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prices as being explained by the
Classical economists from within the theory of economics, albeit at a lower level of abstraction. For example, the theory of wages was closely connected to the theory of population. The Classical economists took the theory of the determinants of the level and growth of population as part of Political Economy. Since then, the theory of population has been seen as part of
2005:. Smith acknowledged that there were areas where the market is not the best way to serve the common interest, and he took it as a given that the greater proportion of the costs supporting the common good should be borne by those best able to afford them. He warned repeatedly of the dangers of monopoly, and stressed the importance of competition. In terms of
2198:. He elucidated that mercantilist policies would benefit domestic producers but not the country because it prevents consumers buying products at competitive prices, therefore directing cashflow ineffectively. Smith believed that deviating from free trade costs society in a similar manner as to how monopolies negatively affect competition in a market.
2078:, identified the wealth of a nation with the yearly national income, instead of the king's treasury. Smith saw this income as produced by labour, land, and capital. With property rights to land and capital held by individuals, the national income is divided up between labourers, landlords, and capitalists in the form of
2486:, see classical economics as extending from Petty's work in the 17th century to the break-up of the Ricardian system around 1830. The period between 1830 and the 1870s would then be dominated by "vulgar political economy", as Karl Marx characterized it. Sraffians argue that: the wages fund theory; Senior's
2534:
Still another position sees two threads simultaneously being developed in classical economics. In this view, neoclassical economics is a development of certain exoteric (popular) views in Adam Smith. Ricardo was a sport, developing certain esoteric (known by only the select) views in Adam Smith. This
2522:
Another position is that neoclassical economics is essentially continuous with classical economics. To scholars promoting this view, there is no hard and fast line between classical and neoclassical economics. There may be shifts of emphasis, such as between the long run and the short run and between
2320:
to a mythical pre-capitalist past. Others may interpret Smith to have believed in value as derived from labour. He stated that natural prices were the sum of natural rates of wages, profits (including interest on capital and wages of superintendence) and rent. Ricardo also had what might be described
2248:
is where price is adjusted to where there is equilibrium between supply and demand. Overall, prior to Adam Smith and the classical economic wave, the main view of international trade was viewed negatively and not in favor of the countries who would participate in international trade with the economic
2311:
to facilitate the portrayal of regularities in prices. Market prices are jostled by many transient influences that are difficult to theorize about at any abstract level. Natural prices, according to Petty, Smith, and
Ricardo, for example, capture systematic and persistent forces operating at a point
2063:
was leading to vast changes in society. These changes raised the question of how a society could be organized around a system in which every individual sought his or her own (monetary) gain. Classical political economy is popularly associated with the idea that free markets can regulate themselves.
1985:
in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the labor of its inhabitants,
2346:
From these givens, one can rigorously derive a theory of value. But neither
Ricardo nor Marx, the most rigorous investigators of the theory of value during the Classical period, developed this theory fully. Those who reconstruct the theory of value in this manner see the determinants of natural
2563:
One difficulty in these debates is that the participants are frequently arguing about whether there is a non-neoclassical theory that should be reconstructed and applied today to describe capitalist economies. Some, such as Terry Peach, see classical economics as of antiquarian interest.
2429:. Monetarists and members of the currency school argued that banks can and should control the supply of money. According to their theories, inflation is caused by banks issuing an excessive supply of money. According to proponents of the theory of
2136:
Classical economics and many of its ideas remain fundamental in economics, though the theory itself has yielded, since the 1870s, to neoclassical economics. Other ideas have either disappeared from neoclassical discourse or been replaced by
2249:
policies of mercantilism. However, once Adam Smith, David
Ricardo, and John Stuart Mill arrived with the classical wave of economics, international trade came to be viewed favorably and ultimately beneficial for all parties involved.
2393:- or disutility-cost of the inputs that make up the product. Ironically, considering the attachment of many classical economists to the free market, the largest school of economic thought that still adheres to classical form is the
2512:. Most modern economists no longer recognize land/location as a factor of production, often claiming that rent is non-existent. Georgists and others argue that economic rent remains roughly a third of economic output.
2315:
The theory of what determined natural prices varied within the
Classical school. Petty tried to develop a par between land and labour and had what might be called a land-and-labour theory of value. Smith confined the
2239:
would later come and solve this dilemma and further build upon
Ricardo’s theory of comparative advantage. John Stuart Mill’s contribution to Ricardo’s theory of comparative advantage came about when he introduced
2105:
systematized Smith's theory. Their ideas became economic orthodoxy in the period ca. 1815–1848, after which an "anti-Ricardian reaction" took shape, especially on the
European continent, that eventually became
2535:
view can be found in W. Stanley Jevons, who referred to
Ricardo as something like "that able, but wrong-headed man" who put economics on the "wrong track". One can also find this view in Maurice Dobb's
2515:
Sraffians generally see Marx as having rediscovered and restated the logic of classical economics, albeit for his own purposes. Others, such as
Schumpeter, think of Marx as a follower of Ricardo. Even
2261:
believed that a future stationary state of a constant population size and a constant stock of capital was both inevitable, necessary and desirable for mankind to achieve. This is now known as a
2229:
clashes with the theory of comparative advantage. Ultimately both theories collide with a question on how the price is relatively determined and
Ricardo simply stated that it does not hold in
2213:. His main idea on international trade was that while it does add to real output produced in a country, the main benefits are derived from the encouragement of specialization and the
2225:
are perfectly mobile, this assumption was critical to depict the advantages of international trade and specialization. His theory on international trade was weakened by how the
2490:, which puts the return to capital on the same level as returns to land and labour; the explanation of equilibrium prices by well-behaved supply and demand functions; and
2519:
has recently explained that there is a textual basis in the classical economists for Marx's reading, although he does argue that it is an extremely narrow set of texts.
2548:
The above does not exhaust the possibilities. John Maynard Keynes thought of classical economics as starting with Ricardo and being ended by the publication of his own
2527:, but the neoclassical concepts are to be found confused or in embryo in classical economics. To these economists, there is only one theory of value and distribution.
