...INTRODUCTION Neoclassical economics is a term variously used for approaches to economics focusing on the determination of prices, outputs, and income distributions in markets through supply and demand, often mediated through a hypothesized maximization of utility by income-constrained individuals and of profits by cost-constrained firms employing available information and factors of production, in accordance with rational choice theory. The neo-classical view of economics was under the Type A definition which had to do with the wealth and material welfare. This school of thought was headed by Alfred Marshall in the 18th century, the neo-classical view came to buttress the explanation of the classical view of economics, it gave economics a stand above all other social sciences. According to Alfred Marshall, he defined Economics as the study of mankind in the ordinary business of life.There were other contributions to this view like E.Cannan who said the aim of political economy is the explanation of the general causes on which material welfare of human being depends Beveridge defined it as the study of general methods by which men cooperate to meet their material needs,and also to Pigou he said economics welfare is the subject matter of economic science Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis which dominates mainstream economics today.Although neoclassical economics has gained widespread acceptance...
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...Danny Dormevil Art History October, 2014 Neoclassical Art vs. Romantic Art The contrast between Neoclassical and Romantic art displays a stark change in artistic movements beginning at the end of the 18th century. Changes in artistic movements often are the result of massive social and political shifts in a region, and Neoclassicism and Romanticism are no exception. This refocusing on new perspectives and inspirations that forged these movements, both separate and in tandem with one another, applied not just to visual art, but to every art form, from music to play-writing, as well as philosophy and science. Romanticisms preoccupation with themes such as man’s relationship with God, nature, and emotions came in direct and deliberate opposition to Neoclassicism’s preoccupation with logic and traditional views on artistic technique. Neoclassical art emerged out of the Enlightenment, primarily in Western Europe. Art, of all kinds, during in this period were informed by Enlightenment ideals, which were largely reactionary against the Renaissance period before it. The Renaissance was defined by its tremendous scientific and artistic progressions. However, toward the end of the Renaissance, resentment was mounting against the scientific and philosophical figures at the head of the movement. Science had deevolved into a show, with alleged scientists performing experiments in a manor that felt more like parlor tricks through repetition instead of making real scientific developments...
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...In the second half of the 19th century neoclassical economists emerged as a revolt against the school of classical economic thought. Neoclassical economics sought to explain the maximisation of utility with an underlying theory of rational choice theory. In the post war period a movement occurred that sought to synthesis the macroeconomic, long run theories of John Maynard Keynes with the microeconomic, short-run theories of neoclassical economics. This essay will explore how John Hick’s ISLM synthesis of Keynes is related to the neoclassical growth model. In addition it will explore how both the growth model and theory of capital reproduce problems inherent in the explanation of multi-sector economies. The Keynesian revolution, one of the “most significant events in twentieth century economic science,” disputed society’s adherence to classical laissez-faire economics (Yaroufakis, Halevi, & Theocarakis, 2011). The unsubstantiated ability of the self-clearing markets to maintain equilibrium was challenged during the early twentieth century by John Maynard Keynes in his text The General Theory. Yet as the depression strengthened and the global economic climate changed, a group of economists emerged that ceased to be either anti- or pro-Keynesian. Known as the Neo-Keynesians, they incorporated the macroeconomic framework of Keynes’ theory for understanding short run aggregate issues while the neoclassical model remained relevant for long term microeconomic analysis of growth. With...
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...Classical and Neoclassical The classical art period is thought of as a time which expressed itself in architecture, art, music and literature. (Miriam-Webster, 2015) The ancient Greek and Roman cultures embraced order and predictability. During the 15th and 16th centuries classicism spread throughout Europe in many forms, depicting rigorous discipline and training. This art period even promoted the formation of schools of art and music. The Neoclassic art movement began in Europe during the late 1700’s and continued until the early 1800’s. This movement’s goal was to revive ancient Greek and Roman or Classic style in European art. The Neoclassical style highlighted tradition, valor, sacrifice and nationalism which mirrors the style of the classic period The Neoclassic art movement spread through most of Europe, but the French and English artists embraced neoclassical art even more. There were several reasons for the inception of neoclassicism. One of the well-known reasons was the discovery at the ruins of Herculaneum and Pompeii. Ancient artifacts of Classical works were located at these locations. It was noted on Arteducation .com (2015) that German art historian Johann J. Winckelmann commented about classic art. He stated that “noble simplicity and calm grandeur” were the most important aspects. And since the current art movement was the extremely ostentatious baroque and rococo art styles, many artists chose to return to the classic style. In...
