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Socialist Economics
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods. Socialist economics has been associated with different schools of economic thought. Marxian economics provided a foundation for socialism based on analysis of capitalism while neoclassical economics and evolutionary economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialist
Socialism is an economic ideology, economic and political philosophy encompassing diverse Economic system, economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the Economic ideology, economic, Political philosophy, political, and Social theory, social theories and Political movement, movements associated with the implementation of such systems. Social ownership can take various forms, including State ownership, public, Community ownership, community, Collective ownership, collective, cooperative, or Employee stock ownership, employee.: "Just as private ownership defines capitalism, social ownership defines socialism. The essential characteristic of socialism in theory is that it destroys social hierarchies, and therefore leads to a politically and economically egalitarian society. Two closely related consequences follow. First, every individual is entitled to an equal ownership share that earns an ... [...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] |
Pierre-Joseph Proudhon
Pierre-Joseph Proudhon (, ; ; 1809 – 19 January 1865) was a French anarchist, socialist, philosopher, and economist who founded mutualist philosophy and is considered by many to be the "father of anarchism". He was the first person to call himself an ''anarchist'', using that term, and is widely regarded as one of anarchism's most influential theorists. Proudhon became a member of the French Parliament after the Revolution of 1848, whereafter he referred to himself as a '' federalist''. Proudhon described the liberty he pursued as the synthesis of community and individualism. Some consider his mutualism to be part of individualist anarchism while others regard it to be part of social anarchism.The Anarchist FAQ Collective; McKay, Ian, ed. (2008/2012). ''An Anarchist Faq''. I/II. Oakland/Edinburgh: AK Press. . . Proudhon, who was born in Besançon, was a printer who taught himself Latin in order to better print books in the language. His best-known assertion is that " p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ricardian Socialists
Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). Despite Ricardo being a capitalist economist, the term is used to describe economists in the 1820s and 1830s who developed a theory of capitalist exploitation from the theory developed by Ricardo that stated that labor is the source of all wealth and exchange value. This principle extends back to the principles of English philosopher John Locke. The Ricardian socialists reasoned that labor is entitled to all it produces, and that rent, profit and interest were not natural outgrowths of the free market process but were instead distortions. They argued that private ownership of the means of production should be supplanted by cooperatives owned by associations of workers. This designation is used in reference to economists in the early 19th century that elaborated a theory of capitalist exploitation from the classical economic proposition derived from A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or the "father of capitalism".———— He is known for two classic works: ''The Theory of Moral Sentiments'' (1759) and ''The Wealth of Nations, An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is regarded as his ''magnum opus'', marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
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 gol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benjamin Tucker
Benjamin Ricketson Tucker (; April 17, 1854 – June 22, 1939) was an American individualist anarchist and self-identified socialist. Tucker was the editor and publisher of the American individualist anarchist periodical ''Liberty'' (1881–1908). Tucker described his form of anarchism as "consistent Manchesterism" and "unterrified Jeffersonianism". Tucker looked upon anarchism as a part of the broader socialist movement. Tucker harshly opposed state socialism and was a supporter of free-market socialism and libertarian socialism which he termed '' anarchist or anarchistic socialism''. He connected the classical economics of Adam Smith and the Ricardian socialists as well as that of Josiah Warren, Karl Marx and Pierre-Joseph Proudhon to socialism. Some modern commentators have described Tucker as an anarcho-capitalist, although this has been disputed by others. During his lifetime, Tucker opposed capitalism and considered himself a socialist due to his belief in the lab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individualist Anarchist
Individualist anarchism or anarcho-individualism is a collection of anarchist currents that generally emphasize the individual and their will over external determinants such as groups, society, traditions, and ideological systems. Individualist anarchism can be divided into two main distinct movements, each with its own ideological orientations and choices. On one hand, there is American individualist anarchism, which began with Warren in the 1860s. It focuses primarily on economic freedom, drawing upon Stirner's egoist anarchism and Proudhon's mutualism, and develops perspectives that are notably financial in nature. Most American individualist anarchists of the 19th century advocated mutualism, a libertarian socialist form of market socialism, or a free-market socialist form of classical economics. American individualist anarchists are opposed to property that violates the entitlement theory of justice, that is, gives privilege due to unjust acquisition or exchange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialist State
A socialist state, socialist republic, or socialist country is a sovereign state constitutionally dedicated to the establishment of socialism. This article is about states that refer to themselves as socialist states, and not specifically about communist states that refer to themselves as socialist states. It includes information on liberal democratic states with constitutional references to socialism as well as other state formations that have referred to themselves as socialist. Overview Constitutional references to socialism A number of countries make references to socialism in their constitutions that are not single-party states embracing Marxism–Leninism and planned economies. In most cases, these are constitutional references to the building of a socialist society and political principles that have little to no bearing on the structure and guidance of these country's machinery of government and economic system. The preamble to the 1976 Constitution of Po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
János Kornai
János Kornai (21 January 1928 – 18 October 2021) was a Hungarian economist noted for his analysis and criticism of the command economies of Eastern European communist states. He also covered macroeconomic aspects in countries undergoing post-Soviet transition. He was emeritus professor at both Harvard University and Corvinus University of Budapest. Kornai was known to have coined the term shortage economy to reflect perpetual shortages of goods in the centrally-planned command economies of the Eastern Bloc. Biography Kornai was born János Kornhauser on 21 January 1928 in Budapest in a well-to-do Hungarian-Jewish family. The family spent time in an internment camp during the Nazi occupation of Hungary. His father was sent for slave labour and later killed at Auschwitz. Kornai studied philosophy for two years at Pázmány Péter University (now Eötvös Loránd University) in Budapest. Kornai gained his knowledge of economics on his own, and later held a candidate degree ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Dictionary Of Economics
A, or a, is the first letter and the first vowel letter of the Latin alphabet, used in the modern English alphabet, and others worldwide. Its name in English is '' a'' (pronounced ), plural ''aes''. It is similar in shape to the Ancient Greek letter alpha, from which it derives. The uppercase version consists of the two slanting sides of a triangle, crossed in the middle by a horizontal bar. The lowercase version is often written in one of two forms: the double-storey and single-storey . The latter is commonly used in handwriting and fonts based on it, especially fonts intended to be read by children, and is also found in italic type. In English, '' a'' is the indefinite article, with the alternative form ''an''. Name In English, the name of the letter is the ''long A'' sound, pronounced . Its name in most other languages matches the letter's pronunciation in open syllables. History The earliest known ancestor of A is ''aleph''—the first letter of the Phoenician ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institutional Economics
Institutional economics focuses on understanding the role of the Sociocultural evolution, evolutionary process and the role of institutions in shaping Economy, economic Human behavior, behavior. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 ''American Economic Review'' article by Walton H. Hamilton. Institutional economics emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms). The earlier tradition continues today as a leading Heterodox economics, heterodox approach to economics.Warren Samuels, Warren J. Samuels ([1987] 2008). "institutional economics," ''The New Palgrave: A Dictionary of Economics''Abstract. "Traditional" institutionalism rejects the ''reduction'' of institutions to simply tastes, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
