Examples of mainstream economics in the following topics:
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- Mainstream modern economics can be broken down into four schools of economic thought: classical, Marxian, Keynesian, and the Chicago School.
- Mainstream modern economics can be broken down into four schools of economic thought:
- Classical economics, also called classical political economy, was the original form of mainstream economics in the 18th and 19th centuries.
- Marxian economics descends directly from the work of Karl Marx and Friedrich Engels.
- A final school of economic thought, the Chicago School of economics, is best known for its free market advocacy and monetarist ideas.
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- Calculus has broad applications in diverse fields of science; examples of integration can be found in economics and biology.
- In this atom, we will see some examples of applications of integration in economics and biology.
- In mainstream economics, economic surplus (also known as total welfare or Marshallian surplus) refers to two related quantities.
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- The accumulation of factors of production per se does not explain economic development.
- Early economic theory, however did not pay proper attention to the entrepreneur.
- If entrepreneurship remains as important to the economy as ever, then the continuing failure of mainstream economics to adequately account for entrepreneurship indicates that fundamental principles require re-evaluation.
- Equilibrium models are central to mainstream economics, and exclude entrepreneurship.
- The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics.
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- Keynesian economics states that in the short-run, economic output is substantially influenced by aggregate demand.
- At the time that Keynesian theory was developed, mainstream economic thought believed that the economy existed in a state of general equilibrium.
- Overcoming an economic depression requires economic stimulus, which could be achieved by cutting interest rates and increasing the level of government investment.
- Although the beliefs of each school vary, all of the schools of economic thought have contributed to economic theory is some way.
- The Austrian School of economic thought focused on the belief that all economic phenomena are caused by the subjective choices of individuals.
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- Monetarism focuses on the macroeconomic effects of the supply of money and the role of central banking on an economic system.
- This was taken more mainstream by Milton Friedman in 1956 in a restatement of the quantity theory of money.
- Friedman originally put forward the idea of a 'k-percent rule,' which weighed a variety of economic indicators to determine the appropriate money supply.
- As these counter arguments in the 1980s began to arise, critics of monetarism became more mainstream.
- Controlling supply and altering value may have effects on a variety of internal economic variables, but it will also have unintended consequences on external variables.
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- Economic markets are inherently competitive and newer economies are vulnerable to their more developed counterparts in other countries.
- Economic markets are inherently competitive, and newer economies are highly vulnerable to their more developed counterparts in other countries for a variety of reasons.
- Despite the standard argument from mainstream economists postulating that free trade and open markets is the ideal system to allow for capitalistic development, there are many economists who believe that some degree of protectionism is the only way to minimize income gaps and substantial inequity from economy to economy (see ).
- Indeed, Britain employed similarly protectionist policies during this time frame, setting the tone for large economic expansion in the longer term.
- This map demonstrates the vast difference in overall economic power across the globe, underlining the inequities that need to be addressed in economic policy formulation.
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- A recession is a business cycle contraction; a general slowdown in economic activity.
- In economics, a recession is a business cycle contraction; a general slowdown in economic activity.
- A recession has many attributes that can occur simultaneously, these include declines in component measures (economic indicators) of economic activity (GDP) such as consumption, investment, government spending, and net export activity.
- Most mainstream economists believe that recessions are caused by inadequate aggregate demand in the economy, and favor the use of expansionary macroeconomic policy during recessions.
- Strategies favored for moving an economy out of a recession vary depending on which economic school the policymakers follow.
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- Thanks to widespread economic prosperity, white, middle-class youth—who made up the bulk of the counterculture—had sufficient leisure time to turn their attention to social issues.
- Rejection of mainstream culture was best embodied in the new genres of psychedelic rock music, pop-art, and new explorations in spirituality.
- First, the most popular of the movement's political goals—civil rights, civil liberties, gender equality, environmentalism, and the end of the Vietnam War—had made significant gains, and its most popular social attributes—particularly a "live-and-let-live" mentality in personal lifestyles (i.e., the "sexual revolution")—were largely co-opted by mainstream society.
- Second, a decline of idealism and hedonism occurred as many notable counterculture figures died and the rest settled into mainstream society to start their own families.
- The counterculture, however, continues to influence social movements, art, music, and society today, and the post-1973 mainstream society has been in many ways a hybrid of the 1960s establishment and counterculture—seen as the best (or the worst) of both worlds.
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- Mainstream economists define full employment as an acceptable level of unemployment somewhere above 0%.
- He preferred that the economy be kept above the full employment level to allow for maximum economic production.
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- Labor interest groups advocate for the economic interests of workers and trade organizations.
- Labor interest groups are a type of economic interest group.
- Economic interest groups advocate for the economic benefit of their members and constituents.
- There are a wide variety of types of economic interest groups, including labor groups which advocate on behalf of individual workers and trade organizations.
- Even as traditional labor interest groups are seeing their numbers fall, there are new groups developing around new constituencies of workers who are outside of the mainstream workforce.