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...undertaken by mainly young, rich European men), it became fashionable to collect antiquities as souvenirs, which spread the Neoclassical style through Europe and America.This style would be in direct opposition to the former Rococo style. For example, in Rococo architecture the emphasis was on grace, ornamentation and asymmetry. Neoclassical architecture is based on the principles of simplicity and symmetry. During this time there were two major movements going on, The French Revolution, and the enlightenment period. Both of which had a huge influence in how the art would be viewed and created. I am going to explain how the two events influenced artworks, and the techniques used by the artist. Neoclassical Art Paper...
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...Explain and evaluate the neo-classical theory of long-run economic growth. In light of this theory what useful insights can be gained concerning the economic growth process of the UK economy over the past few decades? In recent year’s macroeconomists have become increasingly dissatisfied with Solow’s neoclassical theory of long run economic growth, through scrutiny of its application to the real world. (Gordon, 2006). In this essay these criticisms are going to be addressed first by explaining the theory, then considering the effect of changing different variables such as the savings rate, population growth and technical progress. The theory will then be applied to the UK economy over the past few decades discussing its relation to slow and rapid growth in certain periods. To conclude, criticisms will then be discussed to value the theory against reality. The neoclassical theory of long term economic growth is determined by marrying the production function and the savings investment line (Gordon, 2006). The production function studies the relationship between real GDP (Y) and the ‘autonomous’ growth factor (A) along with capital (K) and labour (N). This is shown by the equation Y=AF (K, N) (Gordon, 2006). The function tells us that sources causing an increased standard of living derive from the autonomous factor and the capital intensity. The per person production function shows how much output can be produced by a given quantity of factor input and is illustrated...
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...All of economics is meant to be about people’s behavior. Behavioral Economics is a field of economics that studies how the actual decision-making process influences the decisions that are reached. The standard economic theory is known as neoclassical economics. Neoclassical economics stops short of trying to explain where people’s preferences come from, but it does not take account of the direct influence of other people’s behavior and social standards on our behavior. The theory imagines we independently know what we want and that our preferences are permanent. This standard theory is very good at explaining short-term decision-making (I want green vegetables and choose beans as they are on special offer) but cannot explain longer-term changes in preferences (I now only choose organic food). Along the same lines the importance of institutions – both formal institutions such as regulations, and informal ones, for example, how people organise markets – and the evolution of the whole economic system are not subjects of neoclassical analysis. This has significant implications Behavioral economics has evolved to be a separate branch of economic analysis which applies scientific research on human and social, cognitive and emotional factors to better understand economic decisions by consumers, borrowers, investors, and how they affect market prices, returns and the allocation of resources. Behavioral economics is that branch of one, which deals with the study and application...
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...Historical Art Periods Neoclassical: Neoclassical is also referred to as Neoclassicism; a name used to describe the western association in the attractive and illustrative arts, writing, drama, composition and architecture. In the 18th century, neoclassical art retorted to the distinguished immoderation of the contemporary Rocco style, with an enormous moderation in symphony and relentlessness of line. Neoclassical architecture, imitated mutually classical and renaissance arrangements, accentuating order and simplicity. Neoclassical architecture as well as literature was motivated by the importance on aggressive bravery witnessed in the Latin and Greek grand. Neoclassicism deduces the subsistence of classical rule of commendable mythical and artistic invention. Neoclassical artists, by desirable qualities of acquaintance with the rule attempt to produce and widen the rule in every piece of their work. Although they evade sheer imitation of classical subject and designs, the artists try to place their work in the circumstance of a recognized custom and exhibit their mastery of the canons of the genre. Since Neoclassicism is divergent to modernization, its articulacy and creativeness are considered as merits. Neoclassicism in every art implies a specific rule of traditional replica. Other cultures have supplementary rules of classics, and a habitual strain of neoclassicism materializes as the expected appearance of cultures that are positive of their conventional traditions,...
