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Inframarginal Analysis
Inframarginal analysis is an analytical method in the study of classical economics. Xiaokai Yang created the super marginal analysis method and revived the important thought of division of labour of Adam Smith. The new classical economics reconstructs several independent economic theories with the core of neoclassical economics from the perspective of endogenous individual choice specialization level by means of inframarginal analysis, which is the frontier subject of economics development. The analysis method based on marginal utility and marginal productivity in modern mainstream economics textbooks is marginal analysis. However, Yang Xiaokai believes that marginal analysis cannot solve the problem of division of labor, so he introduced the inframarginal analysis. In brief, inframarginal analysis is an analytical method that includes the types of products, the number of manufacturers and transaction costs into the analytical framework. The impression of inframarginal economics ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corner Solution
A corner solution is a special solution to an agent's maximization problem in which the quantity of one of the arguments in the maximized function is zero. In non-technical terms, a corner solution is when the chooser is either unwilling or unable to make a trade-off between goods. In economics In the context of economics the corner solution is best characterised by when the highest indifference curve attainable is not tangential to the budget line, in this scenario the consumer puts their entire budget into purchasing as much of one of the goods as possible and none of any other. When the slope of the indifference curve is greater than the slope of the budget line, the consumer is willing to give up more of good 1 for a unit of good 2 than is required by the market. Thus, it follows that if the slope of the indifference curve is strictly greater than the slope of the budget line: \text > \text; \ \forall \text Then the result will be a corner solution intersecting the x-axis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Economics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical economics, neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival New Keynesian economics, new Keynesian school that uses microfoundations such as Sticky (economics), price stickiness and imperfect competition to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
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 umbrella term comprising past events as well as the memory, discovery, collection, organization, presentation, and interpretation of these events. Historians seek knowledge of the past using historical sources such as written documents, oral accounts, art and material artifacts, and ecological markers. History is not complete and still has debatable mysteries. History is also an Discipline (academia), academic discipline which uses narrative to describe, examine, question, and analyze past events, and investigate their patterns of cause and effect. Historians often debate which narrative best explains an event, as well as the significance of different causes and effects. Historians also debate the historiography, nature of history as an end in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomic Theories
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also deals ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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