Lausanne School

The Lausanne School of economics, sometimes referred to as the Mathematical School, refers to the neoclassical economics school of thought surrounding Léon Walras and Vilfredo Pareto. It is named after the University of Lausanne, at which both Walras and Pareto held professorships. The central feature of the Lausanne School was its development of general equilibrium theory. Polish economist Leon Winiarski is also said to have been a member of the Lausanne School.[1]

References

  1. ^ Garrouste, Pierre and Ioannides, Stavros. (2001). Evolution and Path Dependence in Economic Ideas (Lausanne school: Winiarski a member, pg. 184). Edward Elgar Publishing.

Further reading

  • Gherity, James A. (1965). Economic Thought: a Historical Anthology (article: The Lausanne School, pg. 352-). Ransom House.

External links

Belmont-sur-Lausanne

Belmont-sur-Lausanne is a municipality in the district of Lavaux-Oron in the canton of Vaud in Switzerland.

It is a suburb of the city of Lausanne.

Cheseaux-sur-Lausanne

Cheseaux-sur-Lausanne is a municipality in the district of Lausanne in the canton of Vaud in Switzerland.

It is a suburb of the city of Lausanne.

Denise Voïta

Denise Voïta (1928–2008) was a Swiss painter, designer, lithographer, and tapestry designer.

Elisa Oricchio

Elisa Oricchio (born 1979) is an Italian cancer researcher who discovered that EphA7 activates the tumor suppressor gene for patients with follicular lymphoma. She was awarded the Lorini Foundation Award and Blavatnik Award for Young Scientists for her discovery.

Friedrich von Wieser

Friedrich Freiherr von Wieser (German: [ˈviːzɐ]; 10 July 1851 – 22 July 1926) was an early (so-called "first generation") economist of the Austrian School of economics. Born in Vienna, the son of Privy Councillor Leopold von Wieser, a high official in the war ministry, he first trained in sociology and law. In 1872, the year he took his degree, he encountered Austrian-school founder Carl Menger's Grundsätze and switched his interest to economic theory. Wieser held posts at the universities of Vienna and Prague until succeeding Menger in Vienna in 1903, where along with his brother-in-law Eugen von Böhm-Bawerk he shaped the next generation of Austrian economists including Ludwig von Mises, Friedrich Hayek and Joseph Schumpeter in the late 1890s and early 20th century. He was the Austrian Minister of Commerce from August 30, 1917 to November 11, 1918.

Wieser is renowned for two main works, Natural Value, which carefully details the alternative-cost doctrine and the theory of imputation; and his Social Economics (1914), an ambitious attempt to apply it to the real world. His explanation of marginal utility theory was decisive, at least terminologically. It was his term Grenznutzen (building on von Thünen's Grenzkosten) that developed into the standard term "marginal utility", not William Stanley Jevons's "final degree of utility" or Menger's "value". His use of the modifier "natural" indicates that he regarded value as a "natural category" that would pertain to any society, no matter what institutions of property had been established.The economic calculation debate started with his notion of the paramount importance of accurate calculation to economic efficiency. Above all, to him prices represented information about market conditions and are thus necessary for any sort of economic activity. Therefore, a socialist economy would require a price system in order to operate. He also stressed the importance of the entrepreneur to economic change, which he saw as being brought about by "the heroic intervention of individual men who appear as leaders toward new economic shores". This idea of leadership was later taken up by Joseph Schumpeter in his treatment of economic innovation.

Unlike most other Austrian School economists, Wieser rejected classical liberalism, writing that "freedom has to be superseded by a system of order". This vision and his general solution to the role of the individual in history is best expressed in his final book The Law of Power, a sociological examination of political order published in his last year of life.

HEC Lausanne

HEC Lausanne (standing for Faculté des hautes études commerciales), also called the Faculty of Business and Economics of the University of Lausanne, is the affiliated business school of the University of Lausanne. Since 1911, HEC Lausanne has been developing teaching and research in the field of business and economics. HEC Lausanne offers Bachelor, Master, and PhD degrees, as well as executive education, including a part-time Executive MBA, short, open courses, and tailor-made programs for organizations.

History of economic thought

The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century. This field encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands. In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just priceIn the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth.

International School of Lausanne

The International School of Lausanne (ISL) is an English-language day school located in the small village of Le Mont-sur-Lausanne, just north of Lausanne, Switzerland. ISL was established as the English School of Lausanne in 1962, serving the needs of international and local families for an international primary or secondary education.In 2005 ISL moved from their campuses in Pully into a newly built campus. In September 2015 the school opened a 'South Campus' on adjoining land to facilitate an expansion of the school from approximately 630 students to 900 students. The South Campus, designed by Hannes Ehrensperger of CCHE Architecture et Design SA, doubled the total area of ISL and includes an auditorium with 400 seats. It had a price tag of 46 million francs ($48 million USD).The school offers the complete IB program (PYP, MYP and IBDP) from Reception 3 to Year 13. Tuition fees for the different programmes vary but the average tuition fee is around $30,000(USD) per year.

