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Mainstream economics

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1108:, which combines elements of both New Keynesian and New classical macroeconomics, and forms the basis for the current consensus, which covers previously disputed areas of macroeconomics. The consensus built around this synthesis is characterised by an unprecedented agreement on methodological questions (such as the need to validate models econometrically); such agreement had, until the new synthesis, historically eluded macroeconomics, even during the 53: 4565: 880: 868: 987: 1287:
Economics has been initially shaped as a discipline concerned with a range of issues revolving around money and wealth. However, in the 1930s, mainstream economics began to mutate into a science of human decision. In 1931, Lionel Robbins famously wrote "Economics is the science which studies human
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often derived – although not systematically – the political prescription that political action should not be used to solve the problems of the economic system. Instead, the solution ought to derive from an intervention on the above-mentioned maximisation objectives and constraints. It is in this
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Originally, the starting point of orthodox economic analysis was the individual. Individuals and firms were generally defined as units with a common goal: maximisation through rational behaviour. The only differences consisted of:
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gained attention as older models were neither able to explain the causes of the Depression nor provide solutions. It built on the work of the underconsumptionist school, and gained prominence as part of the
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and the constraints faced in the process of maximisation (individuals might be constrained by limited income or commodity prices and firms might be constrained by technology or availability of inputs).
1279:. They may use neoclassical economics as a point of departure. At least one institutionalist, John Davis, has argued that "neoclassical economics no longer dominates a mainstream economics." 2017: 1032:, which was rather a loose set of related ideas than an institutionalized school. With the development of modern economics, conventionally given as the late 18th-century 1187:
While being long rejected by many heterodox schools, several assumptions used to underpin many mainstream economic models. These include the neoclassical assumptions of
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and the ensuing global economic crisis exposed modelling failures in the field of short-term macroeconomics. While most macroeconomists had predicted the burst of the
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In the 1970s, the consensus in macroeconomics collapsed as a result of the failure of the neoclassical synthesis to explain the phenomenon of
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The mainstream approach of economics as a science of decision-making contributed to enlarge the scope of the discipline. Economists like
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and Nordhaus on the inside back cover in the "Family Tree of Economics", which depicts arrows into "Modern Mainstream Economics" from
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Himmelweit, Sue (17 March 1997). "Chapter 2: The individual as the basic unit of analysis". In Green, Francis; Nore, Peter (eds.).
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Jahan, Sarwat; Mahmud, Ahmed Saber; Papageorgiou, Chris (September 2014). Hayden, Jeffrey; Primorac, Marina; et al. (eds.).
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behaviour as a relationship between ends and scarce means which have alternative uses". This drew a line of demarcation between
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Mainstream economics can be defined, as distinct from other schools of economics, by various criteria, notably by its
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The term "mainstream economics" came into use in the late 20th century. It appeared in 2001 edition of the textbook
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in Germany, and throughout the 19th century there were debates in British economics, notably the opposition
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Over the course of the 1980s and the 1990s, macroeconomists coalesced around a paradigm known as the
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The precise distinction and relationship between classical economics and neoclassical economics is
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the specific objective of the maximisation (individuals tend to maximise utility and firms profit);
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Prior to the development and prevalence of classical economics, the dominant school in Europe was
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terms used to refer to successive chronological periods of an interrelated group of theories.
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finds its justification. Yet, mainstream economics now includes descriptive theories of
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Please expand the section to include this information. Further details may exist on the
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Colander, David; Holt, Richard P. F.; Rosser, Barkley J. Jr. (November 2003).
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From this (descriptive) theoretical framework, neoclassical economists like
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mainstream economics and other disciplines and schools studying the economy
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Mapping Mainstream Economics: Genealogical Foundations of Alternativity
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Some economic fields include elements of both mainstream economics and
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in France formed a distinct tradition, as did the later work of the
2218:(3). Cambridge, MA: National Bureau of Economic Research: 697–743. 2053: 2036: 1089:: subsequent to this, two schools of thought in the field emerged: 4143: 3918: 3747: 2549:
Modern macroeconomics: its origins, development and current state
2037:"The New Neoclassical Synthesis and the Role of Monetary Policy" 949:
The economics profession has traditionally been associated with
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Jelveh, Zubin; Kogut, Bruce; Naidu, Suresh (13 December 2022).
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began to study seemingly distant fields including crime, the
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to explain macroeconomic phenomena using microeconomics.
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Schäfer, Georg N.; Schuster, Sören E. (7 June 2022).
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that are only accepted by a minority of economists.
