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The Reed–Kellogg system was developed by Alonzo Reed and Brainerd Kellogg for teaching grammar to students through visualization. [1] It lost some support in the 1970s in the US, but has spread to Europe. [2] It is considered "traditional" in comparison to the parse trees of academic linguists. [3]
v. t. e. In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. [1] [2] In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of ...
Ayn Rand defined capitalism as a social system based on the recognition of individual rights, including property rights, in which all property is privately owned, and called it the unknown ideal. [ 1] Robert LeFevre, an American libertarian and primary theorist of autarchism, defined capitalism as savings and capital —in essence—as savings ...
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions , agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Take-off then occurs when sector led growth becomes common and society is driven more by economic processes than traditions. At this point, the norms of economic growth are well established. In discussing the take-off, Rostow is a noted early adopter of the term “transition”, which is to describe the passage of a traditional to a modern ...
Three types of oligopoly. Due to the hallmark of oligopoly being the presence of strategic interactions among rival firms, the optimal business strategy of an enterprise can be studied through the thought of game theory. Under the logic of game theory, enterprises in oligopoly market have interdependent behavior.
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman, it argues that excessive expansion of the money supply is inherently inflationary, and that monetary authorities should focus solely on maintaining price stability .