Discuss briefly Schumpeterian theory of economics development.

Q: While serving as Chief Economist for the World Bank, the Neoclassical Economist, Lawrence Summers,…

A: Lawrence Summers' argument is based on the economic principle of cost-benefit analysis. He suggests…

Q: discuss and analyze a current event in economics.

A: Economics is the study of the scarcity of resources and unlimited wants. The unlimited wants can be…

Q: Richard Thaler gives three criticisms of the homo economicus model. The first of these is “SIFs.”,…

A: Traditional economics envisions a future filled by calculating, emotionless maximizers known as Homo…

Q: the differences of microeconomics and macroeconomics

A: Microeconomics and Macroeconomics both are the branches of economics. Here, microeconomics deal with…

Q: Which of this is a following is a normative statement: Select one: The correlation between the…

A: Normative statements are not true statements rather they are based on assumptions and value…

Q: In common parlance, we say that economics is everywhere. Comment

A: Economics is that the investigation of how people choose choices notwithstanding shortage. These are…

Q: Richard Thaler provides three criticisms of the homo economicus model in his book “Missbehaving”.…

A: With the first salvo of wit that will characterise the entire book, Richard Thaler claims that…

Q: What are the basis of concepts taught in macroeconomics?

A: Macroeconomics is a branch of economics that studies how an overall economy behaves that is, how the…

Q: what is the difference between positive theory and nornative theory?

A: Economics is the social science that studies the production, distribution, and consumption of goods…

Q: Economics came from the Greek word Oikos which means scarcity. Select one: True False

A: Scarcity: It refers to the problem of resources that are limited in the economy and wants of the…

Q: Discuss the methods and objectives of macroeconomic analysis.

A: Methods and Objectives of Macroeconomic Analysis  Introduction:-Macroeconomic analysis is the study…

Q: Is either the capitalist economic model or the socialist economic model preferable from a moral…

A: Capitalist economic model refers to an economy which is driven by private sector. The majority of…

Q: How can we say that economics is considered as social science or how economics is defined as social…

A:

Q: List and discuss three of the better known normative standards income distribution.

A: The measure to which the authorities should transfer income from people with greater income to those…

Q: What are the drivers/motives behind the geoeconomic strategy?

A: Geo-economics is the branch of economics which study how economy functions in an international…

Q: What is the purpose of building a theory?

A: Theories are explanation of natural or human behaviour or an event. Theory building helps us in…

Q: what are the three approches in measuring economics activity? why do they give the same answer

A: Economic activity means when a country is economically active that means there is some activity…

Q: he study of economics was known by what name from its earliest inception?     political science…

A: Economics refers to the branch of knowledge related with the production, consumption, and transfer…

Q: Compare the following schools of thought. New-Keynesian Economics and Post-Keynesian Economics

A: Keynesian economics is a very general umbrella word for economists who make any use of the ideas of…

Q: Indicate whether each of the following statement applies to microeconomics or macroeconomics: U.S.…

A: ANS Microeconomics deals with the study of individual firms or individual markets. In…

Q: What were Thaler's three criticisms about the "Econ" model of behavior?

A: The study of economic decisions influenced by psychological factors is known as behavioral…

Q: What we can conclude on the journal Methodology of Islamic Economics From Islamic Teachings to…

A: Economics solely relies on knowledge obtained through human thinking and perception of the world…

Q: Identify and define the two branches of economics

A: Economics:- Economics can be defined as the subject that studies the production, consumption and…

Q: What is the best and the worst economic theory of adam smith as an economist?

A: Adam Smith, the father of modern economics, was a Scottish economist, philosopher, and author in the…

Q: if economic theories are solidly based on relevant facts, then appropriate economic policy becomes…

A: Economics is a social science that deals with complex systems influenced by numerous factors,…

Q: Classify the following questions as Microeconomics or Macroeconomics and provide a justification for…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: An example of a topic outside the scope of macroeconomics is

A: Macroeconomics is the study of economic issues related with aggregate level. Such as unemployment…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: Name and explain at least five macroeconomics objectives

A: Macroeconomics is the study of whole or aggregate things. For example, Macroeconomics studies the…

Q: Does the discipline [of economics] have sufficient predictive power to play an important role in our…

A: Economics is a social science that studies how individuals, governments, firms, and nations make…

Q: The methodology of ________ economics says that models should be based on predictions and not…

A: The methodology of economic studies the methods of the scientific methods which are in relation to…

Q: Explain the Heckscher-Ohlin theory using real World examples.

A: The Heckscher-Ohlin model is an economic theory that states countries should export what they can…

Q: Why is it important to be able to distinguish positive from normative statements about economic…

A: Modern economics has usually two standard branches: positive and normative economics. Positive…

Q: How modern macroeconomics is different from traditional macroeconomics?

A: The modern study and analysis of macroeconomics starts with how microeconomics units, consumers and…

Q: If you were the Prime Minister of the country, would you be more interested in your economic…

A: An economic advisor is a professional who gives master guidance on economic issues. This job can be…