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Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory.
According to their theories, inflation is caused by banks issuing an excessive supply of money. According to proponents of the theory of endogenous money, the supply of money automatically adjusts to the demand, and banks can only control the terms and conditions (e.g., the rate of interest) on which loans are made.
One unifying part of their theories was the labour theory of value, contrasting to value deriving from a general equilibrium theory of supply and demand. These economists had seen the first economic and social transformation brought by the Industrial Revolution: rural depopulation , precariousness, poverty, apparition of a working class .
Jean-Jacques Rousseau, Discours sur l'oeconomie politique, 1758. Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).
[3] [4] There is a later version of the benefit theory known as the "voluntary exchange" theory. [5] Under the benefit theory, tax levels are automatically determined, because taxpayers pay proportionately for the government benefits they receive. In other words, the individuals who benefit the most from public services pay the most taxes.
Marxism and Keynesianism is a method of understanding and comparing the works of influential economists John Maynard Keynes and Karl Marx.Both men's works has fostered respective schools of economic thought (Marxian economics and Keynesian economics) that have had significant influence in various academic circles as well as in influencing government policy of various states.
Pages in category "Economic theories" The following 67 pages are in this category, out of 67 total. ... Theories of poverty; Theory of historical trajectory;
Private property and individual contracts form the basis of economic liberalism. [8] The early theory of economic liberalism was based on the assumption that the economic actions of individuals are largely based on self-interest (invisible hand) and that allowing them to act without any restrictions will produce the best results for everyone ...