Isha-Upanishad and Economics Consideration: An Elucidation
... the consumption capacity of other. If the earning (and consumption) is done in the way that it increases the satisfaction of all the members of society, it is known as the best way of consumption or, otherwise, increases the satisfaction of at least one without reducing the satisfaction of all other ...
... the consumption capacity of other. If the earning (and consumption) is done in the way that it increases the satisfaction of all the members of society, it is known as the best way of consumption or, otherwise, increases the satisfaction of at least one without reducing the satisfaction of all other ...
The Macroeconomist as Scientist and Engineer
... student teaching fellows were enthusiastic about Keynes’s book.” As is often the case, the young had greater foresight than the old about the impact of the new ideas. Keynes tied with Alfred Marshall as the most frequently cited economist in economic journals in the 1930s and was the second most cit ...
... student teaching fellows were enthusiastic about Keynes’s book.” As is often the case, the young had greater foresight than the old about the impact of the new ideas. Keynes tied with Alfred Marshall as the most frequently cited economist in economic journals in the 1930s and was the second most cit ...
Chapter 1: PARADIGMS OF EXPLANATION
... interplay of market forces should produce both economic growth over time, and (through a long term redeployment of resources triggered by diminishing returns) an eventual convergence of economic growth paths: such that, if growth and convergence do not occur, analysis must inevitably focus on the lo ...
... interplay of market forces should produce both economic growth over time, and (through a long term redeployment of resources triggered by diminishing returns) an eventual convergence of economic growth paths: such that, if growth and convergence do not occur, analysis must inevitably focus on the lo ...
Human Freedom and Market Freedom The Austrian School of
... should be all about the human freedom that is at the heart of Christian belief. Even an economic system like that of the Austrian school, though it stands out from other economic theories for its commitment to human freedom, must recognize that freedom is meaningless outside the context of Christian ...
... should be all about the human freedom that is at the heart of Christian belief. Even an economic system like that of the Austrian school, though it stands out from other economic theories for its commitment to human freedom, must recognize that freedom is meaningless outside the context of Christian ...
Peer-reviewed Article PDF - e
... of the Faith. This incompatibility triggered a growing and long-lasting class conflict in the place of the old religious conflict. Unionism, Fascism, and Communism became eventually the apologizers of the “revolting” with the atheism of Fascism and Communism reflecting the disappointment with the no ...
... of the Faith. This incompatibility triggered a growing and long-lasting class conflict in the place of the old religious conflict. Unionism, Fascism, and Communism became eventually the apologizers of the “revolting” with the atheism of Fascism and Communism reflecting the disappointment with the no ...
Book review: The history of the generation that reinvented economics
... polemically replied that: “One sometimes has the impression that there are only two groups of economists: those who do not understand a difference equation; and those who understand nothing else” (p. 149). Chapter 7, on the debate between Keynes and the econometricians, gives another examples of a d ...
... polemically replied that: “One sometimes has the impression that there are only two groups of economists: those who do not understand a difference equation; and those who understand nothing else” (p. 149). Chapter 7, on the debate between Keynes and the econometricians, gives another examples of a d ...
The Macroeconomist as Scientist and Engineer
... The third wave of new classical economics was the real business cycle theories of Kydland and Prescott (1982) and Long and Plosser (1983). Like the theories of Friedman and Lucas, these were built on the assumption that prices adjust instantly to clear markets— a radical difference from Keynesian t ...
... The third wave of new classical economics was the real business cycle theories of Kydland and Prescott (1982) and Long and Plosser (1983). Like the theories of Friedman and Lucas, these were built on the assumption that prices adjust instantly to clear markets— a radical difference from Keynesian t ...
Economic sustainability of the economy: concepts and
... elements, like individuals or their representative agents, plus the starting conditions. On the contrary, the emerging properties of a complex system are the result of varying kinds of interactions of these elements such as pressure factors and thresholds, leading to non-linear behaviour (incrementa ...
... elements, like individuals or their representative agents, plus the starting conditions. On the contrary, the emerging properties of a complex system are the result of varying kinds of interactions of these elements such as pressure factors and thresholds, leading to non-linear behaviour (incrementa ...
