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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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| | 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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| | ch19.html |
| | 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. | | | 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. | | | 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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| | galmac.htm |
| | 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 economic theory is popularly said to have begun with Adam Smith, but its actual formulation owes more to the economists that came between Smith and Keynes. | | | 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. |
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http://www-rohan.sdsu.edu/~rbutler/galmac.htm
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| | Keynesian Theory of Economics |
| | The market for loanable funds (money market) Classical economists were of the view that savings would need to be increased to provide more funds for investment. | | | Keynesians - AS & AD Keynes didn't distinguish between the short-run and the long-run as Classical economists tend to. | | | Keynesians - Introduction Keynesian economists are, not surprisingly, so named because they are advocates of the work of John Maynard Keynes (if only all economics was that easy!). |
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http://interzone.com/~cheung/SUM.dir/econthyk1.html
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| | London School of Economics Lecture Series |
| | Dropping out of the macroeconomic picture is any notion that labor income may move against other forms of income, as the classical and Austrian economists had emphasized, as well as the notion that changes in the capital structure may figure importantly in the economy's ability to adjust to changing circumstances. | | | Classical theory is reduced to the minimal role of identifying the level of income that constitutes full employment, implying that changes in the Keynesian aggregates are real changes for levels below full employment and nominal changes for levels above. | | | If sufficiently enlightened, the fiscal and monetary authorities can keep the Keynesian wheelbarrow between the hedgerows of unemployment and inflation. |
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http://www.mises.org/classroom/lse.asp
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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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| | Keynesian Economics, by Alan S. Blinder: The Concise Encyclopedia of Economics: Library of Economics and Liberty |
| | 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 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 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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| | What is Austrian Economics |
| | Turgot solved the famous diamond-water paradox that baffled later classical economists, articulated the law of diminishing returns, and criticized usury laws (a sticking point with the Late Scholastics). | | | Turgot was the intellectual father of a long line of great French economists of the eighteenth and nineteenth century, most prominently Jean Baptiste Say and Claude-Frederic Bastiat. | | | In the last years of the Habsburg monarchy, he three times served as finance minister, fighting for balanced budgets, sound money and the gold standard, free trade, and the repeal of export subsidies and other monopoly privileges. |
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http://www.mises.org/austrian.asp
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| | LSE Hayek Society |
| | Dropping out of the macroeconomic picture is any notion that labor income may move against other forms of income, as the classical and Austrian economists had emphasized, as well as the notion that changes in the capital structure may figure importantly in the economy’s ability to adjust to changing circumstances. | | | Classical theory is reduced to the minimal role of identifying the level of income that constitutes full employment, implying that changes in the Keynesian aggregates are real changes for levels below full employment and nominal changes for levels above. | | | Sometime subsequent to the committing of resources but prior to the emergence of output, the production process can be at war with itself; different aspects of the market process that governs production can work against one another. |
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http://www.lse-students.ac.uk/spurrell/hayek/garrison.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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| | Anti Essays : Free Essays on Keynesian Critique Essay |
| | Keynesian ans Neo-classical economists are often trying to make sense of the nonsensical". | | | Keynesian economists, on the other hand, believe that the government should intervene actively through means of fiscal and monetary policy to promote full employment and economic growth (with price stability). | | | "self-adjusting and regulating" and that "Keynesian economists credit good monetary and fiscal policy with getting an economy out of recessions and periods of low growth. |
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http://www.antiessays.com/essay.php?eid=2012
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| | NCPA - Opinion Editorial - The Influence of Milton Friedman |
| | The great classical economists like Adam Smith, David Ricardo and John Stuart Mill were all deeply skeptical of government intervention in the economy. | | | The 1964 tax cut was viewed as a triumph of Keynesian economics and Keynes even made the cover of Time Magazine in 1965, even though he had been dead for 20 years. | | | He argued that governments could moderate or even eliminate business cycles by increasing the budget deficit to stimulate demand during downturns and raising taxes to reduce demand when inflation emerged. |
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http://www.ncpa.org/edo/bb/2002/bb073102.html
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| | All About Ludwig von Mises |
| | The classical economists, especially David Ricardo, had seen that an increase in the supply of money causes prices to rise. | | | Mises's famous private seminar in these years attracted the best minds in Europe, and produced many outstanding economists. | | | Mises argued that just as the price of any commodity is determined by supply and demand, so is the purchasing power of money, its "price." |
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http://www.mises.org/mises.asp
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| | Why Austrian Economics Matters |
| | Austrians are the rising stars in the profession, the economists with the new ideas that attract students, the ones on the cutting edge with a pro-market and anti-statist orientation. | | | 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. |