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This expansion is sometimes referred to as 904: 8: 1451: 1841:"The Changing Face of Mainstream Economics" 1439: 1427: 1073:During the Great Depression, the school of 4197: 3770: 3756: 3748: 2672: 2658: 2650: 1881:Journal of the History of Economic Thought 1586: 1574: 911: 897: 31: 2608: 2597:American Economic Journal: Macroeconomics 2455: 2387: 2158: 2052: 1790:Political economy: a comparative approach 1535: 1415: 1379: 1367: 934:as a basis for discussion. Also known as 2546:Snowdon, Brian; Vane, Howard R. (2006). 2206:; Violante, Giovanni L. (1 March 2018). 1711:The New Palgrave Dictionary of Economics 1487: 1499: 1391: 1360: 1328: 1021:Economics has always featured multiple 43: 3892:Measures of national income and output 2494:(17 ed.). Richard D. Irwin, Inc. 1685: 1673: 1661: 1646: 1634: 1463: 2331:(1) (published August 1999): 99–146. 2291:"How did economists get it so wrong?" 1877:"The Death of Neoclassical Economics" 1610: 1404:Jahan, Mahmud & Papageorgiou 2014 7: 2432:"The New Keynesian Microfoundations" 2023:from the original on 12 August 2017. 1339:. Suffice to say that these are the 1201:imperfect and asymmetric information 2264:Federal Reserve Bank of Minneapolis 2208:"Monetary Policy According to HANK" 1978:Journal of Post Keynesian Economics 2636:from the original on 31 March 2023 2572:from the original on 30 April 2021 2325:The Quarterly Journal of Economics 1969:Dequech, David (1 December 2007). 1922:Journal of Institutional Economics 25: 2515:(1 ed.). London: Routledge. 2147:"Political Language in Economics" 4564: 4563: 3195:neoclassical–Keynesian synthesis 2406:"The other-worldly philosophers" 2376:Journal of Economic Perspectives 2354:from the original on 30 May 2023 2303:from the original on 24 May 2023 1956:from the original on 3 July 2023 1810:(2000a). Colander, David (ed.). 1719:10.1057/978-1-349-95121-5_1218-1 1599:Colander, Holt & Rosser 2003 1560:Kaplan, Moll & Violante 2018 1548:Kaplan, Moll & Violante 2018 985: 878: 866: 51: 2316:Lazear, Edward P. (July 1999). 1916:Davis, John B. (1 April 2006). 153:Concepts, theory and techniques 4525:Publications in macroeconomics 2110:"What Is Keynesian Economics?" 1875:Colander, David (June 2000b). 1064:historical school of economics 1: 4505:Critique of political economy 3131:Critique of political economy 1788:Clark, Barry Stewart (1998). 1524:Samuelson & Nordhaus 2001 1117:financial crisis of 2007–2010 2121:. Vol. 51, no. 3. 1095:New classical macroeconomics 942:, which encompasses various 4593:History of economic thought 4588:Schools of economic thought 2296:The New York Times Magazine 2123:International Monetary Fund 1860:10.1080/0953825042000256702 1848:Review of Political Economy 1623:Schäfer & Schuster 2022 1215:, heterogeneous agents and 1023:schools of economic thought 4609: 4253:New neoclassical synthesis 4236:Real business-cycle theory 3269:Real business-cycle theory 2436:NBER Macroeconomics Annual 2041:NBER Macroeconomics Annual 1990:10.2753/PKE0160-3477300207 1476:Goodfriend & King 1997 1106:new neoclassical synthesis 938:, it can be contrasted to 4561: 3709: 2118:Finance & Development 2084:10.1007/978-1-349-15751-8 1934:10.1017/S1744137405000263 1893:10.1080/10427710050025330 4258:Saltwater and freshwater 2212:American Economic Review 1707:"Neoclassical Synthesis" 141:JEL classification codes 4182:International economics 4107:Overlapping generations 2909:Industrial organization 2739:Computational economics 2337:10.1162/003355300554683 2151:SSRN Electronic Journal 2074:Economics: An Anti-text 1703:Blanchard, Olivier Jean 1440:Snowdon & Vane 2006 1428:Snowdon & Vane 2006 1269:institutional economics 1155:(1860–1910). The term " 967:industrial organization 327:Industrial organization 184:Computational economics 4552:Mathematical economics 4286:Modern monetary theory 4039:Universal basic income 3114:Modern monetary theory 2779:Experimental economics 2749:Pluralism in economics 2734:Mathematical economics 2318:"Economic Imperialism" 2256:Kocherlakota, Narayana 1239:context that economic 1189:rational choice theory 1157:neoclassical synthesis 1153:neoclassical economics 1110:neoclassical synthesis 1080:neoclassical synthesis 1056:neoclassical economics 996:is missing information 951:neoclassical economics 179:Experimental economics 4380:Wesley Clair Mitchell 4355:Thomas Robert Malthus 4177:Development economics 2521:10.4324/9781003287148 2078:. London: MacMillan. 