2217:
on an international scale, leading to a more effective use of resources in all countries involved. One of Ricardo’s greatest assumptions and observations was that the
2067:
Classical economists and their immediate predecessors reoriented economics away from an analysis of the ruler's personal interests to broader national interests.
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3315:
2110:/neoclassical economics. The definitive split is typically placed somewhere in the 1870s, after which the torch of Ricardian economics was carried mainly by
2921:
2194:. He argued against mercantilism, and instead favored free trade and free markets, while believing that this would favor the countries who participate in
2325:. He criticized Smith for describing rent as price-determining, instead of price-determined, and saw the labour theory of value as a good approximation.
2169:, which split from neoclassical economics in the late 19th century. In the mid-20th century, a renewed interest in classical economics gave rise to the
2941:
Samuel Hollander (2000), "Sraffa and the Interpretation of Ricardo: The Marxian Dimension", "History of Political Economy", V. 32, N. 2: 187–232 (2000)
2299:, or price, to investigate economic dynamics. In political economics, value usually refers to the value of exchange, which is separate from the price.
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Analyzing the growth in the wealth of nations and advocating policies to promote such growth was a major focus of most classical economists. However,
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Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org
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in time. Market prices always tend toward natural prices in a process that Smith described as somewhat similar to gravitational attraction.
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as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the
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2032:, where he critiqued those that he at least perceived as worthy of dealing with, as opposed to their "vulgar" successors. There is some
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to the equation. Mill introduced demand and was the first to promote the idea that demand and supply are functions of price, and the
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view that John Stuart Mill put forth a half-way house between classical and neoclassical economics is consistent with this view.
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as the foundation of the international division of labor. He argued that international trade, in any case, would increase the
2351:. In contrast to the Classical theory, the following determinants of the neoclassical theory value are seen as exogenous to
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became a prominent economist with thoughts on international trade. Ricardo’s most famous economic theory was the theory of
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Pierangelo Garegnani (1987), "Surplus Approach to Value and Distribution" in "The New Palgrave: A Dictionary of Economics"
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was the true source of income, while capital was the main organizing force, boosting labour's productivity and inducing
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The designation of Smith, Ricardo and some earlier economists as "classical" is due to a canonization which stems from
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arose as a concerted effort to suppress the ideas of classical economics and those of Henry George in particular.
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argue that a major division between classical and neo-classical economics is the treatment or recognition of
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have presented formal models as part of their respective interpretations of classical political economy.
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2039:, particularly when dealing with the period from 1830 to 1875, and how classical economics relates to
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2494:, are not necessary or essential elements of the classical theory of value and distribution. Perhaps
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2001:, advocating the freedom of the market, though they saw a role for the state in providing for the
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is a well-known promoter of this view. Samuel Hollander is probably its best current proponent.
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is currently a contested subject. One issue is whether classical economics is a forerunner of
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British classical economists in the 19th century had a well-developed controversy between the
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2669:, 3rd edition, Macmillan (as cited in Caravale, Giovanni A. and Domenico A. Tosato (1980)
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The classical economists produced their "magnificent dynamics" during a period in which
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or a school of thought that had a distinct theory of value, distribution, and growth.
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2560:. Keynes was aware, though, that his usage of the term 'classical' was non-standard.
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Pasinetti, Luigi L. (1959–60) "A Mathematical Formulation of the Ricardian System",
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2899:(1989) "Themes in Value and Distribution: Classical Theory Reppraised", Unwin-Hyman
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1948:, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be
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Theories of Value and Distribution Since Adam Smith: Ideology and Economic Theory
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is sometimes known as the last classical economist or as a bridge. The economist
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Samuelson, Paul A. (1978) "The Canonical Classical Model of Political Economy",
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economists, see the classical theory of prices as determined from three givens:
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2756:. London: Shepheard-Walwyn in association with Centre for Incentive Taxation.
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documented original sources that appear to confirm his thesis arguing that
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Samuelson, Paul A. (1959) "A Modern Treatment of the Ricardian Economy",
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Hicks, John and Samuel Hollander (1977) "Mr. Ricardo and the Moderns",
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Terry Peach (1993), "Interpreting Ricardo", Cambridge University Press
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In terms of economic policy, the classical economists were pragmatic
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2413:. This parallels recent debates between proponents of the theory of
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2552:. The defining criterion of classical economics, on this view, is
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Kaldor, Nicholas (1956) "Alternative Theories of Distribution",
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The level of outputs at the level of Smith's "effectual demand",
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2690:. Upper Saddle River, NJ: Pearson Prentice Hall. p. 395.
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An Inquiry into the Nature and Causes of the Wealth of Nations
3833:
2504:
and other modern classical economists and historians such as
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originally coined the term "classical economics" to refer to
2149:. Some classical ideas are represented in various schools of
2079:
1994:, which became one of classical economics' central concepts.
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3951:
2456:
The period 1830–1875 is a timeframe of significant debate.
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Ricardo and the Theory of Value, Distribution and Growth
3021:
Cochrane, James L. (1970). "Classical Macroeconomics".
2808:(1st ed.). Salt Lake City, UT: Project Gutenberg.
2682:
2437:(e.g., the rate of interest) on which loans are made.
2472:– but usage was subsequently extended to include the
2389:" (i.e. natural price) as determined by the marginal
2369:
Classical economics tended to stress the benefits of
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The General Theory of Employment, Interest and Money
2328:
Some historians of economic thought, in particular,
2165:being contemporaries of classical economists – and
3022:
5063:
2710:
3323:
3029:. Glenview: Scott, Foresman & Co. pp.
2550:General Theory of Employment Interest and Money
2373:. Its theory of value was largely displaced by
2201:During the classical era and after Adam Smith,
2188:thought with his most influential publication:
2033:
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3849:
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3151:
3007:An Outline of the History of Economic Thought
2976:_____ (2008). "British classical economics,"
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2303:introduced a fundamental distinction between
2009:, the classical economists were advocates of
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2253:Classical theories of growth and development
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2711:Bertholet, Auguste; Kapossy, BĂ©la (2023).
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2890:
2737:Screpanti and Zamagni (2005), pp. 100–04.
