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| | Classical economics - Wikipedia, the free encyclopedia |
 | | One issue is whether classical economics is a forerunner of neoclassical economics or a school of thought that had a distinct theory of value, distribution, growth. | | | Classical economics is a school of economic thought whose major developers include William Petty, Adam Smith, David Ricardo, Thomas Malthus, John Stuart Mill and Johann Heinrich von Thünen. | | | The defining characteristics of classical economics, particularly with respect to the theory of value, is currently a contested subject. |
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http://en.wikipedia.org/wiki/Classical_economics
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| | Postscript to Neo-Classical Economics |
| | Economic analysis, as construed by writers of a neo-classical persuasion, centred on the functioning of the market system and its major objective was to clarify the choices open to producers and consumers in market situations. | | | Their approach brought new standards of rigour to economic discourse and largely silenced the overtones of inevitability which, in varying degree, had been associated with classical and Marxian argumentation. | | | If advised that consumers would normally buy more of a commodity at lower than at a higher price, Veblen would object that considerations of emulation and conspicuous consumption might, in certain circumstances, yield the opposite result; luxury goods valued as status symbols, for example, might actually be purchased in reduced quantities as their prices fell. |
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http://www.wesleyan.edu/css/readings/Barber/post7.htm
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| | economics. The Columbia Encyclopedia, Sixth Edition. 2001-05 |
| | Today, economists are employed in large numbers in private industry, government, and higher education (see economic planning). | | | Economic writings of the age focus on the just price for goods and criticism of usury. | | | Because they considered land to be the sole source of wealth, they urged the adoption of a tax on land as the only economically justifiable tax. |
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http://www.bartleby.com/65/ec/economics.html
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| | New Keynesian economics - Wikipedia, the free encyclopedia |
| | New Keynesianism, associated with Gregory Mankiw, once chair of the Council of Economic Advisors under President George W. Bush, is a response to the Robert Lucas and the new classical school. | | | The main assumption of New Keynesian economics that distinguishes it from the new classical economics is that wages and prices do not adjust instantly to allow the economy to attain full employment. | | | That school criticized the inconsistencies of the neo-Keynesian school in light of the concept of "rational expectations." The new classicals combined a unique market-clearing equilibrium (at full employment) with rational expectations. |
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http://en.wikipedia.org/wiki/New_Keynesian_economics
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| | ch19.html |
| | In accord with the physiocratic and geoclassical schools, foundational economics agrees that land rent is the efficient source of revenue for public goods and services. | | | Classical economists believed in the "labor theory of value," that the value of goods comes from the labor used to produce it, a view refuted by later economists. | | | The classical differentiation of land and capital became blurred, as neoclassical theory became described in mathematical terms. |
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http://www.foldvary.net/sciecs/ch19.html
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| | Kepa M. Ormazabal, "Neo-Classical Economics Is Not 'Neo', but 'Anti'-Classical", Post-Autistic Economics Review, issue 22 |
| | For the Classical tradition, the concept of price is only indirectly related to utility, and it is primarily related to profit; in other words: price is not a means to improve utility, but a means to surplus value, to the accumulation of capital for its own sake. | | | In Classical Economics, “high abstraction” does not lead to the employment of the term “competition” as equivalent to “exchange”, or to saying that, in developed capitalistic economies, profit is annihilated. | | | Looked at from Classical Economics, the problem with the “Neo-Classical” conceptions of value and profit is not that they are “highly abstract”, but to the contrary, namely, that they are “lowly abstract”, which is why they lead us to deny the evidence. |
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http://www.paecon.net/PAEReview/issue22/Ormazabal22.htm
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| | The Rise, Decline, And Reemergence Of Classical Liberalism |
| | Classical liberalism found its champion in Anne Robert Jacques Turgot (1727-1781), Controller General of Finance under Louis XVI from 1774 to 1778. | | | Classical liberalism's ability to grow to address new situations and adapt to different cultures also reveals its universal applicability. | | | Unlike other classical liberals, he accepts that the government may have a role in creating a stable framework for the market. |
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http://www.belmont.edu/lockesmith/essay.html
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| | Keynesian Economics, by Alan S. Blinder: The Concise Encyclopedia of Economics: Library of Economics and Liberty |
