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*The study of mercantilism by historians of economic theory demonstrates that from about 1660 to 1776 the quantity and quality of economic analysis increased. The improvement in the quality of economic analysis during the later part of the mercantilistic era was so pronounced that the period has been characterized as a transitional time containing the origins of scientific economics. *The most significant contribution of the Physiocrats was their emphasis on productive work as the source of national wealth. This is in contrast to earlier schools, in particular mercantilism, which often focused on the ruler's wealth, accumulation of gold, or the balance of trade. A chief weakness from the viewpoint of modern economics is that the theory only considered agricultural labor to be valuable. Physiocrats viewed the production of goods and services as consumption of the agricultural surplus, while modern economists consider these to be productive activities which add to national income.

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Advantages: This kind of style is positive only in the case when the employees are very responsible and in case of creative jobs where a person is guided by his own aspirations. In these cases, less direction is required so this style can be good.
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F
Irving Fisher

H
Fumio Hayashi

M
Alfred Marshall

S
William Smart

U
Harald Uhlig

*Irving Fisher (February 27, 1867 April 29, 1947) was an American economist, health campaigner, and eugenicist, and one of the earliest American neoclassical economists, though his later work on debt deflation often regarded as belonging instead to the Post-Keynesianschool.
[1]

Although he was perhaps

the first celebrity economist, his reputation during his lifetime was irreparably harmed by his public statements, just prior to the Wall Street Crash of 1929, claiming that the stock market had reached "a permanently high plateau." His subsequent theory of debt deflation was largely ignored in favor of the work of John Maynard Keynes. His reputation has since recovered in neoclassical economics since his work was popularized in the late 1950s the Late-2000s recession.
[2] [3] [2]

and more widely due to an increased interest in debt deflation in

Fisher's work on the quantity theory of money inaugurated the school of economic thought known as "monetarism." Milton Friedman called Fisher "the greatest economist the United States has ever produced."
[5] [4]

Some concepts named after Fisher include the Fisher equation, theFisher hypothesis,

the international Fisher effect, and the Fisher separation theorem.

*Fumio Hayashi ( Hayashi Fumio?, born 18 April 1952) is a Japanese economist. As of October [1] 2009, he is a professor atHitotsubashi University in Tokyo. One of the most influential Japanese [2] economists, Hayashi was awarded the inaugural Nakahara Prize in 1995.
*

Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) was an Englishman and one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. *William Smart (10 April 1853 19 March 1915) was a British economist. Originally a conveyor of the thought of the Austrian School, Smart was increasingly won-over to theneoclassicalism of Alfred Marshall. *Harald

Uhlig (born April 26, 1961) is a German economist. He is professor of economics at the University of Chicago, and chairman of the department of economics since 2007. Uhlig won the Gossen Prize in 2003. Uhlig received his Diplom in mathematics from the Technical University of Berlin in 1985. He went on to earned a doctoral degree at theUniversity of Minnesota, which is part of what is known as the "freshwater" school of economics. His Ph.D. thesis, titled "Costly Information Acquisition, Stock Prices and Neoclassical Growth", was supervised by Christopher A. Sims.
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Major Economic Problems of the Philippines Import-Export Imbalance: Among the many economic problems faced by the Philippines, one is the imbalance of imports and exports. The negative trade is heavy and only counterbalanced by the service account surplus. Over the last two decades, Philippine exports have shifted from commodity-based products to manufactured goods. However, in the midst of the current global economic recession, the exports of electronics, garments and textiles are yet to reach a level of import neutralization. Decline of the Philippine Peso: The economic downturn has resulted in the devaluation of the Philippine peso and subsequently, a fall in the stock market. The fiscal conservatism strategy adopted by the Philippine government has yet to reflect a positive effect on acceleration of economic growth. 6% growth in the gross domestic product (GDP) in 2004 and 7.3% in 2007 has yet to accelerate to the linear GDP growth projected by the government. Reliance on Remittances: President Gloria Macapagal-Arroyo has pledged complete development of the economy by the year 2020. There have been a number of tax reforms put in place, alongside extensive asset privatization. Nevertheless, Philippines' dependency on remittances from non-resident investors is large. Neighboring competitors have been siphoning away big investors in infrastructure and outsourcing. This has resulted in an uneven regional development. These are just some of the economic challenges looming large over the Philippines. The government is taking extensive steps to ensure even distribution of economic growth within the nation, by promoting overseas and home-bound investments in the Philippine Islands. The country is facing significant decline in industrial production, gross domestic product, income and employment and sales. Nevertheless, the crossover from import substitution to promotion of exports are slowly adding quality to various fiscal incentives. The abolishing of export taxes and liberalization of foreign investment laws have helped equalize trade deficit to a considerable extent.

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