Information about Mainstream Economics
Mainstream economics is the term used to distinguish certain approaches and schools of thought in economics from heterodox approaches and schools such as feminist economics and Marxian economics. Mainstream economists do not, in general, identify themselves as members of a particular school; they may, however, be associated with approaches within a field such as the rational-expectations approach to macroeconomics.
The term came into common use in the late 20th century. It appears in the influential textbook by Samuelson and Nordhaus,[1] on the inside back cover in the "Family Tree of Economics," which depicts arrows into it from J.M. Keynes (1936) and neoclassical economics (1860-1910). An earlier and narrower term first appearing in Samuelson's textbook (1955), is neoclassical synthesis (of neoclassical economics and Keynesian macroeconomics).[2] Mainstream economics includes theories of market and government failure and private and public goods. These developments suggest a range of views on the desirability or otherwise of government intervention.
Mainstream economics may employ axioms or postulates in stating a theory. Testing the theoretical and empirical implications of those postulates is a standard method of mainstream economics.
Some fields may be described as being partly within mainstream economics, partly within heterodox economics. Some of them are Austrian economics[3], institutional economics, neuroeconomics and non-linear complexity theory.[4] They may use neoclassical economics as a point of departure. Yet, recent research suggests that "neoclassical economics no longer dominates a mainstream economics."[5]
A countervailing trend is the expansion of mainstream methods to such seemingly distant fields as crime [6] the family, law, politics, and religion. Laurence R. Iannaccone (1998), "Introduction to the Economics of Religion," Journal of Economic Literature, 36(3), pp. 1465-1496. http://www.religionomics.com/cesr_web/papers/cesr_research/Iannaccone%20-%20JEL%20Intro.pdf/ref> The latter phenomenon is sometimes referred to as economic imperialism.[8]
The term came into common use in the late 20th century. It appears in the influential textbook by Samuelson and Nordhaus,[1] on the inside back cover in the "Family Tree of Economics," which depicts arrows into it from J.M. Keynes (1936) and neoclassical economics (1860-1910). An earlier and narrower term first appearing in Samuelson's textbook (1955), is neoclassical synthesis (of neoclassical economics and Keynesian macroeconomics).[2] Mainstream economics includes theories of market and government failure and private and public goods. These developments suggest a range of views on the desirability or otherwise of government intervention.
Mainstream economics may employ axioms or postulates in stating a theory. Testing the theoretical and empirical implications of those postulates is a standard method of mainstream economics.
Some fields may be described as being partly within mainstream economics, partly within heterodox economics. Some of them are Austrian economics[3], institutional economics, neuroeconomics and non-linear complexity theory.[4] They may use neoclassical economics as a point of departure. Yet, recent research suggests that "neoclassical economics no longer dominates a mainstream economics."[5]
A countervailing trend is the expansion of mainstream methods to such seemingly distant fields as crime [6] the family, law, politics, and religion. Laurence R. Iannaccone (1998), "Introduction to the Economics of Religion," Journal of Economic Literature, 36(3), pp. 1465-1496. http://www.religionomics.com/cesr_web/papers/cesr_research/Iannaccone%20-%20JEL%20Intro.pdf/ref> The latter phenomenon is sometimes referred to as economic imperialism.[8]
References
1. ^ Paul A. Samuelson and William D Nordhaus (2001), 17th ed.,Economics
2. ^ Olivier Jean Blanchard (1987), "neoclassical synthesis," The , v. 3, pp. 634-36.
3. ^ A Companion to the History of Economic Thought (2003). Blackwell Publishing. ISBN 0631225730 p. 452
4. ^ David Colander, Richard P. F. Holt, and Barkley J. Rosser, Jr. (2004), "The Changing Face of Mainstream Economics," Review of Political Economy, 16(4), pp.485-499. (abstract)
5. ^ John B. Davis (2006), "The Turn in Economics: Neoclassical Dominance to Mainstream Pluralism?", Journal of Institutional Economics, 2(1), pp. 1-20. (PDF article link)
6. ^ David D. Friedman (2002), "Crime," The Concise Encyclopedia of Economics,[1]
8. ^ Edward Lazear (2000), "Economic Imperialism". The Quarterly Journal of Economics. , 115(1), pp. 99-146.
2. ^ Olivier Jean Blanchard (1987), "neoclassical synthesis," The , v. 3, pp. 634-36.