NBER WORKING PAPER SERIES THE MACROECONOMIST AS SCIENTIST AND ENGINEER
... second most cited in the 1940s, after Hicks. (Quandt, 1976) This influence persisted for many years. Keynes ranked number 14 in citations for the period from 1966 to 1986, even though he died two decades before the time period began. (Garfield, 1990) The Keynesian revolution influenced not only econ ...
... second most cited in the 1940s, after Hicks. (Quandt, 1976) This influence persisted for many years. Keynes ranked number 14 in citations for the period from 1966 to 1986, even though he died two decades before the time period began. (Garfield, 1990) The Keynesian revolution influenced not only econ ...
How Economists Bastardized Benthamite Utilitarianism
... economics -- is how to quantify and measure utility and disutility (happiness and unhappiness), especially in a manner that allows one to make inter-personal utility comparisons and to sum utiliy across different individuals into what economists call “social welfare.” If you read the writings of the ...
... economics -- is how to quantify and measure utility and disutility (happiness and unhappiness), especially in a manner that allows one to make inter-personal utility comparisons and to sum utiliy across different individuals into what economists call “social welfare.” If you read the writings of the ...
Controversy: Is Economics a Moral Science? Ricardo F. Crespo
... accepted, Leo Strauss stated that it was impossible to study social phenomena without making value judgments, and that if these judgments were forbidden to enter through the front door of political science, sociology, or economics, they would enter through the back door.10 Economics As a Moral Scien ...
... accepted, Leo Strauss stated that it was impossible to study social phenomena without making value judgments, and that if these judgments were forbidden to enter through the front door of political science, sociology, or economics, they would enter through the back door.10 Economics As a Moral Scien ...
(DRAFT) Denton MARKS
... pay (WTP) and (b) the challenge of communicating about wine. These are two areas that fall broadly within the context of the role of experts or what one might characterize as the wine consumer’s problem. Interestingly, a number of studies of consumer behavior and attitudes toward wine could be inter ...
... pay (WTP) and (b) the challenge of communicating about wine. These are two areas that fall broadly within the context of the role of experts or what one might characterize as the wine consumer’s problem. Interestingly, a number of studies of consumer behavior and attitudes toward wine could be inter ...
The Oomph in economic philosophy: a bibliometric analysis of the
... between RoE and RiE has both long lasted and had significant implications for many other debates in the field. Many economic philosophers after the 1980s either wrote a book, article, or commentary on the subject, engaging themselves in the debate (Rosenberg 1988, Hausman 1998, Hands 1997, Davis 199 ...
... between RoE and RiE has both long lasted and had significant implications for many other debates in the field. Many economic philosophers after the 1980s either wrote a book, article, or commentary on the subject, engaging themselves in the debate (Rosenberg 1988, Hausman 1998, Hands 1997, Davis 199 ...
Extending the Evolutionary Epistemology paradigm into Economics
... Expand the EE paradigm into social structures, “beyond” ontogenetic cognitive development In particular into economics, or the organisational structure of human societies Demonstrate how the stronger version of the EE paradigm is applicable in the latter Weak interpretation has found some applicatio ...
... Expand the EE paradigm into social structures, “beyond” ontogenetic cognitive development In particular into economics, or the organisational structure of human societies Demonstrate how the stronger version of the EE paradigm is applicable in the latter Weak interpretation has found some applicatio ...
a critique of the new comparative economics
... While no modern economy is dominated by worker-owned and managed cooperatives, they are quite strong in the Basque country of Spain in the Mondragon movement and exist in certain sectors in many economies. While they may show greater production efficiency than non-cooperative firms in the same secto ...
... While no modern economy is dominated by worker-owned and managed cooperatives, they are quite strong in the Basque country of Spain in the Mondragon movement and exist in certain sectors in many economies. While they may show greater production efficiency than non-cooperative firms in the same secto ...
