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The American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The American Economic Review (cover)
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniel McFadden
Daniel Little McFadden (born July 29, 1937) is an American econometrician who shared the 2000 Nobel Memorial Prize in Economic Sciences with James Heckman. McFadden's share of the prize was "for his development of theory and methods for analyzing discrete choice". He is the Presidential Professor of Health Economics at the University of Southern California and Professor of the Graduate School at University of California, Berkeley. Early life and education McFadden was born on July 29, 1937 in Raleigh, North Carolina. He attended the University of Minnesota, where he received a B.S. in Physics, and a Ph.D. in Behavioral Science (Economics) five years later (1962). While at the University of Minnesota, his graduate advisor was Leonid Hurwicz, who was awarded the Economics Nobel Prize in 2007. Career In 1964 McFadden joined the faculty of University of California, Berkeley, focusing his research on choice behavior and the problem of linking economic theory and measurement. In 1974 he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Optimum Currency Area
In economics, an optimum currency area (OCA) or optimal currency region (OCR) is a geographical region in which it would maximize economic efficiency to have the entire region share a single currency. The underlying theory describes the optimal characteristics for the merger of currencies or the creation of a new currency. The theory is used often to argue whether or not a certain region is ready to become a currency union, one of the final stages in economic integration. An optimal currency area is often larger than a country. For instance, part of the rationale behind the creation of the euro is that the individual countries of Europe do not each form an optimal currency area, but that Europe as a whole does. The creation of the euro is often cited because it provides the most modern and largest-scale case study of an attempt to identify an optimum currency area, and provides a comparative before-and-after model by which to test the principles of the theory. In theory, an optimal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Merton Miller
Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure. He shared the Nobel Memorial Prize in Economic Sciences in 1990, along with Harry Markowitz and William F. Sharpe. Miller spent most of his academic career at the University of Chicago's Booth School of Business. Biography Early years Miller was born in Boston, Massachusetts to Jewish parents Sylvia and Joel Miller, a housewife and attorney. He attended Harvard University as an undergraduate student. He worked during World War II as an economist in the division of tax research of the Treasury Department, and received a Ph.D. in economics from Johns Hopkins University, 1952. His first academic appointment after receiving his doctorate was Visiting Assistant Lecturer at the London School of Economics. Career In 1958, at Carnegie Institute of Technology (now Carnegie Mellon University) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Franco Modigliani
Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon University, and MIT Sloan School of Management. Early life and education Modigliani was born on 18 June 1918 in Rome, Lazio, Italy, to the Jewish family of a pediatrician father and a voluntary social worker mother."Franco Modigliani" by Daniel B. Klein and Ryan Daza, inThe Ideological Migration of the Economics Laureates, ''Econ Journal Watch'', 10(3), September 2013, pp. 472-293 He entered university at the age of seventeen, enrolling in the faculty of Law at the Sapienza University of Rome.Parisi, Daniela (2005) "Five Italian Articles Written by the Young Franco Modigliani (1937–1938)", ''Rivista Internazional di Scienze Sociali'', 113(4), pp. 555–557 (in language) In his second year at Sapienza, his submission to a nationwide conte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Modigliani–Miller Theorem
The Modigliani–Miller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. The basic theorem states that in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, the enterprise value of a firm is unaffected by how that firm is financed. This is not to be confused with the value of the equity of the firm. Since the value of the firm depends neither on its dividend policy nor its decision to raise capital by issuing shares or selling debt, the Modigliani–Miller theorem is often called the capital structure irrelevance principle. The key Modigliani–Miller theorem was developed in a world without taxes. However, if we move to a world where there are taxes, when the interest on debt is tax-deductible, and ignoring other frictions, the value of the company increases in proportion to the amount of debt used.Fernandes, Nuno. Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simon Kuznets
