THEORY CHRONOLOGICAL ORDER

          

MICRO ECONOMICS (Theories of Consumer Behavior)

1. Marginal Utility Analysis –Marshall – 1890

2. Revealed Preference Theory – Samuelson – 1938

3. Indifference Curve Theory – Hicks and Allen – 1934

4. Neumann – Morgenstern Approach – 1944

5. Friedman – Savage Hypothesis – Friedman and Savage- 1948

Market

1. Cournot Duopoly Model – Cournot – 1838

2. Edgeworth Oligopoly Model – Edgeworth – 1881

3. Bertrand’s Duopoly Model – Bertrand – 1883

4. Imperfect Competition – Joan Robinson - 1933

5. Monopolistic Competition – Chamberlin – 1933

6. Stackelberg’s Duopoly Model – Heinrich Von Stackelberg – 1934

7. Kinked Demand Curve – Paul M Sweezy - 1939

8. Game Theory – Neumann and Morgenstern – 1944

Welfare Criterion

1. Social Welfare Function – Bergson, Samuelson - 1938

2. Impossibility Theorem – Arrow– 1951

3. Theory of Second Best – Richard Lipsey and Kelvin Lancaster-1956

4. Coase Theorem – Ronald Coase - 1959

5. Asymmetric Information - George Akerlof, Michael Spence, and Joseph E. Stiglitz – 2001

Rent

1. Ricardian Theory of Rent – Ricardo – 1810

2. Modern Theory of Rent – Joan Robinson -

3. Quasi- Rent – Marshall

Profit

1. Dynamic Theory of Profit – J.B.Clark – 1900

2. Rent Theory of Profit – F.A. Walker –

3. Risk Theory of Profit – H.B. Hawley – 1907

4. Innovation Theory of Profit – Joseph A Schumpeter – 1934

Macro Economics (Consumption Function)

1. Absolute Income Hypothesis – Keynes – 1936

2. Relative Income Hypothesis – Duesenberry – 1949

3. Life Cycle Hypothesis – Ando, Modigliani – 1950

4. Permanent Income Hypothesis – Friedman – 1957

Effect

1. Keynes Effect – Keynes – 1936

2. Pigou Effect – A. C. Pigou – 1943

3. Real Balance Effect - Patinkin- 1956

Multiplier and Acceleration

1. Accelerator – J.M. Clark -1917

2. Multiplier – R.F. Khan – 1931

Demand for Money

1. Classical Theory – 1911

2. Keynesian Theory – Keynes - 1936

3. Inventory Approach – Baumol -1950

4. Restatement of Quantity Theory – Friedman – 1956

5. Port-folio Approach – Tobin – 1969

Quantity Theory of Money

1. Cash Transaction Approach – Fisher – 1911

2. Cash Balance Approach- Cambridge economists –

A.C.Pigou (1917), Alfred Marshall (1923), D.H. Robertson (1922), John Maynard Keynes (1923), R.G. Hawtrey and Frederick Lavington (1921, 1922).

3. Reformulated Quantity Theory of Money – Keynes – 1930s

4. Real Balance Effect – Don Patinkin – 1956

Other

1. IS-LM model – Hicks - 1937

2. Monetary Approach to BOP- Hahn - 1959

3. Philips Curve –A. W. H. Phillips - 1958

4. Mundell Fleming Model – Robert Mundell and Marcus Fleming 1960

5. Optimum Currency Area – Robert Mundell – 1960

Development Economics

1. Marxian Theory of Economic Development – Marx – 1867

2. Lorenz Curve – 1905

3. Schumpeterian Theory – Schumpeter – 1911

4. Harrod Model – R.F. Harrod – 1939

5. Big Push Theory – Rosenstein Rodan – 1943

6. Domar Model – 1946

7. Dependency Theory – 1949

8. Balanced Growth – Rosenstein Rodan, Ragnar Nurkse, Arthur Lewis, Scitovsky, and Leibenstein – 1950

9. Unbalanced Growth – Hirschman -1950

10. Vicious Circle of Poverty – Nurkse – 1953

11. Theory of Unlimited Supplies of Labor – W.A. Lewis - 1954

12. Inverted U-hypothesis – 1955

13. Wage –Good Model- Brahmananda and Vakil - 1956

14. The Long-run Growth Model – R.M. Solow- 1956

15. Low Level Equilibrium trap – Nelson – 1956

16. Capital Accumulation Model- Joan Robinson- 1956

17. Critical Minimum Effort Thesis – Leibenstein – 1957

18. Kaldor model – Kaldor – 1957

19. Technical Progress of Kaldor – 1960

20. Kaldor-Mirrles Model – 1962

21. Fei – Rani’s Theory of Developmnet –John Fei and Gustav Rani- 1964

22. Two Gap Model –Hollis Chenery –1966

23. Learning by Doing – Arrow -1980

24. Endogenous Growth Model - 1980

25. Romer Model – 1986

Investment Criterion

1. The Capital Turn Over Criterion – J.J. Polak and N.S. Buchanan – 1943

2. Social Marginal Productivity Criterion –A.E. Khan and Hollis Chenery – 1951

3. The Reinvestment Criterion – Galenson & Leibenstein – 1955

4. Marginal Per Capita Reinvest Criterion - 1955

5. The Time Series Criterion – A.K.Sen - 1957

6. Reinvestment Surplus Coefficient Criterion - 1960

Technical Change

1. Disembodied Technical Change – Abramkovitz – 1956

2. Embodied Technical Change – Solow – 1960

Measurement of Economic Development

1. Per Capita Income Approach – late 1950’s

2. Basic Need Approach by World Bank – 1970’s

3. PQLI – 1979

4. HDI – 1990’s

International Economics

1. Absolute Cost Advantage Theory – Adam Smith – 1776

2. Comparative Cost Advantage theory –Ricardo – 1817

3. Modern Theory of International Trade – Hecksher and Ohlin – 1919

4. Purchasing Power Parity Theory – Gustav Cassel - 1920

5. Opportunity Cost Theory – Gottfried Haberler – 1933

6. Stopler–Samuelson Theory–Wolfgang Stopler & Paul Samuelson -1941

7. Factor Price Equalization Theorem – 1948

8. Metzler Paradox–Lloyd A. Metzler – 1949

9. Secular Deterioration Theorem- Prebisch & Singer - 1950

10. Leontief Paradox–Leontief – 1950

11. Absorption Approach – Sidney Alexander – 1952

12. Rybczynski Theorem- Tadeusz Rybcznski -1955

13. Immiserizing Growth- Jagadish Bhagawati- 1958

14. Reciprocal Dumping Model –Brander & Krugman - 1981

Regionalism

1. Benelux Customs Union – 1947

2. European Coal & Steel Community – 1951

3. Nordic Council – 1955

4. European Atomic Energy Community – 1957

5. Benelux – 1958

6. OPEC -1960

7. EFTA- 1960

8. G77 – 1964

9. ASEAN – 1967

10. SAARC – 1985

11. G 15 – 1989

12. APEC – 1989

13. EU – 1993

14. NAFTA – 1994

15. APTA – 1995

16. G 20 – 1999

17. SAFTA – 2004