Thomas Robert Malthus, after whom Malthusianism is named Malthusianism is a theory that population growth is potentially exponential, according to the Malthusian growth model, while the growth of the food supply or other resources is linear, which eventually reduces living standards to the point of triggering a population decline. This event, called a Malthusian catastrophe (also known as a Malthusian trap, population trap, Malthusian check, Malthusian snatch, Malthusian crisis, point of crisis, or Malthusian crunch) has been predicted to occur if population growth outpaces agricultural production, thereby causing famine or war. According to this theory, poverty and inequality will increase as the price of assets and scarce commodities goes up due to fierce competition for these dwindling resources. This increased level of poverty eventually causes depopulation by decreasing birth rates. If asset prices keep increasing, social unrest would occur, which would likely cause a major war, revolution, or a famine. Societal collapse is an extreme but possible outcome from this process. The theory posits that such a catastrophe would force the population to "correct" back to a lower, more easily sustainable level (quite rapidly, due to the potential severity and unpredictable results of the mitigating factors involved, as compared to the relatively slow time scales and well-understood processes governing unchecked growth or growth affected by preventive checks). Malthusianism has been linked to a variety of political and social movements, but almost always refers to advocates of population control.
These concepts derive from the political and economic thought of the Reverend Thomas Robert Malthus, as laid out in his 1798 writings, An Essay on the Principle of Population. Malthus suggested that while technological advances could increase a society's supply of resources, such as food, and thereby improve the standard of living, the abundance of resources would enable population growth, which would eventually bring the supply of resources for each person back to its original level. Some economists contend that since the Industrial Revolution in the early 19th century, mankind has broken out of the trap. Others argue that the continuation of extreme poverty indicates that the Malthusian trap continues to operate. Others further argue that due to lack of food availability coupled with excessive pollution, developing countries show more evidence of the trap as compared to developed countries. A similar, more modern concept, is that of human overpopulation. (Full article...)
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Complexity economics, or economic complexity, is the application of complexity science to the problems of economics. It relaxes several common assumptions in economics, including general equilibrium theory. While it does not reject the existence of an equilibrium, it features a non-equilibrium approach and sees such equilibria as a special case and as an emergent property resulting from complex interactions between economic agents. The complexity science approach has also been applied as the primary field in computational economics. (Full article...)
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Economics classes make extensive use of supply and demand graphs like this one to teach about markets. In this graph, S and D refer to supply and demand and P and Q refer to the price and quantity.The following outline is provided as an overview of and topical guide to economics. Economics is a branch of science that analyzes the production, distribution, and consumption of goods and services. It aims to explain how economies work and how agents (people) respond to incentives.
Economics is a behavioral science (a scientific discipline that focuses on the study of human behavior) as well as a social science (a scientific discipline that explores aspects of human society). (Full article...)
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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. For example, it states that the reason why the price of diamonds is higher than that of water 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.
The NIE assume that individuals are rational and that they seek to maximize their preferences, but that they also have cognitive limitations, lack complete information and have difficulties monitoring and enforcing agreements. As a result, institutions form in large part as an effective way to deal with transaction costs. (Full article...)
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From an economic perspective, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of information asymmetry. Because of its connections with both agency and incentives, contract theory is often categorized within a field known as law and economics. One prominent application of it is the design of optimal schemes of managerial compensation. In the field of economics, the first formal treatment of this topic was given by Kenneth Arrow in the 1960s. In 2016, Oliver Hart and Bengt R. Holmström both received the Nobel Memorial Prize in Economic Sciences for their work on contract theory, covering many topics from CEO pay to privatizations. Holmström focused more on the connection between incentives and risk, while Hart on the unpredictability of the future that creates holes in contracts.
A standard practice in the microeconomics of contract theory is to represent the behaviour of a decision maker under certain numerical utility structures, and then apply an optimization algorithm to identify optimal decisions. Such a procedure has been used in the contract theory framework to several typical situations, labeled moral hazard, adverse selection and signalling. The spirit of these models lies in finding theoretical ways to motivate agents to take appropriate actions, even under an insurance contract. The main results achieved through this family of models involve: mathematical properties of the utility structure of the principal and the agent, relaxation of assumptions, and variations of the time structure of the contract relationship, among others. It is customary to model people as maximizers of some von Neumann–Morgenstern utility functions, as stated by expected utility theory. (Full article...)
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Robinson in 1973
Joan Violet RobinsonFBA (néeMaurice; 31 October 1903 – 5 August 1983) was a British economist known for her wide-ranging contributions to economic theory. One of the most prominent economists of the century, Robinson incarnated the "Cambridge School" in most of its guises in the 20th century. She started out as a Marshallian, became one of the earliest and most ardent Keynesians after 1936, and ended up as a leader of the neo-Ricardian and post-Keynesian schools. (Full article...)
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This is a list of important publications in economics, organized by field.
Some basic reasons why a particular publication might be regarded as important:
Topic creator – A publication that created a new topic
Breakthrough – A publication that changed scientific knowledge significantly
Influence – A publication which has significantly influenced the world or has had a massive impact on the teaching of economics.
