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144-490: The European University Institute ( EUI ) is an international postgraduate and post-doctoral research-intensive university and an intergovernmental organisation with juridical personality , established by its founding member states to contribute to cultural and scientific development in the social sciences, in a European perspective. Its main campus is located in the hills above Florence in Fiesole , Italy . The EUI

288-453: A Bachelor of Arts degree had been obtained, the student could choose one of three faculties— law , medicine , or theology —in which to pursue master's or doctor's degrees. The degrees of master (from Latin magister ) and doctor (from Latin doctor ) were for some time equivalent, "the former being more in favour at Paris and the universities modeled after it, and the latter at Bologna and its derivative universities. At Oxford and Cambridge

432-572: A Doctor of Science degree (from Latin Doctor scientiae ; D.Sc.). The Doctor of Science degree can also be awarded in specific fields, such as a Doctor of Science in Mathematics degree (from Latin Doctor scientiarum mathematic arum ; D.Sc.Math.), a Doctor of Agricultural Science degree (from Latin Doctor scientiarum agrariarum ; D.Sc.Agr.), a Doctor of Business Administration degree (D.B.A.), etc. In some parts of Europe, doctorates are divided into

576-404: A Bachelor's, Licenciate or Technologist degree is required in order to enter a graduate program, called pós-graduação . Generally, in order to be accepted, the candidate must have above average grades and it is highly recommended to be initiated on scientific research through government programs on undergraduate areas, as a complement to usual coursework. The competition for public universities

720-551: A European University Institute (EUI) in Florence. By this point the idea had evolved from a centre for nuclear sciences to one focused on the human sciences, promoting a cultural exchange between member states. Plans were put into motion with conferences in Florence and Rome in 1970 and 1971, when it was decided that the institute would be reserved for post-graduate studies and not directly a Community institution. The six member states – Belgium, France, Germany, Italy, Luxembourg and

864-449: A Ph.D. program without the requirement to first complete a master's. Many Canadian graduate programs allow students who start in a master's to "reclassify" into a Ph.D. program after satisfactory performance in the first year, bypassing the master's degree. Students must usually declare their research goal or submit a research proposal upon entering graduate school; in the case of master's degrees, there will be some flexibility (that is, one

1008-424: A bachelor's degree in a related field, with sufficiently high grades usually ranging from B+ and higher (different schools have different letter grade conventions, and this requirement may be significantly higher in some faculties), and recommendations from professors. Admission to a high-quality thesis-type master's program generally requires an honours bachelor or Canadian bachelor with honours , samples of

1152-590: A bridge between academia and policymaking. In 2017, the EUI established the Florence School of Transnational Governance (STG) with its graduate, fellowship, and executive education programmes. The European University Institute (EUI) was founded in 1972 by the member states of the European Community. The EUI finds its origins in the advocacy for a European institute at the 1948 Hague Conference and

1296-577: A completed undergraduate (pass) degree with a high grade-point average ). In scientific research, it is commonly accepted that an Australian postgraduate honours is equivalent to a British master's degree (in research). There has been some debate over the acceptance of a three-year honours degree (as in the case of graduates from British universities) as the equivalent entry requirement to graduate research programmes (M.Phil., Ph.D.) in Australian universities. The letters of honours programmes also added to

1440-702: A definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to

1584-415: A dissertation or thesis prepared under the supervision of a tutor or director, and reviewed by a postgraduate committee. This committee should be composed of examiners external to the program, and at least one of them should also be external to the institution. Programmes are divided into coursework-based and research-based degrees. Coursework programs typically include qualifications such as: Generally,

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1728-451: A distinct field. The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low " effective demand " and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis. During

1872-533: A distinction came to be drawn between the Faculties of Law, Medicine, and Theology and the Faculty of Arts in this respect, the title of Doctor being used for the former, and that of Master for the latter." Because theology was thought to be the highest of the subjects, the doctorate came to be thought of as higher than the master's. The main significance of the higher, postgraduate degrees was that they licensed

2016-430: A doctoral program typically requires a master's degree in a related field, sufficiently high grades, recommendations, samples of writing, a research proposal, and an interview with a prospective supervisor. Requirements are often set higher than those for a master's program. In exceptional cases, a student holding an honours BA with sufficiently high grades and proven writing and research abilities may be admitted directly to

2160-470: A good knowledge of English, although French and Italian are also regular working languages. The Institute is committed to accommodating other languages where possible. The EUI's Centre for Academic Literacies and Languages (CALL) provides language training in oral and written academic communication skills and facilitates social interaction in academic environments. Part of the Academic Service ,

2304-429: A graduate certificate program requires a university degree (or in some cases, a diploma with years of related experience). English speaking colleges require proof of English language proficiency such as IELTS. Some colleges may provide English language upgrading to students prior to the start of their graduate certificate program. Admission to a master's (course-based, also called "non-thesis") program generally requires

2448-420: A lower relative cost of production, rather relying only on its own production. It has been termed a "fundamental analytical explanation" for gains from trade . Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between