Third Truths
... for the regulation of human conduct, will have vaguely defined limits, and be largely non-economic in character.” (J. N. Keynes 1891: 83) “Neoclassicals” following Classical Methodology This separation of applied policy from the science of economics did not end with Classical economists. It also cha ...
... for the regulation of human conduct, will have vaguely defined limits, and be largely non-economic in character.” (J. N. Keynes 1891: 83) “Neoclassicals” following Classical Methodology This separation of applied policy from the science of economics did not end with Classical economists. It also cha ...
The need to reintegrate the natural sciences into economics
... Leontief noted, many economic models are unable “to advance, in any perceptible way, a systematic understanding of the structure and the operations of a real economic system”; instead, they are based on “sets of more or less plausible but entirely arbitrary assumptions” leading to "precisely stated ...
... Leontief noted, many economic models are unable “to advance, in any perceptible way, a systematic understanding of the structure and the operations of a real economic system”; instead, they are based on “sets of more or less plausible but entirely arbitrary assumptions” leading to "precisely stated ...
Conflict and Cooperation: Institutional and Behavioral Economics
... rival/non-rival goods, decreasing and zero marginal cost, economies of scale, asset specificity, rent seeking and socio-emotional goods, with a constant focus on the goal of policy relevancy (p. 137): “If you do not know where the interdependencies are coming from, you can’t design institutions to d ...
... rival/non-rival goods, decreasing and zero marginal cost, economies of scale, asset specificity, rent seeking and socio-emotional goods, with a constant focus on the goal of policy relevancy (p. 137): “If you do not know where the interdependencies are coming from, you can’t design institutions to d ...
Running Header: ECONOMICS PAPER 1 Ngai Lam Oscar Wong
... consultants as well as advisers on government policy. It is therefore very imperative for an individual to understand instances when economists make objective, evidence-based statements concerning the world works as well as when they are making value judgments on policies issues (Beggs). In this cas ...
... consultants as well as advisers on government policy. It is therefore very imperative for an individual to understand instances when economists make objective, evidence-based statements concerning the world works as well as when they are making value judgments on policies issues (Beggs). In this cas ...
Inventing Imaginary Societies
... such as the price mechanism. 3.1. Explicit assumptions Any given theory rests on explicit and implicit assumptions. The explicit assumptions are those that are consciously stated. The behavioural assumptions, economic man, in standard economic theories were explicitly stated by Adam Smith. A recent ...
... such as the price mechanism. 3.1. Explicit assumptions Any given theory rests on explicit and implicit assumptions. The explicit assumptions are those that are consciously stated. The behavioural assumptions, economic man, in standard economic theories were explicitly stated by Adam Smith. A recent ...
Perfect Competition
... sometimes better to continue operating at a slight loss, rather then shut-down completely and have to pay the fixed costs in full • Why don’t we continue operating when profit sinks below the variable costs? © 2003 Prentice Hall Business Publishing ...
... sometimes better to continue operating at a slight loss, rather then shut-down completely and have to pay the fixed costs in full • Why don’t we continue operating when profit sinks below the variable costs? © 2003 Prentice Hall Business Publishing ...
The Imperialism of Economics Over Ethics
... of expression and habits of thought in these disciplines, there is today considerable room for productive interdisciplinary dialogue between economists and moral philosophers. This change in the validity of using ethical-moral values in economic analysis has little to do with the criticism of ninete ...
... of expression and habits of thought in these disciplines, there is today considerable room for productive interdisciplinary dialogue between economists and moral philosophers. This change in the validity of using ethical-moral values in economic analysis has little to do with the criticism of ninete ...
Redesigning Money to Curb Globalization: Can We
... based on land, labor, or energy, on the other. The real challenge for an economics concerned with sustainability ought to be how to respond to the problems posed by Nicholas Georgescu-Roegen’s (1971) observations, while avoiding the pitfall of advocating a materialist theory of value. In view of the ...
... based on land, labor, or energy, on the other. The real challenge for an economics concerned with sustainability ought to be how to respond to the problems posed by Nicholas Georgescu-Roegen’s (1971) observations, while avoiding the pitfall of advocating a materialist theory of value. In view of the ...