Neoclassical economics

Summary

Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s. It competed with new Keynesian economics as new classical macroeconomics in explaining macroeconomic phenomena from the 1970s until the 1990s, when it was ident

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https://en.wikipedia.org/wiki/Neoclassical_economics

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'Peak Oil' As Classical Economic Process

François Meynard

Forecasts about 'peak oil', the limits of oil production, are the subject of controversies. 'Peak oil' forecasts are based on extrapolations of a priori chosen mathematical models fitted to field data. Scientifically that is not very sound. To clarify this point, in this paper 'peak oil' is modelled in a generic reductionist, approach, in which the conflicting dynamic between economic forces and physical laws are well identified. This model finds a natural interpretation just supress in a classical economic analysis frame. The 'peak oil' controversy is thus brought into the field of economic thought as a debate between classical and mainstream economics, in particular between an objective and a faith based appraisal about this historical event. The goal is not to improve forecasts about 'peak oil', which is very likely not a predictable event, but to propose an objective framework for the analysis of its systemic effects on economic production.

Multi-Science Publ Co Ltd2014

Are the US outperforming Europe in university technology licensing? A new perspective on the European paradox

Annamaria Conti, Patrick Gaulé

Europe is perceived to lag behind the US in converting its academic results into economic outcomes. Using new survey data and controlling for standard factors affecting the productivity of Technology Transfer Offices (TTOs), we find that European TTOs do not execute less licenses than US TTOs. However, they earn significantly less revenue from licenses. We relate the difference in licensing income to differences in the organization and staffing of TTOs. Specifically, US TTOs employ more staff with experience in industry and appear to have greater flexibility in managing their budget.

2009

Is the US outperforming Europe in university technology licensing? A new perspective on the European Paradox

Annamaria Conti, Patrick Gaulé

Europe is perceived to be lagging behind the US in converting its academic results into economic outcomes. Using new survey data on European and US technology transfer offices (TTOs), we find that differences in academic research, TTO staff and experience explain to a great extent the gap between the US and Europe in terms of the number of license agreements concluded. However, these factors account for only part of the difference in license income. We relate the difference in licensing income to differences in the organization and staffing of TTOs. Our analysis reveals that US TTOs do not attach more importance to generating revenue as an objective than their European counterparts. However, they employ more staff with experience in industry which explains some of the remaining differential in license income performance. (C) 2010 Elsevier B.V. All rights reserved.

2011