The political economy (VWL, in former times also political economy or economic political sciences) is a subsection of the economic science. It examines problems, which result from the fundamental phenomenon of the scarceness of goods. The scarceness requires economizing the restaurant subjects. This area of conflict models the VWL both einzelwirtschaftlich and overallally economic

Tools and topics of the VWL

Tools of the VWL

Mathematical models play a substantial role in the VWL, since they require clear proof and clearly defined acceptance and usually not to ambiguous or "softly" interpretable results lead. The general economical beginnings can be represented however with simple arithmetic and the shifting of curves, without one must bring along deeper mathematical knowledge. The Austrian school represents even the view that each model, which goes beyond simple logic is even unsuitable not only redundantly, but for economic analyses. In the last years an increasing tendency points itself to work.

Subsections of the VWL

• which is concerned with the relations of individual restaurant subjects such as households and enterprises. It examines with it einzelwirtschaftliche connections.
• which regards the economy on an aggregated level in the general context. It examines with it overall economic connections. This can happen approximately on the level of a country, a community of states like the European union or also the world economy altogether. Examples of investigation articles would be the overall economic income, occupation, inflation, etc.

In the last twenty years there were attempts again and again to tooth these two basic directions with one another. Today macro-economic analyses are developed frequently on micro-economic connections (technical term: "micro-founds").

• The is concerned with the quantitative, usually empirical investigation of the restaurant happening. Here mathematical methods of the statistics and stochastics are used.
• A comparatively recent Forschungsgebiet represents the experimental economic research, in which the theoretical behavior acceptance of the are experimentally examined.

Fields and topics in the VWL

In the political economy entire and einzelwirtschaftliche connections and process are examined. Basic questions are trade, resource allocation, the causes of the prosperity, the organization of production, the distribution of the prosperity in a society, causes of economic crises as well as the topics finances, taxes, work and unemployment, right, poverty, environmental protection and many different used thereby.

• General

Market -- General equilibrium theory -- Market equilibrium -- Supply and demand -- Price -- Use function -- Factor of production -- Production function -- Development economics --Public finances -- Public goods -- external effects -- Network effects -- national adjustment

• Special

Job market -- Education economics -- Family economics -- Health economics -- -- Regional economics -- Traffic economics -- Environmental economics -- Innovation economics

Overall economic consumption -- Overall economic investments -- Fiscal policy -- Monetary policy -- Price level -- Rate of exchange development -- Economic situation theory -- Economic growth -- Unemployment and/or overall economic occupation

• International trade relations

Goods-economical and monetary external trade theory -- Tariff theory -- Commercial policy -- Balance of payments -- International institutions -- Economic integration

• Methodology

Decision theory -- -- Experimental economics -- -- Game theory -- Wirtschaftsgeografie -- Restaurant economics -- Economic policy

History of the political economy

Working on fundamental economic questions of theoretical nature after general view in the mercantilism were begun. A genuine academic debate did not give it at this time naturally yet. Thomas Mun was one of the earliest economic authors and wrote bspw. over commercial balance sheets of two countries. Also Jean Baptiste Colbert was one of these earliest authors, it concerned itself with state interventions into the economy.

Three important early theoretical authors were above all William Petty, John Law and John curl, the first theoretical findings over bspw. Money circulation and money and/or notes (Assignaten) published.

After the merkantilistischen and physiokratischen epoch developed with Adam Smith, David Ricardo, Jean Baptiste Say and other authors the classical political economy.

Above all Smiths work "at Inquiry into the Nature and Causes OF the Wealth OF nation "is to today important basic work of the national economy theory. In this it already summarizes (also of others) developed theories and formulates a structure of economical connections. Smiths most important contribution is the concept of the "invisible hand", which represents the interaction of supply and demand on a free market.

Ricardo developed the concept of the division of labor and the komparativen cost advantages of two countries and described, why trade positively affects the economy and the Faktorallokation of two countries. As a first German economist Friedrich cunning can be marked with its Hauptwerk the national system of the political economics of 1841. It borders itself from the English classical period on in its theory of the domestic market and its theory of the productive forces. It is considered as a father of the customs union and the building of railways. Starting from beginning 19. Century wrote several restaurant economics relatively independently important works over the monopoly theory (Cournot and Dupuit) or area planning and location planning (Johann Heinrich of Also Karl Marx belonged into this epoch, although one states, Marx developed further only Ricardo and not cunning (Schumpeter stated, Marx had thought "the errors Ricardos to end").

With running out 19. Three of each other independent schools the marginal utility theory, which caused the so-called marginalistic revolution, developed for century: The Austrian school by Carl Menger, which to Cambridge School of William Stanley Jevons and the Lausanner school around Leon whale-race. All three schools developed the theories further of the marginal utility and the general equilibrium. However substantial bases of the marginal utility theory were developed already approximately 20 years before (around 1850) by the German economist Hermann Heinrich Gossen, which however until far after its death unknown remained. Only larger attention found Gossen after its death.

The three neoclassical schools brought a multiplicity out of important economists, who coined/shaped the economic theory up to the Second World War crucially: The Austrian school still consisted beside Carl Menger of Eugen of Bawerk, Friedrich of Wieser, Joseph Schumpeter and Ludwig von Mises. To Cambridge the School belong beside Jevons the outstanding English economist Alfreds Mars-resound, who as the first used the term "Economics" instead of "Political economy" and which economic theory transferred thus term-moderately into its own science. Further belonged to the Cambridge School Francis Edgeworth, Arthur Cecil Pigou and John May pool of broadcasting corporations Keynes. Among the Lausanner school, which was coining/shaping for a stronger mathematical arrangement of the economic theory, ranks beside whale-races above all Vilfredo Pareto, Eugenius Slutsky and Irving Fisher, the probably most important US-American economist in the first half 20. Century. Among the Lausanner school can be ranked also still Heinrich of Stackelberg as well as Paul Samuelson.

The neoclassical and the keynesianische theory have at present the strongest influence on the scientific theory formation, the monetarism and the Neoliberalismus affect at present most strongly the economic policy. The current different views to the economic policy leave themselves at the best by the annual appraisals of the board of experts for the investigation of the overall economic development (15 November) and the working group alternative economic policy (1. May) pursue.

The outsider positions debitism and free economics are two thinking schools, which are hardly taught in the training.

Articles in category "Political economy"

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