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...Schools of Economic Thought By: Lenore E. Hawkins To be able to invest successfully, one must understand the major schools of economic thought and how they impact national and global economies. I like to break economic theory down into seven schools of thought: fascism, neoclassical economics, socialism, Keynesianism, monetarism, Austrianism, and supply-side economics. Economic theory is really just a set of beliefs concerning individual and group behavior. There is no consensus about which model is correct, but the one most used by governments is Keynesianism. Schools primarily teach neoclassical with a Keynesian slant, which is sometimes referred to as the neoclassical synthesis. The following is a very high level overview of these different schools of thought. Keep in mind as you read these that since the study of economics is a soft science these theories don t have perfectly clear definitions with uniform consensus and tend to evolve over time. They are a bit like religion, where for example Lutheran, Episcopalian, Protestant, and Catholic all are variations of Christianity. Since we aren t talking about something objective like E=MC2, these definition are of course subject to my interpretation. The oldest model is fascism which contends that all truth is just a matter of opinion thus we cannot really know anything useful. With this base premise, governments are free to do whatever they deem necessary. There are no limits. The most...
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...Environmental Problem: Defined The environmental issue that my research will focus on is the continued use of fossil fuels as the primary energy source by our global economy: regardless of the proven adverse impacts, from our reliance on these nonrenewable resources; and in consideration of the circumstances regarding the existence of viable alternative sources of energy, given the application of equivalent technologies applied to their systems of conversion. The focus of this paper is not to identify evidence of the negative impacts realized because of fossil fuel use, in order to prove these problems are in fact produced. Confirmation has been granted through several other research projects, in regards to those problems and aspects included within the scope of this research project. As for those problems or related aspects excluded in the scope of this project, debate does exists; along with there being variations present in the range of impacts believed to be associated with fossil fuel use. That is, the limits of my research were configured according to the impacts that are evident regardless of opposing viewpoints and variations in perspective. The study will not include research that supports that viable alternative, renewable energy sources are available either. This would be redundant as well considering the practical applications in use throughout the world, diverting any debate that may exist to the alternative sources in theory. Specifically, the three main impacts...
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...Schumacher’s paradigm is not a trick or nonsense. It is just different from the paradigm I have before, neoclassical (if I really have one before). Even so, I still think his paradigm is not going to work in China according my experience and my understating. However, during the winter break, I spent 6 weeks in Germany. I mainly stayed in North, Flensburg, Hamburg, but also traveled to Munich in Bavarian area. This 6 weeks completely changed the way I see Schumacher’s ideas. After I come back, this time I read the book again and connect with my 6 weeks’ experience in Germany and my daily observations, I believe I see something new from Schumacher which I have never think about before. I understood Schumacher’s holy trinity of “health, beauty, and permanence”, “The great majority of economists are still pursuing the absurd idea of making their ‘science’ as a scientific and precise as physics, as if there were no qualitative difference between mindless atoms and men made in image of God. Economics has only become scientific by becoming statistical.” I certainly think in the same way. The reason why Economics is a charming subject to me is this subject doesn’t only involved with Mathematica (mainly statistics), but also with human being. However, I don’t completely agree with him about ways of production and problems of production in industrial society now. I prefer to think in a neoclassical way more. There are many problems in the way of...
