Amartya Sen's Theory of Human Capability Amartya Sen's Theory of Human Capabiltity is a theory of human development based upon the concept of freedom. In it, Sen argues that human capability, or the scope of an individual's freedoms and potentials, is the central factor in determining their development. By expanding...
What Is Neoclassical Economics?
Neoclassical economics is a school of thought in economics that views economics as a study of people's decisions based on scarcity and how they allocate resources to meet their needs and wants. It postulates that rational people make rational decisions and that economic markets are self-regulating....
Kenneth Arrow's Proof of the Incompatibility of Certain Voting Systems Kenneth Arrow was an American mathematician, economist, and social theorist who won the Nobel Prize in Economics in 1972. In 1951, in his paper “Social Choice and Individual Values”, he provided a famous proof demonstrating the incompatibility of certain voting...
David Ricardo’s Contributions to Classical Economics
David Ricardo (1772-1823) was an influential economic theorist and early proponent of free trade. He is widely regarded as one of the most renowned classical economists, along with Thomas Malthus and Adam Smith. Ricardo was also known for timeless theories and iconic principles, including...
Ludwig von Mises' Defense of Free Markets and Individual Liberty
Ludwig von Mises is one of the most influential figures in the history of economic thought. His work has been influential in the development of economic theories, and his writings on free-market economies have been used to defend economic liberty...
Normative Economics vs Positive Economics Normative Economics and Positive Economics are two distinct fields of economics that have a lot of overlap but more differences than similarities. In this article, we will discuss the main differences between Normative Economics and Positive Economics, along with their respective goals and methods. We...
The Quantity Theory of Money
The Quantity Theory of Money is one of the oldest and most widely accepted economic theories related to money and inflation. In its simplest form, the Quantity Theory of Money states that money supply and the general price level of goods and services are directly...
Jeffrey Sachs' Prescription for Global Development
Economist and professor Jeffrey Sachs is one of the world’s leading experts on poverty alleviation, economic development, and sustainable development. He has served as Special Advisor to the United Nations Secretary-General on the Millennium Development Goals and is the author of numerous books on...
Green Economy: Definition, Characteristics and Benefits
In the wake of an increasing global awareness of the importance of sustainable development, the idea of a green economy is placed more and more at the forefront. The green economy is a concept that, when implemented, can promote economic sustainability, both in terms...
The Great Depression was a devastating period of economic distress that lasted from 1929 all the way through the 1930s. It was among the most significant events in history, with its effects being felt throughout the entire world. This period saw millions of people suffer, with joblessness, homelessness, and...