| | New classicals believe that anticipated changes in the money supply do not affect real output; that markets, even the labor market, adjust quickly to eliminate shortages and surpluses; and that business cycles may be efficient. | | | New classicals, and conservative economists in general, argue that European governments interfere more heavily in labor markets (with high unemployment benefits, for example, and restrictions on firing workers). | | | New classicals might claim that the tightening was unanticipated (because people did not believe what the monetary authorities said). |
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http://www.econlib.org/library/Enc/KeynesianEconomics.html
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| | Sample Chapter for O'Brien, D.P.: The Classical Economists Revisited. |
| | One of the most important distinguishing characteristics of the Classical economists is that they formed, educationally and professionally, a remarkably good cross-section of the educated classes of their age. | | | But its economic output was of excellent quality--significantly better than anything the Quarterly or Blackwood's had to offer--and it was well read amongst the Classical economists. | | | But the fact that most of the big names were little involved was important; apart from anything else it meant that the Journal of the society, which could have become a professional journal for the economists, never took on this role. |
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http://www.pupress.princeton.edu/chapters/s7829.html
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| | Marx’s Critique of Classical Economics |
| | Classical political economy seeks to reduce the various fixed and mutually alien forms of wealth to their inner unity by means of analysis and to strip away the form in which they exist independently alongside one another. | | | Neither of these interpretations of Marx& principal objection to the standpoint of classical economy can be sustained on the basis of a reading of the appropriate texts. | | | Classical economy is not interested in elaborating how the various forms come into being, but seeks to reduce them to their unity by means of analysis, because it starts from them as given premises. |
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http://www.marxists.org/archive/pilling/works/capital/geoff1.htm
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| | Economics is dead. Long live economics! |
| | The "money economy" is a model for trade and markets, not an economy, nor the necessary basis for classical economics; it can be compared to various forms of "barter economy" that some believe would be more appropriate to "new" economies, whether dominated by attention or something else. | | | The industrial economy was a society in action, where the theories classical economics operated; the theories are not limited to such a society, so the change from one type of economy to another need have little impact on its economics. | | | Moreover, scarcity is a relative term, so as long as the quantity of all things is not the same, it is a useful concept to evaluate the terms of trade between one valued resource or produce and another. |
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http://firstmonday.org/issues/issue2_5/ghosh
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| | galmac.htm |
| | First and foremost, classical economics held that the total volume of employment in society was determined in a labor market, by the supply of labor and other resources available and by the demand for them. | | | The classical capital market weighed the demand for investment funds against the willingness of savers to defer present consumption; to classical economists, the interest rate represented the balance of these two forces. | | | Classical economics was a loose set of doctrines, rooted variously in moral philosophy, Newton's physics, and Darwin's biology; substantially nonmathematical; and lacking the systematic development and internal consistency that has come to characterize economics in our own time. |
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http://www-rohan.sdsu.edu/~rbutler/galmac.htm
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| | The Chronicle: 1/24/2003: Taking On 'Rational Man' |
| | And with strongholds at leading research universities and a Nobel awarded in the field, most mainstream economists are too proud of their profession to even notice these puny insurgents. | | | Neoclassical theory holds that individuals, households, and companies rationally serve their best interests and that competition sorts out prices, wages, and the markets for goods and labor in economies' movement toward equilibrium. | | | Neoclassical economics is "a pretty baggy framework, and a lot that goes on in it might not be quite what used to be thought of as neoclassical economics," says the Stanford University scholar, who is regarded as an architect of the mathematization of modern economics. |
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http://chronicle.com/free/v49/i20/20a01201.htm
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| | The Bankruptcy of Classical Economics, by Walter Haines |
| | As the United States struggles to recover from a recession that "officially" hit bottom in March 1991, some economists are worrying about a strong recovery breeding inflation; yet the percentage of the working-age population employed is actually lower now than it has been since 1987. | | | It is conceivable that the government has interfered with recovery by allowing the "wrong" policies, but economics has not helped, if only because economists are not agreed on what the "right" policies might be. | | | The catalogue of economists who in their saner moments, have written about the idiocy of one or more of these untenable tenets of economics is long and wide But when they retreat into their "scientific" persona, the old pattern is repeated and strengthened. |