2592-422: A master's degree by research, or a master's with a significant research component. Entry requirements depend on the subject studied and the individual university. The minimum duration of a Ph.D. programme is two years, but completing within this time span is unusual, with Ph.D.s usually taking an average of three to four years to be completed. Most of the confusion with Australian postgraduate programmes occurs with

2736-478: A minimum of two years but frequently take much longer, although not usually exceeding six years. Graduate students may take out student loans , but instead they often work as teaching or research assistants . Students often agree, as a condition of acceptance to a programme, not to devote more than twelve hours per week to work or outside interests. Funding is available to first-year masters students whose transcripts reflect exceptionally high grades; this funding

2880-449: A more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility , which posits behaviour-based relations across individuals. In microeconomics , neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making . An immediate example of this

3024-467: A more important role in mainstream economic theory. Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research. Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the Freiburg School ,

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3168-706: A one-and-a-half-year programme, and twelve taught modules plus a thesis or dissertation for a two-year programme. The academic year for an Australian postgraduate programme is typically two semesters (eight months of study). Requirements for research-based programmes vary among universities. Generally, however, a student is not required to take taught modules as part of their candidacy. It is now common that first-year Ph.D. candidates are not regarded as permanent Ph.D. students for fear that they may not be sufficiently prepared to undertake independent research. In such cases, an alternative degree will be awarded for their previous work, usually an M.Phil. or M.Sc. by research. In Brazil,

3312-622: A prerequisite to continuing their studies, and must defend their thesis as a final requirement. Some faculties require candidates to earn sufficient credits in a third or fourth foreign language; for example, most candidates in modern Japanese topics must demonstrate ability in English, Japanese , and Mandarin , while candidates in pre-modern Japanese topics must demonstrate ability in English, Japanese, Classical Chinese , and Classical Japanese . At English-speaking Canadian universities, both master's and Ph.D. theses may be presented in English or in

3456-676: A previous bachelors for admission and are considered graduate or Graduate Entry programs even though they culminate in a bachelor's degree. Example, the Bachelor of Medicine (MBBS) or Bachelor of Dentistry (BDent) . There has also been some confusion over the conversion of the different marking schemes between British, US, and Australian systems for the purpose of assessment for entry to graduate programmes. The Australian grades are divided into four categories: High Distinction, Distinction, Credit, and Pass (though many institutions have idiosyncratic grading systems). Assessment and evaluation based on

3600-597: A proportion of the value their work had created. Marxian economics was further developed by Karl Kautsky (1854–1938)'s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program) , Rudolf Hilferding 's (1877–1941) Finance Capital , Vladimir Lenin (1870–1924)'s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism , and Rosa Luxemburg (1871–1919)'s The Accumulation of Capital . At its inception as

3744-409: A rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Economist Julian Simon has criticised Malthus's conclusions. While Adam Smith emphasised production and income, David Ricardo (1817) focused on

3888-486: A requirement of taking two additional courses, at minimum, in lieu of preparing a thesis. Ph.D. candidates undertaking research must typically complete a thesis, or dissertation , consisting of original research representing a significant contribution to their field, and ranging from 200 to 500 pages. Most Ph.D. candidates will be required to sit comprehensive examinations —examinations testing general knowledge in their field of specialization—in their second or third year as

4032-502: A research project or a work placement. Both master's and doctoral programs may be done by coursework or research or a combination of the two, depending on the subject and faculty . Most faculties require both, with the emphasis on research, and with coursework being directly related to the field of research. Master's and doctoral programs may also be completed on a part-time basis. Part-time graduate programs will usually require that students take one to two courses per semester, and

4176-532: A selection of master’s programmes and executive education courses. The international student and early-stage researcher body is composed of approximately 1000 scholars representing over 100 countries. Since 1993, the Institute has been home to the Robert Schuman Centre for Advanced Studies (RSC), which focuses on the critical issues facing Europe, fostering problem-centred research and serving as

4320-469: A set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more players to attain the best possible outcome. Keynesian economics derives from John Maynard Keynes , in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as

4464-409: A single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-faire , which called for minimal government intervention in the economy. Adam Smith (1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps

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4608-452: A social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to

4752-435: A sought after end). Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for

4896-652: A specialization course in one area of study, mostly addressed to professional practice, and stricto sensu (Latin for "in narrow sense"), which means a master's degree or doctorate , encompassing broader and profound activities of scientific research. In Canada , the schools and faculties of graduate studies are represented by the Canadian Association of Graduate Studies (CAGS) or Association canadienne pour les études supérieures (ACES). The Association brings together 58 Canadian universities with graduate programs, two national graduate student associations, and

5040-442: A synthesis emerged by the 2000s, often given the name the new neoclassical synthesis . It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation

5184-414: A wider range of study, for which some fixed portion of coursework, sometimes known as a residency , is typically required to be taken from outside the department and university of the degree-seeking candidate to broaden the research abilities of the student. There are two main types of degrees studied for at the postgraduate level: academic and vocational degrees. The term degree in this context means

