Classical economics
Classical economics is widely regarded as the first modern school of economic thought. Its major developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill.A...
Why We Should Defend The Enlightenment
Defining the Enlightenment, in time, space and substance, has proven challenging. Yet agreement does exist about certain ideas that originated or matured during this period, about political and econom...
Neoclassical economics
Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often media...
New classical macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it ...
Why We Should Defend The Enlightenment
Defining the Enlightenment, in time, space and substance, has proven challenging. Yet agreement does exist about certain ideas that originated or matured during this period, about political and econom...
An Essay on the Principle of Population
The book An Essay on the Principle of Population was first published in 1798 under the alias Joseph Johnson., but the author was soon identified as Thomas Robert Malthus. While it was not the first b...
Ricardian socialism
Ricardian socialism is a branch of classical economic thought based upon the work of the economist David Ricardo (1772–1823). The term is used to describe economists in the 1820s and 1830s who develop...
William A. Barnett
William Arnold Barnett (born October 30, 1941) is an American economist, whose current work is in the fields of chaos, bifurcation, and nonlinear dynamics in socioeconomic contexts, as well as in the ...
William A. Barnett - Wikipedia
Use value
Use value or value in use is the utility of consuming a good—the want-satisfying power of a good or service in classical political economy. In Marx's critique of political economy, any product has a l...
Robert Torrens (economist)
Colonel Robert Torrens (1780, Hervey Hill, Derry – 27 May 1864, London) was a Royal Marines officer, political economist, MP, owner of the influential Globe newspaper and prolific writer. Born i...
Robert Torrens (economist) - Wikipedia
William Smart (economist)
William Smart (10 April 1853 – 19 March 1915) was a British economist. Originally a conveyor of the thought of the Austrian School, Smart was increasingly won-over to the neoclassicalism of Alf...
Real business cycle theory
Real business cycle theory (RBC theory) are a class of New classical macroeconomics models in which business cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) ...
Real business cycle theory - Wikipedia
Harm principle
The harm principle holds that the actions of individuals should only be limited to prevent harm to other individuals. John Stuart Mill articulated this principle in On Liberty, where he argued that, "...
Economic calculation problem
The economic calculation problem is a criticism of using economic planning as a substitute for market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 19...
James Mill
James Mill (6 April 1773 – 23 June 1836) was a Scottish historian, economist, political theorist, and philosopher. He was a founder of classical economics, together with David Ricardo, and the f...
James Mill - Wikipedia
Neo-Ricardianism
The neo-Ricardian school is an economic school that derives from the close reading and interpretation of David Ricardo by Piero Sraffa, and from Sraffa's critique of neo-classical economics as present...
Primitive accumulation of capital
In Marxist economics and preceding theories, the problem of primitive accumulation (also called previous accumulation, original accumulation) of capital concerns the origin of capital, and therefore o...
Primitive accumulation of capital - Wikipedia
Marketplace of ideas
The "marketplace of ideas" is a rationale for freedom of expression based on an analogy to the economic concept of a free market. The "marketplace of ideas" belief holds that the truth will emerge fro...
John Stuart Mill
John Stuart Mill (20 May 1806 – 8 May 1873) was a British philosopher, political economist and civil servant. He was an influential contributor to social theory, political theory and political economy...
John Stuart Mill - Wikipedia
John Elliott Cairnes
John Elliott Cairnes (26 December 1823 – 8 July 1875) was an Irish economist. He is often described as the "last of the classical economists".
John Cairnes was born at Castlebellingham, County Lou...
John Elliott Cairnes - Wikipedia
David Ricardo
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and James Mi...
David Ricardo - Wikipedia
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many y...
Alfred Marshall - Wikipedia
Frédéric Bastiat
Claude Frédéric Bastiat ([klod fʁedeʁik bastja]; 29 June 1801 – 24 December 1850) was a French classical liberal theorist, political economist, and member of the French assembly. He was notable for d...
Frédéric Bastiat - Wikipedia
Say's law
Say's law, or the law of markets, is the controversial assertion, found in classical economics, that aggregate production necessarily creates an equal quantity of aggregate demand. It was stated by th...
Trade-off talking rational economic person
Trade-off talking rational economic person (acronym: T.O.T.R.E.P.) is one term, among various, used to denote, in the field of choice analysis, the rational, human agent of economic decisions.
The...
Thomas Robert Malthus
The Reverend Thomas Robert Malthus FRS (13 February 1766 – 29 December 1834) was an English cleric and scholar, influential in the fields of political economy and demography. Malthus himself used...
Thomas Robert Malthus - Wikipedia
Criticisms of the labour theory of value
Criticisms of the labor theory of value often arise from an economic criticism of Marxism.
Adherents of neoclassical economics, the currently predominant school, employ the theory of marginalism,...
Irving Fisher
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, and Progressive social campaigner. He was one of the earliest American neoclassical economists, t...
Irving Fisher - Wikipedia
Lucas critique
The Lucas critique, named for Robert Lucas' work on macroeconomic policymaking, argues that it is naive to try to predict the effects of a change in economic policy entirely on the basis of relationsh...