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Gandhian economics is a school of economic thought based on the spiritual and socio-economic principles expounded by Indian leader Mahatma Gandhi.It is largely characterised by rejection of the concept of the human being as a rational actor always seeking to maximize material self-interest that underlies classical economic thinking.
Within socialist economics, a sustained critique of general equilibrium theory (and neoclassical economics generally) is given in Anti-Equilibrium, [28] based on the experiences of János Kornai with the failures of Communist central planning, although Michael Albert and Robin Hahnel later based their Parecon model on the same theory. [29]
Branches of normative economics such as social choice, game theory, and decision theory typically emphasize the study of prescriptive facts, such as mathematical prescriptions for what constitutes rational or irrational behavior (with irrationality identified by testing beliefs for self-contradiction). Economics also often involves the use of ...
The area of economics that focuses on production is called production theory, and it is closely related to the consumption (or consumer) theory of economics. [2] The production process and output directly result from productively utilising the original inputs (or factors of production). [3]
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
Family economics applies economic concepts such as production, division of labor, distribution, and decision making to the family. It is used to explain outcomes unique to family—such as marriage, the decision to have children, fertility, time devoted to domestic production, and dowry payments using economic analysis.
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[10] [11] Adam Smith provided the further clarification that capital is a stock. As such, its value can be estimated at a point in time. As such, its value can be estimated at a point in time. By contrast, investment , as production to be added to the capital stock, is described as taking place over time ("per year"), thus a flow .