What Is Economics?

Starting with papers submitted March 1, 2014, the review process for articles submitted to the https://financialreviewofbooks.com/ of Education Review will no longer be double blind. Authors are requested to include a title page with authors’ names and affiliation. Recent faculty journal articles from the American Economic Review, Journal of Political Economy, Econometrica, Review of Economic Studies, and the Quarterly Journal of Economics.


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Economic efficiency measures how well a system generates desired output with a given set of inputs and available technology. Efficiency is improved if more output is generated without changing inputs, or in other words, the amount of “waste” is reduced. A widely accepted general standard is Pareto efficiency, which is reached when no further change can make someone better off without making someone else worse off. The Rev. Thomas Robert Malthus used the concept of diminishing returns to explain low living standards.

  • Paul Samuelson’s treatise Foundations of Economic Analysis exemplifies the method, particularly as to maximizing behavioral relations of agents reaching equilibrium.
  • Each year the Institute for Economics and Peace produces the Global Peace Index, the world’s leading measure of national …
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  • Authors who have no funding for the submitted research can request a waiver or a discount during the submission process.
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Much of economics is positive, seeking to describe and predict economic phenomena. Classical models of unemployment occurs when wages are too high for employers to be willing to hire more workers. Consistent with classical unemployment, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment. Much-studied factors include the rate of investment, population growth, and technological change. These are represented in theoretical and empirical forms and in growth accounting.

The Marxist critique of political economy comes from the work of German philosopher Karl Marx. Yongsung Chang, Professor of Economics of Seoul National University, a 1997 PhD graduate of our department and long-time faculty member, has been awarded the Dasan Prize in Economics. Travis Baseler, an assistant professor in the Department of Economics, will give a talk on March 1, 2-3 p.m. His talk will cover some of his recent work on migration and refugee-hosting policy in developing countries. Regularly scheduled seminars, lectures, and conferences to connect with economics scholars.

Translations Of Economics

It has been observed that a high volume of trade occurs among regions even with access to a similar technology and mix of factor inputs, including high-income countries. This has led to investigation of economies of scale and agglomeration to explain specialization in similar but differentiated product lines, to the overall benefit of respective trading parties or regions. The production–possibility frontier is an expository figure for representing scarcity, cost, and efficiency. In the simplest case an economy can produce just two goods (say “guns” and “butter”). The PPF is a table or graph showing the different quantity combinations of the two goods producible with a given technology and total factor inputs, which limit feasible total output. Each point on the curve shows potential total output for the economy, which is the maximum feasible output of one good, given a feasible output quantity of the other good.

Economic Development

Over the years, understanding of the business cycle has branched into various research programmes, mostly related to or distinct from Keynesianism. The neoclassical synthesis refers to the reconciliation of Keynesian https://www.bitstamp.net/ with neoclassical economics, stating that Keynesianism is correct in the short run but qualified by neoclassical-like considerations in the intermediate and long run. The economics of a depression were the spur for the creation of “macroeconomics” as a separate discipline. During the Great Depression of the 1930s, John Maynard Keynes authored a book entitled The General Theory of Employment, Interest and Money outlining the key theories of Keynesian economics.

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