5328-853: Is a social science that studies the production , distribution , and consumption of goods and services . Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies , including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings , and investment expenditure interact, and factors affecting it: factors of production , such as labour , capital , land , and enterprise , inflation , economic growth , and public policies that have impact on these elements . It also seeks to analyse and describe

5472-779: Is a centre of excellence for independent research, training, and policy dialogue. It was founded in 2004 as a partnership between the EUI's Robert Schuman Centre, the Council of the European Energy Regulators (CEER) and the Independent Regulators Group (IRG). The school also works closely with the European Commission . The FSR organises policy events dealing with regulatory issues, provides academic training for practitioners, produces regulation research, and promotes networking and

5616-421: Is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός ( oikonomikos ), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a polis or state. There are a variety of modern definitions of economics ; some reflect evolving views of

5760-438: Is also applied to such diverse subjects as crime , education , the family , feminism , law , philosophy , politics , religion , social institutions , war , science , and the environment . The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from Ancient Greek οἰκονομία ( oikonomia ) which

5904-491: Is also one of the largest graduate schools with around 90 international partners in research, exchange, and educational initiatives. In 2024, the EUI was ranked 6th in the world in political science and among the first 100 in sociology, public administration, and economics on the Shanghai Ranking . It was also ranked 31st in the world for Politics and International Studies, 51st in the world for History, and 89th in

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6048-487: Is funded by its 23 Contracting States, the European Union (Erasmus+), and its own revenue, drawn from competitive research funding, partnerships with public and private actors, and executive education. One of the flagships of the EUI is its doctoral programmes. Each year, it welcomes approximately 130 new PhD researchers at its departments of Economics, History, Law, and Political and Social Sciences. It also offers

6192-472: Is normally given in the second year. Funding for Ph.D. students comes from a variety of sources, and many universities waive tuition fees for doctoral candidates. Funding is available in the form of scholarships , bursaries and other awards, both private and public. Graduate certificates require between eight and sixteen months of study. The length of study depends on the program. Graduate certificates primarily involve coursework. However, some may require

6336-423: Is not absolute since various professional schools offer graduate degrees and vice versa. Producing original research is a significant component of graduate studies in the humanities , natural sciences and social sciences . This research typically leads to the writing and defense of a thesis or dissertation . In graduate programs that are oriented toward professional training (e.g., MPA , MBA , JD , MD ),

6480-430: Is not always the case as the credit structure of doctoral degrees is not officially defined. In some countries such as Finland and Sweden, there is the degree of Licentiate , which is more advanced than a master's degree but less so than a doctorate. Credits required are about half of those required for a doctoral degree. Coursework requirements are the same as for a doctorate, but the extent of original research required

6624-562: Is not as high as for doctorate. Medical doctors for example are typically licentiates instead of doctors. In the UK and countries whose education systems were founded on the British model, such as the US, the master's degree was for a long time the only postgraduate degree normally awarded, while in most European countries apart from the UK, the master's degree almost disappeared . In the second half of

6768-405: Is not held to one's research proposal, although major changes, for example from premodern to modern history, are discouraged). In the case of Ph.D.s, the research direction is usually known as it will typically follow the direction of the master's research. Master's degrees can be completed in one year but normally take at least two; they typically may not exceed five years. Doctoral degrees require

6912-413: Is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it

7056-599: Is the NVQ 5 or QCF 8. Most universities award honorary degrees, usually at the postgraduate level. These are awarded to a wide variety of people, such as artists, musicians, writers, politicians, businesspeople, etc., in recognition of their achievements in their various fields. (Recipients of such degrees do not normally use the associated titles or letters, such as "Dr.") Postgraduate education can involve studying for qualifications such as postgraduate certificates and postgraduate diplomas . They are sometimes used as steps on

7200-598: Is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded. In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics. Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics , game theory , analysis of market failure and imperfect competition , and

7344-415: Is the norm for accepted students. Not all coursework programs require the student to already possess the relevant undergraduate degree, they are intended as "conversion" or professional qualification programs, and merely any relevant undergraduate degree with good grades is required. Ph.D. entrance requirements in the higher ranked schools typically require a student to have postgraduate research honours or

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7488-542: Is very large, as they are the most prestigious and respected universities in Brazil. Public universities do not charge fees for undergraduate level/course. Funding, similar to wages, is available but is usually granted by public agencies linked to the university in question (i.e. FAPESP , CAPES , CNPq , etc.), given to the students previously ranked based on internal criteria. There are two types of postgraduate ; lato sensu (Latin for "in broad sense"), which generally means

7632-501: The Master of Business Administration degree (M.B.A.) can last up to two years to satisfy the requirement to become a knowledgeable business leader. Doctorates . These are often further divided into academic and professional doctorates. An academic doctorate can be awarded as a Doctor of Philosophy degree (from Latin Doctor philosophiae ; Ph.D. or D.Phil.), a Doctor of Psychology degree (from Latin Doctor psychologia; Psy.D.), or as