Simon Smith Kuznets (; rus, Семён Абра́мович Кузне́ц, p=sʲɪˈmʲɵn ɐˈbraməvʲɪtɕ kʊzʲˈnʲɛts; April 30, 1901 – July 8, 1985) was an American economist and statistician who received the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development." Kuznets made a decisive contribution to the transformation of economics into an empirical science and to the formation of quantitative economic history. Biography Early life Simon Kuznets was born in Pinsk in 1901, in the Russian Empire, or what is today Belarus, to Lithuanian-Jewish parents. He completed his schooling, first at the Rivne, then, Kharkiv Realschule of present-day Ukraine. In 1918, Kuznets entered the Kharkiv Institute of Commerce where he studied economic sciences, statistics, history and mathematics under the guidance of prof ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kuznets Curve
The Kuznets curve () expresses a hypothesis advanced by economist Simon Kuznets in the 1950s and 1960s. According to this hypothesis, as an economy develops, market forces first increase and then decrease economic inequality. The Kuznets curve appeared to be consistent with experience at the time it was proposed. However, since the 1960s, inequality has risen in the US and other developed countries. Kuznets ratio and Kuznets curve The Kuznets ratio is a measurement of the ratio of income going to the highest-earning households (usually defined by the upper 20%) to income going to the lowest-earning households,Kuznets, Simon. 1955. Economic Growth and Income Inequality. ''American Economic Review'' 45 (March): 1–28. which is commonly measured by either the lowest 20% or lowest 40% of income. Comparing 20% to 20%, a completely even distribution is expressed as 1; 20% to 40% changes this value to 0.5. Kuznets curve diagrams show an inverted U curve, although variables along the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek ( , ; 8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian–British economist, legal theorist and philosopher who is best known for his defense of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for their work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how changing prices communicate information that helps individuals coordinate their plans is widely regarded as an important achievement in economics, leading to his prize. Hayek served in World War I during his teenage years and said that this experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. At the University of Vienna, he studied economics, eventually receiving his doctoral degrees in law in 1921 and in political science in 1923. He subsequently lived and work ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Use Of Knowledge In Society
"The Use of Knowledge in Society" is a scholarly article written by economist Friedrich Hayek, first published in the September 1945 issue of ''The American Economic Review''. Written (along with ''The Meaning of Competition'') as a rebuttal to fellow economist Oskar R. Lange and his endorsement of a planned economy, it was included among the twelve essays in Hayek's 1948 compendium '' Individualism and Economic Order''. The article is considered one of the most important in the field of modern economics. Argument Hayek's article argues against the establishment of a Central Pricing Board (advocated by Lange) by highlighting the dynamic and organic nature of market price-fluctuations, and the benefits of this phenomenon. He asserts that a centrally planned economy could never match the efficiency of the open market because what is known by a single agent is only a small fraction of the sum total of knowledge held by all members of society. A decentralized economy thus compleme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Cobb (economist)
Charles Wiggins Cobb (1875–1949) was an American mathematician and economist and a 1912 Ph.D. graduate of the University of Michigan. He published many works on both subjects, however he is most famous for developing the Cobb–Douglas production function in economics. He worked on this project with the economist Paul H. Douglas while lecturing at Amherst College in Massachusetts Massachusetts (Massachusett language, Massachusett: ''Muhsachuweesut assachusett writing systems, məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous U.S. state, state in the New England .... In 1928, Charles Cobb and Paul Douglas published a study in which they modeled the growth of the American economy during the period 1899–1922. They considered a simplified view of the economy in which production of output is determined by the amount of labor involved and the amount of capital used. While there are many other factors affecting economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Douglas
Paul Howard Douglas (March 26, 1892 – September 24, 1976) was an American politician and Georgist economist. A member of the Democratic Party, he served as a U.S. Senator from Illinois for eighteen years, from 1949 to 1967. During his Senate career, he was a prominent member of the liberal coalition. Born in Massachusetts and raised in Maine, Douglas graduated from Bowdoin College and Columbia University. He served as a professor of economics at several schools, most notably the University of Chicago, and earned a reputation as a reformer while a member of the Chicago City Council (1939–1942). During World War II, he served in the U.S. Marine Corps, rising to the rank of lieutenant colonel and becoming known as a war hero. He was married to Emily Taft Douglas, a U.S. Representative from Illinois's At-large district (1945–1947). Early years Douglas was born on March 26, 1892, in Salem, Massachusetts, the son of Annie (Smith) and James Howard Douglas. When he was f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