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3020:
2979:The New Palgrave Dictionary of Economics
2970:The New Palgrave Dictionary of Economics
2911:
2034:debate about what is covered by the term
1968:. These economists produced a theory of
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2177:Classical international trade economics
14:
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3238:James Maitland, 8th Earl of Lauderdale
2650:The MIT Dictionary of Modern Economics
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2013:, which distinguishes them from their
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3479:Marxian critique of political economy
3297:
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2944:
2464:– the economics of David Ricardo and
2385:that consumers finds in a good, and "
2221:are immobile between countries while
2859:Lectures on the Theory of Production
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2661:
2659:
4051:Agent-based computational economics
2618:
2575:Classical general equilibrium model
24:
3059:The Encyclopedia of Libertarianism
3014:
2539:(1973), as well as in Karl Marx's
2400:
2323:cost of production theory of value
25:
5088:
3108:
2784:
2656:
2295:Classical economists developed a
4509:neoclassical–Keynesian synthesis
3936:
3935:
3880:Essays on Philosophical Subjects
3783:History of macroeconomic thought
3608:Neoclassical–Keynesian synthesis
3248:Jean Charles LĂ©onard de Sismondi
3114:
2822:, V. 91, N. 3 (Aug.): pp. 351–69
2131:
1880:
1868:
876:
864:
49:
2967:(1987). "classical economics,"
2877:
2864:
2851:
2838:
2825:
2802:Principles of Political Economy
2717:(in French). Geneva: Slatkine.
2688:Economics: Principles in Action
2377:schools of thought which sees "
2290:
151:Concepts, theory and techniques
3894:The Theory of Moral Sentiments
3863:
2885:Journal of Economic Literature
2872:Quarterly Journal of Economics
2820:Quarterly Journal of Economics
2812:
2740:
2731:
2704:
2686:; Sheffrin, Steven M. (2003).
2676:
2648:Pearce, David W., ed. (1992).
2641:
1944:that flourished, primarily in
27:School of thought in economics
13:
1:
4445:Critique of political economy
3981:
3773:Critique of political economy
2673:, Routledge & Kegan Paul)
2606:
2488:abstinence theory of interest
2030:critique of political economy
1986:organized efficiently by the
1672:Critique of political economy
1330:Critique of political economy
3681:Rational expectations theory
3025:Macroeconomics Before Keynes
2714:La Physiocratie et la Suisse
2652:. MIT Press. pp. 61–62.
2611:
2017:predecessors, who advocated
1722:Periodizations of capitalism
7:
3778:History of economic thought
3325:Schools of economic thought
2861:, Columbia University Press
2857:Pasinetti, Luigi L. (1977)
2750:The corruption of economics
2567:
2090:or profits. In his vision,
1990:and the use of accumulated
1930:classical political economy
1418:Simple commodity production
10:
5093:
4583:Real business-cycle theory
3698:New neoclassical synthesis
3686:Real business-cycle theory
3253:Johann Heinrich von ThĂĽnen
3009:. Oxford University Press.
2957:
2846:Review of Economic Studies
2833:Review of Economic Studies
2665:Baumol, William J. (1970)
2595:Perspectives on capitalism
2231:international trade theory
2046:
1727:Perspectives on capitalism
5023:
4981:
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4357:
4106:
4071:
3989:
3931:
3910:
3887:Lectures on Jurisprudence
3871:
3765:
3509:
3397:
3364:
3357:
3331:
3173:
3075:10.4135/9781412965811.n47
2874:, V. 73, February and May
2542:Theories of Surplus Value
2441:Debates on the definition
2973:, v. 1, pp. 414–45.
2806:(PDF contains full book)
2585:Constitutional economics
998:Economic interventionism
139:JEL classification codes
4223:Industrial organization
4046:Computational economics
3808:Post-autistic economics
3268:Edward Gibbon Wakefield
3131:Encyclopædia Britannica
2747:Gaffney, Mason (2006).
2381:" as deriving from the
1667:Criticism of capitalism
325:Industrial organization
182:Computational economics
4428:Modern monetary theory
4093:Experimental economics
4063:Pluralism in economics
4036:Mathematical economics
3546:Modern Monetary Theory
2590:Neoclassical economics
2451:neoclassical economics
2353:neoclassical economics
2318:labour theory of value
2147:neoclassical synthesis
2126:neoclassical economics
2041:neoclassical economics
1697:Exploitation of labour
1408:Primitive accumulation
177:Experimental economics
3901:The Wealth of Nations
3630:Keynes–Marx synthesis
3263:Nassau William Senior
3233:John Ramsay McCulloch
3061:. Thousand Oaks, CA:
3051:"Classical Economics"
2556:which is disputed by
2227:labor theory of value
2219:factors of production
2207:comparative advantage
2061:Industrial Revolution
1982:The Wealth of Nations
1962:Thomas Robert Malthus
1875:Capitalism portal
1687:Culture of capitalism
1642:Capitalist propaganda
1398:Industrial Revolution
1388:Commercial Revolution
4302:Social choice theory
4058:Behavioral economics
4041:Complexity economics
3818:World-systems theory
3798:Mainstream economics
3738:Technocracy movement
3718:Saltwater/freshwater
3167:Classical economists
3123:at Wikimedia Commons
2995:. Oxford: Blackwell.
2887:, V. 16: pp. 1415–34
2580:Classical liberalism
2484:discontinuity thesis
2482:, who emphasize the
2435:terms and conditions
2263:steady-state economy
2171:neo-Ricardian school
2143:Keynesian Revolution
1850:Right-libertarianism
1780:Classical liberalism
1747:Venture philanthropy
1383:Capitalism and Islam
1378:Age of Enlightenment
973:Capital accumulation
404:Social choice theory
5072:Classical economics
4386:American (National)
4086:Economic statistics
3918:Classical economics
3803:Heterodox economics
3531:Capability approach
3407:American (National)
3389:School of Salamanca
3127:Classical economics
3121:Classical economics
2993:Classical Economics
2927:John Maynard Keynes
2835:, V. 23: pp. 83–100
2558:Keynesian economics
2462:Ricardian economics
2173:and its offshoots.
