Related Research Articles
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory.
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a minority of economists.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.
Paul Davidson is an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He has actively intervened in important debates on economic policy from a position critical of mainstream economics.
Terry Barker is a British economist and former Director of the Cambridge Centre for Climate Change Mitigation Research (4CMR) part of the Department of Land Economy, University of Cambridge. He is also a member of the Tyndall Centre, the Chairman of Cambridge Econometrics, and chairman of the Cambridge Trust for New Thinking in Economics, which is a charitable organisation with a mission to promote new approaches to solving economic problems.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
Athanasios "Tom" Asimakopulos was a Canadian economist, who was the "William Dow Professor of Political Economy" in the Department of Economics, McGill University, Montreal, Quebec, Canada. His monograph, Keynes's General Theory and Accumulation, reviews important areas of Keynes's General Theory and the theories of accumulation of two of his most distinguished followers, Roy Harrod and Joan Robinson.
Augusto Graziani was an Italian economist, Professor in Political Economy at University la Sapienza, most known for his contribution to monetary economics in founding monetary circuit theory.
Geoffrey Colin Harcourt was an Australian academic economist and leading member of the post-Keynesian school. He studied at the University of Melbourne and then at King's College, Cambridge.
Anthony Philip Thirlwall was a British economist who was Professor of Applied Economics at the University of Kent. He made major contributions to regional economics; the analysis of unemployment and inflation; balance of payments theory, and to growth and development economics with particular reference to developing countries. He was the author of the bestselling textbook Economics of Development: Theory and Evidence now in its ninth edition. He was also the biographer and literary executor of the famous Cambridge economist Nicholas Kaldor. Perhaps his most notable contribution was to show that if long-run balance of payments equilibrium is a requirement for a country, its growth of national income can be approximated by the ratio of the growth of exports to the income elasticity of demand for imports.
Roger Edward Backhouse, is a British economist, economic historian and academic. Since 1996, he has been Professor of the History and Philosophy of Economics at the University of Birmingham.
Victoria Chick was a Post Keynesian economist known for her essays on monetary theory, banking and methodology. Her writing on Keynes's General Theory made her one of the foremost interpreters of his work. After the 2008 banking crisis she coined a corollary to Gresham's Law, arguing that in orthodox economics "bad theory drives out good."
Full Employment Abandoned: Shifting Sands and Policy Failures is a book on macroeconomic issues written by economists Bill Mitchell and Joan Muysken and first published in 2008.
Thomas MacGillivray Humphrey was an American economist. Until 2005 he was a research advisor and senior economist in the research department of the Federal Reserve Bank of Richmond and editor of the bank's flagship publication, the Economic Quarterly. His publications cover macroeconomics, monetary economics, and the history of economic thought. Mark Blaug called him the "undisputed master" of British classical monetary thought.
Lance Jerome Taylor was an American economist who was known for his contributions to structuralist macroeconomics. He was the Arnhold Professor of International Cooperation and Development and director of the Center for Economic Policy Analysis at the New School for Social Research
Pavlina R. Tcherneva is an American economist, of Bulgarian descent, working as associate professor of economics at Bard College. She is also a research associate at the Levy Economics Institute and expert at the Institute for New Economic Thinking.
Krishna Bharadwaj was an Indian Neo-Ricardian economist mainly known for her contributions to the economic development theory and the revival of the ideas of classical economics. She believed that economic theory should be based on concepts which can be observed and be amenable to measurement in reality.
Sheila Dow is a post-Keynesian economist. She was a Professor of Economics at the University of Stirling in Scotland. She has published in a wide range of areas, most notably in economic methodology, the endogeneity of money and the history of economic thought.
Mark Gerard Hayes, pen-name M. G. Hayes, was a British-Irish economist and former banker. As an economist, he wrote mainly on the economics of John Maynard Keynes and on the economic implications of Catholic social thought. He was a Quondam Fellow in Economics of Robinson College, Cambridge, and published two books on the economics of Keynes and several scholarly articles and chapters on both his areas of research. From 2006-2016 he was the Secretary of the Post-Keynesian Economics Society.
References
- ↑ https://www.wolfson.cam.ac.uk/people/philip-arestis
- ↑ https://link.springer.com/chapter/10.1057/9780230378827_14
- ↑ https://www.levyinstitute.org/scholars/philip-arestis
- ↑ https://neweconomicthinking.org.uk/speaker/professor-philip-arestis/
- ↑ Fontana, G., McCombie, J. and Sawyer, M., 2010. Macroeconomics, finance and money: essays in honour of Philip Arestis. Springer.