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[1] General equilibrium theory both studies economies using the model of equilibrium pricing and seeks to determine in which circumstances the assumptions of general equilibrium will hold. The theory dates to the 1870s, particularly the work of French economist Léon Walras in his pioneering 1874 work Elements of Pure Economics. [2]
Chapter 25, "A Note on Books", recommends several books for those interested in further reading on economics. He suggests some intermediate-length works, such as Frederic Benham's "Economics" and Raymond T. Bye's "Principles of Economics," as well as older books like Edwin Canaan's "Wealth" and John Bates Clark's "Essentials of Economic Theory."
Mankiw, N. Gregory (2001), Principles of Economics (second ed.), Fort Worth: Harcourt College Publishers, p. 216, ISBN 978-0-03-025951-7. Pigou, A.C. II, Chapter IX: Divergences Between Marginal Social Net Product and Marginal Private Net Product in The Economics of Welfare (1932)
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. [ 1 ] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal ...
Equity, or economic equality, is the construct, concept or idea of fairness in economics and justice in the distribution of wealth, resources, and taxation within a society. . Equity is closely tied to taxation policies, welfare economics, and the discussions of public finance, influencing how resources are allocated among different segments of the populati
The solution to these problems is important because of the "fundamental fact of economic institution life" that ... [ 2 ] "The economic problem, "the struggle for subsistence", always has been hitherto primary, most pressing problem of the human race- not only of the human race, but of the whole of the biological kingdom from the beginnings of ...
In the Réflexions, after tracing the origin of commerce, Turgot develops Quesnay's theory that land is the only source of wealth, and divides society into three classes, the productive or agricultural, the salaried (the classe stipendiée) or artisan class, and the land-owning class (classe disponible).
Thomas Robert Malthus FRS (/ ˈ m æ l θ ə s /; 13/14 February 1766 – 29 December 1834) [1] was an English economist, cleric, and scholar influential in the fields of political economy and demography. [2]