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55 relations: Adam Smith, Alfred Marshall, Bellman equation, Bernd Lucke, Business cycle, Carl Menger, Classical economics, David R. Henderson, Econometrica, Economic equilibrium, Edward C. Prescott, Finn E. Kydland, Full employment, General equilibrium theory, Great Depression, Imperfect competition, John Maynard Keynes, John Muth, Journal of Economic Theory, Kevin Hoover, Léon Walras, Liberty Fund, Long run and short run, Lucas critique, Macroeconomics, Mark Thoma, Market clearing, Market failure, Microeconomics, Microfoundations, Milton Friedman, Monetarism, Neoclassical economics, Neoclassical synthesis, New Keynesian economics, New neoclassical synthesis, Nominal rigidity, Phillips curve, Potential output, Rational expectations, Real business-cycle theory, Representative agent, Richard Nixon, Robert Lucas Jr., Stagflation, The General Theory of Employment, Interest and Money, The Wealth of Nations, Unemployment, University of Hamburg, Utility, ..., Walras's law, We are all Keynesians now, William Stanley Jevons, 1973 oil crisis, 1973–75 recession. Expand index (5 more) »
Adam Smith
Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.
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Alfred Marshall
Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time.
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Bellman equation
A Bellman equation, named after Richard E. Bellman, is a necessary condition for optimality associated with the mathematical optimization method known as dynamic programming.
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Bernd Lucke
Bernd Lucke (born 19 August 1962) is a German economist and politician and Member of the European Parliament (MEP) from Germany.
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Business cycle
The business cycle, also known as the economic cycle or trade cycle, is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.
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Carl Menger
Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.
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Classical economics
Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.
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David R. Henderson
David R. Henderson (born November 21, 1950) is a Canadian-born American economist and author who moved to the United States in 1972 and became a U.S. citizen in 1986, serving on President Ronald Reagan’s Council of Economic Advisers from 1982 to 1984.
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Econometrica
Econometrica is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics.
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Economic equilibrium
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
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Edward C. Prescott
Edward Christian Prescott (born December 26, 1940) is an American economist.
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Finn E. Kydland
Finn Erling Kydland (born 1 December 1943) is a Norwegian economist known for his contributions to business cycle theory.
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Full employment
Full employment means that everyone who wants a job have all the hours of work they need on "fair wages".
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General equilibrium theory
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
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Great Depression
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
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Imperfect competition
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.
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John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
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John Muth
John Fraser Muth (September 27, 1930 – October 23, 2005) was an American economist.
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Journal of Economic Theory
The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics.
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Kevin Hoover
Kevin Douglas Hoover (born May 3, 1955) is Professor of Economics and Philosophy at Duke University.
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Léon Walras
Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.
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Liberty Fund
Liberty Fund, Inc. is a nonprofit foundation headquartered in Indianapolis, Indiana which promulgates the libertarian views of its founder, Pierre F. Goodrich through publishing, conferences, and educational resources.
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Long run and short run
In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry.
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Lucas critique
The Lucas critique, named for Robert Lucas's work on macroeconomic policymaking, argues that it is naive to try to predict the effects of a change in economic policy entirely on the basis of relationships observed in historical data, especially highly aggregated historical data.
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Macroeconomics
Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.
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Mark Thoma
Mark Allen Thoma (born December 15, 1956) is a macroeconomist and econometrician and a Professor of Economics at the Department of Economics of the University of Oregon.
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Market clearing
In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.
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Market failure
In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
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Microeconomics
Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
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Microfoundations
In economics, the term microfoundations refers to the microeconomic analysis of the behavior of individual agents such as households or firms that underpins a macroeconomic theory (Barro, 1993, Glossary, p. 594).
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Milton Friedman
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.
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Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.
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Neoclassical economics
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.
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Neoclassical synthesis
The neoclassical synthesis was a post-World War II academic movement in economics that worked towards absorbing the macroeconomic thought of John Maynard Keynes into neoclassical economics.
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New Keynesian economics
New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics.
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New neoclassical synthesis
The new neoclassical synthesis (NNS) or new synthesis is the fusion of the major, modern macroeconomic schools of thought, new classical and Neo-Keynesianism, into a consensus on the best way to explain short-run fluctuations in the economy.
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Nominal rigidity
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change.
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Phillips curve
The Phillips curve is a single-equation empirical model, named after William Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy.
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Potential output
In economics, potential output (also referred to as "natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term.
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Rational expectations
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid.
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Real business-cycle theory
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks.
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Representative agent
Economists use the term representative agent to refer to the typical decision-maker of a certain type (for example, the typical consumer, or the typical firm).
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Richard Nixon
Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was an American politician who served as the 37th President of the United States, serving from 1969 until 1974, when he resigned from office, the only U.S. president to do so.
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Robert Lucas Jr.
Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago.
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Stagflation
In economics, stagflation, a portmanteau of stagnation and inflation, is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.
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The General Theory of Employment, Interest and Money
The General Theory of Employment, Interest and Money of 1936 is the last and most important book by the English economist John Maynard Keynes.
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The Wealth of Nations
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.
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Unemployment
Unemployment is the situation of actively looking for employment but not being currently employed.
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University of Hamburg
The University of Hamburg (Universität Hamburg, also referred to as UHH) is a comprehensive university in Hamburg, Germany.
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Utility
Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.
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Walras's law
Walras' law is a principle in general equilibrium theory asserting that budget constraints imply that the values of excess demand (or, conversely, excess market supplies) must sum to zero.
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We are all Keynesians now
"We are all Keynesians now" is a famous phrase coined by Milton Friedman and attributed to U.S. president Richard Nixon.
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William Stanley Jevons
William Stanley Jevons FRS (1 September 1835 – 13 August 1882) was an English economist and logician.
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1973 oil crisis
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo.
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1973–75 recession
The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall Post–World War II economic expansion.
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New Classical, New Classical Economics, New Classical Macroeconomics, New Classical economics, New Classical view, New Economic, New classical, New classical economics, New classical school.
References
[1] https://en.wikipedia.org/wiki/New_classical_macroeconomics