7776-565: The Master of Letters degree (from Latin Magister litterarum ; M.Litt.) (all formerly known in France as DEA or DESS before 2005, and nowadays Masters too). In the UK, master's degrees may be taught or by research: taught master's degrees include the Master of Science and Master of Arts degrees which last one year and are worth 180 CATS credits (equivalent to 90 ECTS European credits ), whereas

7920-462: The Master of Letters degree tends to be the taught or lower master's degree. In many fields such as clinical social work , or library science in North America , a master's is the terminal degree . Professional degrees such as the Master of Architecture degree (M.Arch.) can last to three and a half years to satisfy professional requirements to be an architect. Professional degrees such as

8064-732: The School of Lausanne , the Stockholm school and the Chicago school of economics . During the 1970s and 1980s mainstream economics was sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago school approach. Within macroeconomics there is, in general order of their historical appearance in

8208-433: The macroeconomics of high unemployment. Gary Becker , a contributor to the expansion of economics into new areas, described the approach he favoured as "combin[ing the] assumptions of maximizing behaviour, stable preferences , and market equilibrium , used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to

8352-666: The media , and more. The STG’s work builds on four pillars: the Master in Transnational Governance, executive education and the EUI Global Executive Master, fellowships (a Young African Leaders Programme funded by the European Commission Directorate-General for International Partnerships and a Policy Leaders Fellowships), and events. Six flagship STG programmes interact closely with these four pillars:

8496-467: The neoclassical model of economic growth for analysing long-run variables affecting national income . Neoclassical economics studies the behaviour of individuals , households , and organisations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends,

8640-415: The societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of

8784-400: The "choice process and the type of social interaction that [such] analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which

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8928-486: The 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned because the results were unsatisfactory. A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas , Thomas Sargent and Edward Prescott . They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were

9072-530: The 19th century, however, US universities began to follow the European model by awarding doctorates, and this practice spread to the UK. Conversely, most European universities now offer master's degrees parallelling or replacing their regular system, so as to offer their students better chances to compete in an international market dominated by the American model. In the UK, an equivalent formation to doctorate

9216-521: The Archives' online database for descriptions of the documents, audiovisual materials, and artefacts in its deposits. Archival materials may be consulted in the HAEU reading room according to the thirty-years rule, or online where possible. The HAEU supports research on European integration through the administration of several grant programmes. The EUI offers fully funded structured doctoral programmes in

9360-529: The Australian Government's FEE-Help loan scheme. Some students may be eligible for a Commonwealth Supported Place (CSP), via the HECS-Help scheme, at a substantially lower cost. Requirements for the successful completion of a taught master's programme are that the student pass all the required modules. Some universities require eight taught modules for a one-year programme, twelve modules for

9504-412: The Australian higher education system follows that of its British counterpart (with some notable exceptions). Entrance is decided by merit, entrance to coursework-based programmes is usually not as strict; most universities usually require a "Credit" average as entry to their taught programmes in a field related to their previous undergraduate. On average, however, a strong "Credit" or "Distinction" average

9648-826: The Australian system is not equivalent to British or US schemes because of the "low-marking" scheme used by Australian universities. For example, a British student who achieves 70+ will receive an A grade, whereas an Australian student with 70+ will receive a Distinction which is not the highest grade in the marking scheme. The Australian government usually offer full funding (fees and a monthly stipend) to its citizens and permanent residents who are pursuing research-based higher degrees. There are also highly competitive scholarships for international candidates who intend to pursue research-based programmes. Taught-degree scholarships (certain master's degrees, Grad. Dip., Grad. Cert., D.Eng., D.B.A.) are almost non-existent for international students. Domestic students have access to tuition subsidy through

9792-742: The CALL offers language and academic skills courses in English, French, German, Italian, and Spanish throughout the academic year, and helps organise courses in other languages upon demand. The State of the Union is an annual forum for high level reflection on the European Union organised by the EUI since 2011. The conference acts as a bridge between academia and policy making at the highest level in Europe, bringing together heads of state, EU representatives, academics, policy-makers, business and opinion leaders and civil society representatives to discuss and debate

9936-528: The CMPF works with academics, policy makers, regulators, market stakeholders, journalists, and others interested in the debate. The Florence School of Banking and Finance (FBF) was established in 2016 and designed as a European platform bringing together practitioners and academics from the banking and finance sector to develop a common culture of regulation and supervision in the European Union. Finally,

10080-1049: The Council of the European Communities to open their historical archives to the public. A 1984 agreement between the Commission of the European Communities and the European University Institute located the Archives in Florence, at the EUI, and in 1986 the HAEU opened its doors to the public. It is the single, official archival repository of the institutions, bodies, and agencies of the European Union, and also holds more than 160 private archives of European personalities, politicians, movements, and associations that played an important role in European integration . It has been in its current seat, in Villa Salviati, since 2012. Users may consult

