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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
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 ... -
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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