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...and designer, and one of the greatest of the Victorian art-architects. He sought in his work to escape from 19th-century industrialisation and the Neoclassical architectural style and to re-establish the architectural and social values of a utopian medieval England. He stands within the Gothic Revival tradition, his works echoing the Pre-Raphaelites and heralding the Arts and Crafts movement. His first major commission was Saint Fin Barre's Cathedral, Cork, in 1863. Burges's most notable works are Cardiff Castle and Castell Coch, both for John Crichton-Stuart, 3rd Marquess of Bute. Other buildings include Gayhurst House, Knightshayes Court, and St Mary's, Studley Royal. Many of his designs were never executed or were subsequently demolished, and his plans for the redecoration of the interior of St Paul's Cathedral were abandoned. He also designed metalwork, sculpture, jewellery, furniture and stained glass. Art Applied to Industry, a series of lectures he gave to the Society of Arts in 1864, illustrates the breadth of his interests. The revival of interest in Victorian art has led to a renewed appreciation of Burges and his worWilliam Burges (1827–81) was an English architect and designer, and one of the greatest of the Victorian art-architects. He sought in his work to escape from 19th-century industrialisation and the Neoclassical architectural style and to re-establish the architectural and social values of a utopian medieval England. He stands within the Gothic Revival tradition...
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...I. INTRODUCTION The international trade theory experienced several periods of development from Classical to Neoclassical, New Trade Theory, and then the New Classical Trade Theory. The earliest over international trade had its birth in the end of 15th century and initial period of 16th century. That is, during the period of western countries’ primitive accumulation of capital and the main theory is mercantilism. It is claimed of the theory that the only form of wealth is the metal---gold and silver. People can gain them though exchange and for a nation, it is to increase the social wealth. Hereby, the way to gain gold and silver is international trade. II. THE DEVELOPMENT PROCESS OF THE THEORIES: 1. CLASSICAL INTERNATIONAL TRADE THEORY In the late 1790s, the point of mercantilism was challenged by the classical economists. Based on criticizing the mercantilism, Adam Smith proposed the division of labor theory. It has been 41 years from Adam Smith proposed the absolute cost in his the Wealth of Nations in 1976 to David Ricardo proposed the comparative cost in his the Principles of Political Economy and Taxation in 1817. This is the foundation period of international trade theory, that is, the Classical period. The absolute cost of Adam Smith is based on the division of labor theory. Adam introduced the division of labor theory to the field of international trade and established his absolute cost theory, thus demonstrating the fact that a nation can make the sources of each...
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...professions including law, medicine and engineering, whereas women are segregated into lower paying positions including teaching and nursing (p. 211). Several different theories lend credence and explanation to occupational segregation and wage discrimination forces. Some are more supply sided in nature while others depend more on institutionalized practices. Human and capital theory for example suggest that women generally anticipate "shorter and less continuous work lives than men" and are generally paid lower at the outset, thus have lower wage penalties for taking time off from work (Blau, Ferber and Winkler, 2001:213). The studies that will be most closely examined in this paper include theories along this line including neoclassical theory and theories opposing this viewpoint including the Institutionalist or Marxist idealisms related to economic theory. Blau, Ferber and Winkler (2001) suggest that occupational or labor discrimination occurs when "two equally qualified individuals are treated differently...
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...Introduction Behavioral economics studies cognitive, emotional and social factors effects on economic decisions made by an individuals and consequences returns, resource allocation and market prices. It assumes that human beings are rational in the decisions they make. Behavioral economics do not involve assumption. The difference comes in from the notion that the human behavior observation contradicts behavior of people to be perfectly rational. Therefore, the two starts from different points. Both behavioural economics and economics try to proscribe and describe patterns of human spending. The implication is that it does not only try to describe human behavior but tries to dictate human behavior. Behavioral Economics The authors draw their arguments from two perspectives: descriptive and proscriptive perspectives. Descriptive explains human behavior and proscriptive tries to denounce human behavior. These two depend on two things: human psychology and one’s rationality. The decisions made by a human being are based on the perception of the situation and the individuals’ reasoning. Reasoning involves various cognitive capabilities. Hence, decision made by humans cannot be attributed to full rationality. The rationality bounds do not contribute wholly to decision making. Moreover, lacking complete control by humans on their behaviour is as a result of cognitive behavior bounds (Ariely, 2008) One who makes decisions based on aspiration and not utility maximization stands to...
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