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  • Creative Destruction
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  • First Theorem Of Welfare Economics
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Monthly Archives: March 2017

Home›2017›March
  • First Theorem Of Welfare Economics
    By Judy Grier
    March 30, 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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 29, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 28, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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 ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    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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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 26, 2017
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    Definition of consumer theory

    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. A ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 25, 2017
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    Vassily Léontief Definition

    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 research ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 25, 2017
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    There is nothing like a free lunch (TANSTAAFL) Definition

    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 the ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 25, 2017
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    Definition of Sir Arthur Lewis

    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 awarded ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 25, 2017
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    Pigovian tax definition

    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 effects ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 25, 2017
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    Theory of price definition

    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 on ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 24, 2017
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    Definition of laissez-faire

    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 to ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 17, 2017
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    A tribute to great economists: The Tribune India

    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 on ...
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  • First Theorem Of Welfare Economics
    By Judy Grier
    March 8, 2017
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    When the economy had ethics | Boston Review

    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. He ...
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