2151:heterodox economics
2139:Keynesian economics
2037:classical economics
2007:international trade
1926:Classical economics
1887:Business portal
1003:Economic liberalism
993:Competitive markets
871:Business portal
192:Operations research
172:National accounting
18:Classical economist
3439:English historical
3183:Bernard Mandeville
3069:. pp. 71–73.
2684:O'Sullivan, Arthur
2281:Luigi L. Pasinetti
2246:market equilibrium
2211:standard of living
2167:Austrian economics
2055:was emerging from
1988:division of labour
1934:Smithian economics
1647:Capitalist realism
1038:Goods and services
1018:Fictitious capital
202:Industrial complex
197:Middle income trap
5059:
5058:
4590:New institutional
3949:
3948:
3831:
3830:
3793:Political economy
3761:
3760:
3693:New institutional
3666:Neo-Schumpeterian
3474:Marxist economics
3454:German historical
3291:
3290:
3203:Jean-Baptiste Say
3178:Francis Hutcheson
3119:Media related to
2999:Ernesto Screpanti
2897:Krishna Bharadwaj
2797:Mill, John Stuart
2667:Economic Dynamics
2600:Political economy
2525:supply and demand
2415:endogeneous money
2285:Paul A. Samuelson
2215:division of labor
2159:Marxian economics
2112:Marxian economics
2092:productive labour
2059:and in which the
1954:Jean-Baptiste Say
1942:political economy
1938:school of thought
1923:
1922:
1742:Spontaneous order
1712:History of theory
1355:New institutional
1325:Market monetarism
1260:Economic theories
1093:Supply and demand
1028:Free price system
919:
918:
16:(Redirected from
5084:
4263:Natural resource
4098:Economic history
4024:Mechanism design
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3258:John Stuart Mill
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2431:endogenous money
2383:marginal utility
2273:Samuel Hollander
2259:John Stuart Mill
2237:John Stuart Mill
2076:François Quesnay
2071:, following the
1970:market economies
1966:John Stuart Mill
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1677:Critique of work
1652:Capitalist state
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3015:Further reading
3012:
3003:Stefano Zamagni
2982:, 2nd Edition.
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3084:978-1412965804
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3067:Cato Institute
3055:Hamowy, Ronald
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906:
899:
891:
888:
887:
886:
885:
873:
858:
857:
854:
853:
848:
838:
833:
827:
822:
821:
818:
817:
812:
811:
804:
799:
794:
789:
784:
779:
774:
769:
764:
759:
754:
749:
744:
739:
734:
729:
724:
719:
714:
709:
704:
699:
694:
689:
684:
679:
674:
669:
664:
659:
654:
649:
644:
639:
634:
629:
624:
619:
614:
609:
604:
599:
594:
589:
584:
579:
574:
569:
564:
559:
554:
549:
544:
539:
534:
529:
524:
519:
514:
509:
504:
499:
494:
489:
484:
479:
474:
468:
467:
466:
460:
459:
456:
455:
452:
451:
446:
441:
436:
431:
426:
421:
416:
411:
406:
397:
392:
387:
382:
377:
372:
370:Organizational
367:
362:
357:
352:
347:
342:
337:
332:
327:
322:
317:
312:
307:
302:
297:
292:
287:
282:
277:
272:
267:
262:
257:
252:
247:
242:
237:
232:
227:
222:
216:
214:By application
213:
212:
209:
208:
205:
204:
199:
194:
189:
184:
179:
174:
169:
164:
159:
153:
150:
149:
146:
145:
142:
141:
136:
131:
126:
121:
116:
107:
102:
97:
92:
86:
80:
79:
76:
75:
74:
73:
68:
63:
55:
54:
46:
45:
39:
38:
26:
9:
6:
4:
3:
2:
5089:
5078:
5075:
5073:
5070:
5069:
5067:
5053:
5050:
5048:
5045:
5043:
5040:
5038:
5035:
5033:
5030:
5028:
5025:
5022:
5014:
5011:
5008:
5004:
5001:
4999:
4996:
4994:
4991:
4990:
4986:
4984:
4980:
4974:
4973:
4969:
4967:
4964:
4962:
4959:
4957:
4954:
4952:
4949:
4947:
4944:
4942:
4939:
4937:
4934:
4932:
4929:
4927:
4924:
4922:
4919:
4917:
4914:
4912:
4909:
4907:
4904:
4902:
4899:
4897:
4894:
4892:
4889:
4887:
4884:
4882:
4879:
4877:
4874:
4872:
4869:
4867:
4864:
4862:
4859:
4857:
4854:
4852:
4849:
4847:
4844:
4842:
4839:
4837:
4834:
4832:
4829:
4827:
4824:
4822:
4819:
4817:
4814:
4812:
4809:
4807:
4804:
4802:
4799:
4797:
4794:
4792:
4789:
4787:
4784:
4782:
4779:
4777:
4774:
4772:
4769:
4767:
4764:
4762:
4759:
4757:
4754:
4752:
4749:
4747:
4744:
4742:
4739:
4737:
4734:
4732:
4729:
4727:
4724:
4722:
4719:
4717:
4714:
4712:
4709:
4707:
4704:
4702:
4699:
4697:
4694:
4692:
4689:
4687:
4684:
4682:
4679:
4677:
4674:
4672:
4669:
4667:
4664:
4662:
4659:
4657:
4654:
4652:
4649:
4647:
4644:
4642:
4639:
4637:
4636:de Mandeville
4634:
4633:
4631:
4627:
4622:
4616:
4613:
4611:
4608:
4606:
4603:
4601:
4598:
4596:
4593:
4591:
4588:
4584:
4581:
4580:
4579:
4578:New classical
4576:
4572:
4569:
4568:
4567:
4564:
4562:
4559:
4557:
4554:
4550:
4547:
4546:
4545:
4542:
4540:
4537:
4535:
4534:Malthusianism
4532:
4526:
4523:
4522:
4521:
4518:
4516:
4513:
4510:
4506:
4503:
4502:
4501:
4498:
4496:
4495:Institutional
4493:
4491:
4488:
4486:
4483:
4481:
4478:
4476:
4473:
4471:
4468:
4466:
4463:
4461:
4458:
4456:
4453:
4451:
4448:
4446:
4443:
4441:
4438:
4436:
4433:
4429:
4426:
4425:
4424:
4421:
4419:
4416:
4414:
4411:
4409:
4406:
4402:
4399:
4398:
4397:
4394:
4392:
4389:
4387:
4384:
4382:
4379:
4377:
4374:
4373:
4371:
4366:
4361:
4356:
4348:
4345:
4343:
4340:
4338:
4335:
4333:
4330:
4328:
4325:
4323:
4320:
4318:
4315:
4313:
4310:
4308:
4305:
4303:
4299:
4298:Public choice
4296:
4294:
4291:
4289:
4286:
4284:
4281:
4279:
4276:
4274:
4273:Participation
4271:
4269:
4266:
4264:
4261:
4259:
4256:
4254:
4251:
4249:
4246:
4244:
4241:
4239:
4236:
4234:
4233:Institutional
4231:
4229:
4226:
4224:
4221:
4219:
4216:
4214:
4211:
4209:
4206:
4204:
4201:
4199:
4196:
4194:
4191:
4189:
4186:
4184:
4183:Expeditionary
4181:
4179:
4176:
4174:
4173:Environmental
4171:
4169:
4166:
4164:
4161:
4159:
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4134:
4131:
4129:
4126:
4124:
4121:
4119:
4116:
4115:
4111:
4109:
4105:
4099:
4096:
4094:
4091:
4087:
4084:
4083:
4082:
4079:
4078:
4076:
4074:
4070:
4064:
4061:
4059:
4056:
4052:
4049:
4048:
4047:
4044:
4042:
4039:
4037:
4034:
4032:
4029:
4025:
4022:
4020:
4017:
4015:
4012:
4010:
4007:
4005:
4002:
4001:
4000:
3997:
3996:
3994:
3992:
3988:
3984:
3977:
3972:
3970:
3965:
3963:
3958:
3957:
3954:
3942:
3934:
3933:
3930:
3924:
3921:
3919:
3916:
3915:
3913:
3909:
3903:
3902:
3898:
3896:
3895:
3891:
3889:
3888:
3884:
3882:
3881:
3877:
3876:
3874:
3870:
3866:
3859:
3854:
3852:
3847:
3845:
3840:
3839:
3836:
3824:
3821:
3819:
3816:
3814:
3811:
3809:
3806:
3804:
3801:
3799:
3796:
3794:
3791:
3789:
3786:
3784:
3781:
3779:
3776:
3774:
3771:
3770:
3768:
3764:
3754:
3753:Social credit
3751:
3749:
3746:
3744:
3741:
3739:
3736:
3734:
3731:
3729:
3728:Structuralist
3726:
3724:
3721:
3719:
3716:
3714:
3711:
3709:
3708:Public choice
3706:
3704:
3701:
3699:
3696:
3694:
3691:
3687:
3684:
3682:
3679:
3678:
3677:
3676:New classical
3674:
3672:
3671:Neoliberalism
3669:
3667:
3664:
3662:
3661:Neo-Ricardian
3659:
3657:
3654:
3652:
3649:
3645:
3642:
3641:
3640:
3637:
3631:
3628:
3626:
3623:
3622:
3621:
3618:
3616:
3613:
3609:
3606:
3605:
3604:
3601:
3600:
3599:
3596:
3594:
3593:Institutional
3591:
3589:
3586:
3584:
3581:
3579:
3576:
3574:
3571:
3569:
3566:
3564:
3561:
3559:
3556:
3554:
3551:
3547:
3544:
3543:
3542:
3539:
3537:
3534:
3532:
3529:
3527:
3524:
3522:
3519:
3518:
3516:
3508:
3502:
3499:
3495:
3492:
3491:
3490:
3487:
3485:
3482:
3480:
3477:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3450:
3447:
3445:
3442:
3440:
3437:
3435:
3432:
3428:
3425:
3424:
3423:
3420:
3418:
3415:
3413:
3410:
3408:
3405:
3404:
3402:
3400:
3396:
3390:
3387:
3385:
3382:
3380:
3377:
3375:
3372:
3371:
3369:
3367:
3363:
3360:
3356:
3350:
3349:Scholasticism
3347:
3345:
3342:
3340:
3337:
3336:
3334:
3330:
3326:
3319:
3314:
3312:
3307:
3305:
3300:
3299:
3296:
3284:
3281:
3279:
3276:
3274:
3271:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3251:
3249:
3246:
3244:
3241:
3239:
3236:
3234:
3231:
3229:
3226:
3224:
3223:David Ricardo
3221:
3219:
3218:Francis Place
3216:
3214:
3211:
3209:
3206:
3204:
3201:
3199:
3196:
3194:
3191:
3189:
3186:
3184:
3181:
3179:
3176:
3175:
3172:
3168:
3161:
3156:
3154:
3149:
3147:
3142:
3141:
3138:
3132:
3128:
3125:
3122:
3117:
3113:
3112:
3102:
3098:
3094:
3090:
3086:
3080:
3076:
3072:
3068:
3064:
3060:
3056:
3052:
3048:
3047:Skousen, Mark
3044:
3040:
3036:
3032:
3027:
3026:
3019:
3018:
3008:
3004:
3000:
2997:
2994:
2990:
2987:
2985:
2981:
2980:
2975:
2972:
2971:
2966:
2963:
2962:
2947:
2938:
2932:
2929:, Chapter 1,
2928:
2925:
2923:
2917:
2915:
2905:
2898:
2893:
2886:
2880:
2873:
2867:
2860:
2854:
2847:
2841:
2834:
2828:
2821:
2815:
2804:
2803:
2798:
2792:
2790:
2788:
2773:on 2015-06-12
2769:
2765:
2759:
2752:
2751:
2743:
2734:
2726:
2724:9782051029391
2720:
2716:
2715:
2707:
2699:
2697:0-13-063085-3
2693:
2689:
2685:
2679:
2672:
2668:
2662:
2660:
2651:
2644:
2638:
2637:1-4043-0998-5
2634:
2628:
2626:
2624:
2622:
2617:
2601:
2598:
2596:
2593:
2591:
2588:
2586:
2583:
2581:
2578:
2576:
2573:
2572:
2565:
2561:
2559:
2555:
2551:
2546:
2544:
2543:
2538:
2532:
2530:
2526:
2520:
2518:
2513:
2511:
2510:economic rent
2507:
2503:
2499:
2497:
2493:
2489:
2485:
2481:
2477:
2475:
2471:
2467:
2463:
2459:
2454:
2452:
2448:
2438:
2436:
2432:
2428:
2424:
2420:
2416:
2412:
2408:
2398:
2396:
2392:
2388:
2384:
2380:
2376:
2372:
2364:
2361:
2358:
2357:
2356:
2354:
2350:
2341:
2338:
2335:
2334:
2333:
2331:
2326:
2324:
2319:
2313:
2310:
2309:natural price
2306:
2302:
2301:William Petty
2298:
2288:
2286:
2282:
2278:
2274:
2270:
2266:
2264:
2260:
2250:
2247:
2243:
2238:
2234:
2232:
2228:
2224:
2220:
2216:
2212:
2208:
2204:
2203:David Ricardo
2199:
2197:
2193:
2192:
2187:
2183:
2174:
2172:
2168:
2164:
2160:
2156:
2152:
2148:
2144:
2140:
2132:Modern legacy
2129:
2127:
2123:
2122:Mason Gaffney
2119:
2115:
2113:
2109:
2104:
2099:
2097:
2093:
2089:
2085:
2081:
2077:
2074:
2070:
2065:
2062:
2058:
2054:
2044:
2042:
2038:
2035:
2031:
2027:
2022:
2020:
2019:protectionism
2016:
2012:
2008:
2004:
2000:
1995:
1993:
1989:
1984:
1983:
1979:Adam Smith's
1977:
1975:
1971:
1967:
1963:
1959:
1958:David Ricardo
1955:
1951:
1947:
1943:
1939:
1935:
1931:
1927:
1916:
1911:
1909:
1904:
1902:
1897:
1896:
1894:
1893:
1888:
1883:
1878:
1876:
1871:
1866:
1865:
1864:
1863:
1856:
1853:
1851:
1848:
1846:
1843:
1841:
1838:
1836:
1833:
1831:
1830:Neoliberalism
1828:
1826:
1823:
1821:
1818:
1816:
1813:
1811:
1808:
1806:
1803:
1801:
1798:
1796:
1793:
1791:
1788:
1786:
1783:
1781:
1778:
1776:
1775:Authoritarian
1773:
1771:
1768:
1767:
1761:
1760:
1753:
1750:
1748:
1745:
1743:
1740:
1738:
1735:
1733:
1730:
1728:
1725:
1723:
1720:
1718:
1715:
1713:
1710:
1708:
1705:
1703:
1702:Globalization
1700:
1698:
1695:
1693:
1690:
1688:
1685:
1683:
1680:
1678:
1675:
1673:
1670:
1668:
1665:
1663:
1662:Crisis theory
1660:
1658:
1655:
1653:
1650:
1648:
1645:
1643:
1640:
1638:
1635:
1634:
1628:
1627:
1620:
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1577:
1575:
1572:
1570:
1567:
1565:
1562:
1560:
1557:
1555:
1552:
1550:
1547:
1545:
1542:
1540:
1537:
1535:
1532:
1530:
1527:
1525:
1522:
1521:
1518:Intellectuals
1515:
1514:
1507:
1506:Technological
1504:
1502:
1499:
1497:
1494:
1492:
1489:
1487:
1484:
1482:
1479:
1477:
1474:
1472:
1469:
1467:
1464:
1462:
1459:
1457:
1454:
1452:
1449:
1447:
1444:
1442:
1439:
1437:
1434:
1433:
1427:
1426:
1419:
1416:
1414:
1411:
1409:
1406:
1404:
1401:
1399:
1396:
1394:
1391:
1389:
1386:
1384:
1381:
1379:
1376:
1375:
1369:
1368:
1361:
1358:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1331:
1328:
1326:
1323:
1319:
1316:
1314:
1311:
1309:
1306:
1305:
1304:
1301:
1299:
1298:Institutional
1296:
1294:
1291:
1289:
1286:
1282:
1279:
1278:
1277:
1274:
1272:
1269:
1267:
1264:
1263:
1257:
1256:
1249:
1246:
1244:
1241:
1239:
1236:
1234:
1231:
1229:
1226:
1224:
1221:
1219:
1216:
1214:
1211:
1209:
1206:
1204:
1201:
1199:
1196:
1194:
1191:
1189:
1186:
1184:
1181:
1179:
1176:
1174:
1171:
1169:
1166:
1164:
1161:
1159:
1158:
1157:Laissez-faire
1154:
1152:
1149:
1147:
1144:
1142:
1139:
1137:
1134:
1132:
1131:Authoritarian
1129:
1127:
1124:
1123:
1117:
1116:
1109:
1106:
1104:
1101:
1099:
1098:Surplus value
1096:
1094:
1091:
1089:
1086:
1084:
1081:
1079:
1078:Privatization
1076:
1074:
1071:
1069:
1066:
1064:
1061:
1059:
1056:
1054:
1051:
1049:
1046:
1044:
1041:
1039:
1036:
1034:
1031:
1029:
1026:
1024:
1021:
1019:
1016:
1014:
1011:
1009:
1006:
1004:
1001:
999:
996:
994:
991:
989:
986:
984:
981:
979:
976:
974:
971:
969:
966:
964:
961:
959:
956:
954:
951:
949:
946:
945:
939:
938:
935:
932:
931:
927:
923:
922:
912:
907:
905:
900:
898:
893:
892:
890:
889:
884:
874:
872:
867:
862:
861:
860:
859:
852:
849:
846:
842:
839:
837:
834:
832:
829:
828:
825:
820:
819:
810:
809:
805:
803:
800:
798:
795:
793:
790:
788:
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472:de Mandeville
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400:Public choice
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375:Participation
373:
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335:Institutional
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285:Expeditionary
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275:Environmental
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106:
105:International
103:
101:
98:
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93:
91:
88:
87:
84:
81:Branches and
78:
77:
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69:
67:
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59:
58:
57:
56:
52:
48:
47:
44:
41:
40:
36:
32:
31:
19:
5047:Publications
5003:Publications
4970:
4566:Neoclassical
4556:Mercantilism
4465:Evolutionary
4439:
4327:Sociological
4300: /
4198:Geographical
4178:Evolutionary
4153:Digitization
4118:Agricultural
4081:Econometrics
4009:Price theory
3917:
3899:
3892:
3885:
3878:
3578:Evolutionary
3510:Contemporary
3489:Neoclassical
3434:Distributist
3421:
3379:Mercantilism
3366:Early modern
3278:Thomas Tooke
3166:
3130:
3058:
3024:
3006:
2992:
2977:
2968:
2946:
2937:
2920:
2904:
2892:
2884:
2879:
2871:
2866:
2858:
2853:
2845:
2840:
2832:
2827:
2819:
2814:
2801:
2775:. Retrieved
2768:the original
2749:
2742:
2733:
2713:
2706:
2687:
2678:
2670:
2666:
2649:
2643:
2562:
2549:
2547:
2540:
2536:
2533:
2521:
2514:
2500:
2496:Schumpeter's
2478:
2476:of Ricardo.
