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Wage Unit
The wage unit is a unit of measurement for monetary quantities introduced by Keynes in his 1936 book '' The General Theory of Employment, Interest and Money'' (''General Theory''). A value expressed in wage units is equal to its price A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a ph ... in money units divided by the wage (in money units) of a man-hour of labour. Other units of value Labour theory of value The classical economists believed that the value of a product could be identified with the number of man-hours of labour which went into its production. This value was inherently real. Monetary (nominal) values Economic values can always be expressed in monetary terms except in a barter economy. There are two reasons to avoid doing so. The first is in order to make comparison ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Cecil Pigou
Arthur Cecil Pigou (; 18 November 1877 – 7 March 1959) was an English economist. As a teacher and builder of the School of Economics at the University of Cambridge, he trained and influenced many Cambridge economists who went on to take chairs of economics around the world. His work covered various fields of economics, particularly welfare economics, but also included business cycle theory, unemployment, public finance, Index (economics), index numbers, and measurement of national output.Nahid Aslanbeigui, 2008. "Pigou, Arthur Cecil (1877–1959)," ''The New Palgrave Dictionary of Economics'', 2nd edAbstract./ref> His reputation was affected adversely by influential economic writers who used his work as the basis on which to define their own opposing views. He reluctantly served on several public committees, including the Walter Cunliffe, 1st Baron Cunliffe, Cunliffe Committee and the 1919 Royal Commission on income tax. Early life and education Pigou was born at Ryde on the I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Kahn, Baron Kahn
Richard Ferdinand Kahn, Baron Kahn, CBE, FBA (10 August 1905 – 6 June 1989) was a British economist. Kahn was born in Hampstead into the orthodox Jewish family of Augustus Kahn, inspector of schools and former German schoolmaster, and Regina Schoyer. He was brought up in England and educated at St Paul's School, London. He attended King's College, Cambridge. Kahn took a 1st in Mathematics, Part I, at Cambridge, followed in 1927 by a 2nd in Physics in the Natural Sciences tripos. Taught economics by Gerald Shove and John Maynard Keynes from 1927 to 1928, he gained a 1st in Economics, Part II, in 1928. In 1930, he was elected a Fellow of King's College. Kahn worked in the Faculty of Economics and Politics from 1933. He became Director of Studies for economics students at King's College in 1947, a post he held for four years. Kahn was appointed professor of economics in 1951, and succeeded Keynes as Bursar of King's College. He served in numerous other government and agency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Hicks
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book '' Value and Capital'' (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him. In 1972 he received the Nobel Memorial Prize in Economic Sciences (jointly) for his pioneering contributions to general equilibrium theory and welfare theory. Early life Hicks was born in 1904 in Warwick, England, and was the son of Edward Hicks, editor and part proprietor of the Warwick and Leamington Spa Courier newspaper, and Dorothy Catherine, née Stephens, daughter of a non-conformist minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized creative destruction, a term coined by Werner Sombart. His magnum opus is considered '' Capitalism, Socialism and Democracy.'' Early life and education Schumpeter was born in 1883 in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary), to German-speaking Catholic parents. Though both of his grandmothers were Czech, Schumpeter did not acknowledge his Czech ancestry. His father, who owned a factory, died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Basket
A market basket or commodity bundle is a fixed list of items, in given proportions. Its most common use is to track the progress of inflation in an economy or specific market. That is, to measure the changes in the value of money over time. A market basket is also used with the theory of purchasing price parity to measure the value of money in different places. Consumer basket The most common type of market basket is the basket of consumer goods used to define the Consumer Price Index (CPI), often called the consumer basket. It is a sample of goods and services, offered at the consumer market. In the United States, the sample is determined by Consumer Expenditure Surveys conducted by the Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the government of the United States, U.S. government in the broad field of labor economics, labor economics and .... The pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Index
A price index (''plural'': "price indices" or "price indexes") is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a specific region over a defined time period. It is a statistic designed to measure how these price relatives, as a whole, differ between time periods or geographical locations, often expressed relative to a base period set at 100. Price indices serve multiple purposes. Broad indices, like the Consumer price index, reflect the economy’s general price level or cost of living, while narrower ones, such as the Producer price index, assist producers with pricing and business planning. They can also guide investment decisions by tracking price trends. Types of price indices Some widely recognized price indices include: * Consumer price index – Measures retail price changes for consumer goods and services. * Producer price index – Tracks wholesale price changes for producers. * Wholesal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Supply
In macroeconomics, money supply (or money stock) refers to the total volume of money held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circulation (i.e. physical cash) and demand deposits (depositors' easily accessed assets on the books of financial institutions). Money supply data is recorded and published, usually by the national statistical agency or the central bank of the country. Empirical money supply measures are usually named M1, M2, M3, etc., according to how wide a definition of money they embrace. The precise definitions vary from country to country, in part depending on national financial institutional traditions. Even for narrow aggregates like M1, by far the largest part of the money supply consists of deposits in commercial banks, whereas currency (banknotes and coins) issued by central banks only makes up a small part of the total money supply in modern economies. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