10224-626: The Department range across the four sub-disciplines of comparative politics, sociology, international relations, and social and political theory. The Florence School of Transnational Governance (STG) was launched in 2017 to improve global public policy for the common good. Located in Palazzo Buontalenti in the heart of Florence, the STG is a hub for exchanges bringing together academia, civil society , policymaking , business , NGOs ,

10368-760: The Department's offerings, providing advanced summer courses in Human Rights Law and EU Law. Additionally, the AEL hosts the Secretariat of the European Society of International Law (ESIL) and runs a publications programme. The research programme of the EUI Department of Political and Social Sciences (SPS) places emphasis on political and social change within Europe at the national, sub-national, and transnational level. The research interests of

10512-596: The Doctor of Philosophy degree or "junior doctorate", and the "higher doctorates" such as the Doctor of Science degree, which is generally awarded to highly distinguished professors. A doctorate is the terminal degree in most fields. In the United States, there is little distinction between a Doctor of Philosophy degree and a Doctor of Science degree. In the UK, Doctor of Philosophy degrees are often equivalent to 540 CATS credits or 270 ECTS European credits, but this

10656-607: The EUI Convention's Declaration says that States should aim for grants to be 'comparable', there is wide variation in grants. This is in addition to wide variation in conditions (such as healthcare, parental leave, and other grants). Additionally, whilst the EUI pays the same grant to all fourth-year PhD researchers (€1,505 the amount it estimates as necessary to live in Florence), several States top this up. Most students and professors are multilingual; all are required to have

10800-479: The EUI itself provide grants pertaining to several other countries. Academics not covered by grants must seek funding from a foundation or public body, pay €15,000 each year in tuition fees, and be able to guarantee at least €1,380 monthly to cover living costs, although fees may be reduced or waived under specific conditions. PhD grants are determined (and generally paid) directly by the Member States. Whilst

10944-747: The European Conference on Culture the following year in Lausanne . At the 1955 Messina Conference , when the members of the European Coal and Steel Community (ECSC) gathered to assess that organisation's progress, the German secretary of state, Walter Hallstein , called for the establishment of a training centre for nuclear sciences. The idea remained largely dormant until 1969 when European leaders met in The Hague and resolved to fund

11088-1269: The European Digital Media Observatory, the European Media and Information fund, STG Climate, the Chair in Artificial Intelligence and Democracy, the Transnational Democracy Programme, and the Open to Health training network. Commitment against disinformation The STG contributes to the fight against disinformation as coordinator of the European Digital Media Observatory (EDMO) and the European Media and Information Fund (EMIF). EDMO brings together fact-checkers , scholars , media , online platforms , and media literacy practitioners to tackle disinformation . EMIF provides competitive grants to researchers, fact-checkers, not-for-profits and other public interest-oriented organisations working on disinformation research and strengthening media literacy and fact-checking. The Robert Schuman Centre for Advanced Studies

11232-457: The European University Institute. Researchers study the challenges facing European law , public law and private law , international law , and economic law with PhD opportunities across social, cultural, political, and economic topics. Researchers gain experience in presenting their work and are encouraged to participate in conferences, workshops, and the Department's numerous working groups. The Academy of European Law (AEL) further enriches

11376-586: The Fulbright Program and the Organization of American States (OAS), have been known to grant full scholarships for tuition with apportions for housing. Upon completion of at least two years' research and coursework as a postgraduate student, a candidate must demonstrate truthful and original contributions to his or her specific field of knowledge within a frame of academic excellence. The Master and Doctoral candidate's work should be presented in

11520-464: The Netherlands – signed a convention in 1972 establishing the EUI as a pillar for research and development. The EUI Convention entered into force in 1975, and the institute opened its doors to its first 70 researchers in 1976. Its mission, laid down in the 1970s, is to "foster the advancement of learning in fields which are of particular interest for the development of Europe". Denmark, Ireland and

11664-734: The Schuman Centre is also home to a number of Chairs named after renowned experts in their respective disciplines: the Pierre Werner Chair, the Ernst B. Haas Chair, the Tommaso Padoa-Schioppa Chair and the Loyola de Palacio Chair. The Historical Archives of the European Union (HAEU) was established following the 1983 decision of the European Coal and Steel Community (ECSC) and the 1983 regulation by

11808-416: The US, Australia, and other countries) is often offered by some of the same senior academic staff and departments who teach undergraduate courses. Unlike in undergraduate programs, however, it is less common for graduate students to take coursework outside their specific field of study at graduate or graduate entry level. At the doctorate programs, though, it is quite common for students to take courses from

11952-718: The United Kingdom joined the European Community in 1973, and subsequently acceded to the convention establishing the EUI. In 1992, a new convention revising the 1972 convention establishing the EUI was signed by the then 12 Community member states. It entered into force in 2007 when the last contracting state ratified the convention. EUI contracting states must be European Union member states. As of December 2023, contracting states include all EU member states except Croatia , Czech Republic , Hungary , and Lithuania . The EUI Department of Economics provides PhD researchers and MRes students with formal course-based training at

