Economics is a social science that studies the production, distribution, and consumption of goods and services.
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.
In economics, the monetary base in a country is the total amount of money created by the central bank. This includes:
Sir Roy George Douglas Allen, CBE, FBA was an English economist, mathematician and statistician, also member of the International Statistical Institute.
Maurice Herbert Dobb was an English economist at Cambridge University and a Fellow of Trinity College, Cambridge. He is remembered as one of the pre-eminent Marxist economists of the 20th century. Dobb was highly influential outside of economics, having helped to establish the Communist Party Historians Group which developed social history and attracted future members of the Cambridge Five to Marxism in the 1930s.
Neutrality of money is the idea that a change in the stock of money affects only nominal variables in the economy such as prices, wages, and exchange rates, with no effect on real variables, like employment, real GDP, and real consumption. Neutrality of money is an important idea in classical economics and is related to the classical dichotomy. It implies that the central bank does not affect the real economy by creating money. Instead, any increase in the supply of money would be offset by a proportional rise in prices and wages. This assumption underlies some mainstream macroeconomic models. Others like monetarism view money as being neutral only in the long run.
John Leonard Eatwell, Baron Eatwell, is a British economist who was President of Queens' College, Cambridge, from 1996 to 2020. A former senior advisor to the Labour Party, Lord Eatwell sat in the House of Lords as a non-affiliated peer from 2014 to 2020, before returning to the Labour bench.
Heterodox economics is any economic thought or theory that contrasts with orthodox schools of economic thought, or that may be beyond neoclassical economics. These include institutional, evolutionary, feminist, social, post-Keynesian, ecological, Austrian, Humanistic economics, complexity, Marxian, socialist, and anarchist economics.
Ronald Lindley Meek was a Marxian economist and social scientist known especially for his scholarly studies of classical political economy and the labour theory of value. During the 1960s and 1970s, his writings had a strong influence on the Western academic discussion about Marx's economic theory.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern, early modern and modern. Systematic economic theory has been developed mainly since the beginning of what is termed the modern era.
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s.
The New Palgrave Dictionary of Economics (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to Journal of Economic Literature(JEL) classification codes.
Miguel Sidrauski was an Argentine economist who made important contributions to the theory of economic growth by developing a modified version of the Ramsey–Cass–Koopmans model to describe the effects of money on long-run growth. He also published an article on exchange rate determination. Sidrauski taught economics at Massachusetts Institute of Technology.
Peter Kenneth Newman was an English economist and historian of economic thought. He helped to edit The New Palgrave: A Dictionary of Economics, to which he contributed several articles.
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.
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics. Basic economics textbooks concentrate on consumers with convex preferences and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood. When convexity assumptions are violated, then many of the good properties of competitive markets need not hold: Thus, non-convexity is associated with market failures, where supply and demand differ or where market equilibria can be inefficient. Non-convex economies are studied with nonsmooth analysis, which is a generalization of convex analysis.
Convexity is an important topic in economics. In the Arrow–Debreu model of general economic equilibrium, agents have convex budget sets and convex preferences: At equilibrium prices, the budget hyperplane supports the best attainable indifference curve. The profit function is the convex conjugate of the cost function. Convex analysis is the standard tool for analyzing textbook economics. Non‑convex phenomena in economics have been studied with nonsmooth analysis, which generalizes convex analysis.
Shannon C. Stimson is an American political theorist and historian of ideas, whose more recent work and teaching spans the economic and political thought of the early modern period through the nineteenth century. She is the Thomas and Dorothy Leavey Chair in the Government department at Georgetown University. Her academic posts have included appointments at Harvard University (1984-1991), UC Berkeley (1991-2014), the Fulbright Professorship in the United Kingdom, the Christensen Fellowship of St. Catherine's College, Oxford, the John K. Castle Chair in Ethics, Politics and Economics at Yale University and she has been a Distinguished Academic Visitor at Queens' College, Cambridge on two occasions. Her research has been supported through fellowships from the Mellon Foundation, the National Endowment for the Humanities, the American Association of University Women, as well as by several prize fellowships. Her articles have appeared in numerous edited volumes, journals of political thought, economics, the history of economic thought, and political science in America and Europe. She has served on the editorial boards of the American Political Science Review, the Adam Smith Review, and the Journal of Politics.
Stefano Zamagni is an Italian economist. Born in Rimini, Zamagni is Professor of Economics at the University of Bologna. Zamagni is also a fellow of the Human Development and Capability Association and President of the Pontifical Academy of Social Sciences.
Kevin W. S. Roberts was the Sir John Hicks Professor of Economics at the University of Oxford until his retirement in 2020.
