|
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner Sombart. His magnum opus is considered '' Capitalism, Socialism and Democracy.'' Early life and education Schumpeter was born in 1883 in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary), to German-speaking Catholic parents. Though both of his grandmothers were Czech, Schumpeter did not acknowledge his Czech ancestry. His father, who owned a factory, died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Historical School Of Economics
The German historical school of economics was an approach to academic economics and to public administration that emerged in the 19th century in Germany, and held sway there until well into the 20th century. The professors involved compiled massive economic histories of Germany and Europe. Numerous Americans were their students. The school was opposed by theoretical economists. Prominent leaders included Gustav von Schmoller (1838–1917), and Max Weber (1864–1920) in Germany, and Joseph Schumpeter (1883–1950) in Austria and the United States. Tenets The historical school held that history was the key source of knowledge about human actions and economic matters, since economics was culture-specific, and hence not generalizable over space and time. The Historical School of Economics, in addition to rejecting the universal validity of economic theorems and emphasizing an empirical and historical approach, drew significant methodological influence from the historism of Leopold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
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. 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 Morality, moral obligation of businesses to sell goods at a just price. In the Western world, economics was not a separate discipline, but part of Philosophy and economics, philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth. Ancient economic thought (before 500 AD) Ancient Greece Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or the "father of capitalism".———— He is known for two classic works: ''The Theory of Moral Sentiments'' (1759) and ''The Wealth of Nations, An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is regarded as his ''magnum opus'', marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vilfredo Pareto
Vilfredo Federico Damaso Pareto (; ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices, and was one of the minds behind the Lausanne School of economics. He was also responsible for popularising the use of the term '' elite'' in social analysis and contributed to elite theory. He has been described as "one of the last Renaissance scholars. Trained in physics and mathematics, he became a polymath whose genius radiated into nearly all other major fields of knowledge." He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to claim that income follows a Pareto distribution, which is a power law probability distribution. The Paret ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gustav Von Schmoller
} Gustav Friedrich (after 1908: von) Schmoller (; 24 June 1838 – 27 June 1917) was the leader of the "younger" German historical school of economics. He was a leading ''Sozialpolitiker'' (more derisively, ''Kathedersozialist'', "Socialist of the Chair"), and a founder and long-time chairman of the '' Verein für Socialpolitik'', the German Economic Association, which continues to exist. The appellation "Kathedersozialist" was given to Schmoller and other members of the Verein by their enemies. Schmoller disavowed the "socialist" label, instead tracing his thought to the heterodox liberalism represented by Jérôme-Adolphe Blanqui, Jean Charles Léonard de Sismondi, John Stuart Mill, Johann Heinrich von Thünen, Bruno Hildebrand, Thomas Edward Cliffe Leslie, Lorenz von Stein, and Émile de Laveleye and radicals such as Frederic Harrison and Edward Spencer Beesly. His goal was to reconcile the Prussian monarchy and bureaucracy "with the idea of the Liberal state and co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Léon Walras
Marie-Esprit-Léon Walras (; 16 December 1834 – 5 January 1910) was a French mathematical economics, mathematical economist and Georgist. He formulated the Marginalism, marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory. Walras is best known for his book ''Éléments d'économie politique pure'', a work that has contributed greatly to the mathematization of economics through the concept of general equilibrium. For Walras, exchanges only take place after a Walrasian ''tâtonnement'' (French for "trial and error"), guided by the auctioneer, has made it possible to reach market equilibrium. It was the general equilibrium obtained from a single hypothesis, rarity, that led Joseph Schumpeter to consider him "the greatest of all economists". The notion of general equilibrium was very quickly adopted by major economists such as Vilfredo Pareto, Knut Wicksell and Gustav Cassel. John Hicks and Pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyman Minsky
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist and economy professor at Washington University in St. Louis. A distinguished scholar at the Levy Economics Institute of Bard College, his research was intent on providing explanations to the characteristics of financial crises, which he attributed to swings in a potentially fragile financial system. Minsky is often described as a post-Keynesian economist because, in the Keynesian tradition, he supported some government intervention in financial markets, opposed some of the financial deregulation of the 1980s, stressed the importance of the Federal Reserve as a lender of last resort and argued against the over-accumulation of private debt in the financial markets. Minsky's economic theories were largely ignored for decades, until the subprime mortgage crisis of 2008 caused a renewed interest in them. Education A native of Chicago, Illinois, Minsky was born into a Jewish family of Menshevik ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Sweezy
Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine ''Monthly Review''. He is best remembered for his contributions to economic theory as one of the leading Marxian economists of the second half of the 20th century. Biography Early years and education Paul Sweezy was born on April 10, 1910, in New York City, the youngest of three sons of Everett B. Sweezy, a vice-president of First National Bank of New York.John Bellamy Foster"Memorial Service for Paul Marlor Sweezy (1910–2004),"''Monthly Review.'' His mother, Caroline Wilson Sweezy, was a graduate of Goucher College in Baltimore. Sweezy attended Phillips Exeter Academy and went on to Harvard and was editor of ''The Harvard Crimson'', graduating ''magna cum laude'' in 1932. Having completed his undergraduate coursework, his interests shifted from journalism to economics. Sweezy spent the 1931–32 academic year ta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Georgescu-Roegen
Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian mathematician, statistician and economist. He is best known today for his 1971 Masterpiece, magnum opus ''The Entropy Law and the Economic Process'', in which he argued that all natural resources are irreversibly degraded when put to use in economic activity. A List of people considered father or mother of a scientific field, progenitor and a Paradigm shift#Kuhnian paradigm shifts, paradigm founder in economics, Georgescu-Roegen's work was decisive for the establishing of ecological economics as an independent academic sub-discipline in economics. In the history of economic thought, Georgescu-Roegen was the first economist of some standing to theorise on the premise that all of earth's Mineral, mineral resources will eventually be exhausted at some indeterminate future point. In #Magnum opus on The Entropy Law and the Economic Process, his paradigmatic magnum opus, Georgescu-Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anne Carter (economist)
Anne Pitts Carter (born May 7, 1925) is an American educator and economist, specializing in technical change and technology transfer. Life The daughter of Jacob J. Pitts, she was born Anne Pitts in New York City. She completed a bachelor's degree at Queens College and pursued graduate studies at Harvard University although, due to the conventions of the time, she was enrolled through Radcliffe College. In 1946, she married Robert Grosse, also a graduate student in economics. While she was working on her PhD thesis at Harvard, she taught part-time at Bates College and was professor of economics at Brooklyn College; she received her PhD in 1949. In the summer of that year, she moved to Cambridge to work with Wassily Leontief's Harvard Economic Research Project (HERP). She was given a full-time position; her husband was also offered a full-time position with the project and she was appalled to discover that he was given a larger salary. The couple divorced in 1950. From 1951 to 1955, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Tobin
James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard University, Harvard and Yale University, Yale Universities. He contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions. His academic work included pioneering contributions to the study of investment (macroeconomics), investment, monetary and fiscal policy and financial markets. He also proposed an econometric model for Censoring (statistics), censored dependent variables, the well-known tobit model. Along with fellow Neo-Keynesian economics, neo-Keynesian economist James Meade in 1977, Tobin proposed Nominal income target, nominal GDP targeting as a Discretionary policy, monetary policy rule in 1980. Tobin received the Nobel Memorial Prize in Econ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
