But economists were bound to push at the dividing line between micro and macro- which in practice has meant trying to make macro more like micro, basing more and more of it on optimisation and market-clearing.
Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution of income between the main factors of production, land, labour and capital.
To conclude provisionally: economists study the actions of individuals, but study them in relation to social rather than individual life; and therefore concern themselves but little with personal peculiarities of temper and character.
Especially when it comes to matters as important as macroeconomics, a mainstream economist like me insists that every proposition must pass the smell test: does this really make sense?
Behavioural economists have found that all sorts of psychological or neurological biases cause people to make choices that seem contrary to their best interests.
Some economists explained declining relative demand during the 1980s for less-skilled workers in most developed countries using Heckscher-Ohlin(HO) trade theory.
He suggests that heterodox economists should embrace rigorous mathematics and attempt to work from within the mainstream, rather than treating it as an enemy.[17].
According to an article published online by the British weekly The Economist, the decisive downturn in the U.S. dollar's destiny is yet to come, but the groundwork is being laid.
As many economists say, the current food system is inadequate to support the population of 12 billion people, it is necessary to change the perception of what we regard as food.
While economists still believe a compromise can be reached and the worst-case scenario avoided, the risk of disruptions in trade and investment have added to existing concerns about an economic slowdown in China this year.
Some academic economists also were skeptical of the certification requirement, arguing that the gap resulted from non-gender related factors that would be apparent if the statistical measures were perfect.
The simplest marker- which has been a topic of discussion among economists for many years- is the stark increase in inequality of both income and opportunity.
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