1816:. London: Routledge. 1771:10.1002/9780470999059 1705:(11 November 2016) . 1213:imperfect competition 1197:rational expectations 1048:The Wealth of Nations 1035:The Wealth of Nations 998:about Microeconomics. 971:information economics 944:schools or approaches 4102:Ramsey–Cass–Koopmans 3941:Liquidity preference 2988:Social choice theory 2744:Behavioral economics 2486:Nordhaus, William D. 2448:10.1086/ma.2.4623707 2289:(2 September 2009). 2224:10.1257/aer.20160042 2160:10.2139/ssrn.2535453 1317:economic imperialism 1193:representative agent 963:behavioral economics 924:Mainstream economics 406:Social choice theory 4520:Macroeconomic model 4385:John Maynard Keynes 4167:Economic statistics 4112:General equilibrium 3072:American (National) 2772:Economic statistics 2610:10.1257/mac.1.1.267 2428:Rotemberg, Julio J. 2389:10.1257/jep.20.4.29 1478:, pp. 231–232. 1265:heterodox economics 1205:bounded rationality 1075:Keynesian economics 1068:underconsumptionist 940:heterodox economics 873:Business portal 194:Operations research 174:National accounting 4460:Edward C. Prescott 4172:Monetary economics 2482:Samuelson, Paul A. 2368:Mankiw, N. Gregory 2029:Goodfriend, Marvin 1759:Samuels, Warren J. 1750:(1 January 2003). 1512:The Economist 2009 1249:government failure 1209:incomplete markets 936:orthodox economics 204:Industrial complex 199:Middle income trap 18:Orthodox economics 4575: 4574: 4547:Political economy 4490:N. Gregory Mankiw 4480:Thomas J. Sargent 4329: 4328: 4320:Market monetarism 4124:Endogenous growth 3953:National accounts 3745: 3744: 3276:New institutional 2586:Woodford, Michael 2562:978-1-84542-208-0 2530:978-1-003-28714-8 2370:(1 August 2006). 2043:. NBER Chapters. 1823:978-0-415-13356-2 1799:978-0-275-96370-5 1780:978-0-631-22573-7 1728:978-1-349-95121-5 1466:, pp. 38–39. 1454:, pp. 11–12. 1452:Kocherlakota 2010 1277:complexity theory 1275:, and non-linear 1217:transaction costs 1019: 1018: 921: 920: 16:(Redirected from 4600: 4567: 4566: 4470:William Nordhaus 4455:Robert Lucas Jr. 4345:François Quesnay 4198: 3965:Nominal rigidity 3936:Demand for money 3914:Microfoundations 3850:Financial crisis 3830:Effective demand 3800:Aggregate supply 3795:Aggregate demand 3772: 3765: 3758: 3749: 2949:Natural resource 2784:Economic history 2722:Mechanism design 2674: 2667: 2660: 2651: 2645: 2643: 2641: 2635: 2612: 2594: 2588:(January 2009). 2581: 2579: 2577: 2571: 2554: 2542: 2505: 2477: 2459: 2430:(January 1987). 2423: 2414:. 18 July 2009. 2401: 2391: 2363: 2361: 2359: 2353: 2322: 2312: 2310: 2308: 2282: 2280: 2278: 2251: 2195: 2193: 2191: 2162: 2141: 2139: 2137: 2114: 2104: 2102: 2100: 2077: 2066: 2056: 2024: 2022: 1975: 1965: 1963: 1961: 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1410: 1402: 1398: 1390: 1386: 1378: 1374: 1366: 1362: 1358: 1353: 1348: 1347: 1337:a debated point 1334: 1330: 1325: 1285: 1267:: for example, 1261: 1236:Alfred Marshall 1185: 1165: 1135: 1123:, according to 1015: 1009: 1006: 999: 990: 979: 917: 879: 877: 865: 858: 857: 828: 818: 817: 816: 815: 579:von Böhm-Bawerk 467: 456: 455: 217: 209: 208: 164:Economic growth 154: 146: 145: 87: 85:classifications 28: 23: 22: 15: 12: 11: 5: 4606: 4604: 4596: 4595: 4590: 4580: 4579: 4573: 4572: 4562: 4559: 4558: 4554: 4549: 4544: 4542:Microeconomics 4539: 4538: 4537: 4527: 4522: 4517: 4516: 4515: 4513: 4509: 4508: 4503: 4501: 4497: 4496: 4492: 4487: 4482: 4477: 4472: 4467: 4462: 4457: 4452: 4447: 4445:Lawrence Klein 4442: 4440:Paul Samuelson 4437: 4432: 4427: 4422: 4417: 4412: 4407: 4402: 4397: 4395:MichaĹ‚ Kalecki 4392: 4387: 4382: 4377: 4372: 4367: 4362: 4357: 4352: 4347: 4342: 4341: 4340: 4338: 4331: 4330: 4327: 4326: 4322: 4317: 4312: 4310:Disequilibrium 4307: 4306: 4305: 4298:Post-Keynesian 4295: 4290: 4289: 4288: 4278: 4273: 4272: 4271: 4269: 4265: 4264: 4260: 4255: 4250: 4245: 4240: 4239: 4238: 4228: 4223: 4222: 4221: 4216: 4206: 4205: 4204: 4202: 4195: 4189: 4188: 4184: 4179: 4174: 4169: 4164: 4159: 4158: 4157: 4155: 4154:Related fields 4151: 4150: 4146: 4141: 4136: 4131: 4126: 4121: 4120: 4119: 4109: 4104: 4099: 4094: 4089: 4084: 4082:Phillips curve 4079: 4074: 4069: 4064: 4059: 4054: 4053: 4052: 4050: 4046: 4045: 4041: 4036: 4031: 4026: 4021: 4016: 4015: 4014: 4012: 4008: 4007: 4003: 4002: 3997: 3992: 3987: 3982: 3977: 3972: 3967: 3962: 3961: 3960: 3950: 3945: 3944: 3943: 3933: 3931:Money creation 3928: 3927: 3926: 3916: 3911: 3910: 3909: 3904: 