3. ^ A Companion to the History of Economic Thought (2003). Blackwell Publishing. ISBN 0631225730 p. 452
4. ^ David Colander, Richard P. F. Holt, and Barkley J. Rosser, Jr. (2004), "The Changing Face of Mainstream Economics," Review of Political Economy, 16(4), pp.485-499. (abstract)
5. ^ John B. Davis (2006), "The Turn in Economics: Neoclassical Dominance to Mainstream Pluralism?", Journal of Institutional Economics, 2(1), pp. 1-20. (PDF article link)
6. ^ David D. Friedman (2002), "Crime," The Concise Encyclopedia of Economics,[1]
8. ^ Edward Lazear (2000), "Economic Imperialism". The Quarterly Journal of Economics. , 115(1), pp. 99-146.
Economics is the social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold).
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Heterodox economics [1] refers to approaches or schools of economic thought that fall outside mainstream economics, or the Walrasian model ("Walrasian economics"
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Feminist economics broadly refers to a developing branch of economics that applies feminist insights and critiques to economics. Research under this heading is often interdisciplinary, critical, or heterodox.
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Marxian economics refers to a body of economic thought stemming from the work of Karl Marx.
The adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology, arguing that Marx's approach to understanding the economy is
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The adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology, arguing that Marx's approach to understanding the economy is
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Rational expectations is a theory in economics originally proposed by John F. Muth (1961) and later developed by Robert E. Lucas Jr. It is used to model how economic agents forecast future events.
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Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole.[1] Macroeconomists seek to understand the determinants of aggregate trends in an economy with particular focus on national income,
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John Maynard Keynes, 1st Baron Keynes, CB (pronounced "cains", IPA /keɪnz/) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and
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Neoclassical economics refers to a general approach in economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand.
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Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus. It was first published in 1948, and has appeared in eighteen different editions, the most recent in 2004.
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Neoclassical economics refers to a general approach in economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand.
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Keynesian economics (pronounced "kainzian", IPA /ˈkeɪnzjən/), also called Keynesianism, or Keynesian Theory
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Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole.[1] Macroeconomists seek to understand the determinants of aggregate trends in an economy with particular focus on national income,
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Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. The first known use of the term by economists was in 1958,[1]
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Government failure (or non-market failure) is the public sector analogy to market failure and occurs when a government intervention causes a more inefficient allocation of goods and resources than would occur without that intervention.
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public good is a good that is non-rival and non-excludable. This means that consumption of the good by one individual does not reduce the amount of the good available for consumption by others; and no one can be effectively excluded from using that good.
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axiom is a sentence or proposition that is not proved or demonstrated and is considered as self-evident or as an initial necessary consensus for a theory building or acceptation.
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The term postulate, or axiom, indicates a starting assumption from which other statements are logically derived. It does not have to be self-evident (constancy of the speed of light in a vacuum is not self-evident, however it was used as a postulate in the special theory of
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Heterodox economics [1] refers to approaches or schools of economic thought that fall outside mainstream economics, or the Walrasian model ("Walrasian economics"
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Libertarianism
Schools of thought
Agorism
Anarcho-capitalism
Geolibertarianism
Green libertarianism
Right-libertarianism
Left-libertarianism
Minarchism
Neolibertarianism
Paleolibertarianism
Progressive libertarianism
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Schools of thought
Agorism
Anarcho-capitalism
Geolibertarianism
Green libertarianism
Right-libertarianism
Left-libertarianism
Minarchism
Neolibertarianism
Paleolibertarianism
Progressive libertarianism
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Institutional economics, known by some as Institutional political economy, focuses on understanding the role of human-made institutions in shaping economic behavior. Aspects of institutional economics are part of mainstream economics -- in particular the so-called new institutional
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Neuroeconomics combines neuroscience, economics, and psychology to study how we make choices. It looks at the role of the brain when we evaluate decisions, categorize risks and rewards, and interact with each other.
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Complexity economics is the application of complexity science to the problems of economics. This new mode of economic thought rejects traditional assumptions that imply that the economy is a closed system that eventually reaches an equilibrium.
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The family, although recognized as fundamental from Adam Smith on, received little systematic treatment in economics before the 1950s. A significant exception was Thomas Malthus's model of population growth.
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Law and economics, or economic analysis of law is an approach to legal theory that applies methods of economics to law. It includes the use of economic concepts to explain the effects of laws, to assess which legal rules are economically efficient, and to predict which legal
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Public choice theory is the use of modern economic tools to study problems that are traditionally in the province of political science. (A more general term is 'political economy', an earlier name for 'economics' that evokes its practical and theoretical origins but should not be
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Economic imperialism is the term used to describe the application of economics to the so called non-economic aspects of life such as crime, marriage and war.[1][2]
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See also
- Gary Becker
- Mainstream economics
References
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Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus. It was first published in 1948, and has appeared in eighteen different editions, the most recent in 2004.
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