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http://www.ru.org/53bankru.html
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| | NEW CLASSICAL AND OLD AUSTRIAN ECONOMICS |
| | In the New Classical view, the constraint imposed by the logic of general equilibrium confers theoretical respectability on the model; econometric testing as suggested by exercising the model economy and performed on extended time-series data descriptive of the real-world economy establish the model's empirical relevance. | | | Structural properties of the economy, however, cannot be measured independent of relative movements of economic variables. | | | Hayek, 1967 and 1975) of the misdirection of labor and by developments within New Classicism which incorporate a capital stock variable (e.g. |
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http://www.auburn.edu/~garriro/fnc1kyun.htm
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| | Classical Theory of Economics |
| | In the 19th century and the beginning of the 20th century Classical theory held the balance of power in economic circles, but it began to lose it at the time of the Great Depression of the 1930s. | | | Classical theory had difficulty in explaining why the depression kept getting worse, and an economist called John Maynard Keynes began to develop alternative ideas. | | | This marked the birth of Keynesian economics and most post-war governments managed the economy using Keynesian policies up until the beginning of the 1970s. |
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http://www.interzone.com/~cheung/SUM.dir/econthyc1.html
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| | Neoclassical economics - Wikipedia, the free encyclopedia |
| | Neoclassical economics refers to a general approach (a "metatheory") to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. | | | Classical economics, developed in the middle of the 19th century, focused on value theory and distribution theory. | | | Economic rents exist in short period equilibrium for fixed factors, and the rate of profit is not equated across sectors. |
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http://en.wikipedia.org/wiki/Neoclassical_economics
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| | UCLA Asia Institute: Economic Theory and Economic Reform in China: Neo-Classical Economics vs. Neo-Socialist Economics? |
| | Following the assumptions of neo-classical economics, the more or less stringent shock therapy applied to the former Soviet Union and the countries of Eastern Europe where government subsidies were quickly and ruthlessly cut or entirely terminated, prices were liberalized, and firms were privatized should have resulted in overall economic growth. | | | In a talk entitled Viability, Economic Transition, and Reflections on Neo-classical Economics, Professor Lin, the founder and director of the China Center for Economic Research at Peking University (for a biographical sketch, go to the bottom of this article), focused on the issue of viability. | | | The goal of economic policy in such countries should be to upgrade the factor endowment structure. |
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http://www.isop.ucla.edu/asia/article.asp?parentid=3521
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| | EVOLUTIONARY ECONOMICS AND THE COUNTERFACTUAL THREAT |
| | By changing the unit of analysis we have recovered strong theory and the analytical results that are produced using deductive tools, yet the models underlying these results retain the evolutionary processes inherent in the economic decisions made by firms. | | | Therefore, because the results are "loose" and are based heavily on the judgment of the analyst, they are of little (or no) value. | | | The number of patents filed will increase by 10% for every 25% increase in RandD spending. |
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http://www.cgl.uwaterloo.ca/~racowan/counter.html
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| | Why Austrian Economics Matters |
| | And today, economic thinking is broken into many schools of thought: the Keynesians, the Post Keynesians, the New-Keynesians, the Classicals, the New Classicals (or Rational Expectations School), the Monetarists, the Chicago Public Choicers, the Virginia Public Choicers, the Experimentalists, the Game Theorists, the varying branches of Supply Sideism, and on and on it goes. | | | The notion of public goods is that they cannot be supplied by the market, and instead must be supplied by government and funded through its taxing power. | | | As a result, virtually every plan for reforming the post-socialist economies talked about the need for better management, loans from the West, new and different forms of regulation, and the removal of price controls, but not private property. |
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http://www.mises.org/etexts/why_ae.asp
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| | MULTIPLE CHOICE |
| | B) fall in the new Keynesian view, but not in the new classical view. | | | A) fall in the new classical view, but not in the new Keynesian view. | | | C) focus on the importance of investment spending, but new Keynesians believe that government spending is more important. |
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http://economics.sbs.ohio-state.edu/marshall/econ520sp02/tests/chpt25.htm
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| | Economics - Wikipedia, the free encyclopedia |