3899: 3889: 3887:Liquidity trap 3884: 3879: 3874: 3873: 3872: 3867: 3857: 3852: 3847: 3846: 3845: 3840: 3832: 3827: 3822: 3817: 3812: 3807: 3805:Business cycle 3802: 3797: 3791: 3790: 3789: 3787: 3786:Basic concepts 3783: 3782: 3779:Macroeconomics 3777: 3775: 3774: 3767: 3760: 3752: 3743: 3742: 3740: 3735: 3730: 3725: 3720: 3715: 3710: 3707: 3706: 3702: 3701: 3696: 3686: 3681: 3675: 3674: 3673: 3671: 3665: 3664: 3662: 3661: 3654: 3649: 3644: 3639: 3634: 3629: 3624: 3619: 3614: 3609: 3604: 3599: 3594: 3589: 3584: 3579: 3574: 3569: 3564: 3559: 3554: 3549: 3544: 3539: 3534: 3529: 3524: 3519: 3514: 3509: 3504: 3499: 3494: 3489: 3484: 3479: 3474: 3469: 3464: 3459: 3454: 3449: 3444: 3439: 3434: 3429: 3424: 3419: 3414: 3409: 3404: 3399: 3394: 3389: 3384: 3379: 3374: 3369: 3364: 3359: 3354: 3349: 3344: 3339: 3334: 3329: 3324: 3318: 3316: 3310: 3307: 3306: 3304: 3303: 3298: 3293: 3288: 3283: 3278: 3273: 3272: 3271: 3261: 3260: 3259: 3249: 3244: 3239: 3238: 3237: 3227: 3222: 3217: 3216: 3215: 3214: 3213: 3203: 3198: 3183: 3178: 3173: 3168: 3163: 3158: 3153: 3148: 3143: 3141:Disequilibrium 3138: 3133: 3128: 3123: 3118: 3117: 3116: 3106: 3101: 3096: 3091: 3090: 3089: 3079: 3074: 3069: 3064: 3058: 3056: 3044: 3041: 3040: 3036: 3035: 3030: 3025: 3020: 3015: 3010: 3005: 3000: 2995: 2990: 2981: 2976: 2971: 2966: 2961: 2956: 2954:Organizational 2951: 2946: 2941: 2936: 2931: 2926: 2921: 2916: 2911: 2906: 2901: 2896: 2891: 2886: 2881: 2876: 2871: 2866: 2861: 2856: 2851: 2846: 2841: 2836: 2831: 2826: 2821: 2816: 2811: 2806: 2800: 2799: 2798: 2796: 2790: 2789: 2787: 2786: 2781: 2776: 2775: 2774: 2763: 2761: 2755: 2754: 2752: 2751: 2746: 2741: 2736: 2731: 2729:Macroeconomics 2726: 2725: 2724: 2719: 2714: 2709: 2704: 2697:Microeconomics 2693: 2691: 2685: 2684: 2679: 2677: 2676: 2669: 2662: 2654: 2647: 2646: 2603:(1): 267–279. 2582: 2561: 2543: 2529: 2506: 2500: 2478: 2424: 2402: 2364: 2313: 2283: 2258:(4 May 2010). 2252: 2204:Moll, Benjamin 2196: 2142: 2105: 2092: 2067: 2054:10.1086/654336 2033:King, Robert G 2025: 1984:(2): 279–302. 1966: 1913: 1887:(2): 127–143. 1872: 1854:(4): 485–499. 1836: 1822: 1804: 1798: 1785: 1779: 1744:Boettke, Peter 1740: 1727: 1698: 1696: 1693: 1691: 1690: 1678: 1666: 1651: 1639: 1627: 1615: 1603: 1591: 1579: 1564: 1562:, p. 709. 1552: 1550:, p. 699. 1540: 1536:Blanchard 2016 1528: 1516: 1504: 1492: 1480: 1468: 1456: 1444: 1432: 1420: 1416:Blanchard 2016 1408: 1396: 1394:, p. 279. 1384: 1382:, p. 130. 1380:Colander 2000b 1372: 1368:Colander 2000a 1359: 1357: 1354: 1352: 1349: 1346: 1345: 1327: 1326: 1324: 1321: 1284: 1281: 1273:neuroeconomics 1260: 1257: 1232: 1231: 1228: 1195:, and, often, 1184: 1181: 1164: 1161: 1134: 1131: 1121:housing bubble 1017: 1016: 993: 991: 984: 978: 975: 955:David Colander 919: 918: 916: 915: 908: 901: 893: 890: 889: 888: 887: 875: 860: 859: 856: 855: 850: 840: 835: 829: 824: 823: 820: 819: 814: 813: 806: 801: 796: 791: 786: 781: 776: 771: 766: 761: 756: 751: 746: 741: 736: 731: 726: 721: 716: 711: 706: 701: 696: 691: 686: 681: 676: 671: 666: 661: 656: 651: 646: 641: 636: 631: 626: 621: 616: 611: 606: 601: 596: 591: 586: 581: 576: 571: 566: 561: 556: 551: 546: 541: 536: 531: 526: 521: 516: 511: 506: 501: 496: 491: 486: 481: 476: 470: 469: 468: 462: 461: 458: 457: 454: 453: 448: 443: 438: 433: 428: 423: 418: 413: 408: 399: 394: 389: 384: 379: 374: 372:Organizational 369: 364: 359: 354: 349: 344: 339: 334: 329: 324: 319: 314: 309: 304: 299: 294: 289: 284: 279: 274: 269: 264: 259: 254: 249: 244: 239: 234: 229: 224: 218: 216:By application 215: 214: 211: 210: 207: 206: 201: 196: 191: 186: 181: 176: 171: 166: 161: 155: 152: 151: 148: 147: 144: 143: 138: 133: 128: 123: 118: 109: 104: 99: 94: 88: 82: 81: 78: 77: 76: 75: 70: 65: 57: 56: 48: 47: 41: 40: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 4605: 4594: 4591: 4589: 4586: 4585: 4583: 4570: 4560: 4553: 4550: 4548: 4545: 4543: 4540: 4536: 4533: 4532: 4531: 4528: 4526: 4523: 4521: 4518: 4514: 4510: 4506: 4502: 4498: 4491: 4488: 4486: 4483: 4481: 4478: 4476: 4473: 4471: 4468: 4466: 4465:Peter Diamond 4463: 4461: 4458: 4456: 4453: 4451: 4450:Edmund Phelps 4448: 4446: 4443: 4441: 4438: 4436: 4433: 4431: 4428: 4426: 4425:Richard Stone 4423: 4421: 4418: 4416: 4413: 4411: 4410:Joan Robinson 4408: 4406: 4405:Simon Kuznets 4403: 4401: 4400:Gunnar Myrdal 4398: 4396: 4393: 4391: 4388: 4386: 4383: 4381: 4378: 4376: 4375:Irving Fisher 4373: 4371: 4370:Knut Wicksell 4368: 4366: 