Joan Violet Robinson FBA (née Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory . She was a central figure in what became known as post-Keynesian economics.
What is Robinson’s theory?
Robinson was the first to define macroeconomics , which became a separate field of inquiry only with Keynes’s book, as the “theory of output as a whole.” In 1954 Robinson’s article “The Production Function and the Theory of Capital” started what came to be called the Cambridge controversy. ... Robinson won the battle.
Who was Joan Robinson and what was her major accomplishments?
Among the best known of her many books are The Accumulation of Capital (1956; 3rd ed., 1969) , Economic Philosophy (1963), and Introduction to Modern Economics (1973). The five volumes of her Collected Economic Papers (1951–79) were reprinted in 1980.
What did Joan Robinson believe?
She believed that economists need to separate those two aspects . Joan Robinson was initially a supporter of neoclassical economics; her first major work The Economics of Imperfect Competition (1933) being largely within mainstream economics.
What is economics Robinson?
In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “ the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses ”
Why is Joan Robinson important?
Joan Violet Robinson FBA (née Maurice; 31 October 1903 – 5 August 1983) was a British economist well known for her wide-ranging contributions to economic theory . She was a central figure in what became known as post-Keynesian economics.
What according to Joan Robinson is the size of exploitation of Labour?
According to Joan Robinson, labour is exploited when it is paid less than the value of its marginal product (VMP) . In a perfectly competitive labour market, the wage rate is given for the firm (as fixed by industry) which means that average wage is equal to marginal wage – the curve AW = MW curve.
What is meant by Golden Age according to Joan Robinson?
In simple words, Golden age is a situation of smooth steady growth with full employment arising out of the equality of the ‘Desired’ and ‘Possible’ rates of accumulation and has been designated by Mrs. Joan Robinson as the Golden age equilibrium.
What is classical growth theory?
Classical growth theory was developed by (mostly British) economists during the Industrial Revolution. Classical growth theory explains economic growth as a result of capital accumulation and the reinvestment of profits derived from specialization , the division of labor, and the pursuit of comparative advantage.
What is also known as price theory?
Microeconomics studies how prices of goods and services are determined in commodity market and how prices of factors of production are determined in the factor market. ... Hence, microeconomics is also known as price theory.
What is Keynesian theory of economics?
Keynesian economics is a macroeconomic economic theory of total spending in the economy and its effects on output, employment, and inflation . ... Based on his theory, Keynes advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression.
Who is the father of public economics?
Richard Musgrave is the founder of modern public economics. More than that, he is, or ought to be, a ‘hero of two worlds’.
Which of the following is imperfect competition?
Imperfect competition is common and can be found in the following types of market structures: monopolies , oligopolies, monopolistic competition, monopsonies, and oligopsonies.
What are the difference between micro and macro economics?
Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Though these two branches of economics appear different, they are actually interdependent and complement one another .
What is the difference between ends and scarce means in economics?
Scarcity is when the means to fulfill ends are limited and costly . Scarcity is the foundation of the essential problem of economics: the allocation of limited means to fulfill unlimited wants and needs.
What is the most accepted definition of economics?
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses . ... Economics is the study of the use of scarce resources to satisfy unlimited human wants.
