Two-thirds of European countries
However, monetary transactions only account for a small part of the economic area. Economic activity is spurred by production which makes use of natural assets, labor and capital.
Consequently, his analysis has the potential to dramatically impression the conceptual foundations of economics for generations to return in a method that few scholars ever will. Fehr’s analysis has earned him many accolades. He has held a professorship of Microeconomics and Experimental Economics at the University of Zurich, and is currently the director of the economics division. He previously served as president of the Economic Science Association and the European Economic Association. He can also be an honorary member of the American Academy of Arts and Sciences, as well as a John Kenneth Galbraith Fellow of the American Academy of Political and Social Sciences.
Hayek’s ‘Road to Serfdom’ (1944) is a greatest-selling defence of classical liberalism and a free market method. Hayek criticised state intervention in the economic system and also criticised Keynes’ work on demand management. He is the second most cited economist and is seen as influential in the transition of Communist Eastern Europe to the free market. Irving Fisher (1867 – 1947) American neo-classical economist. Fisher’s work on the amount theory of cash was influential in creating the trendy financial faculty of monetarism.
Growth in retail sales edged decrease to 9.0 p.c in 2018 from 10.2 p.c in 2017, reflecting weaker auto gross sales. Real per capita disposable income was 6.5 p.c in 2018, in line with GDP growth, and China created 13.6 million new city jobs in 2018, exceeding the 11 million target.
He is a member of the American Academy of Arts and Sciences and won the 2004 National Medal of Science. Arrow was given an honorary doctorate from Uppsala University in Sweden, and is also one of many few overseas members of the Royal Society.