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Hace 4 días · Published in 1871, the book is also generally considered to be, together with William Stanley Jevons’ Theory of Political Economy and Léon Walras’ Éléments D'économie Politique Pure, one of the founding documents of the revolution in economic science that conclusively overturned classical theories of objective economic value in favor of the modern theory of subjective marginal value.
Hace 5 días · This article considers the contributions of Ralph Hawtrey to monetary theory and macroeconomics, focusing on his monetary business cycle theory and his monetary explanation of the Great Depression. Unlike Milton Friedman's US-centred explanation of the Great Depression, Hawtrey's was focused on the international gold standard that collapsed with the outset of World War I and the attempt to ...
Hace 5 días · The concept of marginalism took hold in mainstream economics through the works of Jevons in England, Carl Menger in Austria and Léon Walras in Switzerland. Jevons was the first to propose the theory, which he did in the paper “A General Mathematical Theory of Political Economy”, which he presented in 1862 and published the ...
Hace 1 día · This economic model is defended from a Marxist–Leninist perspective which states that a planned socialist economy can only emerge after first developing the basis for socialism through the establishment of a market economy and commodity-exchange economy; and that socialism would only emerge after this stage has exhausted its historical necessity and gradually transforms itself into socialism.
Hace 5 días · Absolute and comparative advantage are two concepts in economics and international trade that influence how and why nations and businesses devote resources to producing particular goods and...
Hace 5 días · Consumer theory is a branch of microeconomics that studies how people decide what to spend their money on based on their preferences and budget constraints.
Hace 1 día · Capitalism is based on the accumulation of capital, whereby financial capital is invested in order to make a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value.
