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…
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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…
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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…
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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…
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24MAR 2017
Different Economic theories

Different Economic theories

The three most important economists were Adam Smith, Karl Marx, and John Maynard Keynes (pronounced canes). Each was a highly original thinker who developed economic theories that were put into practice and affected the world s economies for generations. Adam Smith and His Invisible Hand of Capitalism…
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20MAR 2017
Positive Economic theory

Positive Economic theory

Source: Essays in Positive Economics (1953) publ. University of Chicago Press. Just part of one essay is reproduced here. V. Some Implications for Economic Isuses The abstract methodological issues we have been discussing have a direct bearing on the perennial criticism of “orthodox” economic theory as “unrealistic” as well as on the attempts that have been made to reformulate…

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16MAR 2017
Adam Smith views

Adam Smith views

(OPTIMISM, ADAM SMITH, LIBERALS and UTOPIANS – continued) OPTIMISM, ADAM SMITH, LIBERALS and UTOPIANS (2 of 4) A part of the innovation that came in the 1700s was work by the Scotsman Adam Smith (1723-1790). Smith studied moral philosophy at the University of Glasgow and Oxford University. He collaborated intellectually with his fellow Scotsman David Hume, and he became a professor…

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12MAR 2017
Uncertainty, Evolution, and Economic theory

Uncertainty, Evolution, and Economic theory

Is an article written in 1950 by economist Armen Alchian (1914-2013). In this article Alchian delineates an evolutionary approach to describe firms’ behavior. His theory embodies principles of biological evolution and natural selection. This article is among the first in the economics literature to analogize between success and survival in the market with the mechanism of variation…

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08MAR 2017
Adam Smith invisible hand definition

Adam Smith invisible hand definition

There are few metaphors that have captured the American economic psyche as powerfully as the “invisible hand” of the market. The term, first coined by Adam Smith in 1759, is used to describe how the self-interested behavior of people in a marketplace leads to the greater good for all. No need to rely on concerted efforts of government or the church to direct commercial activity…

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04MAR 2017
Downs Economic theory of Democracy

Downs Economic theory of Democracy

This book seeks to elucidate its subject - the governing of democratic state - by making intelligible the party politics of democracies. Downs treats this differently than do other students of politics. His explanations are systematically related to, and deductible from, precisely stated assumptions about the motivations that attend the decisions of voters and parties and the…

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28FEB 2017
Adam Brett-Smith

Adam Brett-Smith

VIM: You have a huge passion for motorcycles and your first job after graduating from Oxford was as a bike messenger; was this passion a result of the job, or vice versa? No, I began riding bikes at 16. Being a bike messenger paid me (a bit of) money and got me a free bike to ride which was useful as I couldn’t afford one of my own. Not a long term career though. I admire messengers…

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