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http://www.mises.org/etexts/why_ae.asp
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| | About the Mises Institute |
| | Seven Periodicals Our monthly The Free Market examines the economic and political scene from a classical-liberal viewpoint. | | | The Mises Institute publishes books by Ludwig von Mises and other new and old works by Austrian economists and historians, maintains the complete Mises bibliography, manages the archive and literary rights of Murray N. Rothbard, and publishes six periodicals, including two academic journals and a scholarly review of literature. | | | The Quarterly Journal of Austrian Economics: This referred journal considers articles that promote the development and extension of Austrian economics and that promote the analysis of contemporary issues in the mainstream of economics from an Austrian perspective. |
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http://www.mises.org/about.asp
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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. | | | These are all part of the new information economy, which now accounts for nearly two-thirds of the total national output. | | | 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. |
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http://www.nap.edu/books/0309036305/html/1.html
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| | Eastern Economic Journal: Friedman and Lucas on the Phillips curve: From a disequilibrium to an equilibrium approach |
| | 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. | | | 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]. | | | Friedman, as one important monetarist, differs from the new classicals on a fundamental point of methodology: he is a Marshallian; they are Walrasians [(1984) 1990, 528]. |
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http://www.findarticles.com/p/articles/mi_qa3620/is_200104/ai_n8937227
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| | Final Questions 309 |
| | Discuss the time series approach to business cycles and growth introduced by the New Classical Economists. | | | 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. | | | 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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| | Macroeconomics |
| | Since New Classical economists concede there are still unsolved problems with their ideas, and have not come up with solutions to those problems that even the New Classical economists themselves can agree are the solutions, it seems fair to say that New Classical Economics has not succeeded. | | | Summary on Macroeconomics and on the New Classical Contribution | | | And that means there can be no unemployment, at least in the sense of an excess supply of labor, since that would mean that we are not on the production possibility frontier. |
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http://william-king.www.drexel.edu/top/prin/txt/controv2/un16.html
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| | Ecological economics - Open Encyclopedia |
| | This is a more radical restatement of the views of green economists or the more conventional environmental economics which do not so directly challenge the classical ideas of growth or optimality. | | | Chief among the critiques of current normative economics by ecological economists is its approach to natural resources and capital. | | | Ecological economists are inclined to acknowledge that much of what is important in human well-being is not analyzable from a strictly economic standpoint and suggests interdisciplinarity with social and natural sciences as a means to address this. |
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http://open-encyclopedia.com/Ecological_economics
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| | MSN Encarta - Economics |
| | Economists focus on the way in which individuals, groups, business enterprises, and governments seek to achieve efficiently any economic objective they select. | | | Mercantilism and the speculations of the physiocrats were precursors of the classical economics of Smith and his 19th-century successors. | | | Because, according to Keynes, inadequate aggregate demand increases unemployment, the indicated cure is either more investment by businesses or more spending by government, and consequently larger budget deficits. |
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http://uk.encarta.msn.com/encyclopedia_761562677/Economics.html
(788 words)
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| | CHAPTER 6 |
| | It was on this basis that classical economists could assert that population growth would increase the 'demand' for subsistence goods (or of the quantum of subsistence goods required by the economic system). | | | The effects of consumer preferences on transactions received little attention; in the main the dominant classical assumption had been that the tastes of the bulk of the population (i.e. | | | As Marshall recognized, a distinction between the accumulated stock of capital and the flow of new investments was required because the economic implications of payments to the owners of old and newly-created capital were quite different. |
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http://www.wesleyan.edu/css/readings/Barber/chapter6.htm
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| | Neoclassical Economics, by E. Roy Weintraub: The Concise Encyclopedia of Economics: Library of Economics and Liberty |
| | The rules of theory development and assessment are clear in neoclassical economics, and that clarity is taken to be beneficial to the community of economists. | | | In brief, the success of neoclassical economics is connected to the "scientificization" or "mathematization" of economics in the twentieth century. | | | For once neoclassical economics was associated with scientific economics, to challenge the neoclassical approach was to seem to challenge science and progress and modernity. |
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http://www.econlib.org/library/Enc/NeoclassicalEconomics.html
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| | Online edition of Daily News - Features |
| | New Classical economists like Robert Lucas took from the classical tradition the belief that markets are efficient and added the assumption of "rational expectations"- that the outcome of any given economic event such as a policy change does not differ systematically from what individuals and firms expected it to be. | | | In awarding the Nobel Prize for economics this year to Edward Prescott and Finn Kydland, the Bank of Sweden has honoured a body of work that seeks to answer one of the fundamental paradoxes of `New Classical' economics. | | | The contribution of Professors Kydland and Prescott, who won the Economics Nobel this year, was to reconcile the empirical reality of recessions with the assumptions of New Classical economics. |
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http://www.dailynews.lk/2004/10/18/fea02.html
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