4363: 4361: 4358: 4356: 4353: 4351: 4348: 4346: 4343: 4339: 4337: 4332: 4321: 4318: 4316: 4313: 4311: 4308: 4304: 4301: 4300: 4299: 4296: 4294: 4291: 4287: 4284: 4283: 4282: 4279: 4277: 4274: 4270: 4266: 4259: 4256: 4254: 4251: 4249: 4246: 4244: 4241: 4237: 4234: 4233: 4232: 4231:New classical 4229: 4227: 4224: 4220: 4217: 4215: 4212: 4211: 4210: 4207: 4203: 4199: 4196: 4194: 4190: 4183: 4180: 4178: 4175: 4173: 4170: 4168: 4165: 4163: 4160: 4156: 4152: 4145: 4142: 4140: 4137: 4135: 4132: 4130: 4127: 4125: 4122: 4118: 4115: 4114: 4113: 4110: 4108: 4105: 4103: 4100: 4098: 4095: 4093: 4090: 4088: 4085: 4083: 4080: 4078: 4075: 4073: 4070: 4068: 4065: 4063: 4060: 4058: 4055: 4051: 4047: 4040: 4037: 4035: 4032: 4030: 4027: 4025: 4022: 4020: 4017: 4013: 4009: 4001: 3998: 3996: 3993: 3991: 3988: 3986: 3983: 3981: 3980:Shrinkflation 3978: 3976: 3973: 3971: 3968: 3966: 3963: 3959: 3956: 3955: 3954: 3951: 3949: 3946: 3942: 3939: 3938: 3937: 3934: 3932: 3929: 3925: 3922: 3921: 3920: 3917: 3915: 3912: 3908: 3905: 3903: 3900: 3898: 3895: 3894: 3893: 3890: 3888: 3885: 3883: 3880: 3878: 3877:Interest rate 3875: 3871: 3868: 3866: 3863: 3862: 3861: 3858: 3856: 3853: 3851: 3848: 3844: 3841: 3839: 3836: 3835: 3834:Expectations 3833: 3831: 3828: 3826: 3823: 3821: 3818: 3816: 3813: 3811: 3808: 3806: 3803: 3801: 3798: 3796: 3793: 3792: 3788: 3784: 3780: 3773: 3768: 3766: 3761: 3759: 3754: 3753: 3750: 3739: 3736: 3734: 3731: 3729: 3726: 3724: 3721: 3719: 3716: 3714: 3711: 3708: 3700: 3697: 3694: 3690: 3687: 3685: 3682: 3680: 3677: 3676: 3672: 3670: 3666: 3660: 3659: 3655: 3653: 3650: 3648: 3645: 3643: 3640: 3638: 3635: 3633: 3630: 3628: 3625: 3623: 3620: 3618: 3615: 3613: 3610: 3608: 3605: 3603: 3600: 3598: 3595: 3593: 3590: 3588: 3585: 3583: 3580: 3578: 3575: 3573: 3570: 3568: 3565: 3563: 3560: 3558: 3555: 3553: 3550: 3548: 3545: 3543: 3540: 3538: 3535: 3533: 3530: 3528: 3525: 3523: 3520: 3518: 3515: 3513: 3510: 3508: 3505: 3503: 3500: 3498: 3495: 3493: 3490: 3488: 3485: 3483: 3480: 3478: 3475: 3473: 3470: 3468: 3465: 3463: 3460: 3458: 3455: 3453: 3450: 3448: 3445: 3443: 3440: 3438: 3435: 3433: 3430: 3428: 3425: 3423: 3420: 3418: 3415: 3413: 3410: 3408: 3405: 3403: 3400: 3398: 3395: 3393: 3390: 3388: 3385: 3383: 3380: 3378: 3375: 3373: 3370: 3368: 3365: 3363: 3360: 3358: 3355: 3353: 3350: 3348: 3345: 3343: 3340: 3338: 3335: 3333: 3330: 3328: 3325: 3323: 3322:de Mandeville 3320: 3319: 3317: 3313: 3308: 3302: 3299: 3297: 3294: 3292: 3289: 3287: 3284: 3282: 3279: 3277: 3274: 3270: 3267: 3266: 3265: 3264:New classical 3262: 3258: 3255: 3254: 3253: 3250: 3248: 3245: 3243: 3240: 3236: 3233: 3232: 3231: 3228: 3226: 3223: 3221: 3220:Malthusianism 3218: 3212: 3209: 3208: 3207: 3204: 3202: 3199: 3196: 3192: 3189: 3188: 3187: 3184: 3182: 3181:Institutional 3179: 3177: 3174: 3172: 3169: 3167: 3164: 3162: 3159: 3157: 3154: 3152: 3149: 3147: 3144: 3142: 3139: 3137: 3134: 3132: 3129: 3127: 3124: 3122: 3119: 3115: 3112: 3111: 3110: 3107: 3105: 3102: 3100: 3097: 3095: 3092: 3088: 3085: 3084: 3083: 3080: 3078: 3075: 3073: 3070: 3068: 3065: 3063: 3060: 3059: 3057: 3052: 3047: 3042: 3034: 3031: 3029: 3026: 3024: 3021: 3019: 3016: 3014: 3011: 3009: 3006: 3004: 3001: 2999: 2996: 2994: 2991: 2989: 2985: 2984:Public choice 2982: 2980: 2977: 2975: 2972: 2970: 2967: 2965: 2962: 2960: 2959:Participation 2957: 2955: 2952: 2950: 2947: 2945: 2942: 2940: 2937: 2935: 2932: 2930: 2927: 2925: 2922: 2920: 2919:Institutional 2917: 2915: 2912: 2910: 2907: 2905: 2902: 2900: 2897: 2895: 2892: 2890: 2887: 2885: 2882: 2880: 2877: 2875: 2872: 2870: 2869:Expeditionary 2867: 2865: 2862: 2860: 2859:Environmental 2857: 2855: 2852: 2850: 2847: 2845: 2842: 2840: 2837: 2835: 2832: 2830: 2827: 2825: 2822: 2820: 2817: 2815: 2812: 2810: 2807: 2805: 2802: 2801: 2797: 2795: 2791: 2785: 2782: 2780: 2777: 2773: 2770: 2769: 2768: 2765: 2764: 2762: 2760: 2756: 2750: 2747: 2745: 2742: 2740: 2737: 2735: 2732: 2730: 2727: 2723: 2720: 2718: 2715: 2713: 2710: 2708: 2705: 2703: 2700: 2699: 2698: 2695: 2694: 2692: 2690: 2686: 2682: 2675: 2670: 2668: 2663: 2661: 2656: 2655: 2652: 2632: 2628: 2624: 2620: 2616: 2611: 2606: 2602: 2598: 2591: 2587: 2583: 2568: 2564: 2558: 2551: 2550: 2544: 2540: 2536: 2532: 2526: 2522: 2518: 2514: 2513: 2507: 2503: 2501:9780072509144 2497: 2493: 2492: 2487: 2483: 2479: 2475: 2471: 2467: 2463: 2458: 2453: 2449: 2445: 2441: 2437: 2433: 2429: 2425: 2421: 2417: 2413: 2412: 2411:The Economist 2407: 2403: 2399: 2395: 