Keynesian economics

Keynesian economics ( KAYN-zee-ən; sometimes called Keynesianism) are a group of various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy). In the Keynesian view, named for British economist John Maynard Keynes, aggregate demand does not necessarily equal the productive capacity of the economy; instead, it is influenced by a host of factors and sometimes behaves erratically, affecting production, employment, and inflation.Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the oil shock and resulting stagflation of the 1970s. The advent of the financial crisis of 2007–08 caused a resurgence in Keynesian thought, which continues as new Keynesian economics. Keynesian economics developed during and after the Great Depression from the ideas presented by Keynes in his 1936 book, The General Theory of Employment, Interest and Money. Keynes contrasted his approach to the aggregate supply-focused classical economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy.

Keynesian economists generally argue that as aggregate demand is volatile and unstable, a market economy often experiences inefficient macroeconomic outcomes in the form of economic recessions (when demand is low) and inflation (when demand is high), and that these can be mitigated by economic policy responses, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, which can help stabilize output over the business cycle. Keynesian economists generally advocate a managed market economy – predominantly private sector, but with an active role for government intervention during recessions and depressions.

Knut Wicksell

Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a leading Swedish economist of the Stockholm school. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge.

Laurent Keller

Laurent Keller (born 28 February 1961) is a Swiss evolutionary biologist, myrmecologist and author. Since 1996, he is professor at the University of Lausanne.

Lausanne

Lausanne (, also US: , French: [lozan], German: [loˈzan]; Arpitan: Losena [lɔˈzəna] (listen); Italian: Losanna; Romansh: Losanna) is a city in the French-speaking part of Switzerland, and the capital and biggest city of the canton of Vaud. The city is situated on the shores of Lake Geneva (French: Lac Léman, or simply Le Léman). It faces the French town of Évian-les-Bains, with the Jura Mountains to its north-west. Lausanne is located 62 kilometres (38.5 miles) northeast of Geneva.

Lausanne has a population (as of November 2015) of 146,372, making it the fourth largest city in Switzerland, with the entire agglomeration area having 420,000 inhabitants (as of March 2015). The metropolitan area of Lausanne-Geneva (including Vevey-Montreux, Yverdon-les-Bains, and foreign parts) was over 1.2 million inhabitants in 2000.Lausanne is a focus of international sport, hosting the International Olympic Committee (which recognizes the city as the "Olympic Capital" since 1994), the Court of Arbitration for Sport and some 55 international sport associations. It lies in a noted wine-growing region. The city has a 28-station metro system, making it the smallest city in the world to have a rapid transit system. Lausanne will host the 2020 Winter Youth Olympics.

Lausanne Collegiate School

Lausanne Collegiate School, is an independent, coeducational, nonsectarian school in Memphis, Tennessee, for pre-kindergarten through 12th grade. The school also has a sizable international population, with foreign nationals comprising 33% of the student body, representing 55 different countries.

Le Mont-sur-Lausanne

Le Mont-sur-Lausanne is a municipality in the district of Lausanne in the canton of Vaud in Switzerland.

It is a suburb of the city of Lausanne.

Léon Walras

Marie-Esprit-Léon Walras (French: [valʁas]; 16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist. He formulated the marginal theory of value (independently of William Stanley Jevons and Carl Menger) and pioneered the development of general equilibrium theory.

Schools of economic thought

In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, Indian, Persian, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era.

Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Within the mainstream in the United States, distinctions can be made between the Saltwater school (associated with Cornell, Berkeley, Harvard, MIT, Pennsylvania, Princeton, and Yale), and the more laissez-faire ideas of the Freshwater school (represented by the Chicago school of economics, Carnegie Mellon University, the University of Rochester and the University of Minnesota). Both of these schools of thought are associated with the neoclassical synthesis.

Some influential approaches of the past, such as the historical school of economics and institutional economics, have become defunct or have declined in influence, and are now considered heterodox approaches. Other longstanding heterodox schools of economic thought include Austrian economics and Marxian economics. Some more recent developments in economic thought such as feminist economics and ecological economics adapt and critique mainstream approaches with an emphasis on particular issues rather than developing as independent schools.

Solar Decathlon

The U.S. Department of Energy (DOE) Solar Decathlon is a collegiate competition, comprising 10 contests, that challenges student teams to design and build highly efficient and innovative buildings powered by renewable energy. The winners will be those teams that best blend design architectural and engineering excellence with innovation, market potential, building efficiency, and smart energy production. In the summer of 2018, DOE merged its two student building design competitions into one Solar Decathlon competition.

