Branches of economics
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BRANCHES OF ECONOMICS
- Bu sahifa navigatsiya:
- Econometrics
- Labour economics
- Other schools of economics Chicago school
- Distributism/social-democratic approach
Development economics
Key people: Simon Kuznets and W. Arthur Lewis, Amartya Sen and Muhammad Yunus. Concerned with issues of poverty and under-development in poorer countries of the world. Development economics is concerned with both micro and macro aspects of economic development. Issues include Trade vs aid Increasing capital investment. Best ways to promote economic development Third World debt Econometrics Key people: Jan Tinbergen Use of data to find simple relationships. Econometrics uses statistical methods, regression models and data to predict the outcome of economic policies. For example, Okun’s law suggests a relationship between economic growth and unemployment. Labour economics Key people: Knut Wicksell Concentration on wages, labour employment and labour markets. Labour economics starts from the neo-classical premise of labour supply and marginal revenue product of labour. Recent developments in labour economics have placed greater emphasis on non-monetary factors, such as motivation, enjoyment and labour market imperfections. Other schools of economics Chicago school – Based on neo-classical economics, rational choice and benefits of free markets. Key people from Chicago university, include Frank Knight, Milton Friedman, Eugene Fama and Gary Becker Institutional economics – A look at how institutions, society and social trends can influence economics. A forerunner of behavioural economics. Key people include Thorstein Veblen, John Kenneth Galbraith, and Ha-Joon Chang. Distributism/social-democratic approach. Seeking a third way between capitalism and socialism. Real Business Cycle – Models that suggest macroeconomic fluctuations caused by supply-side changes, such as technological shocks. See – Real business cycle Mercantilism – Early model of economics emphasising tariff barriers and the accumulation of gold reserves. Mercantilism Download 63.5 Kb. Do'stlaringiz bilan baham: |
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