28JUN 2017
Joseph Schumpeter Economic theory

Joseph Schumpeter Economic theory

One of the 20th century s great economic and political thinkers. Joseph Schumpeter is well known for his theory explaining the activities that lead to economic growth in capitalist economies. His theory centers around entrepreneurial innovations and their role as the key driver of economic growth. Schumpeter…
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24JUN 2017
Basic theory of Economics

Basic theory of Economics

Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants. As an individual, for example, you face the problem of having only limited resources…
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20JUN 2017
Theory of firms Economics

Theory of firms Economics

A microeconomic concept founded in neoclassical economics that states that firms (corporations) exist and make decisions in order to maximize profits. Businesses interact with the market to determine pricing and demand and then allocate resources according to models that look to maximize net profits…
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16JUN 2017
Keynesian Economic theory

Keynesian Economic theory

Is there a doctor in the house? The global economy is failing to thrive, and its caretakers are fumbling. Greece took its medicine as instructed and was rewarded with an unemployment rate of 26 percent. Portugal obeyed the budget rules; its citizens are looking for jobs in Angola and Mozambique because…
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12JUN 2017
Definition of Adam Smith

Definition of Adam Smith

An 18th-century philosopher and free-market economist famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals pursuit of their own self-interest. In his first book, The Theory of Moral Sentiments , Smith proposed the idea of the invisible hand, or…
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08JUN 2017
Adam Smith principles

Adam Smith principles

Unit 2 - Adam Smith and the Wealth of Nations In the eighteenth century, European political theorists responded to the great changes through which they were living. They built on the legacy of the Enlightenment s (the cold logic of the Enlightenment) praise of the power of reason to define how man should…
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04JUN 2017
Adam Smith EPUB

Adam Smith EPUB

Adams HP Jr. Secondary prevention of atherothrombotic events after ischemic stroke. Mayo Clin Proc. 2009;84(1):43-51. Adams RJ, Albers G, Alberts MJ, Benavente O, Furie K, Goldstein LB, et al. Update to the AHA/ASA recommendations for the prevention of stroke in patients with stroke and transient ischemic…
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31MAY 2017
Economic equilibrium theory

Economic equilibrium theory

Andreu Mas-Colell has been doing pioneering work using differential topology in the analysis of general equilibrium. This work is regarded as outstanding and one of the major contributions to the development of rigorous economic theory in the last twenty years. The articles he has written have been difficult…
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27MAY 2017
Adam Smith definition of capitalism

Adam Smith definition of capitalism

No one personifies the early capitalist system, or contributed to the intellectual foundations of capitalism, more than Adam Smith. Smith was a Scottish philosopher whose greatest achievement, Inquiry into the Nature and Causes of the Wealth of Nations (published in 1776), was a revolutionary treatise…
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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 in the wrong places and loose cartilage. “It’s disappointing, ” Smith told…

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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 in the Scottish Enlightenment. Smith saw economics as a branch of moral…

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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. Which aspects of Marxism created such a powerful revolutionary force? And…

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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 — if it were, then the law rather than the organization would provide the market…

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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 the differences between liberal and conservative economic thinking in America…

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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 with the giants of discovery as Einstein and Newton. Like these men, his insights…

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