The combined competition features two tracks, the Design Challenge and the Build Challenge. The Solar Decathlon provides a hands-on experience and unique training that prepares the competing students to enter the clean energy workforce. This international competition has been a driving force in raising awareness about clean energy since its inception in 2002. Technologies and solutions used in Solar Decathlon homes have advanced the residential building industry both in the United States and abroad.

After the first Solar Decathlon was held in 2002, the competition occurred biennially in 2005, 2007, 2009, 2011, 2013, 2015 and 2017. The Solar Decathlon 2017 was located in Denver, Colorado, adjacent to the 61st & Peña station on the University of Colorado A line commuter train connecting Denver International Airport to downtown Union Station. In addition to the competition, Solar Decathlon 2017 also featured a sustainability expo, professional development and consumer workshops, and middle-school education events.Open to the public and free of charge, the Solar Decathlon allows visitors to tour energy- and water-efficient houses, and gather ideas to save energy and conserve water in their own homes.

The Solar Decathlon 2017 competition was presented by DOE and administered by Energetics, Incorporated, a subsidiary of VSE Corporation. Previous competitions were administered by the National Renewable Energy Laboratory (NREL).

Since the first competition in 2002, the Solar Decathlon has expanded internationally to include competitions in Europe, China, Latin America and Caribbean, the Middle East, and Africa. Solar Decathlon Europe was established under a 2007 memorandum of understanding between the United States and Spain , which hosted competitions in 2010 and 2012. France hosted in 2014. The next Solar Decathlon Europe is planned for 2019 in Szentendre, Hungary.The Solar Decathlon China was established with the signing of a memorandum of understanding between DOE, China’s National Energy Administration, Peking University and Applied Materials on January 20, 2011.The first Solar Decathlon China took place in August 2013 in the city of Datong. The next Solar Decathlon China will take place in 2018 and was formed through a memorandum of understanding among the United States Department of Energy, the People’s Republic of China, and the China Overseas Development Corporation.Solar Decathlon Latin America and Caribbean was established under a memorandum of understanding between the United States Department of Energy and the government of Colombia in 2014. The first competition was held in Cali in December 2015, and another competition is planned for 2019.Solar Decathlon Middle East, to be held in Dubai, United Arab Emirates, in 2018, was formed by a memorandum of understanding between DOE and the Dubai Electricity and Water Authority in 2015. An additional Solar Decathlon Middle East is also expected to take place in 2020.On November 15, 2016, the Moroccan Ministry of Energy, Mines, Water, and the Environment (MEMEE); the Moroccan Research Institute in Solar Energy and New Energies (IRESEN); and DOE signed a memorandum of understanding to collaborate on the development of Solar Decathlon Africa. The competition is planned for 2019.

University of Lausanne

The University of Lausanne (UNIL; French: Université de Lausanne) in Lausanne, Switzerland was founded in 1537 as a school of theology, before being made a university in 1890. As of fall 2017, about 15,000 students and 3,300 employees study and work at the university. Approximately 1,500 international students attend the university (120 nationalities), which has a wide curriculum including exchange programs with world-renowned universities.

Since 2005, the University follows the requirements of the Bologna process. The 2011 Times Higher Education World University Rankings ranked the University of Lausanne 116th globally. The CWTS Leiden Ranking 2015 ranks the University of Lausanne 11th in Europe and 41st globally, out of 750 universities.Together with the École polytechnique fédérale de Lausanne (EPFL) the university forms a vast campus at the shores of Lake Geneva.

Vilfredo Pareto

Vilfredo Federico Damaso Pareto (; Italian: [vilˈfreːdo paˈreːto]; born Wilfried Fritz Pareto, 15 July 1848 – 19 August 1923) was an Italian engineer, sociologist, economist, political scientist, and philosopher. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. He was also responsible for popularising the use of the term "elite" in social analysis.

He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to discover that income follows a Pareto distribution, which is a power law probability distribution. The Pareto principle was named after him, and it was built on observations of his such as that 80% of the land in Italy was owned by about 20% of the population. He also contributed to the fields of sociology and mathematics, according to the mathematician Benoit Mandelbrot and Richard L. Hudson:

His legacy as an economist was profound. Partly because of him, the field evolved from a branch of moral philosophy as practised by Adam Smith into a data intensive field of scientific research and mathematical equations. His books look more like modern economics than most other texts of that day: tables of statistics from across the world and ages, rows of integral signs and equations, intricate charts and graphs.

Pre-modern
Early modern
Modern
20th- and 21st century
Related

This page is based on a Wikipedia article written by authors (here).
Text is available under the CC BY-SA 3.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.