Monthly Archives: March 2017
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Kenneth J. Arrow (1921–2017) | Nature
[ad_1] One of the most influential thinkers in economic theory. Kenneth Arrow was the dean of economic theory during the second half of the twentieth century. ... -
Classical Amartya Sen and a Baroque World
[ad_1] But if this is true, then a curious conundrum emerges: What is Amartya Sen – the author of some of the most influential ideas in ... -
Definition of invisible hand
[ad_1] What is the invisible hand? The invisible hand is a metaphor for the invisible forces that drive the free market economy. Through individual self-interest and ... -
Welfare Economics Explained: Theory, Assumptions and Critics
What is welfare economics? Welfare economics is the study of how the allocation of resources and goods affects social well-being. This is directly related to the ... -
Definition of general equilibrium theory
[ad_1] What is general equilibrium theory? General equilibrium theory, or Walrasian general equilibrium, attempts to explain the workings of macroeconomics as a whole, rather than as ... -
Definition of Lindahl equilibrium
[ad_1] What is a Lindahl balance? Lindahl’s equilibrium is a state of equilibrium in a quasi-market for a pure public good. Like a competitive market equilibrium, ... -
TINA: There is no alternative
[ad_1] What is TINA? “There is no alternative”, often abbreviated as “TINA”, is a phrase that originated with the Victorian philosopher Herbert Spencer and later became ... -
Definition of Engel’s law
[ad_1] What is Engel’s Law Engel’s Law is an economic theory introduced in 1857 by Ernst Engel, a German statistician, stating that the percentage of income ... -
Definition of the lemon problem
[ad_1] What’s wrong with lemons? The lemons problem refers to issues that arise regarding the value of an investment or product due to asymmetric information held ... -
Definition of Coase’s theorem
[ad_1] What is Coase’s theorem? Coase Theorem is a legal and economic theory developed by economist Ronald Coase regarding property rights, which states that where there ... -
Definition of Kenneth Arrow
[ad_1] Who is Kenneth Arrow? Kenneth Arrow was an American neoclassical economist who won the Nobel Prize in Economics with John Hicks in 1972 for his ... -
Definition of consumer theory
[ad_1] What is consumer theory? Consumer theory is the study of how people decide to spend their money based on their individual preferences and budget constraints. ... -
Vassily Léontief Definition
[ad_1] Who was Vassily Léontief? Wassily Leontief was a Russian-American economist and Nobel Laureate professor who contributed to several insightful theories in economics. Leontief’s Nobel Prize ... -
There is nothing like a free lunch (TANSTAAFL) Definition
[ad_1] What is no free lunch (TANSTAAFL)? “There is no free meal†(TANSTAAFL), also called “there is no free meal†(TINSTAAFL), is a phrase that describes ... -
Definition of Sir Arthur Lewis
[ad_1] Who is Sir Arthur Lewis? Sir Arthur Lewis was an economist who made lasting contributions to the field of development economics. In 1979 Lewis was ... -
Pigovian tax definition
[ad_1] What is a Pigovian tax? A Pigovian (Pigouvian) tax is a tax imposed on individuals or businesses for engaging in activities that create harmful side ... -
Theory of price definition
[ad_1] What is the theory of price? Price theory is an economic theory that states that the price of any specific good or service is based ... -
Definition of laissez-faire
[ad_1] What is laissez-faire? Laissez-faire is an eighteenth-century economic theory that opposes government intervention in business. The guiding principle of laissez-faire, a French term that translates ... -
A tribute to great economists: The Tribune India
[ad_1] S. Subramanian The year 2017 has already seen the passage of two extraordinary figures in the world of economics. Sir Anthony Barnes Atkinson (1944-2017) died ... -
When the economy had ethics | Boston Review
[ad_1] Image: Foundation for Economic Education Remembering Kenneth Arrow Kenneth Arrow, one of the 20th century’s greatest economists, died last month at the age of ninety-five. ...
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