2390: 2385: 2381: 2377: 2373: 2369: 2365: 2350: 2346: 2342: 2338: 2334: 2330: 2326: 2319: 2314: 2302: 2298: 2297: 2292: 2288: 2287:Krugman, Paul 2284: 2273: 2269: 2265: 2261: 2257: 2253: 2249: 2245: 2241: 2237: 2233: 2229: 2225: 2221: 2217: 2213: 2209: 2205: 2201: 2197: 2186: 2182: 2178: 2174: 2170: 2166: 2161: 2156: 2152: 2148: 2143: 2132: 2128: 2124: 2120: 2119: 2111: 2106: 2095: 2093:9780765639233 2089: 2085: 2081: 2076: 2075: 2068: 2064: 2060: 2055: 2050: 2046: 2042: 2038: 2034: 2030: 2026: 2019: 2015: 2011: 2007: 2003: 1999: 1995: 1991: 1987: 1983: 1979: 1972: 1967: 1955: 1951: 1947: 1943: 1939: 1935: 1931: 1927: 1923: 1919: 1914: 1910: 1906: 1902: 1898: 1894: 1890: 1886: 1882: 1878: 1873: 1869: 1865: 1861: 1857: 1853: 1849: 1842: 1837: 1833: 1829: 1825: 1819: 1815: 1814: 1809: 1805: 1801: 1795: 1791: 1786: 1782: 1776: 1772: 1768: 1764: 1760: 1753: 1749: 1748:Leeson, Peter 1745: 1741: 1730: 1724: 1720: 1716: 1712: 1708: 1704: 1700: 1699: 1694: 1687: 1682: 1679: 1676:, p. 20. 1675: 1670: 1667: 1664:, p. 39. 1663: 1658: 1656: 1652: 1649:, p. 14. 1648: 1643: 1640: 1637:, p. 19. 1636: 1631: 1628: 1624: 1619: 1616: 1612: 1607: 1604: 1601:, p. 11. 1600: 1595: 1592: 1589:, p. 23. 1588: 1583: 1580: 1577:, p. 22. 1576: 1571: 1569: 1565: 1561: 1556: 1553: 1549: 1544: 1541: 1537: 1532: 1529: 1525: 1520: 1517: 1513: 1508: 1505: 1501: 1496: 1493: 1489: 1488:Woodford 2009 1484: 1481: 1477: 1472: 1469: 1465: 1460: 1457: 1453: 1448: 1445: 1442:, p. 72. 1441: 1436: 1433: 1430:, p. 23. 1429: 1424: 1421: 1417: 1412: 1409: 1406:, p. 53. 1405: 1400: 1397: 1393: 1388: 1385: 1381: 1376: 1373: 1370:, p. 35. 1369: 1364: 1361: 1355: 1350: 1342: 1341:ex post facto 1338: 1332: 1329: 1322: 1320: 1318: 1314: 1310: 1306: 1302: 1298: 1293: 1291: 1282: 1280: 1278: 1274: 1270: 1266: 1258: 1256: 1254: 1250: 1246: 1242: 1237: 1229: 1226: 1225: 1224: 1220: 1218: 1214: 1210: 1206: 1202: 1198: 1194: 1190: 1182: 1180: 1178: 1174: 1170: 1162: 1160: 1158: 1154: 1150: 1146: 1142: 1141: 1132: 1130: 1128: 1127: 1126:The Economist 1122: 1118: 1113: 1111: 1107: 1102: 1100: 1096: 1092: 1088: 1083: 1081: 1076: 1071: 1069: 1065: 1061: 1057: 1053: 1049: 1045: 1041: 1037: 1036: 1031: 1026: 1024: 1013: 1003: 997: 994:This section 992: 988: 983: 982: 976: 974: 972: 968: 964: 960: 956: 952: 947: 945: 941: 937: 933: 929: 925: 914: 909: 907: 902: 900: 895: 894: 892: 891: 886: 876: 874: 869: 864: 863: 862: 861: 854: 851: 848: 844: 841: 839: 836: 834: 831: 830: 827: 822: 821: 812: 811: 807: 805: 802: 800: 797: 795: 792: 790: 787: 785: 782: 780: 777: 775: 772: 770: 767: 765: 762: 760: 757: 755: 752: 750: 747: 745: 742: 740: 737: 735: 732: 730: 727: 725: 722: 720: 717: 715: 712: 710: 707: 705: 702: 700: 697: 695: 692: 690: 687: 685: 682: 680: 677: 675: 672: 670: 667: 665: 662: 660: 657: 655: 652: 650: 647: 645: 642: 640: 637: 635: 632: 630: 627: 625: 622: 620: 617: 615: 612: 610: 607: 605: 602: 600: 597: 595: 592: 590: 587: 585: 582: 580: 577: 575: 572: 570: 567: 565: 562: 560: 557: 555: 552: 550: 547: 545: 542: 540: 537: 535: 532: 530: 527: 525: 522: 520: 517: 515: 512: 510: 507: 505: 502: 500: 497: 495: 492: 490: 487: 485: 482: 480: 477: 475: 474:de Mandeville 472: 471: 466: 460: 459: 452: 449: 447: 444: 442: 439: 437: 434: 432: 429: 427: 424: 422: 419: 417: 414: 412: 409: 407: 403: 402:Public choice 400: 398: 395: 393: 390: 388: 385: 383: 380: 378: 377:Participation 375: 373: 370: 368: 365: 363: 360: 358: 355: 353: 350: 348: 345: 343: 340: 338: 337:Institutional 335: 333: 330: 328: 325: 323: 320: 318: 315: 313: 310: 308: 305: 303: 300: 298: 295: 293: 290: 288: 287:Expeditionary 285: 283: 280: 278: 277:Environmental 275: 273: 270: 268: 265: 263: 260: 258: 255: 253: 250: 248: 245: 243: 240: 238: 235: 233: 230: 228: 225: 223: 220: 219: 213: 212: 205: 202: 200: 197: 195: 192: 190: 187: 185: 182: 180: 177: 175: 172: 170: 167: 165: 162: 160: 157: 156: 150: 149: 142: 139: 137: 134: 132: 129: 127: 124: 122: 119: 117: 113: 110: 108: 107:International 105: 103: 100: 98: 95: 93: 90: 89: 86: 83:Branches and 80: 79: 74: 71: 69: 66: 64: 61: 60: 59: 58: 54: 50: 49: 46: 42: 38: 34: 33: 30: 19: 4485:Paul Krugman 4430:Hyman Minsky 4390:Alvin Hansen 4162:Econometrics 4139:Overshooting 4092:Harrod–Domar 4087:Arrow–Debreu 4034:Central bank 4000:Unemployment 3990:Supply shock 3948:Money supply 3825:Disinflation 3820:Demand shock 3733:Publications 3689:Publications 3656: 3252:Neoclassical 3242:Mercantilism 3151:Evolutionary 3061: 3013:Sociological 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Retrieved 1710: 1688:, p. 6. 