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The calculation for the output gap is (Y–Y*)/Y* where Y is actual output and Y* is potential output. If this calculation yields a positive number it is called an inflationary gap and indicates the growth of aggregate demand is outpacing the growth of aggregate supply—possibly creating inflation; if the calculation yields a negative number it is called a recessionary gap—possibly ...
Although the book was described by the Cato Institute as among the greatest economics books in the 20th century, and A Monetary History of the United States is widely considered to be among the most influential economics books ever made, [246] [247] it has endured criticisms for its conclusion that the Federal Reserve was to blame for the Great ...
There are two fundamental theorems of welfare economics. The first states that in economic equilibrium , a set of complete markets , with complete information , and in perfect competition , will be Pareto optimal (in the sense that no further exchange would make one person better off without making another worse off).
Post-Keynesian economists, on the other hand, reject the neoclassical synthesis and, in general, neoclassical economics applied to the macroeconomy. Post-Keynesian economics is a heterodox school that holds that both neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The post-Keynesian ...
In addition to the neoclassical focus on efficient allocation, ecological economics emphasizes sustainability of scale and just distribution. Ecological economics also differ from neoclassical theories in its definitions of factors of production, replacing them with the following: [15] [16] Matter — the material from which products are produced.
When Congress enacted title 31 as positive law in 1982, the remaining provisions of Title 6 were transferred to Chapter 93 of Title 31 and Title 6 was officially repealed. [ 5 ] The first edition of the U.S. Code or supplement thereof, in which Title 6 appeared with the heading of "Domestic Security," was the second supplement of the 2000 ...
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 economy prima facie .
After the death in 1929 of Allyn Abbott Young, Professor of Economics at LSE, Robbins replaced him in the chair, and moved with his wife to Hampstead Garden Suburb. During the 1930s he built up the economics department, hiring Friedrich von Hayek, John Hicks and Nicholas Kaldor. [2] The Lionel Robbins Building at the London School of Economics