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Jul 5, 2021 · Capitalism is an economic system, but it's also so much more than that. It's become a sort of ideology, this all-encompassing force that rules over our lives and our minds. It might seem like it's ...
- Rund Abdelfatah
Jan 27, 2020 · The United States is often described as a "capitalist" economy, a term coined by 19th-century German economist and social theorist Karl Marx to describe a system in which a small group of people who control large amounts of money, or capital, make the most important economic decisions. Marx contrasted capitalist economies to "socialist" ones, which vest more power in the political system.
- Mike Moffatt
Thus, the social system in the neoclassical vision was free of unresolvable conflict. The very term “social system” is a measure of the success of neoclassical economics, for the idea of a system, with its interacting components, its variables and parameters and constraints, is the language of mid-nineteenth-century physics.
Jan 25, 2021 · By Walter Friedman. The thought of the United States becoming the world’s richest and most powerful nation would have been unimaginable at the time of the country’s founding. In 1783, at the end of the American Revolution, the United States was a marginal commercial center, far from the powers of Europe and the riches of Asia.
- Biographical Note
- Fisher’s Economics: Mathematical Investigations, 1892
- Fisher’s Economics: The Rate of Interest, 1907
Irving Fisher was born in the small town of Saugerties, New York, on February 27, 1867, the son of a congregational minister. After finishing high school, he went to Yale in 1884—the year his father died of tuberculosis—where he obtained his B.A. in 1888. At Yale, he studied mathematics, science, social science, and philosophy with teachers like th...
Fisher’s doctoral dissertation—Mathematical Investigations in the Theory of Value and Prices (1892)—analyzed equilibria in exchange and production economies. In his analysis, Fisher wrote Walrasian equations without knowing Walras’s text. He got to know Walras’s Éléments, as well as Edgeworth’s Mathematical Psychics, only as he was finishing his di...
Schumpeter (1948) notes that the Walrasian system presupposes a schema of economic accounting and that this schema of accounting centers on the themes of capital values and income values: The Nature of Capital and Income(1906) is a sort of philosophy of economic accounting and links practical business transactions with the theories of abstract econ...
- Roberto Marchionatti
- roberto.marchionatti@unito.it
- 2020
Contending Economic Theories: Neoclassical, Keynesian, and Marxian. By Richard D. Wolff and Stephen A. Resnick, Cambridge, MA, The MIT Press, 2012, 416 pp., $35.00/paper. As the world slowly emerges from a recession, contentions over the sources of decline and recovery are reigniting a debate among proponents of three disciplines of economics: neoclassical, Keynesian, and Marxian.
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Nov 1, 2014 · Sylvia Allegretto of the Economic Policy Institute tells us that in 2009, the mean net worth of the infamous “Forbes 400” (the four hundred wealthiest persons in the United States) was $3.2 billion; but the top wealth holder had a net worth fifteen times greater than the mean for the Forbes 400 as a whole, an increase from 8.6 times larger in 1982.41