1681: 1669: 1642: 1630: 1618: 1606: 1594: 1582: 1555: 1543: 1538:, p. 1. 1531: 1519: 1507: 1500:Krugman 2009 1495: 1483: 1471: 1459: 1447: 1435: 1423: 1418:, p. 4. 1411: 1399: 1392:Dequech 2007 1387: 1375: 1363: 1340: 1331: 1294: 1286: 1262: 1253:public goods 1233: 1221: 1186: 1176: 1172: 1169:assumptions, 1168: 1166: 1138: 1136: 1124: 1114: 1103: 1084: 1072: 1047: 1033: 1030:mercantilism 1027: 1020: 1007: 995: 948: 935: 923: 922: 843:Publications 808: 431:Sociological 404: / 302:Geographical 282:Evolutionary 257:Digitization 222:Agricultural 126:Mathematical 120: 97:Econometrics 29: 4365:LĂ©on Walras 4248:Supply-side 4077:Accelerator 3985:Stagflation 3970:Price level 3865:Demand-pull 3527:von Neumann 3296:Supply-side 3281:Physiocracy 3225:Marginalism 2914:Information 2854:Engineering 2834:Development 2829:Demographic 2712:Game theory 2689:Theoretical 2358:1 September 2277:26 November 2190:1 September 2136:9 September 2047:: 231–283. 1960:1 September 1928:(1): 1–20. 1695:Works cited 1686:Lazear 1999 1674:Lazear 1999 1662:Lazear 1999 1647:Lazear 1999 1635:Lazear 1999 1464:Mankiw 2006 1297:Gary Becker 1183:Assumptions 1151:(1936) and 1087:stagflation 1060:physiocrats 959:game theory 679:von Neumann 332:Information 272:Engineering 252:Development 247:Demographic 189:Game theory 131:Methodology 4582:Categories 4420:John Hicks 4350:Adam Smith 4303:Circuitism 4293:Ecological 4281:Chartalism 4226:Monetarism 4201:Mainstream 4097:Solow–Swan 4072:Multiplier 4029:Commercial 3924:Endogenous 3882:Investment 3684:Economists 3557:Schumacher 3462:Schumpeter 3432:von Wieser 3352:von ThĂĽnen 3312:Economists 3211:Circuitism 3176:Humanistic 3171:Historical 3146:Ecological 3136:Democratic 3109:Chartalism 3099:Behavioral 3062:Mainstream 3023:Statistics 3018:Solidarity 2939:Managerial 2904:Humanistic 2899:Historical 2844:Ecological 2809:Behavioral 2442:: 69–104. 1611:Davis 2006 1351:References 1241:capitalism 1050:until the 1040:Adam Smith 932:economists 838:Economists 709:Schumacher 614:Schumpeter 584:von Wieser 504:von ThĂĽnen 465:economists 441:Statistics 436:Solidarity 357:Managerial 322:Humanistic 317:Historical 262:Ecological 227:Behavioral 121:Mainstream 4530:Economics 4360:Karl Marx 4268:Heterodox 4243:Stockholm 4209:Keynesian 3975:Recession 3870:Cost-push 3860:Inflation 3815:Deflation 3602:Greenspan 3567:Samuelson 3547:Galbraith 3517:Tinbergen 3457:von Mises 3452:Heckscher 3412:Edgeworth 3291:Stockholm 3286:Socialist 3186:Keynesian 3166:Happiness 3126:Classical 3087:Mutualism 3082:Anarchist 3067:Heterodox 2964:Personnel 2924:Knowledge 2889:Happiness 2879:Financial 2849:Education 2824:Democracy 2759:Empirical 2681:Economics 2640:30 August 2619:1945-7707 2576:29 August 2539:249488205 2491:Economics 2474:154005964 2466:0889-3365 2420:0013-0613 2398:0895-3309 2307:30 August 2272:154126343 2232:0002-8282 2169:1556-5068 2131:0015-1947 2099:30 August 2014:153773877 1998:0160-3477 1942:1744-1382 1909:154275191 1901:1053-8372 1734:30 August 1625:, p. 11f. 1356:Footnotes 1145:Samuelson 1140:Economics 1010:June 2022 1002:talk page 928:economics 754:Greenspan 719:Samuelson 699:Galbraith 669:Tinbergen 609:von Mises 604:Heckscher 564:Edgeworth 382:Personnel 342:Knowledge 307:Happiness 297:Financial 267:Education 242:Democracy 136:Political 102:Heterodox 45:Economics 4569:Category 4512:See also 4500:Critique 4334:Notable 4276:Austrian 4024:Monetary 4011:Policies 3843:Rational 3838:Adaptive 3713:Category 3693:journals 3679:Glossary 3632:Stiglitz 3597:Rothbard 3577:Buchanan 3562:Friedman 3552:Koopmans 3542:Leontief 3522:Robinson 3407:Marshall 3257:Lausanne 3161:Georgism 3156:Feminist 3104:Buddhist 3094:Austrian 2993:Regional 2969:Planning 2944:Monetary 2874:Feminist 2819:Cultural 2814:Business 2631:Archived 2627:25760267 2567:Archived 2488:(2001). 2349:Archived 2301:Archived 2248:31927674 2240:26527936 2177:15818467 2035:(1997). 2018:Archived 2006:27746799 1954:Archived 1950:37162943 1868:35411709 1832:51977344 1313:religion 1309:politics 1175:and its 1070:school. 