Austrian and neoclassical economics: any gains from trade?

Article Abstract:

Austrian economics, which was the basis for the development of neoclassical economics, has been practically forgotten and its role diminished while neoclassical economics has become the dominant influence in current economic policies. This is unfortunate since Austrian economics can impart knowledge on survival of the fittest and the process of open competition in a highly decentralized and imperfect economies. On the other hand, the focus of neoclassical economics is the development of economic equilibrium within known settings.

Economics, Neoclassical economics

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Distinguished fellow: Mincering labor economics

Article Abstract:

Jacob Mincer has transformed labor economics into one of the most fruitful areas of applied economics. Mincer made important contributions to two problems that dominated labor economics research in the 1960s and 1970s. His work on the sources and nature of earnings inequality codified the method by which earnings are studied in virtually every country in the world today. Another problem tackled by Mincer involved labor force participation decisions of married women.

Labor economics, Personalities, Mincer, Jacob

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Distinguished fellow: honoring Roy Radner

Article Abstract:

Economist Roy Radner, recently elected as a Distinguished Fellow of the American Economic Association, has contributed much to economic writing with his clear but profound style and his avoidance of pretentious assumptions that characterize the writings of some inexperienced economists. Radner is best known for his contributions to theories on general equilibrium, rational expectations, private information and incentives, organization and decision.

Radner, Roy

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