12096-407: The analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after end ), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If

12240-479: The area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will perform DNA analysis, others might analyse anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that

12384-443: The author believes economics is evolving, or should evolve. Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter. Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of

12528-517: The colonies. Physiocrats , a group of 18th-century French thinkers and writers, developed the idea of the economy as a circular flow of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs. Physiocrats advocated replacing administratively costly tax collections with

12672-480: The completion rate remained high in the doctoral programmes, with 88.5% of candidates admitted in cohorts 2011 to 2015 completing the doctorate. There are funding options available to doctoral researchers, with the majority of EU member states offering grants that cover living costs and tuition fees. There are additional agreements with non-EU member states, while the Italian Ministry of Foreign Affairs and

12816-526: The confusion. For example: B.Sc. (Hons) are the letters gained for postgraduate research honours at the University of Queensland. B.Sc. (Hons) does not indicate that this honours are postgraduate qualification. The difficulty also arises between different universities in Australia—some universities have followed the UK system. There are many professional programs such as medical and dental school require

12960-533: The construction of Europe." The Robert Schuman Centre has several main programmes and chairs. The Global Governance Programme (GGP) is a large framework for several strands of research covering, international trade, development, climate change, citizenship, security cooperation, and regional integration. It hosts a series of events, including high level conferences, such as the World Trade Forum, and policy seminars. The Florence School of Regulation (FSR)

13104-529: The degrees may consist solely of coursework , without an original research or thesis component. Graduate students in the humanities, sciences and social sciences often receive funding from their university (e.g., fellowships or scholarships ) or a teaching assistant position or other job; in the profession-oriented grad programs, students are less likely to get funding, and the fees are typically much higher. Although graduate school programs are distinct from undergraduate degree programs, graduate instruction (in

13248-488: The design of modern monetary policy and are now standard workhorses in most central banks. After the 2007–2008 financial crisis , macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing

13392-506: The distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of comparative advantage , according to which each country should specialise in producing and exporting goods in that it has

13536-469: The economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is peculiar. Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod as the "first economist". However,

13680-578: The equivalent qualification in Law degrees (a graduate from a "carrera de grado") are similar in content, length and skill-set to a joint first and second cycles in the qualification framework of the Bologna Process (that is, Bachelor and Master qualifications). While a significant portion of postgraduate students finance their tuition and living costs with teaching or research work at private and state-run institutions, international institutions, such as

13824-464: The exchange of ideas in the areas of energy and climate, transport, and water and waste. The European Governance and Politics Programme (EGPP) is an international hub of theoretical and empirical academic research on Europe's politics and governance. The programme is committed to combining solid theoretical foundations to analyse the interaction between European integration and national politics with analysis based on data collection. Launched in 2018, it

13968-553: The field of economics , history and civilisation, law , and political and social sciences . Around 130 research grants are awarded annually by the EU Member States and other European national authorities to successful candidates. In addition, the EUI provides workshops and training designed to foster academic and professional development, opportunities for international exchange programmes and placements, support for wellbeing, and many extra-curricular activities. In 2022,

14112-688: The first large-scale macroeconometric model , applying the Keynesian thinking systematically to the US economy . Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies. Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman . Monetarists contended that monetary policy and other monetary shocks, as represented by

14256-540: The following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment , respectively, two major components of aggregate demand . Lawrence Klein built

14400-509: The global economy . Other broad distinctions within economics include those between positive economics , describing "what is", and normative economics , advocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics . Economic analysis can be applied throughout society, including business , finance , cybersecurity , health care , engineering and government . It

14544-424: The growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation . Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. Monetarism rose to prominence in

14688-475: The historic centre of Florence at the Casino Mediceo di San Marco , which has been home to the STG since 2021. Postgraduate education The organization and structure of postgraduate education varies in different countries, as well as in different institutions within countries. The term "graduate school" or "grad school" is typically used in North America , while "postgraduate" is more common in

14832-479: The holder to teach ("doctor" comes from Latin docere , "to teach"). In most countries, the hierarchy of postgraduate degrees is as follows: Master's degrees . These are sometimes placed in a further hierarchy, starting with degrees such as the Master of Arts (from Latin Magister artium ; M.A.) and Master of Science (from Latin Magister scientiae ; M.Sc.) degrees, then the Master of Philosophy degree (from Latin Magister philosophiae ; M.Phil.), and finally

14976-463: The importance of various market failures for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity , usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists,

15120-400: The key challenges and opportunities facing Europe and Europeans each year. Presidents, prime ministers, foreign ministers, as well as presidents of the European Commission and European Parliament have taken part in the event over the years. The EUI is one of the leading social science research institutions in Europe, and with around 1,000 researchers at various levels in their careers, it

