scholarly journals New studies on modern Economic Theory of the West

2019 ◽  
Vol 11 (2) ◽  
pp. 7-71
Author(s):  
A. G. Khudokormov ◽  
A. V. Bannikova ◽  
A. M. Litovchenko ◽  
A. A. Moskaleva ◽  
E. A. Danilenko
Keyword(s):  
Game Theory ◽  
Economic Theory ◽  
Behavioral Economics ◽  
Economic Thought ◽  
The West ◽  
Nobel Laureates ◽  
Modern Economic

The article presents the results of studies of modern economic theory. The views of the Nobel laureates are interpreted: D. MacFadden on the development of microeconomics, T. Schelling on economic conclusions from game theory, E. Prescott in the field of cycle theory, R. Thaler in the field of behavioral economics. The intention was expressed to turn the master's seminar into a platform for the study of the global economic thought of our time.

scholarly journals Martín de Azpilcueta: The Spanish Scholastic on Usury and Time-Preference

Studia Humana ◽  
2020 ◽  
Vol 9 (2) ◽  
pp. 28-36
Author(s):  
Pedro J. Caranti
Keyword(s):  
Economic Theory ◽  
Golden Age ◽  
Time Preference ◽  
Economic Thought ◽  
Preference Theory ◽  
Modern Economic ◽  
The University

AbstractMartín de Azpilcueta and his fellow Spanish Scholastics writing and teaching at the University of Salamanca during Spain’s Golden Age are rightly pointed to by historians of economic thought as being major contributors toward, if not outright founders of modern economic theory. Among these is the theory of time-preference for which Azpilcueta has repeatedly been given the credit for discovering. However, this discovery is a curious one given how the same man, Azpilcueta, condemned usury in general during his whole life. If Azpilcueta did in fact discover this theory and fully understand its implications, we would reasonably expect him to have questioned his support for the ban on charging an interest on a loan. This paper, therefore, challenges the claim that Azpilcueta understood and revived time-preference theory and shows how his understanding was much more nuanced, and, at times, inconsistent.

scholarly journals Retrospectives: What Did the Ancient Greeks Mean by Oikonomia?

2016 ◽  
Vol 30 (1) ◽  
pp. 225-238 ◽  
Author(s):  
Dotan Leshem
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Short History ◽  
Ancient Greek ◽  
Active Participant ◽  
Economic Action ◽  
History Of ◽  
Modern Economic ◽  
City State ◽  
The City

Nearly every economist has at some point in the standard coursework been exposed to a brief explanation that the origin of the word “economy” can be traced back to the Greek word oikonomia, which in turn is composed of two words: oikos, which is usually translated as “household”; and nemein, which is best translated as “management and dispensation.” Thus, the cursory story usually goes, the term oikonomia referred to “household management” and while this was in some loose way linked to the idea of budgeting, it has little or no relevance to contemporary economics. This article introduces in more detail what the ancient Greek philosophers meant by “oikonomia.” It begins with a short history of the word. It then explores some of the key elements of oikonomia, while offering some comparisons and contrasts with modern economic thought. For example, both Ancient Greek oikonomia and contemporary economics study human behavior as a relationship between ends and means which have alternative uses. However, while both approaches hold that the rationality of any economic action is dependent on the frugal use of means, contemporary economics is largely neutral between ends, while in ancient economic theory, an action is considered economically rational only when taken towards a praiseworthy end. Moreover, the ancient philosophers had a distinct view of what constituted such an end—specifically, acting as a philosopher or as an active participant in the life of the city-state.

scholarly journals DEVELOPMENT OF MARGINALISM IDEAS AND THEIR REFLECTION IN DOMESTIC ECONOMIC THOUGHT

2021 ◽  
Author(s):  
Liudmyla Krot
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Economic Behavior ◽  
Economic Research ◽  
Wide Field ◽  
Labor Theory Of Value ◽  
Labor Theory ◽  
World Economic ◽  
Modern Economic ◽  
Theory Of Value

