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French Liberal School
The French Liberal School, also called the Optimist School or the Orthodox School, is a 19th-century school of economic thought that was centered on the Collège de France and the Institut de France. The ''Journal des Économistes'' was instrumental in promulgating the ideas of the school. Key thinkers include Frédéric Bastiat, Jean-Baptiste Say, Antoine Destutt de Tracy and Gustave de Molinari. The school voraciously defended free trade and ''laissez-faire''. They were primary opponents of interventionist and protectionist ideas. This made the French School a forerunner of the modern Austrian School. |
Schools Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economics, economic thinkers who share or shared a common perspective on the way economy, economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, History of India, Indian, Persian Empire, Persian, Caliphate, Islamic, and Imperial era of Chinese history, Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century, and Karl Marx and Friedrich Engels, Friedrich Engels' Marxian economics in the mid 19th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interventionism (economics)
Economic interventionism, sometimes also called state interventionism, is an economic policy position favouring government intervention in the market process with the intention of correcting market failures and promoting the general welfare of the people. An economic intervention is an action taken by a government or international institution in a market economy in an effort to impact the economy beyond the basic regulation of fraud, enforcement of contracts, and provision of public goods and services. Economic intervention can be aimed at a variety of political or economic objectives, such as promoting economic growth, increasing employment, raising wages, raising or reducing prices, promoting income equality, managing the money supply and interest rates, increasing profits, or addressing market failures. The term ''intervention'' is typically used by advocates of ''laissez-faire'' and free market capitalism, and assumes that, on a philosophical level, the state and economy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Liberal School
The French Liberal School, also called the Optimist School or the Orthodox School, is a 19th-century school of economic thought that was centered on the Collège de France and the Institut de France. The ''Journal des Économistes'' was instrumental in promulgating the ideas of the school. Key thinkers include Frédéric Bastiat, Jean-Baptiste Say, Antoine Destutt de Tracy and Gustave de Molinari. The school voraciously defended free trade and ''laissez-faire''. They were primary opponents of interventionist and protectionist ideas. This made the French School a forerunner of the modern Austrian School. |
Physiocrats
Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or " land development" and that agricultural products should be highly priced. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy became one of the first well-developed theories of economics. François Quesnay (1694–1774), the marquis de Mirabeau (1715–1789) and Anne-Robert-Jacques Turgot (1727–1781) dominated the movement,Steiner (2003), pp. 61–62 which immediately preceded the first modern school, classical economics, which began with the publication of Adam Smith's ''The Wealth of Nations'' in 1776. The physiocrats made a significant contribution in their emphasis on productive work as the source of national wealth. This contrasted with earlier schools, in part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parable Of The Broken Window
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay " That Which We See and That Which We Do Not See" ("") to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society. The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy. Parable Bastiat's original parable of the broken window from "Ce qu'on voit et ce qu'on ne voit pas" (1850): Interpretations and evidence Bastiat's argument Suppose it was discovered that the little boy was actually hired by the glazier, and paid a franc for every window he broke. Suddenly the same act would be regarded as theft: the glazier was breaking windows to force people to hire his services. Yet the facts observed b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
YouTube
YouTube is a global online video platform, online video sharing and social media, social media platform headquartered in San Bruno, California. It was launched on February 14, 2005, by Steve Chen, Chad Hurley, and Jawed Karim. It is owned by Google, and is the List of most visited websites, second most visited website, after Google Search. YouTube has more than 2.5 billion monthly users who collectively watch more than one billion hours of videos each day. , videos were being uploaded at a rate of more than 500 hours of content per minute. In October 2006, YouTube was bought by Google for $1.65 billion. Google's ownership of YouTube expanded the site's business model, expanding from generating revenue from advertisements alone, to offering paid content such as movies and exclusive content produced by YouTube. It also offers YouTube Premium, a paid subscription option for watching content without ads. YouTube also approved creators to participate in Google's Google AdSens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protectionism
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the Import substitution industrialization, import-competing sector in the country from foreign competitors. Opponents argue that protectionist policies reduce trade and adversely affect consumers in general (by raising the cost of imported goods) as well as the producers and workers in export sectors, both in the country implementing protectionist policies and in the countries protected against. Protectionism is advocated mainly by parties that hold Economic nationalism, economic nationalist or left-wing positions, while economically right-wing political parties generally support free trade. There is a consensus among economists that protectioni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( ; from french: laissez faire , ) is an economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies) deriving from special interest groups. As a system of thought, ''laissez-faire'' rests on the following axioms: "the individual is the basic unit in society, i.e. the standard of measurement in social calculus; the individual has a natural right to freedom; and the physical order of nature is a harmonious and self-regulating system." Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. With the aims of maximizing freedom by allowing markets to self-regulate, early advocates of ''laissez-faire'' proposed a ''impôt unique'', a tax on land rent (similar to Georgism) to replace all taxes that they saw as damaging welfare by penalizing production. Proponents of ''l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collège De France
The Collège de France (), formerly known as the ''Collège Royal'' or as the ''Collège impérial'' founded in 1530 by François I, is a higher education and research establishment (''grand établissement'') in France. It is located in Paris near La Sorbonne. The Collège de France is considered to be France's most prestigious research establishment. Research and teaching are closely linked at the Collège de France, whose ambition is to teach "the knowledge that is being built up in all fields of literature, science and the arts". It offers high-level courses that are free, non-degree-granting and open to all without condition or registration. This gives it a special place in the French intellectual landscape. Overview The Collège is considered to be France's most prestigious research establishment. As of 2021, 21 Nobel Prize winners and 9 Fields Medalists have been affiliated with the Collège. It does not grant degrees. Each professor is required to give lectures where ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Trade
Free trade is a trade policy that does not restrict imports or exports. It can also be understood as the free market idea applied to international trade. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s. An alternative approach, of creating free trade areas between groups of countries by agreement, such as that of the European Economic Area and the Mercosur open markets, creates a protectionist barrier between that free trade area and the rest of the world. Most governments still impose some protectionist policies that are inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustave De Molinari
Gustave de Molinari (; 3 March 1819 – 28 January 1912) was a Belgian political economist and French Liberal School theorist associated with French ''laissez-faire'' economists such as Frédéric Bastiat and Hippolyte Castille. Biography Born in Liège, Wallonia, Molinari's critique of the state sometimes resulted in his opposing causes and events which might seemingly be aligned with his overall critique of power and privilege. An example of this was the American Civil War which Molinari believed to be far more about the trade interests of Northern industrialists than about slavery, although he did not deny that abolitionism was a part of the picture. According to Ralph Raico, Molinari never relented in his last work published a year before his death in 1912, writing: The American Civil War had not been simply a humanitarian crusade to free the slaves. The war "ruined the conquered provinces," but the Northern plutocrats pulling the strings achieved their aim: the imposition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
