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Real-world Economics
Real-world economics is a school of economics that uses an inductive method to understand economic processes. It approaches economics without making ''a priori'' assumptions about how ideal markets work, in contrast to what Nobel Prize-winning economist, Ronald Coase, referred to as "blackboard economics" and its deductive method. See also * Post-autistic economics * Heterodox economics * Complexity economics * Pluralism in economics * Humanistic economics * ''Real-World Economics Review'' * 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 econ ... References * * * External links ''Real-World Economics Review''Examples of real-world economics concepts from the American Economic AssociationReal-world economics explained at The Economics NetworkFoundatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inductive Reasoning
Inductive reasoning is a method of reasoning in which a general principle is derived from a body of observations. It consists of making broad generalizations based on specific observations. Inductive reasoning is distinct from ''deductive'' reasoning. If the premises are correct, the conclusion of a deductive argument is ''certain''; in contrast, the truth of the conclusion of an inductive argument is '' probable'', based upon the evidence given. Types The types of inductive reasoning include generalization, prediction, statistical syllogism, argument from analogy, and causal inference. Inductive generalization A generalization (more accurately, an ''inductive generalization'') proceeds from a premise about a sample to a conclusion about the population. The observation obtained from this sample is projected onto the broader population. : The proportion Q of the sample has attribute A. : Therefore, the proportion Q of the population has attribute A. For example, say there ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Coase
Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991. Coase believed economists should study real-world wealth creation, in the manner of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy." He believed economic study should reduce emphasis on Price Theory or theoretical markets and instead focus on real markets. He established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deductive Reasoning
Deductive reasoning is the mental process of drawing deductive inferences. An inference is deductively valid if its conclusion follows logically from its premises, i.e. if it is impossible for the premises to be true and the conclusion to be false. For example, the inference from the premises "all men are mortal" and "Socrates is a man" to the conclusion "Socrates is mortal" is deductively valid. An argument is ''sound'' if it is ''valid'' and all its premises are true. Some theorists define deduction in terms of the intentions of the author: they have to intend for the premises to offer deductive support to the conclusion. With the help of this modification, it is possible to distinguish valid from invalid deductive reasoning: it is invalid if the author's belief about the deductive support is false, but even invalid deductive reasoning is a form of deductive reasoning. Psychology is interested in deductive reasoning as a psychological process, i.e. how people ''actually'' draw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-autistic Economics
The post-autistic economics movement (french: autisme-économie), or movement of students for the reform of economics teaching (french: mouvement des étudiants pour une réforme de l'enseignement de l'économie), is a political movement that criticises neoclassical economics and advocates for pluralism in economics. The movement gained attention after an open letter signed by almost a thousand economics students at French universities and Grandes Écoles was published in ''Le Monde'' in 2000. Terminology The French term ''autisme'' has an older meaning and signifies "abnormal subjectivity, acceptance of fantasy rather than reality". However, post-autistic economists also "assert that neoclassical economics has the characteristics of an autistic child". The pejorative reference to the neurodevelopmental disorder autism is considered offensive by some economists. Greg Mankiw has said that "use of the term indicates a lack of empathy and understanding for those who live with actua ... [...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 together with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Pluralism In Economics
The pluralism in economics movement is a campaign to change the teaching and research in economics towards more openness in its approaches, topics and standpoints it considers. The goal of the movement is to "reinvigorate the discipline ... nd bringeconomics back into the service of society". Some have argued that economics had greater scientific pluralism in the past compared to the monist approach that is prevalent today. Pluralism encourages the inclusion of a wide variety of neoclassical and heterodox economic theories—including classical, Post-Keynesian, institutional, ecological, evolutionary, feminist, Marxist, and Austrian economics, stating that "each tradition of thought adds something unique and valuable to economic scholarship". History Critics of mainstream economics have called for a reform of the discipline in the past. The movement for pluralism can therefore be traced to wider movements for progressive change in the 1960s and 1970s, with economists like ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Humanistic Economics
Humanistic economics is a distinct pattern of economic thought with old historical roots that have been more recently invigorated by E. F. Schumacher's Small Is Beautiful: Economics as if People Mattered (1973). Proponents argue for "persons-first" economic theories as opposed to mainstream economic theories which are understood as often emphasizing financial gain over human well-being. In particular, the overly abstract human image implicit in mainstream economics is critically analyzed and instead it attempts a rethinking of economic principles, policies and institutions based on a richer and more balanced view of human nature. Overview Humanistic economics can be described as a perspective that imbues elements of humanistic psychology, moral philosophy, political science, sociology and common sense into traditional economic thought. Or, to define it more formally, contemporary humanistic economics seeks to: # describe, analyze and critically assess prevailing socio-economic ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-World Economics Review
''Real-World Economics Review'' is a peer-reviewed open access academic journal of heterodox economics published by the "Post-Autistic Economics Network" since 2000. Since 2011 it is associated with the World Economics Association. It was known formerly as the ''Post-Autistic Economics Review'' and the ''Post-Autistic Economics Newsletter''. Previous issues are archived on its website. Two sister journals from the same publisher are ''Economic Thought'' and '' World Economics Review''. The journal is part of the post-autistic economics movement, and, as such, heavily criticizes neoclassical economics. It accepts contributions from diverse schools of economic thought. See also * Real-world economics * List of open access journals * ''Review of Radical Political Economics The ''Review of Radical Political Economics'' is a quarterly peer-reviewed academic journal published by SAGE Publishing on behalf of the Union for Radical Political Economics. It was established in 1968 and c ... [...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, politi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foundations Of Real-World Economics
''Foundations of Real-World Economics: What Every Economics Student Needs to Know'' is a 2019 book by John Komlos that argues that the turbulence of the 21st century, that includes the Dot-Com bubble, the 2008 financial crisis, the rise of right-wing populism the covid-pandemic, and numerous wars, cannot be adequately understood by conventional economics rooted in 20th-century ideas. Book outline The book outlines the situation of those hurt by the economic policies by neoliberal economists. It is critical of those who advocated cutting taxes and starving the state, those who supported deregulation that culminated in the Meltdown of 2008, and those who advocated hyper-globalization that led to the rustbelt and the rise of discontent. The text provides a look at the way the economy actually works for the typical person rather than how academics imagine it works in college classrooms. It presents an alternative perspectives on the economy; it shows that the homo-ocoenomic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Ideologies
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of scarce resources'. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. Howev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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