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Schools Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern ( Greco-Roman, Indian, Persian, Islamic, and 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' Marxian economics in the mid 19th century). Systematic economic theory has been developed primarily 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 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, Thomas Aquinas argued that it was a Morality, moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of Philosophy and economics, philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Ancient economic thought (before 500 AD) Ancient Greece Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modern Era
The modern era or the modern period is considered the current historical period of human history. It was originally applied to the history of Europe and Western history for events that came after the Middle Ages, often from around the year 1500, like the Reformation in Germany giving rise to Protestantism. Since the 1990s, it has been more common among historians to refer to the period after the Middle Ages and up to the 19th century as the early modern period. The modern period is today more often used for events from the 19th century until today. The time from the end of World War II (1945) can also be described as being part of contemporary history. The common definition of the modern period today is often associated with events like the French Revolution, the Industrial Revolution, and the transition from nationalism toward the liberal international order. The modern period has been a period of significant development in the fields of science, politics, warfare, and techn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Structural Estimation
Structural estimation is a technique for estimating deep "structural" parameters of theoretical economic models. The term is inherited from the simultaneous equations model. Structural estimation is extensively using the equations from the economics theory, and in this sense is contrasted with "reduced form estimation" and other nonstructural estimations that study the statistical relationships between the observed variables while utilizing the economics theory very lightly (mostly to distinguish between the exogenous and endogenous variables, so called "descriptive models"). The idea of combining statistical and economic models dates to mid-20th century and work of the Cowles Commission. The difference between a structural parameter and a reduced-form parameter was formalized in the work of the Cowles Foundation. A structural parameter is also said to be "policy invariant" whereas the value of reduced-form parameter can depend on exogenously determined parameters set by public ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Minnesota
The University of Minnesota Twin Cities (historically known as University of Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. It is the Flagship#Colleges and universities in the United States, flagship institution of the University of Minnesota System and is organized into 19 colleges, schools, and other major academic units. The Twin Cities campus is the oldest and largest in the University of Minnesota system and has the List of United States university campuses by enrollment, ninth-largest (as of the 2022–2023 academic year) main campus student body in the United States, with 54,890 students at the start of the 2023–24 academic year. The campus comprises locations in Minneapolis and Falcon Heights, Minnesota, Falcon Heights, a suburb of St. Paul, approximately apart. The Minnesota Territorial Legislature drafted a charter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Rochester
The University of Rochester is a private university, private research university in Rochester, New York, United States. It was founded in 1850 and moved into its current campus, next to the Genesee River in 1930. With approximately 30,000 full-time employees, the university is the largest private employer in Upstate New York and the seventh-largest in all of New York (state), New York State. With over 12,000 students, the university offers 160 undergraduate and 30 graduate programs across seven schools spread throughout five campuses. The University of Rochester College of Arts Sciences and Engineering, College of Arts, Sciences, and Engineering is the largest school, and it includes the School of Engineering and Applied Sciences. The Eastman School of Music, founded by and named after George Eastman, is located in Downtown Rochester. The university is also home to Rochester's Laboratory for Laser Energetics, a national laboratory supported by the United States Department of E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carnegie Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania, United States. The institution was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools. In 1912, it became the Carnegie Institute of Technology and began granting four-year degrees. In 1967, it became Carnegie Mellon University through its merger with the Mellon Institute of Industrial Research, founded in 1913 by Andrew Mellon and Richard B. Mellon and formerly a part of the University of Pittsburgh. The university consists of seven colleges, including the College of Engineering, the School of Computer Science, and the Tepper School of Business. The university has its main campus located 5 miles (8 km) from downtown Pittsburgh. It also has over a dozen degree-granting locations in six continents, including campuses in Qatar, Silicon Valley, and Kigali, Rwanda ( Carnegie Mellon University Africa) and partnerships with universities nationally and glob ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a Neoclassical economics, neoclassical Schools of economic thought, school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The Saltwater and freshwater economics, freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Laissez-faire
''Laissez-faire'' ( , from , ) is a type of economic system in which transactions between private groups of people are free from any form of economic interventionism (such as subsidies or regulations). 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." The original phrase was ''laissez faire, laissez passer'', with the second part meaning "let (things) pass". It is generally attributed to Vincent de Gournay. Another basic principle of ''laissez-faire'' holds that markets should naturally be competitive, a rule that the early advocates of ''laissez-faire'' always emphasized. The Physiocrats were early advocates of ''laissez-faire'' and advocated for an ''impôt unique'', a tax on land rent to replace the "monstrous and crippling net ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yale
Yale University is a private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the third-oldest institution of higher education in the United States, and one of the nine colonial colleges chartered before the American Revolution. Yale was established as the Collegiate School in 1701 by Congregationalist clergy of the Connecticut Colony. Originally restricted to instructing ministers in theology and sacred languages, the school's curriculum expanded, incorporating humanities and sciences by the time of the American Revolution. In the 19th century, the college expanded into graduate and professional instruction, awarding the first PhD in the United States in 1861 and organizing as a university in 1887. Yale's faculty and student populations grew rapidly after 1890 due to the expansion of the physical campus and its scientific research programs. Yale is organized into fifteen constituent schools, including the original under ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Princeton University
Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution. The institution moved to Newark, New Jersey, Newark in 1747 and then to its Mercer County, New Jersey, Mercer County campus in Princeton nine years later. It officially became a university in 1896 and was subsequently renamed Princeton University. The university is governed by the Trustees of Princeton University and has an endowment of $37.7 billion, the largest List of colleges and universities in the United States by endowment, endowment per student in the United States. Princeton provides undergraduate education, undergraduate and graduate education, graduate instruction in the hu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard
Harvard University is a private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher learning in the United States. Its influence, wealth, and rankings have made it one of the most prestigious universities in the world. Harvard was founded and authorized by the Massachusetts General Court, the governing legislature of colonial-era Massachusetts Bay Colony. While never formally affiliated with any denomination, Harvard trained Congregational clergy until its curriculum and student body were gradually secularized in the 18th century. By the 19th century, Harvard emerged as the most prominent academic and cultural institution among the Boston elite. Following the American Civil War, under Harvard president Charles William Eliot's long tenure from 1869 to 1909, Harvard developed multiple professional schools, which transfo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of California, Berkeley
The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California), is a Public university, public Land-grant university, land-grant research university in Berkeley, California, United States. Founded in 1868 and named after the Anglo-Irish philosopher George Berkeley, it is the state's first land-grant university and is the founding campus of the University of California system. Berkeley has an enrollment of more than 45,000 students. The university is organized around fifteen schools of study on the same campus, including the UC Berkeley College of Chemistry, College of Chemistry, the UC Berkeley College of Engineering, College of Engineering, UC Berkeley College of Letters and Science, College of Letters and Science, and the Haas School of Business. It is Carnegie Classification of Institutions of Higher Education, classified among "R1: Doctoral Universities – Very high research activity". Lawrence Berkeley National Laboratory was originally founded as par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
