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He coined the term econometrics in 1926 for utilising statistical methods to describe economic systems, as well as the terms microeconomics and macroeconomics in 1933, for describing individual and aggregate economic systems, respectively.
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".
In 1919 Yale economist Walton H. Hamilton coined the term "Institutional economics". In 1934 John R. Commons (1862–1945), another economist from midwestern America published Institutional Economics (1934), based on the concept that the economy is a web of relationships between people with diverging interests, including monopolies, large ...
In 1803, J.B. Say distinguished the subject from its public-policy uses, defining it as the science of the production, distribution, and consumption of wealth. [2] On the satirical side, Thomas Carlyle (1849) coined 'the dismal science' as an epithet for classical economics, a term often linked to the pessimistic analysis of Malthus (1798). [3]
Major examples of what critics have called "trickle-down economics" in the US include the Reagan tax cuts, [5] the Bush tax cuts, [6] and the Trump tax cuts. [7] Major UK examples include Margaret Thatcher's economic policies in the 1980s and Liz Truss's mini-budget tax cuts of 2022, [8] which was an attempt to revive such Thatcherite policies. [9]
This is an accepted version of this page This is the latest accepted revision, reviewed on 24 January 2025. Scottish economist and philosopher (1723–1790) This article is about the Scottish economist and philosopher. For other people named Adam Smith, see Adam Smith (disambiguation). Adam Smith FRS FRSE FRSA Posthumous Muir portrait, c. 1800 Born c. 16 June [O.S. c. 5 June] 1723 Kirkcaldy ...
Coined by President Woodrow Wilson, “America First” is a series of economic and diplomatic policies that focus on domestic issues and a protectionist trade policy.
He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969. Ragnar Frisch, Norwegian economist who coined the term econometrics in 1926 for utilising statistical methods to describe economic systems. He was awarded the first Nobel Memorial Prize in Economic Sciences in 1969. Joan Robinson, English Keynesian economist.