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy. The policy existed from the 1790s to the 1970s, waxing and waning in actual degrees and details of implementation. Historian Michael Lind describes it as a coherent applied economic philosophy with logical and conceptual relationships with other economic ideas.
Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. (Full article...)
He is known for the Heckscher–Ohlin theorem, an influential model of international trade that predicts that capital-abundant countries export capital-intensive goods, while labor-abundant countries export the labor-intensive goods. (Full article...)
Thermoeconomics studies the ways and means by which human societies procure and use energy and other biological and physical resources to produce, distribute, consume and exchange goods and services, while generating various types of waste and environmental impacts. Biophysical economics builds on both social sciences and natural sciences to overcome some of the most fundamental limitations and blind spots of conventional economics. It makes it possible to understand some key requirements and framework conditions for economic growth, as well as related constraints and boundaries. (Full article...)
Piketty's work focuses on public economics, in particular income and wealth inequality. He is the author of the best-selling book Capital in the Twenty-First Century (2013), which emphasises the themes of his work on wealth concentrations and distribution over the past 250 years. The book argues that the rate of capital return in developed countries is persistently greater than the rate of economic growth, and that this will cause wealth inequality to increase in the future. Piketty proposes improving the education systems and considers diffusion of knowledge, diffusion of skills, diffusion of idea of productivity as the main mechanism that will lead to lower inequality. In 2019, his book Capital and Ideology was published, which focuses on income inequality in various societies in history. His 2022 A Brief History of Equality is a much shorter book about wealth redistribution intended for a target audience of citizens instead of economists. (Full article...)
Rothbard argued that all services provided by the "monopoly system of the corporate state" could be provided more efficiently by the private sector and wrote that the state is "the organization of robbery systematized and writ large". He called fractional-reserve banking a form of fraud and opposed central banking. He categorically opposed all military, political, and economic interventionism in the affairs of other nations. (Full article...)
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Microeconomics analyzes the market mechanisms that enable buyers and sellers to establish relative prices among goods and services. Shown is a marketplace in Delhi.
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics.
One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, in which markets fail to produce efficient outcomes. (Full article...)
Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. 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. This income was in turn based on the labor of its inhabitants, organized efficiently by the division of labour and the use of accumulated capital, which became one of classical economics' central concepts. (Full article...)
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Marxian economics, or the Marxian school of economics, is a heterodox school of political economic thought. Its foundations can be traced back to Karl Marx's critique of political economy. However, unlike critics of political economy, Marxian economists tend to accept the concept of the economyprima facie. Marxian economics comprises several different theories and includes multiple schools of thought, which are sometimes opposed to each other; in many cases Marxian analysis is used to complement, or to supplement, other economic approaches. An example can be found in the works of Soviet economists like Lev Gatovsky, who sought to apply Marxist economic theory to the objectives, needs, and political conditions of the socialist construction in the Soviet Union, contributing to the development of Soviet political economy.
... that in the essay "Toward European Unity" George Orwell presumed that one of the greatest obstacles to a federal Europe would be economic pressure by the United States?
... that a 1998 documentary covers economic exploitation in post-communist gay pornography from Eastern Europe?
Image 3The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase in demand from D1 to D2 and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve (S).
Image 13Pollution can be a simple example of market failure; if costs of production are not borne by producers but are by the environment, accident victims, or others, then prices are distorted.
Image 14Economists study trade, production, and consumption decisions, including those that occur in a traditional marketplace.
The Puntland government issues a statement claiming exclusive control over its marine resources, citing its constitution and Somalia's federal framework to block SOMTURK, a joint venture between Somalia's fisheries ministry and Turkey's OYAK fund, from operating without approval. SOMTURK holds a federal licence for fishing permits across Somalia's economic zone. (Garowe Online)(Horseed Media)(Hiiraan Online)
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Economic statistics is a topic in applied statistics and applied economics that concerns the collection, processing, compilation, dissemination, and analysis of economic data. It is closely related to business statistics and econometrics. It is also common to call the data themselves "economic statistics", but for this usage, "economic data" is the more common term. (Full article...)
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São Paulo Stock Exchange in Brazil, an electronic trading network that brings together buyers and sellers through an electronic trading platform
Milton Friedman (from Economics)
The supply and demand model describes how prices vary as a result of a balance between product availability and demand. The graph depicts an increase in demand from D1 to D2 and the resulting increase in price and quantity required to reach a new equilibrium point on the supply curve (S).
List of countries by gross domestic product (PPP) per capita in April 2022 (from Economics)
A basic illustration of a business cycle (from Economics)
Median income by country (from Economics)
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
An environmental scientist sampling water
A 1638 painting of a French seaport during the heyday of mercantilism
An example production–possibility frontier with illustrative points marked (from Economics)
Pollution can be a simple example of market failure; if costs of production are not borne by producers but are by the environment, accident victims, or others, then prices are distorted.
Economists study trade, production, and consumption decisions, including those that occur in a traditional marketplace.
The U.S. unemployment rate from 1990 to 2022 (from Economics)
The circulation of money in an economy in a macroeconomic model. In this model, the use of natural resources and the generation of waste, such as greenhouse gases, is not included. (from Economics)
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