwer Academic Publishers. The Ludwig von Mises Institute then replaced the journal with the ''Quarterly Journal of Austrian Economics''. The review is now affiliated with George Mason University. In 1999 it continued publication with volume 11. at website. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Quiggin
John Quiggin (born 29 March 1956) is an Australian economist, a professor at the University of Queensland. He was formerly an Australian Research Council Laureate Fellow and Federation Fellow and a member of the board of the Climate Change Authority of the Australian Government.Helen Davidson, (23 March 2017), Two quit Australian climate authority blaming government 'extremists', ''The Guardian'' Retrieved 4 September 2017 Education Quiggin completed his undergraduate studies at the |
Complexity Economics
Complexity economics is the application of complexity science to the problems of economics. It sees the economy not as a system in equilibrium, but as one in motion, perpetually constructing itself anew.Beinhocker, Eric D. The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics. Boston, Massachusetts: Harvard Business School Press, 2006. It uses computational and mathematical analysis to explore how economic structure is formed and reformed, in continuous interaction with the adaptive behavior of the 'agents' in the economy. Models The "nearly archetypal example" is an artificial stock market model created by the Santa Fe Institute in 1989. The model shows two different outcomes, one where "agents do not search much for predictors and there is convergence on a homogeneous rational expectations outcome" and another where "all kinds of technical trading strategies appearing and remaining and periods of bubbles and crashes occurring". Another area has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Economics
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 the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marxian Economics
Marxian economics, or the Marxian school of economics, is a Heterodox economics, heterodox school of political economic thought. Its foundations can be traced back to Karl Marx, Karl Marx's Critique of political economy#Marx's critique of political economy, critique of political economy. However, unlike Critique of political economy, critics of political economy, Marxian economists tend to accept the concept of economy, the economy prima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. Because one does not necessarily have to be politically Marxism, Marxist to be economically Marxian, the two adjectives coexist in usage, rather than being synonymous: They share a semantic field, while also allowing both connotation, connotative and denotation, denotative differences. Marxian economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dynamical Systems
In mathematics, a dynamical system is a system in which a function describes the time dependence of a point in an ambient space. Examples include the mathematical models that describe the swinging of a clock pendulum, the flow of water in a pipe, the random motion of particles in the air, and the number of fish each springtime in a lake. The most general definition unifies several concepts in mathematics such as ordinary differential equations and ergodic theory by allowing different choices of the space and how time is measured. Time can be measured by integers, by real or complex numbers or can be a more general algebraic object, losing the memory of its physical origin, and the space may be a manifold or simply a set, without the need of a smooth space-time structure defined on it. At any given time, a dynamical system has a state representing a point in an appropriate state space. This state is often given by a tuple of real numbers or by a vector in a geometrical manif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), 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 glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficient-market Hypothesis
The efficient-market hypothesis (EMH) is a hypothesis in financial economics that states that asset prices reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information. Because the EMH is formulated in terms of risk adjustment, it only makes testable predictions when coupled with a particular model of risk. As a result, research in financial economics since at least the 1990s has focused on market anomalies, that is, deviations from specific models of risk. The idea that financial market returns are difficult to predict goes back to Bachelier, Mandelbrot, and Samuelson, but is closely associated with Eugene Fama, in part due to his influential 1970 review of the theoretical and empirical research. The EMH provides the basic logic for modern risk-based theories of asset prices, and frameworks such as consumption-based asset pricing and int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