2473:
2470:predecessors
2469:
2455:
2444:
2404:
2368:
2345:
2327:
2314:
2305:market price
2294:
2291:Value theory
2267:
2256:
2235:
2200:
2189:
2186:Mercantilist
2180:
2163:Henry George
2135:
2118:Henry George
2116:
2101:Ricardo and
2100:
2066:
2050:
2036:
2023:
2015:mercantilist
1996:
1980:
1978:
1933:
1929:
1925:
1924:
1752:Wage slavery
1692:Evergreening
1403:Mercantilism
1350:Neoclassical
1292:
1178:Mercantilist
1155:
1088:Rent seeking
1053:Visible hand
841:Publications
806:
429:Sociological
402: /
300:Geographical
280:Evolutionary
255:Digitization
220:Agricultural
124:Mathematical
95:Econometrics
4841:von Neumann
4610:Supply-side
4595:Physiocracy
4539:Marginalism
4228:Information
4168:Engineering
4148:Development
4143:Demographic
4014:Game theory
3991:Theoretical
3733:Supply-side
3656:Neo-Marxian
3469:Marginalism
3399:Late modern
3384:Physiocrats
2848:: pp. 78–98
2423:monetarists
2391:opportunity
2375:marginalist
2365:endowments.
2161:– Marx and
2108:marginalist
2003:common good
1835:Objectivism
1820:Libertarian
1737:Speculation
1657:Consumerism
1491:Progressive
1430:Development
1413:Physiocracy
1360:Supply-side
1168:Libertarian
1146:Free-market
1126:Anglo-Saxon
1108:Wage labour
1063:Marginalism
1033:Free market
988:Corporation
677:von Neumann
330:Information
270:Engineering
250:Development
245:Demographic
187:Game theory
129:Methodology
5077:Adam Smith
5066:Categories
4998:Economists
4871:Schumacher
4776:Schumpeter
4746:von Wieser
4666:von ThĂĽnen
4626:Economists
4525:Circuitism
4490:Humanistic
4485:Historical
4460:Ecological
4450:Democratic
4423:Chartalism
4413:Behavioral
4376:Mainstream
4337:Statistics
4332:Solidarity
4253:Managerial
4218:Humanistic
4213:Historical
4158:Ecological
4123:Behavioral
3865:Adam Smith
3713:Regulation
3639:Monetarism
3625:Circuitism
3573:Ecological
3541:Chartalism
3521:Behavioral
3464:Manchester
3459:Malthusian
3417:Birmingham
3374:Cameralism
3358:Modern era
3332:Pre-modern
3213:James Mill
3193:Adam Smith
3188:David Hume
3093:2008009151
2965:Mark Blaug
2931:Footnote 1
2777:2014-12-06
2763:0856832448
2607:References
2468:and their
2466:James Mill
2425:, such as
2417:, such as
2349:Demography
2269:John Hicks
2196:free trade
2182:Adam Smith
2153:, notably
2103:James Mill
2073:physiocrat
2069:Adam Smith
2053:capitalism
2011:free trade
1950:Adam Smith
1815:Liberalism
1800:Humanistic
1785:Democratic
1764:Ideologies
1599:Schumpeter
1345:Monetarist
1276:Chartalism
1223:Regulatory
1198:Neoliberal
1151:Humanistic
934:Capitalism
836:Economists
707:Schumacher
612:Schumpeter
582:von Wieser
502:von ThĂĽnen
463:economists
439:Statistics
434:Solidarity
355:Managerial
320:Humanistic
315:Historical
260:Ecological
225:Behavioral
119:Mainstream
4916:Greenspan
4881:Samuelson
4861:Galbraith
4831:Tinbergen
4771:von Mises
4766:Heckscher
4726:Edgeworth
4605:Stockholm
4600:Socialist
4500:Keynesian
4480:Happiness
4440:Classical
4401:Mutualism
4396:Anarchist
4381:Heterodox
4278:Personnel
4238:Knowledge
4203:Happiness
4193:Financial
4163:Education
4138:Democracy
4073:Empirical
3983:Economics
3788:Economics
3723:Stockholm
3598:Keynesian
3563:Cracovian
3512:(20th and
3501:Socialist
3484:Mutualism
3427:Ricardian
3422:Classical
3101:750831024
3039:799965716
2984:Abstract.
2799:(2009) .
