|
Classical Economist
Classical economics, also known as the classical school of economics, or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
School Of Thought
A school of thought, or intellectual tradition, is the perspective of a group of people who share common characteristics of opinion or outlook of a philosophy, discipline, belief, social movement, economics, cultural movement, or art movement. History The phrase has become a common colloquialism which is used to describe those that think alike or those that focus on a common idea. The term's use is common place. Schools are often characterized by their currency, and thus classified into "new" and "old" schools. There is a convention, in political and philosophical fields of thought, to have "modern" and "classical" schools of thought. An example is the modern and classical liberals. This dichotomy is often a component of paradigm shift. However, it is rarely the case that there are only two schools in any given field. Schools are often named after their founders such as the " Rinzai school" of Zen, named after Linji Yixuan; and the Asharite school of early Muslim philoso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mercantilism
Mercantilism is a economic nationalism, nationalist economic policy that is designed to maximize the exports and minimize the imports of an economy. It seeks to maximize the accumulation of resources within the country and use those resources for unilateralism, one-sided trade. The concept aims to reduce a possible current account (balance of payments), current account deficit or reach a current account surplus, and it includes measures aimed at accumulating foreign-exchange reserves, monetary reserves by a positive balance of trade, especially of finished goods. Historically, such policies may have contributed to war and motivated colonialism, colonial expansion. Mercantilist theory varies in sophistication from one writer to another and has evolved over time. Mercantilism promotes government regulation of a nation's economy for the purpose of augmenting and bolstering state power at the expense of rival national powers. High tariffs, especially on manufactured goods, were a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest (economics)
In finance and economics, interest is payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay to the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Rent
In economics, economic rent is any payment to the owner of a factor of production in excess of the costs needed to bring that factor into production. In classical economics, economic rent is any payment made (including imputed value) or benefit received for non-produced inputs such as location (land) and for assets formed by creating official privilege over natural opportunities (e.g., patents). In the moral economy of neoclassical economics, assuming the market is natural, and does not come about by state and social contrivance, economic rent includes income gained by labor or state beneficiaries or other "contrived" exclusivity, such as labor guilds and unofficial corruption. Overview In the moral economy of the economics tradition broadly, economic rent is distinct from producer surplus, or normal profit, both of which are theorized to involve productive human action. Economic rent is also independent of opportunity cost, unlike economic profit, where opportunity c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wages
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as ''minimum wage'', '' prevailing wage'', and ''yearly bonuses,'' and remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
François Quesnay
François Quesnay (; ; 4 June 1694 – 16 December 1774) was a French economist and physician of the Physiocratic school. He is known for publishing the " Tableau économique" (Economic Table) in 1758, which provided the foundations of the ideas of the Physiocrats. This was perhaps the first work attempting to describe the workings of the economy in an analytical way, and as such can be viewed as one of the first important contributions to economic thought. His ''Le Despotisme de la Chine'', written in 1767, describes Chinese politics and society, and his own political support for enlightened despotism. Life Quesnay was born at Méré near Versailles, the son of an advocate and small landed proprietor. Apprenticed at the age of sixteen to a surgeon, he soon went to Paris, studied medicine and surgery there, and, having qualified as a master-surgeon, settled down to practice at Mantes. In 1737 he was appointed perpetual secretary of the academy of surgery founded by François ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physiocrat
Physiocracy (; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists. They 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 par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a transitional period of the global economy toward more widespread, efficient and stable manufacturing processes, succeeding the Second Agricultural Revolution. Beginning in Kingdom of Great Britain, Great Britain around 1760, the Industrial Revolution had spread to continental Europe and the United States by about 1840. This transition included going from craft production, hand production methods to machines; new Chemical industry, chemical manufacturing and Puddling (metallurgy), iron production processes; the increasing use of Hydropower, water power and Steam engine, steam power; the development of machine tools; and rise of the mechanisation, mechanised factory system. Output greatly increased, and the result was an unprecedented rise in population and population growth. The textile industry was the first to use modern production methods, and textiles b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Feudalism
Feudalism, also known as the feudal system, was a combination of legal, economic, military, cultural, and political customs that flourished in Middle Ages, medieval Europe from the 9th to 15th centuries. Broadly defined, it was a way of structuring society around relationships derived from the holding of land in exchange for service or labour. The classic definition, by François Louis Ganshof (1944),François Louis Ganshof (1944). ''Qu'est-ce que la féodalité''. Translated into English by Philip Grierson as ''Feudalism'', with a foreword by F. M. Stenton, 1st ed.: New York and London, 1952; 2nd ed: 1961; 3rd ed.: 1976. describes a set of reciprocal legal and Medieval warfare, military obligations of the warrior nobility and revolved around the key concepts of lords, vassals, and fiefs. A broader definition, as described by Marc Bloch (1939), includes not only the obligations of the warrior nobility but the obligations of all three estates of the realm: the nobility, the cl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capitalism
Capitalism is an economic system based on the private ownership of the means of production and their use for the purpose of obtaining profit. This socioeconomic system has developed historically through several stages and is defined by a number of basic constituent elements: private property, profit motive, capital accumulation, competitive markets, commodification, wage labor, and an emphasis on innovation and economic growth. Capitalist economies tend to experience a business cycle of economic growth followed by recessions. Economists, historians, political economists, and sociologists have adopted different perspectives in their analyses of capitalism and have recognized various forms of it in practice. These include '' laissez-faire'' or free-market capitalism, state capitalism, and welfare capitalism. Different forms of capitalism feature varying degrees of free markets, public ownership, obstacles to free competition, and state-sanctioned social poli ... [...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. Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. Classification The term was originally introduced by Thorstein Veblen in his 1900 article "Preconceptions of Economic Science", in which he related marginalists in the tradition of Alfred Marshall ''et al.'' to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debates On The Definition
Debate is a process that involves formal discourse, discussion, and oral addresses on a particular topic or collection of topics, often with a moderator and an audience. In a debate, arguments are put forward for opposing viewpoints. Historically, debates have occurred in public meetings, academic institutions, debate halls, coffeehouses, competitions, and legislative assemblies. Debates have also been conducted for educational and recreational purposes, usually associated with educational establishments and debating societies. These debates emphasize logical consistency, factual accuracy, and emotional appeal to an audience. Modern competitive debate also includes rules for participants to discuss and decide upon the framework of the debate (how it will be judged). The term "debate" may also apply to a more continuous, inclusive, and less formalized process through which issues are explored and resolved across a range of agencies and among the general public. For example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
