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Welfare Capitalism
Welfare
Welfare
capitalism is capitalism that includes social welfare policies.[1] Welfare
Welfare
capitalism is also the practice of businesses providing welfare services to their employees. Welfare
Welfare
capitalism in this second sense, or industrial paternalism, was centered on industries that employed skilled labor and peaked in the mid-20th century. Today, welfare capitalism is most often associated with the models of capitalism found in Central Mainland and Northern Europe, such as the Nordic model, social market economy and Rhine capitalism
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Monetarism
Monetarism
Monetarism
is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.[1] Monetarism
Monetarism
today is mainly associated with the work of Milton Friedman, who was among the generation of economists to accept Keynesian economics
Keynesian economics
and then criticise Keynes's theory of fighting economic downturns using fiscal policy (government spending)
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State-sponsored Capitalism
The East Asian model (sometimes known as state-sponsored capitalism [1]) is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new (or specific) industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Hong Kong, Macau, Japan, South Korea, and Taiwan.[2] It has also been used to classify the contemporary economic system in Mainland China
China
since the Deng Xiaoping economic reforms during the late 1970s.[3] Key aspects of the East Asian model include state control of finance, direct support for state-owned enterprises in "strategic sectors" of the economy or the creation of privately owned "national champions", high dependence on the export market for growth, and a high rate of savings
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Marginalism
Marginalism
Marginalism
is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost
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Profit (economics)
In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit. Normal profit is the profit that is necessary to just cover the opportunity costs of the owner-manager or of the firm's investors. In the absence of this much profit, these parties would withdraw their time and funds from the firm and use them to better advantage elsewhere
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Rent Seeking
In economics and in public-choice theory, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality,[1] and (potentially) national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for the rent seeker in a market while imposing disadvantages on (incorrupt) competitors
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Surplus Value
Surplus value
Surplus value
is a central concept in Karl Marx's critique of political economy. "Surplus value" is a translation of the German word "Mehrwert", which simply means value added (sales revenue less the cost of materials used up). Conventionally, value-added is equal to the sum of gross wage income and gross profit income. However, Marx uses the term Mehrwert to describe the yield, profit or return on production capital invested, i.e. the amount of the increase in the value of capital
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Mercantilism
Mercantilism
Mercantilism
is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver.[citation needed] Mercantilism
Mercantilism
was dominant in modernized parts of Europe from the 16th to the 18th centuries[1] before falling into decline, although some commentators argue[2] that it is still practised in the economies of industrializing countries in the form of neomercantilism. It promotes governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. Mercantilism
Mercantilism
includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods
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Regulated Market
A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.[1] It is common for some markets to be regulated under the claim that they are natural monopolies. For example, telecommunications, water, gas or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets
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American School (economics)
The American School, also known as the "National System", represents three different yet related constructs in politics, policy and philosophy. It was the American policy from the 1860s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind
Michael Lind
describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.[1] It is the macroeconomic philosophy that dominated United States national policies from the time of the American Civil War
American Civil War
until the mid-twentieth century.[2][3][4][5][6][7] Closely related to mercantilism, it can be seen as contrary to classical economics
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Invisible Hand
The invisible hand is a term used by Adam Smith
Adam Smith
to describe the unintended social benefits of individual self-interested actions. The phrase was employed by Smith with respect to income distribution (1759) and production (1776). The exact phrase is used just three times in Smith's writings, but has come to capture his notion that individuals' efforts to pursue their own interest may frequently benefit society more than if their actions were directly intending to benefit society. Smith may have come up with the two meanings of the phrase from Richard Cantillon
Richard Cantillon
who developed both economic applications in his model of the isolated estate.[1] Smith first introduced the concept in The Theory of Moral Sentiments, written in 1759, invoking it in reference to income distribution
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Austrian School
The Austrian School
Austrian School
is a school of economic thought that is based on methodological individualism – the concept that social phenomena result from the motivations and actions of individuals.[1][2][3] It originated in late-19th and early-20th century Vienna
Vienna
with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser, and others.[4] It was methodologically opposed to the Prussian Historical School (in a dispute known as Methodenstreit)
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Chicago School Of Economics
The Chicago school of economics
Chicago school of economics
is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. In the context of macroeconomics, it is connected to the "freshwater school" of macroeconomics, in contrast to the saltwater school based in coastal universities (notably Harvard University, MIT, and UC Berkeley)
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Classical Economics
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. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's The Wealth of Nations
The Wealth of Nations
in 1776 is usually considered to mark the beginning of classical economics.[1] The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income
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Institutional Economics
Institutional economics
Institutional economics
focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour. Its original focus lay in Thorstein Veblen's instinct-oriented dichotomy between technology on the one side and the "ceremonial" sphere of society on the other. Its name and core elements trace back to a 1919 American Economic Review article by Walton H. Hamilton.[1][2] Institutional economics
Institutional economics
emphasizes a broader study of institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms)
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Marxian Economics
Marxian economics, or the Marxian school of economics, refers to a school of economic thought tracing its foundations to the critique of classical political economy first expounded upon by Karl Marx
Karl Marx
and Friedrich Engels. Marxian economics
Marxian economics
refers to several different theories and includes multiple schools of thought which are sometimes opposed to each other, and in many cases Marxian analysis is used to complement or supplement other economic approaches.[1] Because one does not necessarily have to be politically Marxist to be economically Marxian, the two adjectives coexist in usage rather than being synonymous
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