23MAY 2017
Adam Smith for Congress

Adam Smith for Congress

Smith’s spokesman confirmed Monday that the congressman had hip replacement surgery on March 18 in Seattle. The surgery was Smith’s second to alleviate his hip injuries. He previously had surgery on his other hip to completely reshape it due to torn cartilage. Smith suffers from bone spurs, bone growth…
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19MAY 2017
Adam Smith Ethics

Adam Smith Ethics

Adam Smith is famous for founding economics as an independent field of study by synthesising and systemizing classical economics in The Wealth of Nations. But he was also a significant moral philosopher in his own right who deserves to be recognised alongside his close friend David Hume as a key figure…
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15MAY 2017
Economic theory of Karl Marx

Economic theory of Karl Marx

That dream collapsed before the century had ended. The people of Poland, Hungary, Czechoslovakia, East Germany, Romania, Yugoslavia, Bulgaria, Albania, and the USSR rejected Marxist ideology and entered a remarkable transition toward private and the market-exchange system, one that is still occurring…
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11MAY 2017
Economic theories of the Firm

Economic theories of the Firm

What is a firm? This may not seem like a question in lack of an answer. In the United States, as in most other countries, it is a registered, regulated entity acting legally as a person. But economically, the legal definition is irrelevant: the economic function of the firm is not its legal status…
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07MAY 2017
What are the theories of Economics?

What are the theories of Economics?

Two major theories have been battling in America: Keynesian Economic Theory and the Chicago School Economic Theory propounded by the late economist Milton Friedman. Their conflicting positions have struggled for dominance in fixing the economy for decades. Understanding these two views helps to clarify…
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03MAY 2017
Economic wave theory

Economic wave theory

Nikolai Dmyitriyevich Kondratieff (1892 - 1938) Who Was Kondratieff? To introduce the Kondratieff Theory, we must go back over seventy years and examine a remarkable story in economic history, encompassed within the life of one still little known man. I am certain that, in time, Kondratieff will rank…
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29APR 2017
Efficient market theory in Economics

Efficient market theory in Economics

The efficient markets hypothesis has historically been one of the main cornerstones of academic finance research. Proposed by the University of Chicago s Eugene Fama in the 1960 s, the general concept of the efficient markets hypothesis is that financial markets are informationally efficient - in other…
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25APR 2017
What is Economic growth theory?

What is Economic growth theory?

How do we measure and explain economic growth? This lesson will go through the various theories of economic growth which all try to explain how a country continues to increase production. Click next lesson whenever you finish a lesson and quiz. Got It You now have full access to our lessons and courses…
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21APR 2017
Adam Smith the Money Game

Adam Smith the Money Game

This is a modern classic. —Paul A. Samuelson, First American Nobel Prize Winner in Economics The best book there is about the stock market and all that goes with it. —The New York Times Book Review Anyone whose orientation is toward where the action is, where the happenings happen, should buy a…
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17APR 2017
Neoclassical Economic theory definition

Neoclassical Economic theory definition

An approach to economics that relates supply and demand to an individual s rationality and his or her ability to maximize utility or profit. Neoclassical economics also increased the use of mathematical equations in the study of various aspects of the economy. This approach was developed in the late-nineteenth…
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13APR 2017
Adam Smith Biography

Adam Smith Biography

Economist and philosopher, born in Kirkcaldy, Fife, East Scotland, UK. He studied at Glasgow and Oxford, and became professor of logic at Glasgow (1751), but took up the chair of moral philosophy the following year. In 1776 he moved to London, where he published (1776), the first major work of political…
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09APR 2017
Agency theory Economics

Agency theory Economics

The principal-agent problem develops when a principal creates an environment in which an agent s incentives don t align with its own. Generally, the onus is on the principal to create incentives for the agent to ensure they act as the principal wants. This includes everything from financial incentives to avoidance of information asymmetry. BREAKING DOWN Principal-Agent Problem…

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05APR 2017
Capitalism and Adam Smith

Capitalism and Adam Smith

I admit it: I like Adam Smith. His perceptiveness never fails to impress. True, he didn’t foresee the marginal revolution that Carl Menger would launch a century later (with, less significantly in my view, Jevons and Walras), but give the guy a break. The Wealth of Nations is a great piece of work. RELATED ARTICLES One thing I find refreshing in Smith is his wariness of business…

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01APR 2017
Adam Smith and David Ricardo

Adam Smith and David Ricardo

Adam Smith and David Ricardo’s labor Theory of Value The labor theories of value were generated in response to the quest to determine what constitutes the price or value of a commodity, in other words, what renders value to a commodity? Classical theorists like Smith and Ricardo opine that a commodity derives its value from labor that goes into its production. In the labor…

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28MAR 2017
What are the Economic theory?

What are the Economic theory?

Classical vs. Keynesian Economics Under classical economic theory, an economy will always move towards equilibrium at full capacity and full employment. Aggregate demand will adjust to full potential GDP, assisted by flexible wages and prices. Desired savings are kept equal to desired investment by responses to interest rate changes. British economist John Maynard Keynes took…

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