0
What is the difference between classical school of thought and Austrian school of thought?
A major difference is from whence value comes from. To classical economists like Adam Smith, the amount of labour needed to produce a good determines it value.
Taking their cue from the Austrian School's founder Carl Menger, Austrian economists believe that subjective consumer preferences determine a good's value. Since consumers decide subjectively whether or not a particular good is valuable and is properly reflected in prices, this affects consumer behaviour and hence demand and supply.
What else can I help you with?
Did Napoleon kwew about Austrian preparing for War 1809?
Sorry. I thought Austrian, not Australian.
What is the difference between pixies and eleves?
The difference between pixies and elves is that pixies are mischievous. Elves are thought to be wise and beautiful.
WHAT is the What is the difference between glass and mirror?
you can see thought glass and not mirrors
What is the difference between thinking about committing an act and acting on the thought?
If it is a good thing, it's the difference between an idea and an act. If it's a bad thing, it's the difference between a sin and a crime.
What are the Differences between economic history and history of economic thought?
the difference history of economic and history of economic thought
What is a defining of the renaissance?
the return to "classical" thought
When did the classical school of management thought emerge?
The classical school of management thought emerged in the late 1800s and early 1900s as a result of the Industrial Revolution
What is a defining element of the Renaissance?
the return to "classical" thought
Speech on generation gap?
generation gaps means the difference between a thought of different ages
What is the difference between a lilac tree and a lilac bush?
i thought a tree was a bush,let out of control
What is the difference between empirical evidence and opinion?
one is documents facts the other is a thought on what might be
What is the difference between slave labor and wage labor?
Abraham Lincoln thought the difference was only that wage labor was temporary and slavery was permanent.
