The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.
Friedrich August von Hayek, often referred to by his initials F. A. Hayek, was an Austrian-British economist and political philosopher who made contributions to economics, political philosophy, psychology, intellectual history, and other fields. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize.
John Maynard Keynes, 1st Baron Keynes was a British economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics.
Piero Sraffa was an influential Italian economist who served as lecturer of economics at the University of Cambridge. His book Production of Commodities by Means of Commodities is taken as founding the neo-Ricardian school of economics.
In monetary economics, the quantity theory of money is one of the directions of Western economic thought that emerged in the 16th-17th centuries. The QTM states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply. For example, if the amount of money in an economy doubles, QTM predicts that price levels will also double. The theory was originally formulated by Renaissance mathematician Nicolaus Copernicus in 1517, and was influentially restated by philosophers John Locke, David Hume and Jean Bodin. The theory experienced a large surge in popularity with economists Anna Schwartz and Milton Friedman's book A Monetary History of the United States, published in 1963.
Criticism of Marxism has come from various political ideologies and academic disciplines. This includes general intellectual criticism about dogmatism, a lack of internal consistency, criticism related to materialism, arguments that Marxism is a type of historical determinism or that it necessitates a suppression of individual rights, issues with the implementation of communism and economic issues such as the distortion or absence of price signals and reduced incentives. In addition, empirical and epistemological problems are frequently identified.
The history of economic thought is the study of the philosophies of the different thinkers and theories in the subjects that later became political economy and economics, from the ancient world to the present day in the 21st century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
Russell David "Russ" Roberts is an American economist. He is currently a research fellow at Stanford University's Hoover Institution and president of Shalem College in Jerusalem. He is known for communicating economic ideas in understandable terms as host of the EconTalk podcast.
Stephanie Hope Flanders is a British economist and journalist, currently the head of Bloomberg News Economics. She was previously chief market strategist for Britain and Europe for J.P. Morgan Asset Management, and before that was the BBC News economics editor for five years. Flanders is the daughter of British actor and comic singer Michael Flanders and disability campaigner Claudia Cockburn.
The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework, namely neoclassical economics.
The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world. Similarly, the allied discipline known as development economics was largely displaced as the guiding influence on economic policies adopted by developing nations.
A Treatise on Money is a two-volume book by English economist John Maynard Keynes published in 1930.
Great Ormond Street is a British television documentary series. It was first broadcast on BBC Two on 6 April 2010. Each episode focuses on a different department at the Great Ormond Street Hospital for Children in London.
Throughout modern history, a variety of perspectives on capitalism have evolved based on different schools of thought.
Fear the Boom and Bust is a 2010 hip hop music video in which 20th century economists John Maynard Keynes and Friedrich von Hayek take part in a rap battle discussing economics, specifically, the boom and bust business cycle, for which the video is named. The video has more than seven million views on YouTube.
The Route Masters: Running London's Roads is a British documentary television series produced by Blast! Films for the BBC. Narrated by Julian Barratt, the series launched on BBC Two on 18 June 2013. The series shows how Transport for London keeps London's traffic moving.
In ancient Egypt the bee was an insignia of kingship associated particularly with Lower Egypt, where there may even have been a Bee King in pre-dynastic times.
Supermarket Secrets is a British documentary television series, presented by Gregg Wallace, that first broadcast on BBC One on 4 July 2013. The series shows how British supermarkets make and move the food they sell. A new series started in 2019
John Cunningham Wood is an Australian economist, author, and the Chief Executive Officer of the University Division at Navitas, known as series editor of the "Critical Assessment of Leading Economists" series of Taylor & Francis.
Marxism and Keynesianism is a method of understanding and comparing the works of influential economists John Maynard Keynes and Karl Marx. Both men's works has fostered respective schools of economic thought that have had significant influence in various academic circles as well as in influencing government policy of various states. Keynes' work found popularity in developed liberal economies following the Great Depression and World War II, most notably Franklin D. Roosevelt's New Deal in the United States in which strong industrial production was backed by strong unions and government support. Marx's work, with varying degrees of faithfulness, led the way to a number of socialist states, notably the Soviet Union and the People's Republic of China. The immense influence of both Marxian and Keynesian schools has led to numerous comparisons of the work of both economists along with synthesis of both schools.
