Economist PDF
Document Details
Uploaded by SensibleAccordion
Tags
Summary
This document provides definitions and explanations of key economic concepts, including different schools of thought and important economists.
Full Transcript
Joel Dean father of Nanag llonoui Economists Names Economicsis a science which deals with wealth (B SV) Economics is what economies do (ACOBVINLR) Scarcity definition of economics (LIONEL ROBBINS) Economics is a...
Joel Dean father of Nanag llonoui Economists Names Economicsis a science which deals with wealth (B SV) Economics is what economies do (ACOBVINLR) Scarcity definition of economics (LIONEL ROBBINS) Economics is a science (LIONEL ROBBINS) Economics is neutral between ends (LIONEL ROBBINS) Economics is a science of choice (LIONEL ROBBINS) Economics as a study of dynamic growth and development (LIONEL ROBBINS) Book - Nature &significance of economics. (LIONEL ROBBINS) Father of Modern Economics (ADAM SMITH) Wealth Definition (ADAM SMITH) Book- An enquiry into the nature and causes of wealth of nations in 1776 (ADAM SMITH) Concept of Socialistic economy (KARL MARX &FREDERICK ENGELS) Giffen goods (SIR ROBERT GIFFEN) Welfare definition - Economics in a study of mankind in the ordinary business of life (ALFRED MARSHALL) Concept of Normative Science - (ALFRED MARSHALL) (ALFRED MARSHALL) Consumer Surplus (ALFRED MARSHALL) Time Element (ALFRED MARSHALL) Law of DMU (ALFRED MARSHALL) oligopoly (STIGLER) Monopolistic Competition theory (CHAMBERLIN) Distinction between selling cost & production cost {CHAMBERLIN) Demonstration Effect (JAMES DUESENBERRY) Veblen Effect / Prestige Goods Effect. (THORSTEIN VEBLEN) Doctrine of conspicuousConsumption (THORSTEIN VEBLEN) Substitution Effect (HICKS &ALLEN) Ordinal Approach /1C Analysis (HICKS & ALLEN) Cobb Douglas Production function (CW Cobb & Paul H Douglas) Innovation is the true function of an entrepreneur (SCHUMPETER). Sweezy'smodel | Kinked DemandCurve (Paul A. Sweezy) Fluctuations in economic activities are due to fluctuations in (KEYNES) aggregate effective demand 1. Trade Cycle is a purely monetary phenomenon (HAWTREY) Business cycles are based on psychology optimism or pessimism (PIGOU) Trade Cycles occur dies to innovations (SCHUMPETER) Business Economics (JOEL DEAN) Cobweb Theory (NICHOLAS KALDOS) functional Goals - Production, Inventory Sales &Market (Cyert & March) Delphi Technique (OLAF HELMER) Properties of Land (RICARD0) Maximise Growth (RL MARRIS) Satisfying Behaviour (HASIMON) Revenue Maximnization (BAUMOL) Maximization of Profit/ Managerial Utility (WILLIAMSON) Feedback Black BoxModel (DAVID EASTON) Create & Retain Customer (PETER DRUCKER) Growth of Business (SAMUELSON)
