Chapter 18 Terms

Chapter 18 Terms - Michael Morgenstern Economics 103A...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Michael Morgenstern Economics 103A February 13, 2008 Prof. Zein-Elabdin Chapter 18 Terms 1. Neoclassical economics a. Most of modern, mainstream economics based on neoclassical assumptions. Tends to ascribe inevitability, if not necessarily desirability, to market outcomes. 2. Alfred Marshall a. Wrote the Principles of Economics, which were the standard economics textbooks in the first few decades of the 20th century. He thought that economics would have greater potential for scientific development if it were detached from moral philosophy. 3. Carl Menger a. Austrian economist 4. William Stanley Jevons a. Was an English economist who lived from (1835-82). b. 5. Leon Walras a. Was a Swiss economist who lived from 1834 -1910. b. He developed a view of the economy as a whole that showed how consumers decisions interlock with producers decisions. 6. Marginal Analysis a. The determination of optimal behavior by comparing benefits and costs at the margin, that is, benefits and costs that result from small (i.e., marginal)
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chapter 18 Terms - Michael Morgenstern Economics 103A...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online