In the conditions of transformational shifts and construction of the national competitive economy of Ukraine, society is a particularly attractive object for socio-economic research. The necessity of deep theoretical comprehension of the processes that take place and determination of the directions of further development of the domestic economy through the reference to the historical experience of studying market transformations by domestic economists is substantiated. There is a tendency of revival of scientific interest in historical and economic research in modern economic theory, where Ukrainian economic thought opens a wide field for scientific research. The aim of the article is to study the development of the ideas of marginalism and their reflection in the domestic economic thought in the works of representatives of the Kyiv School of Economics. The article presents the evolution of the theoretical and methodological foundations of the stages of the marginal revolution. It is noted that in Ukraine there were also powerful scientific centers of marginal orientation. It is claimed that the Kyiv School of Economics, headed by M. H. Bunge and D. I. Pikhno, initiated the subjective-psychological direction of political economy in Ukraine. It is determined that the peculiarity of O. Bilimovich's scientific thought was the complete denial of the labor theory of value. The article states that MI Tugan-Baranovsky has the primacy in the deep substantiation and creation of the synthesis of the labor theory of value and theories of marginal utility. It is noted that the combination of objective and subjective approaches on a methodological basis allowed him to avoid one-sided economic research. It is emphasized that the views of M. Tugan-Baranovsky in this problem were characterized by both undeniably powerful and theoretically weak aspects. Based on the study, it was concluded that marginalism as a powerful direction in the development of world economic theory had its own peculiarities of perception and development in Ukrainian economic thought of the second half of the nineteenth - early twentieth century. Research has revealed a critical perception of methodological individualism as a characteristic feature of the scientific tools of marginalism. It is noted that the fundamental ideas of marginalism in the Ukrainian economic thought of the second half of the XIX - early XX centuries. combined with the methods of the new historical and social schools. The article notes that at that time Ukrainian scientists took into account the influence of non-economic factors on the economic behavior of economic entities,

scholarly journals THE VIEWS OF THE LEADERS OF WESTERN ECONOMIC TEORY (for example, works of O. Blanchard, R. Barro, F. Kydland, D. Acemoglu)

2017 ◽  
Vol 9 (1) ◽  
pp. 90-174
Author(s):  
Alexander Khudokormov ◽  
N. . Alimova ◽  
A. . Baeva ◽  
A. . Izmaylov ◽  
A. . Litovchenko
Keyword(s):  
Economic Theory ◽  
Graduate Students ◽  
Rational Expectations ◽  
The West ◽  
Modern Economic ◽  
Liberal Concept

The presented set of articles is the result of the work of the master's seminar on modern economic theory of the West. They analyze the work of the most famous economists leading in the citation ratings: Olivier Blanchard, Robert Joseph Barro, Finn Kydland and Daron Asemoglu. Each of these authors represents one of the trends of modern economics. So, O. Blanchard is the representative of neoclassical and keynesian synthesis in macroeconomics. R. Barro and F. Kydland are developing a liberal concept of «rational expectations» D. Asemoglu heads modern neo-institutionalism. For students, graduate students and teachers who study modern economic theory.

scholarly journals HISTORICAL-ECONOMIC KNOWLEDGE AS THE BASIS OF THE THEORETICAL LEVEL OF ECONOMIC THINKING

2019 ◽  
Vol 8 (4) ◽  
Author(s):  
Aidar M. Tufetulov ◽  
Gulnara N. Hadiullina ◽  
Rival R. Shakirov ◽  
Andrey S. Zayats
Keyword(s):  
Economic Theory ◽  
Spiritual Development ◽  
Economic Thought ◽  
Economic Knowledge ◽  
Historical Trends ◽  
Separate Branch ◽  
Modern Economic ◽  
Economic Thinking ◽  
Xix Century ◽  
Market Relations

Economic theory as an independent science arose in the period of the formation of modern market relations. The economic thought history as a separate branch in the system of economic sciences took shape in the first half of the XIX century. The tradition of Russian economic thought at all stages of its development was attention to historical trends and factors of socio-economic development. The reason for this is in the specifics of Russia's socioeconomic and spiritual development. ХIХ century is characterized by the struggle of old and new trends in the economic system of Russia. In these conditions, representatives of various branches of economic thought appealed to the historical experience of the country and humanity in order to prove the truth of their position. The paper presents an analysis the historical process of emergence, development, struggle, and the changing of economic ideas. The main attention is paid to the analysis of the main directions of modern economic theory underlying the decision-making at macro and microeconomic levels. The content of the historical and economic knowledge functions: worldview, practical, axiological, factual and methodological, is defined. The necessity of studying the provisions of alternative economic schools is substantiated, what is considered as a prerequisite for the formation of general cultural and professional competencies of specialists in the field of economics

scholarly journals New studies on modern Economic Theory of the West

2018 ◽  
Vol 10 (1) ◽  
pp. 7-73
Author(s):  
Alexander Khudokormov ◽  
A. . Nelyubina ◽  
M. . Safina ◽  
E. . Andronova ◽  
K. . Temirbulatova
Keyword(s):  
Economic Theory ◽  
The West ◽  
Modern Economic

В статье изложены результаты последних исследований авторов по истории современной экономической мысли Запада. Анализируются этапы становления микроэконометрики (Дж. Хекман), новейшие формы поведенческой (А. Дитон) и экспериментальной (Дж. Лист) экономической теории, а также теория «неполного контракта» О. Харта.

Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

2010 ◽  
pp. 82-98 ◽  
Author(s):  
Ya. Kuzminov ◽  
M. Yudkevich
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Nobel Prize ◽  
Organization Theory ◽  
Development Studies ◽  
Complex World ◽  
Market Institutions ◽  
Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

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