Theory of Consumer Behavior:- The field of psychology includes a multitude of theoretical approaches to study human behavior. What facilitates the marketing; understand the behavior of people as seen in the following theories: Behavioral Theories of Behavior Theoretical and applied psychology diverge in many points; But the main difference lies between those who hold that behavioral theories […]
Adam Smith Views on Economics | Classical Views | The Father of Economics
Adam Smith Classical Views on Economics:- Adam Smith was born in Kircaldy, Scotland in 1723. He was among the most important philosophers of his time. In the college Glasgow and then Oxford, Smith gave lectures on natural theology, ethics, jurisprudence and political economy. He was a disciple of Frances Hutcheson, friend of David Hume and […]
Robins Theory of Economics | Economics as a Science of Scarcity
Robins theory of economics | Economics as science of scarcity:- In 1932, the British Lionel Robbins provided another definition of economic science, considering it as the branch that analyzes how humans satisfy their unlimited needs with limited resources that have different uses. When a man decides to use a resource for the production of a certain good or service, he assumes the […]
NEO Classical Theory of Economics | Alfred Marshall’s Views on Economics
The Neoclassical Economy is the mainstream of economic theory that starts from the classics of the mid-nineteenth century, which had a common body of knowledge in which emphasized value theory and distribution theory. Each productive activity generated a good with a cost that was distributed in the society in function of the costs borne to produce […]
Classical economics vs Neoclassical Economics View
Classical economics vs. Neoclassical Economics View: – As a coherent theoretical body, the classical school of economic thought starts with Smith’s writings, continues with the work of the British economists Thomas Robert Malthus and David Ricardo, and culminates with the synthesis of Jonhn Stuart Mill, disciple of Ricardo. Classical Approach of Economics The classics took from […]
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