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Austrian Economists
The Austrian school is a Heterodox economics, heterodox Schools of economic thought, school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. 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 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school of economics, Historical school, in a dispute known as ''Methodenstreit'', or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian, Ecological economics, ecological, Marxian economics, Marxist-Historical school of economics, historical, Post-Keynesian economics, post-Keynesian, and modern monetary theory, modern monetary approaches.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65Abstract. Four frames of analysis have been highlight ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hard Currency
In macroeconomics, hard currency, safe-haven currency, or strong currency is any globally traded currency that serves as a reliable and stable store of value. Factors contributing to a currency's ''hard'' status might include the stability and reliability of the respective state's legal and bureaucratic institutions, level of corruption, long-term stability of its purchasing power, the associated country's political and fiscal condition and outlook, and the policy posture of the issuing central bank. Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion. Conversely, a weak or soft currency is one which is expected to fluctuate erratically or depreciate against other currencies. Softness is typically the result of weak legal institutions and/or political or fiscal instability. Junk currency is even less trusted than soft currency, and has a very low currency value. Soft ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supply And Demand
In microeconomics, supply and demand is an economic model of price determination in a Market (economics), market. It postulates that, Ceteris_paribus#Applications, holding all else equal, the unit price for a particular Good (economics), good or other traded item in a perfect competition, perfectly competitive market, will vary until it settles at the market clearing, market-clearing price, where the quantity demanded equals the quantity supplied such that an economic equilibrium is achieved for price and quantity transacted. The concept of supply and demand forms the theoretical basis of modern economics. In situations where a firm has market power, its decision on how much output to bring to market influences the market price, in violation of perfect competition. There, a more complicated model should be used; for example, an oligopoly or product differentiation, differentiated-product model. Likewise, where a buyer has market power, models such as monopsony will be more a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Luis De Molina
Luis de Molina (29 September 1535 – 12 October 1600) was a Spanish Jesuit Catholic priest, jurist, economist and theologian renowned for his contributions to philosophy and economics within the framework of the second scholasticism. A prominent member of the School of Salamanca, pioneered a distinctive theory of divine grace and human freedom known as Molinism, which defends human autonomy in the face of divine omniscience. His pro-liberty perspectives influenced not only theological debates on free will but also extended to economic and political thought, making him an intellectual precursor to individual rights and market dynamics. His work in developing early economic principles, particularly regarding human action, voluntarism, and property rights, laid a foundation that later contributed to Austrian economic theory and the evolution of modern libertarian thought. Life Born into a noble and wealthy family in Castile, Luis de Molina followed the aspirations o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Francisco De Vitoria
Francisco de Vitoria ( – 12 August 1546; also known as Francisco de Victoria) was a Spanish Roman Catholic philosopher, theologian, and jurist of Renaissance Spain. He is the founder of the tradition in philosophy known as the School of Salamanca, which laid the groundwork for early free-market economics and individual rights, influencing the development of libertarian thought. Vitoria's work on natural law and the freedom of exchange contributed to later Austrian School economists' emphasis on the moral basis for voluntary commerce. Noted especially for his concept of just war and international law, his defense of individual property rights and the notion of liberty in trade were pivotal in shaping ideas about non-intervention and economic freedom. He has in the past been described by scholars as the "father of international law", along with Alberico Gentili and Hugo Grotius. American jurist Arthur Nussbaum noted Vitoria's influence on international law as it pertain ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Salamanca
The University of Salamanca () is a public university, public research university in Salamanca, Spain. Founded in 1218 by Alfonso IX of León, King Alfonso IX, it is the oldest university in the Hispanic world and the fourth oldest in the world List of oldest universities in continuous operation, in continuous operation. It has over 30,000 students from 50 different nationalities. History Prior to the foundation of the university, Salamanca was home to a cathedral school, known to have been in existence by 1130. The university was founded as a ''studium generale'' by the Leonese king Alfonso IX of León, Alfonso IX in 1218 as the ''scholas Salamanticae'', with the actual creation of the university (or the transformation of the existing school into the university) occurring between August 1218 and the following winter. A further royal charter from King Alfonso X, dated 8 May 1254, established rules for the organisation and financial endowment of the university, and refer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Free Market
In economics, a free market is an economic market (economics), system in which the prices of goods and services are determined by supply and demand expressed by sellers and buyers. Such markets, as modeled, operate without the intervention of Forms of government, government or any other external authority. Proponents of the free market as a normative ideal contrast it with a regulated market, in which a government intervenes in supply and demand by means of various methods such as taxes or regulations. In an idealized free market economy, prices for goods and services are set solely by the bids and offers of the participants. Scholars contrast the concept of a free market with the concept of a Coordinated market economy, coordinated market in fields of study such as political economy, new institutional economics, economic sociology, and political science. All of these fields emphasize the importance in currently existing market systems of rule-making institutions external to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
School Of Salamanca
The School of Salamanca () was an intellectual movement of 16th-century and 17th-century Iberian Scholasticism, Scholastic theology, theologians rooted in the intellectual and pedagogical work of Francisco de Vitoria. From the beginning of the 16th century the traditional Catholic Church, Catholic conception of man and of his relation to God and to the world had been assaulted by the rise of humanism, by the Protestant Reformation and by the Age of Exploration, new geographical discoveries and their consequences. These new problems were addressed by the School of Salamanca. The name is derived from the University of Salamanca (Spain), where de Vitoria and other members of the school were based. The Salamanca School of economic thought is frequently regarded as an early precursor to the Austrian school of economics, Austrian School of Economics. This is due to its development of the subjective theory of value, its advocacy for Free market, free-market principles, and its focus o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter G
Peter may refer to: People * List of people named Peter, a list of people and fictional characters with the given name * Peter (given name) ** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church * Peter (surname), a surname (including a list of people with the name) Culture * Peter (actor) (born 1952), stage name Shinnosuke Ikehata, a Japanese dancer and actor * ''Peter'' (1934 film), a film directed by Henry Koster * ''Peter'' (2021 film), a Marathi language film * "Peter" (''Fringe'' episode), an episode of the television series ''Fringe'' * ''Peter'' (novel), a 1908 book by Francis Hopkinson Smith * "Peter" (short story), an 1892 short story by Willa Cather * ''Peter'' (album), a 1972 album by Peter Yarrow * ''Peter'', a 1993 EP by Canadian band Eric's Trip * "Peter", 2024 song by Taylor Swift from '' The Tortured Poets Department: The Anthology'' Animals * Peter (Lord's cat), cat at Lord's Cricket Ground in London * Peter (chief mouse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustav Von Schmoller
} Gustav Friedrich (after 1908: von) Schmoller (; 24 June 1838 – 27 June 1917) was the leader of the "younger" German historical school of economics. He was a leading ''Sozialpolitiker'' (more derisively, ''Kathedersozialist'', "Socialist of the Chair"), and a founder and long-time chairman of the '' Verein für Socialpolitik'', the German Economic Association, which continues to exist. The appellation "Kathedersozialist" was given to Schmoller and other members of the Verein by their enemies. Schmoller disavowed the "socialist" label, instead tracing his thought to the heterodox liberalism represented by Jérôme-Adolphe Blanqui, Jean Charles Léonard de Sismondi, John Stuart Mill, Johann Heinrich von Thünen, Bruno Hildebrand, Thomas Edward Cliffe Leslie, Lorenz von Stein, and Émile de Laveleye and radicals such as Frederic Harrison and Edward Spencer Beesly. His goal was to reconcile the Prussian monarchy and bureaucracy "with the idea of the Liberal state and co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
