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Lausanne School (B1)<br />A group of economists of the MARGINALIST School who worked in Switzerland in the late nineteenth century. With WALRAS and PARETO as its leaders it developed GENERAL EQUILIBRIUM analysis and set out the criteria for welfare optima. There are many prominent descendants of this school, including HICKS, SAMUELSON, ARROW and HAHN.
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New Economic Policy (P2)<br />The second phase of LENIN's economic policy for the USSR in the 1920s which, in an attempt to increase production, replaced war communism with decentralization of industry and a measure of privately owned small-scale trade.<br /><em>Reference</em><br />Krugman, P. (1991) Geography and Trade, Cambridge, MA: MIT Press.
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