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  2. Gottfried Haberler - Wikipedia

    en.wikipedia.org/wiki/Gottfried_Haberler

    In 1971, Haberler left Harvard to become a resident scholar at the American Enterprise Institute. Among other things, Haberler is credited with developing the theory of opportunity cost, which was pioneered by the Englishman John Stuart Mill (1806–1873) and the Austrian Friedrich von Wieser (1851–1926) further developed it.

  3. Comparative advantage - Wikipedia

    en.wikipedia.org/wiki/Comparative_advantage

    Haberler's opportunity costs formulation. In 1930 Austrian-American economist Gottfried Haberler detached the doctrine of comparative advantage from Ricardo's labor theory of value and provided a modern opportunity cost formulation. Haberler's reformulation of comparative advantage revolutionized the theory of international trade and laid the ...

  4. Opportunity cost - Wikipedia

    en.wikipedia.org/wiki/Opportunity_cost

    Opportunity cost, as such, is an economic concept in economic theory which is used to maximise value through better decision-making. In accounting, collecting, processing, and reporting information on activities and events that occur within an organization is referred to as the accounting cycle.

  5. What is Opportunity Cost? - AOL

    www.aol.com/2013/04/01/financial-literacy-money...

    Opportunity cost is also often defined, more specifically, as the highest-value opportunity forgone. So let's say you could have become a brain surgeon, earning $250,000 per year, instead of a ...

  6. Austrian school of economics - Wikipedia

    en.wikipedia.org/wiki/Austrian_school_of_economics

    Opportunity costs: the costs of the alternative opportunities that must be foregone; as productive services are employed for one purpose, all alternative uses have to be sacrificed. Marginalism : in all economic designs, the values, costs, revenues, productivity and so on are determined by the significance of the last unit added to or ...

  7. What is Opportunity Cost? - AOL

    www.aol.com/news/2013-04-01-financial-literacy...

    Alamy There are some economic terms most of us know and understand, such as supply and demand. And there are other terms we will probably never even run across, like implicit logrolling and a ...

  8. Friedrich von Wieser - Wikipedia

    en.wikipedia.org/wiki/Friedrich_von_Wieser

    The alternative cost theory (or opportunity cost theory) is a theory of enormous importance that comes from his Theorie der gesellschaftlichen Wirtschaft (Theory of Social Economy), published in 1914, although his arguments were foreshadowed in his work Das Wesen und der Hauptinhalt der theoretischen Nationalokonomie (The Nature and Main ...

  9. Ricardian economics - Wikipedia

    en.wikipedia.org/wiki/Ricardian_economics

    e. David Ricardo. Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. [1] [2] At the age of 27, he read An Inquiry into the Nature and Causes of Wealth of Nations by Adam Smith and was energised by the theories of economics.