CLASSICAL ECONOMICS AND ITS WORLDVIEWS

2021 ◽  
pp. 111-118
Keyword(s):  
Classical Economics

Two Intellectual Landmarks in the Year 1749

2019 ◽  
Vol 17 (2) ◽  
pp. 101-123
Author(s):  
Farhad Rassekh
Keyword(s):  
Paradigm Shift ◽  
David Hume ◽  
Adam Smith ◽  
Considerable Extent ◽  
Monetary Theory ◽  
Economic Theories ◽  
Classical Economics ◽  
Wealth Of Nations ◽  
Economic Thinking

In the year 1749 Adam Smith conceived his theory of commercial liberty and David Hume laid the foundation of his monetary theory. These two intellectual developments, despite their brevity, heralded a paradigm shift in economic thinking. Smith expanded and promulgated his theory over the course of his scholarly career, culminating in the publication of The Wealth of Nations in 1776. Hume elaborated on the constituents of his monetary framework in several essays that were published in 1752. Although Smith and Hume devised their economic theories in 1749 independently, these theories complemented each other and to a considerable extent created the structure of classical economics.

scholarly journals Attributes of turnaround rural hospitals: Case study findings and research opportunities

2017 ◽  
Vol 6 (6) ◽  
pp. 8
Author(s):  
Asa B. Wilson
Keyword(s):  
Theory Of The Firm ◽  
Access Point ◽  
Hospital Performance ◽  
Rural Hospitals ◽  
Rural Hospital ◽  
Classical Economics ◽  
The Status ◽  
History Of ◽  
Closure Conversion ◽  
The Impact

Background: Rural and Critical Access Hospitals (CAHs) have a history of operating challenges and closure-conversion threats. The history is reviewed including the supportive public policy provisions and administrative tactics designed to maintain a community’s hospital as the hub and access point for health services. Limited research indicates that rural facilities are not strategic in their responses to challenges. A question emerges regarding the enduring nature of operating difficulties for these facilities, i.e., no understanding with explanatory value.Objective: The author, as the CEO in six rural hospitals designated as turnaround facilities, used inductive participant-observer involvement to identify operating attributes characteristic of these organizations. An objective description of each facility is provided. While implementing a turnaround intervention, fifteen behaviors or outcomes were found to be consistent across all six entities. This information is used to posit factors associated with or accounting for identified performance weaknesses.Conclusions: It is conceptualization that observed organizational behaviors can be explained as remnants of an agrarian ideology. Such a mindset is focused on preserving the status quo despite challenges that would require strategic positioning of the organization. In addition, emerging studies on community types indicates that follow-up research is needed that assesses the impact of community attributes on rural hospital performance. Also, this study shows that a theory of the rural hospital firm based on neo-classical economics has no explanatory value. Thus, a theory of the firm can be developed that includes behavioral economic principles.

Towards holistic understanding of socially responsible provision of public goods: conceptual foundations

2019 ◽  
Vol 15 (1) ◽  
pp. 47-60
Author(s):  
Rita Vilke
Keyword(s):  
Public Goods ◽  
Point Of View ◽  
Socially Responsible ◽  
Content Type ◽  
Classical Economics ◽  
Knowledge Based Economy ◽  
Holistic Understanding ◽  
Conceptual Background ◽  
Classical Economic ◽  
Conceptual Foundations

PurposeThis paper aims to explain a conceptual background for an emerging agrarian discourse in corporate social responsibility (CSR) research. Socially responsible provision of public goods is examined by encompassing a shift in paradigms and approaches from the industrial phase of development with economic/profit dimension, emphasized by the theory of public goods, to the post-industrial phase of development with moral dimension, empowered by knowledge-based economy, sustainability and further development of the theory of CSR.Design/methodology/approachThe paper sets the conceptual foundations for the holistic study of the two confronting conceptions of public goods and CSR by discussing their interconnectivity and distinctions of relevant approaches in the intersecting classical economics and sustainability fields.FindingsResearch results show that provision of public goods is still mainly debated from the classical economic paradigms. Nevertheless, author give promising evidence for the possibility to implement holistic studies on confronting economic and moral dimensions in the field of socially responsible provisions of public goods with use of appropriate theories and approaches from both paradigms depending on the context.Research limitations/implicationsThis paper presents exceptionally theoretical insights and sophisticated explanations of the background of emerging agrarian discourse in CSR. It gives implications for further research in the field of socially responsible provision of public goods both from theoretical and empirical point of view.Originality/valueThe study proves the enlarged scope of the theory of CSR by conceptualizing the newly emerging discourse in the field, which has been absent from theoretical to empirical CSR research in agriculture.

scholarly journals   Study on Chinese farmer cooperative economy organization and agricultural specialization

2012 ◽  
Vol 58 (No. 3) ◽  
pp. 135-146 ◽  
Author(s):  
D. Yang ◽  
Z. Liu
Keyword(s):  
Transaction Costs ◽  
Agricultural Production ◽  
Division Of Labour ◽  
Agricultural Enterprises ◽  
Classical Economics ◽  
Internal Mechanism ◽  
Market Transaction ◽  
Economics Model ◽  
Responsibility System ◽  
Cooperative Economy

 Under the background of the Chinese Household Contract Responsibility System (HCRS), farmers have to pay higher transaction costs and encounter a huge trading risk if they engage in agricultural production only through the market transaction. Since the special properties of agricultural production limit the formation and development of agricultural enterprises, farmer cooperative economy organizations with the main functional characteristics of transaction coordination begin to flourish. By building a new classical economics model, this paper demonstrates the theoretical assertion that the generation of a farmer cooperative economy organization is accompanied by the evolution of the division of labour, the improvement of farmers’ effectiveness and the development of agricultural specialization. Furthermore, this paper does an empirical analysis with the micro-survey data to verify this theoretical assertion. Therefore, this article effectively explains the generation condition of a farmer cooperative economy organization and the internal mechanism of how it promotes the development of agricultural specialization. So this paper provides a strong theoretical and practical evidence for the development of a farmer cooperative economy organization and agricultural specialization.    

W. T. Thornton: Savant, Idiot, or Idiot-Savant?

1997 ◽  
Vol 19 (1) ◽  
pp. 1-23 ◽  
Author(s):  
Robert B. Ekelund
Keyword(s):  
Economic Thought ◽  
History Of Economic Thought ◽  
Classical Economics ◽  
The Status ◽  
History Of

Renewed interest has been kindled in the status and “meaning” of William T. Thornton (1813–1880) in the history of economic thought. Thornton is often credited, rightly or wrongly, with re-orienting J. S. Mill's thought on the wages fund—a critical cornerstone of classical economics. While Thornton's actual influence on Mill in this matter

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