847:journals 833:Glossary 784:Stiglitz 749:Rothbard 729:Buchanan 714:Friedman 704:Koopmans 694:Leontief 674:Robinson 559:Marshall 463:Notable 411:Regional 387:Planning 362:Monetary 292:Feminist 237:Cultural 232:Business 37:a series 35:Part of 4535:Applied 4315:Marxian 4193:Schools 3728:Outline 3699:Schools 3691: ( 3652:Piketty 3647:Krugman 3512:Kuznets 3502:Kalecki 3477:Polanyi 3367:Cournot 3362:Bastiat 3347:Ricardo 3337:Malthus 3327:Quesnay 3230:Marxian 3121:Chicago 3051:history 3046:Schools 3033:Welfare 3003:Service 2794:Applied 2345:2586936 2185:2535453 2063:3585232 1259:Methods 1173:methods 1046:. From 977:History 853:Schools 845: ( 804:Piketty 799:Krugman 664:Kuznets 654:Kalecki 629:Polanyi 519:Cournot 514:Bastiat 499:Ricardo 489:Malthus 479:Quesnay 451:Welfare 421:Service 92:Applied 68:Outline 63:History 4049:Models 4019:Fiscal 3995:Saving 3855:Growth 3637:Thaler 3617:Ostrom 3612:Becker 3607:Sowell 3587:Baumol 3492:Myrdal 3487:Sraffa 3482:Frisch 3472:Knight 3467:Keynes 3442:Fisher 3437:Veblen 3422:Pareto 3402:Menger 3397:George 3392:Jevons 3387:Walras 3377:Gossen 3301:Thermo 2979:Public 2974:Policy 2929:Labour 2894:Health 2625:  2617:  2559:  2537:  2527:  2498:  2472:  2464:  2418:  2396:  2343:  2270:  2246:  2238:  2230:  2183:  2175:  2167:  2129:  2090:  2061:  2012:  2004:  1996:  1948:  1940:  1907:  1899:  1866:  1830:  1820:  1796:  1777:  1725:  1311:, and 1301:family 1283:Topics 1245:market 1177:topics 1149:Keynes 789:Thaler 769:Ostrom 764:Becker 759:Sowell 739:Baumol 644:Myrdal 639:Sraffa 634:Frisch 624:Knight 619:Keynes 594:Fisher 589:Veblen 574:Pareto 554:Menger 549:George 544:Jevons 539:Walras 529:Gossen 397:Public 392:Policy 347:Labour 312:Health 169:Market 4144:NAIRU 4062:AD–AS 4057:IS–LM 3919:Money 3723:Lists 3718:Index 3669:Lists 3642:Hoppe 3627:Lucas 3592:Solow 3582:Arrow 3572:Simon 3537:Lange 3532:Hicks 3507:Röpke 3497:Hayek 3447:Pigou 3417:Clark 3332:Smith 3247:Mixed 3206:Post- 3028:Urban 3008:Socio 2998:Rural 2634:(PDF) 2623:JSTOR 2593:(PDF) 2570:(PDF) 2553:(PDF) 2535:S2CID 2470:S2CID 2352:(PDF) 2341:JSTOR 2321:(PDF) 2268:S2CID 2244:S2CID 2236:JSTOR 2173:S2CID 2113:(PDF) 2059:JSTOR 2021:(PDF) 2010:S2CID 2002:JSTOR 1974:(PDF) 1946:S2CID 1905:S2CID 1864:S2CID 1844:(PDF) 1757:. In 1755:(PDF) 1323:Notes 1163:Scope 826:Lists 794:Hoppe 779:Lucas 744:Solow 734:Arrow 724:Simon 689:Lange 684:Hicks 659:Röpke 649:Hayek 599:Pigou 569:Clark 484:Smith 446:Urban 426:Socio 416:Rural 116:Macro 112:Micro 73:Index 4214:Neo- 4117:DSGE 3810:CAGR 3658:more 3382:Marx 3372:Mill 3357:List 3235:Neo- 3191:Neo- 2642:2023 2615:ISSN 2578:2023 2557:ISBN 2525:ISBN 2496:ISBN 2462:ISSN 2416:ISSN 2394:ISSN 2360:2023 2309:2023 2279:2023 2228:ISSN 2192:2023 2181:SSRN 2165:ISSN 2138:2023 2127:ISSN 2101:2023 2088:ISBN 1994:ISSN 1962:2023 1938:ISSN 1897:ISSN 1828:OCLC 1818:ISBN 1794:ISBN 1775:ISBN 1736:2023 1723:ISBN 1247:and 1191:, a 1171:its 1133:Term 1115:The 1093:and 810:more 534:Marx 524:Mill 509:List 4219:New 3958:SNA 3907:NNI 3902:GNI 3897:GDP 3622:Sen 3342:Say 3201:New 2934:Law 2605:doi 2517:doi 2452:hdl 2444:doi 2384:doi 2333:doi 2329:115 2220:doi 2216:108 2155:doi 2080:doi 2049:doi 1986:doi 1930:doi 1889:doi 1856:doi 1767:doi 1715:doi 1305:law 1143:by 1038:by 774:Sen 494:Say 352:Law 4584:: 2629:. 2621:. 2613:. 2599:. 2595:. 2565:. 2533:. 2523:. 2484:; 2468:. 2460:. 2450:. 2438:. 2434:. 2408:. 2392:. 2380:20 2378:. 2374:. 2347:. 2339:. 2327:. 2323:. 2299:. 2293:. 2266:. 2262:. 2242:. 2234:. 2226:. 2214:. 2210:. 2202:; 2179:. 2171:. 2163:. 2153:. 2149:. 2125:. 2115:. 2086:. 2057:. 2045:12 2039:. 2031:; 2016:. 2008:. 2000:. 1992:. 1982:30 1980:. 1976:. 1952:. 1944:. 1936:. 1924:. 1920:. 1903:. 1895:. 1885:22 1883:. 1879:. 1862:. 1852:16 1850:. 1846:. 1826:. 1773:. 1746:; 1721:. 1709:. 1654:^ 1567:^ 1319:. 1307:, 1303:, 1292:. 1271:, 1219:. 1211:, 1207:, 1203:, 1179:. 1112:. 969:, 965:, 961:, 114:/ 39:on 3771:e 3764:t 3757:v 3695:) 3197:) 3193:( 3053:) 3049:( 2673:e 2666:t 2659:v 2644:. 2607:: 2601:1 2580:. 2541:. 2519:: 2504:. 2476:. 2454:: 2446:: 2440:2 2422:. 2400:. 2386:: 2362:. 2335:: 2311:. 2281:. 2250:. 2222:: 2194:. 2157:: 2140:. 2103:. 2082:: 2065:. 2051:: 1988:: 1964:. 1932:: 1926:2 1911:. 1891:: 1870:. 1858:: 1834:. 1802:. 1783:. 1769:: 1738:. 1717:: 1526:. 1514:. 1502:. 1012:) 1008:( 1004:. 912:e 905:t 898:v 849:) 20:)

Index

Orthodox economics
a series
Economics

History
Outline
Index
classifications
Applied
Econometrics
Heterodox
International
Micro
Macro
Mainstream
Mathematical
Methodology
Political
JEL classification codes
Economic systems
Economic growth
Market
National accounting
Experimental economics
Computational economics
Game theory
Operations research
Middle income trap
Industrial complex
Agricultural

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