15264-831: The language of the subject ( German for German literature , for example), but if this is the case an extensive abstract must be also presented in English. In exceptional circumstances , a thesis may be presented in French. One exception to this rule is McGill University, where all work can be submitted in either English or French, unless the purpose of the course of study is acquisition of a language. French-speaking universities have varying sets of rules; some (e.g. HEC Montreal ) will accept students with little knowledge of French if they can communicate with their supervisors (usually in English). Economic analysis Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ )

15408-422: The level needed to pursue successful academic or professional careers in leading universities or other research-oriented organisations. The Department of History offers a programme of transnational and comparative European history supported by an international and multicultural faculty. The Department’s research focuses primarily on the history of Europe within a global context from the late medieval period to

15552-449: The market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene. Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it". Smith maintained that, with rent and profit, other costs besides wages also enter

15696-446: The master's degrees by research include the Master of Research degree (M.Res.) which also lasts one year and is worth 180 CATS or 90 ECTS credits (the difference compared to the Master of Science and Master of Arts degrees being that the research is much more extensive) and the Master of Philosophy degree which lasts two years. In Scottish Universities, the Master of Philosophy degree tends to be by research or higher master's degree and

15840-437: The most famous passages in all economics," Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society, and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce. In this: He generally, indeed, neither intends to promote the public interest, nor knows how much he

15984-399: The moving from one stage or level to another (from French degré , from Latin dē- + gradus ), and first appeared in the 13th century. Although systems of higher education date back to ancient India , ancient Greece , ancient Rome and ancient China , the concept of postgraduate education depends upon the system of awarding degrees at different levels of study, and can be traced to

16128-516: The part-time graduate programs may be offered in online formats, evening formats, or a combination of both. Master's candidates undertaking research are typically required to complete a thesis comprising some original research and ranging from 70 to 200 pages. Some fields may require candidates to study at least one foreign language if they have not already earned sufficient foreign-language credits. Some faculties require candidates to defend their thesis , but many do not. Those that do not, often have

16272-503: The pessimistic analysis of Malthus (1798). John Stuart Mill (1844) delimited the subject matter further: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object. Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from

16416-487: The present, modified by substituting the word "wealth" for "goods and services" meaning that wealth may include non-material objects as well. One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed, because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Science , he proposed

16560-491: The present. The Department takes a broad approach to the study of history that includes social and economic analysis , as well as the history of cultural, scientific, and intellectual developments, researching the tensions, contradictions, continuities, and sharp breaks that characterise both Europe’s past and the study of that past, with a view to shedding light on present questions and chart possible futures. The Department of History also offers an annual summer school, exploring

16704-409: The price of a commodity. Other classical economists presented variations on Smith, termed the ' labour theory of value '. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth (capital) and a constant population size . Marxist (later, Marxian) economics descends from classical economics and it derives from

16848-429: The purest approximation to the truth that has yet been published" on the subject. The publication of Adam Smith 's The Wealth of Nations in 1776, has been described as "the effective birth of economics as a separate discipline." The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the physiocratic idea that only agriculture

16992-435: The research-based programmes, particularly scientific programmes. Research degrees generally require candidates to have a minimum of a second-class four-year honours undergraduate degree to be considered for admission to a Ph.D. programme (M.Phil. are an uncommon route ). In science, a British first class honours (3 years) is not equivalent to an Australian first class honours (1 year research postgraduate programme that requires

17136-719: The rest of the English-speaking world. Graduate degrees can include master's and doctoral degrees, and other qualifications such as graduate diplomas, certificates and professional degrees . A distinction is typically made between graduate schools (where courses of study vary in the degree to which they provide training for a particular profession ) and professional schools , which can include medical school , law school , business school , and other institutions of specialized fields such as nursing , speech–language pathology , engineering , or architecture . The distinction between graduate schools and professional schools

17280-496: The route to a degree, as part of the training for a specific career, or as a qualification in an area of study too narrow to warrant a full degree course. In Argentina, the admission to a Postgraduate program at an Argentine University requires the full completion of any undergraduate course, called in Argentina "carrera de grado" (v.gr. Licenciado , Ingeniero or Lawyer degree). The qualifications of 'Licenciado', 'Ingeniero', or

17424-412: The scope and method of economics, emanating from that definition. A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a substitute for the earlier " political economy ". This corresponded to the influence on

17568-486: The so-called Lucas critique and the presentation of real business cycle models . During the 1980s, a group of researchers appeared being called New Keynesian economists , including among others George Akerlof , Janet Yellen , Gregory Mankiw and Olivier Blanchard . They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised

17712-444: The source of the word economy. Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado , Luis de Molina , and Juan de Lugo , as "coming nearer than any other group to being the 'founders' of scientific economics" as to monetary , interest , and value theory within a natural-law perspective. Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced

17856-406: The state or commonwealth with a revenue for the publick services. Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth . On the satirical side, Thomas Carlyle (1849) coined " the dismal science " as an epithet for classical economics , in this context, commonly linked to