2612:Citations
2554:Say's law
2502:Georgists
2492:Say's law
2480:Sraffians
2474:followers
2458:Karl Marx
2379:use value
2057:feudalism
2026:Karl Marx
1855:Third Way
1845:Privatism
1805:Inclusive
1790:Dirigisme
1584:von Mises
1471:Illiberal
1451:Corporate
1446:Community
1393:Feudalism
1303:Keynesian
1293:Classical
1136:Corporate
948:Austerity
752:Greenspan
717:Samuelson
697:Galbraith
667:Tinbergen
607:von Mises
602:Heckscher
562:Edgeworth
380:Personnel
340:Knowledge
305:Happiness
295:Financial
265:Education
240:Democracy
134:Political
100:Heterodox
43:Economics
5027:Category
5007:journals
4993:Glossary
4946:Stiglitz
4911:Rothbard
4891:Buchanan
4876:Friedman
4866:Koopmans
4856:Leontief
4836:Robinson
4721:Marshall
4571:Lausanne
4475:Georgism
4470:Feminist
4418:Buddhist
4408:Austrian
4307:Regional
4283:Planning
4258:Monetary
4188:Feminist
4133:Cultural
4128:Business
3941:Category
3911:Theories
3813:Degrowth
3748:Virginia
3588:Freiburg
3583:Feminist
3536:Carnegie
3526:Buddhist
3494:Lausanne
3449:Georgism
3412:Austrian
3049:(2008).
3005:(2005).
2991:(1987).
2568:See also
2409:and the
2397:school.
2330:Sraffian
2184:refuted
2155:Georgism
2088:interest
1999:liberals
1682:Cronyism
1594:Rothbard
1569:Marshall
1554:Friedman
1486:Merchant
1441:Consumer
1436:Advanced
1271:Austrian
1266:American
1193:National
1188:Monopoly
1141:Dirigist
1043:Investor
953:Business
942:Concepts
926:a series
924:Part of
845:journals
831:Glossary
782:Stiglitz
747:Rothbard
727:Buchanan
712:Friedman
702:Koopmans
692:Leontief
672:Robinson
557:Marshall
461:Notable
409:Regional
385:Planning
360:Monetary
290:Feminist
235:Cultural
230:Business
35:a series
33:Part of
5042:Outline
5013:Schools
5005: (
4966:Piketty
4961:Krugman
4826:Kuznets
4816:Kalecki
4791:Polanyi
4681:Cournot
4676:Bastiat
4661:Ricardo
4651:Malthus
4641:Quesnay
4544:Marxian
4435:Chicago
4365:history
4360:Schools
4347:Welfare
4317:Service
4108:Applied
3766:Related
3553:Chicago
3057:(ed.).
2958:Sources
2407:Banking
2395:Marxian
2141:in the
2047:History
1992:capital
1946:Britain
1810:Liberal
1770:Anarcho
1707:History
1539:Malthus
1534:Ricardo
1496:Rentier
1481:Marxist
1461:Finance
1372:Origins
1340:Marxist
1288:Chicago
1248:Welfare
1208:Private
1163:Liberal
983:Company
968:Capital
851:Schools
843: (
802:Piketty
797:Krugman
662:Kuznets
652:Kalecki
627:Polanyi
517:Cournot
512:Bastiat
497:Ricardo
487:Malthus
477:Quesnay
449:Welfare
419:Service
90:Applied
66:Outline
61:History
4951:Thaler
4931:Ostrom
4926:Becker
4921:Sowell
4901:Baumol
4806:Myrdal
4801:Sraffa
4796:Frisch
4786:Knight
4781:Keynes
4756:Fisher
4751:Veblen
4736:Pareto
4716:Menger
4711:George
4706:Jevons
4701:Walras
4691:Gossen
4615:Thermo
4293:Public
4288:Policy
4243:Labour
4208:Health
3644:Market
3099:
3091:
3081:
3037:
2760:
2721:
2694:
2635:
2421:, and
2359:tastes
2342:wages.
2271:&
2242:demand
2096:growth
2086:, and
1964:, and
1609:Weaver
1604:Veblen
1579:Walras
1574:Pareto
1564:Keynes
1466:Global
1233:Social
1203:Nordic
1173:Market
1083:Profit
787:Thaler
767:Ostrom
762:Becker
757:Sowell
737:Baumol
642:Myrdal
637:Sraffa
632:Frisch
622:Knight
617:Keynes
592:Fisher
587:Veblen
572:Pareto
552:Menger
547:George
542:Jevons
537:Walras
527:Gossen
395:Public
390:Policy
345:Labour
310:Health
167:Market
5037:Lists
5032:Index
4983:Lists
4956:Hoppe
4941:Lucas
4906:Solow
4896:Arrow
4886:Simon
4851:Lange
4846:Hicks
4821:Röpke
4811:Hayek
4761:Pigou
4731:Clark
4646:Smith
4561:Mixed
4520:Post-
4342:Urban
4322:Socio
4312:Rural
3872:Books
3620:Post-
3053:. In
3031:23–42
2771:(PDF)
2754:(PDF)
2371:trade
2321:as a
2080:wages
1936:is a
1932:, or
1619:Coase
1614:Weber
1559:Hayek
1524:Smith
1456:Crony
1318:Post-
1238:State
1228:Rhine
1183:Mixed
1103:Value
1068:Money
824:Lists
792:Hoppe
777:Lucas
742:Solow
732:Arrow
722:Simon
687:Lange
682:Hicks
657:Röpke
647:Hayek
597:Pigou
567:Clark
482:Smith
444:Urban
424:Socio
414:Rural
114:Macro
110:Micro
71:Index
4972:more
4696:Marx
4686:Mill
4671:List
4549:Neo-
4505:Neo-
3603:Neo-
3097:OCLC
3089:LCCN
3079:ISBN
3063:SAGE
3035:OCLC
3001:and
2758:ISBN
2719:ISBN
2692:ISBN
2633:ISBN
2445:The
2307:and
2283:and
2157:and
2145:and
2084:rent
1589:Rand
1549:Marx
1529:Mill
1476:Late
1308:Neo-
808:more
532:Marx
522:Mill
507:List
4936:Sen
4656:Say
4515:New
4248:Law
3615:New
3071:doi
2028:'s
1976:).
1940:in
1825:Neo
1795:Eco
1544:Say
1313:New
1281:MMT
1213:Raw
772:Sen
492:Say
350:Law
5068::
3129:,
3095:.
3087:.
3077:.
3065:;
3033:.
2913:^
2786:^
2658:^
2620:^
2545:.
2355::
2279:,
2275:,
2265:.
2233:.
2098:.
2082:,
2043:.
2021:.
1960:,
1956:,
1952:,
1928:,
928:on
112:/
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5009:)
4511:)
4507:(
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3073::
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847:)
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