Monthly Archives: March 2017
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Kenneth J. Arrow (1921–2017) | Nature
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. His ... -
Classical Amartya Sen and a Baroque World
But if this is true, then a curious conundrum emerges: What is Amartya Sen – the author of some of the most influential ideas in contemporary ... -
Definition of invisible hand
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 freedom ... -
Definition of general equilibrium theory
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 sets ... -
Definition of Lindahl equilibrium
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, the ... -
TINA: There is no alternative
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 a ... -
Definition of Engel’s law
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 spent ... -
Definition of the lemon problem
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 by ... -
Definition of Coase’s theorem
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 are ... -
Definition of Kenneth Arrow
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 contributions ...
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