18000-633: The student's writing as well as a research thesis proposal. Some programs require Graduate Record Exams (GRE) in both the general examination and the examination for its specific discipline, with minimum scores for admittance. At English-speaking universities, applicants from countries where English is not the primary language are required to submit scores from the Test of English as a Foreign Language ( TOEFL ). Nevertheless, some French speaking universities, like HEC Montreal, also require candidates to submit TOEFL score or to pass their own English test. Admission to

18144-408: The subject of mathematical methods used in the natural sciences . Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics' labour theory of value in favour of a marginal utility theory of value on the demand side and

18288-402: The subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator [with the twofold objectives of providing] a plentiful revenue or subsistence for the people ... [and] to supply

18432-471: The subject": Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins described the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity ." He affirmed that previous economists have usually centred their studies on

18576-773: The subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing inexpensive raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in

18720-460: The theme of Global and Transnational History . The EUI Department of Law aims to contribute to the development of the cultural and scientific heritage of Europe. It offers a fully funded PhD programme and an LLM. Through the ASPIRE programme , the Department extends its reach to researchers from developing countries and emerging economies, offering them the chance to pursue a funded PhD in Law at

18864-455: The three federal research-granting agencies and organizations having an interest in graduate studies. Its mandate is to promote, advance, and foster excellence in graduate education and university research in Canada. In addition to an annual conference, the association prepares briefs on issues related to graduate studies including supervision, funding, and professional development. Admission to

19008-467: The war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision ) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain

19152-428: The wider economy and society. The Centre for Media Pluralism and Media Freedom (CMPF) was set up to raise awareness of media diversity and freedom issues in Europe. Co-financed by the European Union, it is composed of experts in legal studies, new media policies, media markets, and economics, political science, and political communications. Through its programme of research, debate, training, and dissemination of results,

19296-515: The word Oikos , the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves ) rather than to refer to some normative societal system of distribution of resources, which is a more recent phenomenon. Xenophon , the author of the Oeconomicus , is credited by philologues for being

19440-460: The work of Karl Marx . The first volume of Marx's major work, Das Kapital , was published in 1867. Marx focused on the labour theory of value and theory of surplus value . Marx wrote that they were mechanisms used by capital to exploit labour. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid

19584-416: The workings of European medieval universities , mostly Italian. University studies took six years for a bachelor's degree and up to twelve additional years for a master's degree or doctorate. The first six years taught the faculty of the arts, which was the study of the seven liberal arts : arithmetic , geometry , astronomy, music theory, grammar , logic, and rhetoric. The main emphasis was on logic. Once

19728-604: The world for Law in the QS World University Rankings . The EUI Political and Social Science department was ranked 1st in Europe and 5th worldwide in the Hix ranking of such departments (which was published in 2004 and covered the period 1998–2002). In November 2009, the same department was included in the Die Zeit 'CHE Excellence Ranking' for political science. Since 2021, the EUI's Department of Economics

19872-719: Was established as the successor programme to the European Union Democracy Observatory (EUDO), active between 2006 and 2016. In 2020, Daniele Caramani took over the directorship of the programme from Brigid Laffan , who was founding director from 2018 until 2020. The Migration Policy Centre (MPC) was founded in January 2012 and conducts policy-oriented research on global migration, asylum, and mobility. It serves governance needs at European and global levels, from developing, implementing, and monitoring migration-related policies to assessing their impact on

20016-501: Was launched by the European University Institute in 1993 with the aim to create an interdisciplinary and policy-oriented research centre. It is named in honour of Robert Schuman , one of the founding fathers of the EU. The first director of the newly established Centre was Yves Mény (1993–2001), followed by Helen Wallace (2001-2006), Stefano Bartolini (2006–2013), Brigid Laffan (2013–2021), and Erik Jones (2021–present). The initial set up

20160-444: Was modest, but over the years the centre has grown into a large research centre with over 300 people, pursuing interdisciplinary research into the political challenges facing Europe and the EU today and bringing together academics and practitioners, in both policy dialogues and executive training. The centre's mission is to "contribute to research on the major issues facing contemporary European society, including questions associated with

20304-421: Was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. The Reverend Thomas Robert Malthus (1798) used the concept of diminishing returns to explain low living standards. Human population , he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of

20448-892: Was productive. Smith discusses potential benefits of specialisation by division of labour , including increased labour productivity and gains from trade , whether between town and country or across countries. His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a theory of the functions of firm and industry " and a "fundamental principle of economic organization." To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory—that, under competition , resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment). In an argument that includes "one of

20592-656: Was ranked 14th for the publication success of its graduates. The European University Institute is seated in Fiesole on the Tuscan hillside overlooking Florence. The headquarters are at the Badia Fiesolana. The campus is spread across 12 villas in the area, many of which date back to the Renaissance period and have been restored along with their landscaped gardens. The EUI campus also includes Palazzo Buontalenti in

20736-437: Was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand . Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved useful and influential in

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