Essays economics economists coase

I work for a Government I despise for ends I think criminal.

Essays economics economists coase

Gary Becker Gary Becker — was a Nobel Prize-winner from and was known in his work for applying economic methods of thinking to other fields, such as crime, sexual relationships, slavery and drugs, assuming that people act rationally.

His work was originally focused in labor economics. His work partly inspired the popular economics book Freakonomics. He is considered one of the founding fathers of Chicago political economy. Ronald Coase and Law and economics Ronald Coase — was the most prominent economic analyst of law and the Nobel Prize -winner.

His first major article, " The Nature of the Firm "argued that the reason for the existence of firms companiespartnerships, etc. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective.

Coase used the example of an London legal case about nuisance named Sturges v Bridgmanin which a noisy sweetmaker and a quiet doctor were neighbours; the doctor went to court seeking an injunction against the noise produced by the sweetmaker. Only the existence of transaction costs may prevent this.

The idea is that law and regulation are not as important or effective at helping people as lawyers and government planners believe. Eugene Fama and Efficient-market hypothesis Eugene Fama born is an American financial economist who was awarded the Nobel Prize in Economics in for his work on empirical asset pricing and is the seventh most highly cited economist of all time.

The notion was further explored in his article, "Efficient Capital Markets: A Review of Theory and Empirical Work", which brought the notion of efficient markets into the forefront of modern economic theory, and his article, "Efficient Markets II".

Whilst his Ph. His work showing that the value premium can persist despite rational forecasts of future earnings [12] and that the performance of actively managed funds is almost entirely due to chance or exposure to risk [13] are all supportive of an efficient-markets view of the world.

Robert Fogel Robert Fogel —a co-winner of the Nobel Prize inis well known for his historical analysis and his introduction of New economic history[14] and invention of cliometrics. Essays in Econometric History, Fogel set out to rebut comprehensively the idea that railroads contributed to economic growth in the 19th century.

Later, in Time on the Cross: The Economics of American Negro Slaveryhe argued that slaves in the Southern states of America had a higher standard of living than the industrial proletariat of the Northern states before the American civil war.

Milton Friedman[ edit ] The Nobel laureate Milton Friedman was affiliated with the University of Chicago for three decades; his ideas and his students made significant contributions to the development of Chicago School theory.

Milton Friedman and Monetarism Milton Friedman — stands as one of the most influential economists of the late twentieth century. Friedman argued that the Great Depression had been caused by the Federal Reserve 's policies through the s, and worsened in the s.

Friedman argued that laissez-faire government policy is more desirable than government intervention in the economy.

Essays economics economists coase

One of the great mistakes is to judge policies and programs by their intentions rather than their results. He advocated the quantity theory of moneythat general prices are determined by money. Therefore, active monetary e. In Capitalism and Freedom Friedman wrote: The slogan that "money matters" has come to be associated with Friedman, but Friedman had also leveled harsh criticism of his ideological opponents.Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies the production, distribution, and consumption of goods and services..

Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.

Few other economists have been read and cited as often as R.H. Coase has been, even though, as he admits, "most economists have a different way of looking at economic problems and do not share my conception of the nature of our subject.".

The Firm, the Market, and the Law: Economics Books @

In this series of essays Coase traverses a wide range of topics in the discipline from what part economists should play in public policy to who Alfred Marshall's Uncle was. As the title of the book suggests, the first seven essays deal with economics, and Coase's views on feelthefish.coms: 7.

[1] In sharp contrast, under regimes like feudalism (a form of society-with-markets) labour was not a commodity but the property of the landlord. Indeed, labour had no price (i.e. no wage was paid) and its activities were commanded, or commandeered, by the person who had inherited the right to do so.

Among the essays are Coase's lecture on receiving the Nobel Prize for economics. Others explore such aspects of the field as choosing theories, influencing public policy, contiguous disciplines, and the lives and methods of prominent economists.

About articles, of which: About full-length scientific pieces, of which 17 were co-authored; 57 of the self-authored pieces were refereed, 45 were invited (in edited volumes, for example).

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