Ozlen Hic
F. Özlen Hiç is an associate professor in the Economics in English Department of İstanbul University teaching graduate and undergraduate courses in the areas of Macroeconomics, Economic Policy, Problems of Economic Policies in Turkey, Applied Enterpreneurailship. From 2006 to 2009 she was Professor at Wisconsin International University in Ukraine, teaching undergraduate courses in the areas of Mathematics for Social Sciences and Macroeconomics. From 2002 to 2011 Özlen was a part-time faculty at Boğaziçi University and from 2004 to 2012 she was a part-time faculty at Kadir Has University. She graduated in 1994 with a BA in Economics from Boğaziçi University, in 1996 with a Master’s degree in Economics Theory from İstanbul University and in 2001 with a Ph.D. in Economics Theory from İstanbul University.
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The group of economists that followed A.Smith, including such notable names as D.Ricardo, N.W.Senior, John Stuart Mill, culminating in Alfred Marshall (1890: Principles of Economics) is called the “Classical School” or alternately the “Manchester School” to refer to their place of origin. Their macroeconomic system is called the “Classical System” (Schumpeter 1954; Roll 1992; Hiç 1994, Paya 1997; Ackley 1961, Branson 1989; Froyen 1990, etc.). Having accepted the Malthusian law of population (T.Robert Malthus: 1798 Essays on the Principle of Population) D. Ricardo had come up with a model in which growth eventually comes to a halt, moving to that point, however, all along at full employment equilibrium (Baumol and Turvey 1970, Hiç 1994). This was also in line with the views of Adam Smith. Marshall had introduced the concept of elasticities and used the partial method of analysis. In contrast, Leon Walras, in his 1874-7: Eléments d’Economie Pure ou Theorie de La Richesse Sociale (1. ed). used the general equilibrium approach to prove that the economy arrives automatically to full employment equilibrium, following Adam Smith and the Classical School.
The group of economists that followed A.Smith, including such notable names as D.Ricardo, N.W.Senior, John Stuart Mill, culminating in Alfred Marshall (1890: Principles of Economics) is called the “Classical School” or alternately the “Manchester School” to refer to their place of origin. Their macroeconomic system is called the “Classical System” (Schumpeter 1954; Roll 1992; Hiç 1994, Paya 1997; Ackley 1961, Branson 1989; Froyen 1990, etc.). Having accepted the Malthusian law of population (T.Robert Malthus: 1798 Essays on the Principle of Population) D. Ricardo had come up with a model in which growth eventually comes to a halt, moving to that point, however, all along at full employment equilibrium (Baumol and Turvey 1970, Hiç 1994). This was also in line with the views of Adam Smith. Marshall had introduced the concept of elasticities and used the partial method of analysis. In contrast, Leon Walras, in his 1874-7: Eléments d’Economie Pure ou Theorie de La Richesse Sociale (1. ed). used the general equilibrium approach to prove that the economy arrives automatically to full employment equilibrium, following Adam Smith and the Classical School.