| | An outgrowth of neo-classical economics is rational expectations, which differs from neo-classical economics in that it does not see a micro-economic foundation for macro-economic behavior, and it emphasizes the strategies of rational economic actors in creating macro-effects. | | | Economics, which focuses on measurable variables, is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole, in which case it considers aggregate supply and demand for money, capital and commodities. | | | In marginalist economic theory, the price level is determined by the marginal cost and marginal utility. |
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http://en.wikipedia.org/wiki/Economics
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| | Nat' Academies Press, The Positive Sum Strategy: Harnessing Technology for Economic Growth (1986) |
| | As a result of these unexpected trends new schools of economists arose: monetansts, new classicals, supply-siders. | | | Borrowing to cover the federal deficit threatens new inflation and further erosion of investment incentives as demands for credit reduce the available pool of domestic capital savings. | | | The latest technology is frequently embodied in new investment, and is a spur to it, whereas capital investment that merely exploits old technology does not increase the rate of growth permanently. |
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http://www.nap.edu/books/0309036305/html/1.html
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| | TOPIC 15 KEYNESIAN MACRO-ECONOMICS |
| | Keynesians of varying stripes remain unconvinced while monetarists, new classicals, supply siders, and others argue with varying degrees of conviction that markets are functional and that the economy will tend automatically to find an equilibrium at some level of output consistent with a "natural" rate of unemployment without the help of well-intentioned policy makers. | | | The new classical theory referred to earlier in connection with the monetarist school reasserted the classical belief in the self-adjusting properties of a market economy and argued that such systems tend to establish equilibrium at the full employment, capacity output, level. | | | A distinguishing feature of the new classical analysis is its assertion that the effectiveness of markets is attributable to the skills people acquire in accurately forecasting outcomes based on experience, the concept known as "rational expectations". |
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http://www.chass.utoronto.ca/~reak/eco100/100_15.htm
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| | Eastern Economic Journal: Friedman and Lucas on the Phillips curve: From a disequilibrium to an equilibrium approach |
| | His relation to the new classicals appears to be just the reverse: their empirical judgments are broadly similar while their theoretical paths to those judegements are, at times, strikingly different [(1984) 1990, 534]. | | | When the new nominal wage/employment level ratio is compared to the previous one, a trade-off between inflation and unemployment surfaces, confirming a downward-sloping Phillips Curve. | | | Friedman and Lucas have probably been the most influential economists of the second half of the twentieth century: between them they were able to throw the Keynesian paradigm off its pedestal. |
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http://www.findarticles.com/p/articles/mi_qa3620/is_200104/ai_n8937227
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| | Final Questions 309 |
| | Robert Barro’s version of the “Ricardian Equivalence Theorem” supports the New Classical case against policy activism, particularly in the form of deficit spending programs. | | | Discuss the time series approach to business cycles and growth introduced by the New Classical Economists. | | | New Keynesian economics may be considered a response to the New Classical “attack” of the 1970s. |
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http://www.sp.uconn.edu/~cunning/final309.htm
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| | Prescription |
| | Most New Classicals would support measures to improve the working and efficiency of job markets -- improved information services, for example, that might make it possible for people to look for jobs in other areas of the country without making the investment of moving there. | | | This prescription follows from the New Classical theory of unemployment, if we see excessive unemployment as being a result of subsidy to search. | | | According to this theory, a policy which increases the costs or cuts the benefits of job search will reduce unemployment. |
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http://william-king.www.drexel.edu/top/prin/txt/controv2/un2a.html
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| | Postscript to Neo-Classical Economics |
| | Economic analysis, as construed by writers of a neo-classical persuasion, centred on the functioning of the market system and its major objective was to clarify the choices open to producers and consumers in market situations. | | | Their approach brought new standards of rigour to economic discourse and largely silenced the overtones of inevitability which, in varying degree, had been associated with classical and Marxian argumentation. | | | If advised that consumers would normally buy more of a commodity at lower than at a higher price, Veblen would object that considerations of emulation and conspicuous consumption might, in certain circumstances, yield the opposite result; luxury goods valued as status symbols, for example, might actually be purchased in reduced quantities as their prices fell. |
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http://www.wesleyan.edu/css/readings/Barber/post7.htm
(2064 words)
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