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William J. Baumol
William Jack Baumol (February 26, 1922 – May 4, 2017) was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. Baumol wrote extensively about labor market and other economic factors that affect the economy. He also made significant contributions to the theory of entrepreneurship and the history of economic thought. He is among the most influential economists in the world according to IDEAS/RePEc. He was elected a Fellow of the American Academy of Arts and Sciences in 1971, the American Philosophical Society in 1977, and the United States National Academy of Sciences in 1987. Baumol was considered a candidate for the Nobel Prize in Economics for 2003, and Thomson Reuters cited him as a potential recipient in 2014, but he died without recei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Keynesian Economics
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book '' The General Theory of Employment, Interest and Money'' (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. A series of developments occurred that shook the neoclassical synthesis in the 1970s as the advent of stagflation and the work of monetarists like Milton Friedman cast doubt on neo-Keynesian conceptions of monetary theory. The conditions of the period proved the impossibility of maintaining sustainable growth and low level of inflation via the measures suggested by the school. The result would be a series of new ideas to bring t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean Tirole
Jean Tirole (born 9 August 1953) is a French professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memorial Prize in Economic Sciences for his analysis of market power and regulation. Education Tirole received engineering degrees from the École Polytechnique in Paris in 1976, and from the École nationale des ponts et chaussées in 1978. He graduated as a member of the elite Corps of Bridges, Waters and Forests. Tirole pursued graduate studies at the Paris Dauphine University and was awarded a DEA degree in 1976 and a Doctorat de troisième cycle in decision mathematics in 1978. In 1981, he received a Ph.D. in economics from the Massachusetts Institute of Technology for his thesis titled ''Essays in economic theory'', under the supervision of Eric Maskin. Career Tirole is chairman of the board of the Jean-Jacques Laffont Fou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Department Of Agriculture
The United States Department of Agriculture (USDA) is the federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, and food. It aims to meet the needs of commercial farming and livestock food production, promotes agricultural trade and production, works to assure food safety, protects natural resources, fosters rural communities and works to end hunger in the United States and internationally. It is headed by the Secretary of Agriculture, who reports directly to the President of the United States and is a member of the president's Cabinet. The current secretary is Tom Vilsack, who has served since February 24, 2021. Approximately 80% of the USDA's $141 billion budget goes to the Food and Nutrition Service (FNS) program. The largest component of the FNS budget is the Supplemental Nutrition Assistance Program (formerly known as the Food Stamp program), which is the cornerstone of USD ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thomson Reuters
Thomson Reuters Corporation ( ) is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corporation's purchase of the British company Reuters Group in April 2008. It is majority-owned by The Woodbridge Company, a holding company for the Thomson family. History Thomson Corporation The forerunner of the Thomson company was founded by Roy Thomson in 1934 in Ontario, as the publisher of ''The Timmins Daily Press''. In 1953, Thomson acquired the '' Scotsman'' newspaper and moved to Scotland the following year. He consolidated his media position in Scotland in 1957, when he won the franchise for Scottish Television. In 1959, he bought the Kemsley Group, a purchase that eventually gave him control of the '' Sunday Times''. He separately acquired the ''Times'' in 1967. He moved into the airline business in 1965, when he acquired Brit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Prize In Economics
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ( sv, Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne), is an economics award administered by the Nobel Foundation. Although not one of the five Nobel Prizes which were established by Alfred Nobel's will in 1895, it is commonly referred to as the Nobel Prize in Economics. The winners of the Nobel Memorial Prize in Economic Sciences are chosen in a similar way, are announced along with the Nobel Prize recipients, and the prize is presented at the Nobel Prize Award Ceremony. The award was established in 1968 by an endowment "in perpetuity" from Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary. It is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Academy Of Sciences
The National Academy of Sciences (NAS) is a United States nonprofit, non-governmental organization. NAS is part of the National Academies of Sciences, Engineering, and Medicine, along with the National Academy of Engineering (NAE) and the National Academy of Medicine (NAM). As a national academy, new members of the organization are elected annually by current members, based on their distinguished and continuing achievements in original research. Election to the National Academy is one of the highest honors in the scientific field. Members of the National Academy of Sciences serve ''pro bono'' as "advisers to the nation" on science, engineering, and medicine. The group holds a congressional charter under Title 36 of the United States Code. Founded in 1863 as a result of an Act of Congress that was approved by Abraham Lincoln, the NAS is charged with "providing independent, objective advice to the nation on matters related to science and technology. ... to provide scien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Philosophical Society
The American Philosophical Society (APS), founded in 1743 in Philadelphia, is a scholarly organization that promotes knowledge in the sciences and humanities through research, professional meetings, publications, library resources, and community outreach. Considered the first learned society in the United States, it has about 1,000 elected members, and by April 2020 had had only 5,710 members since its creation. Through research grants, published journals, the American Philosophical Society Museum, an extensive library, and regular meetings, the society supports a variety of disciplines in the humanities and the sciences. Philosophical Hall, now a museum, is just east of Independence Hall in Independence National Historical Park; it was designated a National Historic Landmark in 1965. History The Philosophical Society, as it was originally called, was founded in 1743 by Benjamin Franklin, James Alexander, Francis Hopkinson, John Bartram, Philip Syng, Jr. and others as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Academy Of Arts And Sciences
The American Academy of Arts and Sciences (abbreviation: AAA&S) is one of the oldest learned societies in the United States. It was founded in 1780 during the American Revolution by John Adams, John Hancock, James Bowdoin, Andrew Oliver, and other Founding Fathers of the United States. It is headquartered in Cambridge, Massachusetts. Membership in the academy is achieved through a thorough petition, review, and election process. The academy's quarterly journal, ''Dædalus'', is published by MIT Press on behalf of the academy. The academy also conducts multidisciplinary public policy research. History The Academy was established by the Massachusetts legislature on May 4, 1780, charted in order "to cultivate every art and science which may tend to advance the interest, honor, dignity, and happiness of a free, independent, and virtuous people." The sixty-two incorporating fellows represented varying interests and high standing in the political, professional, and commercial s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Economic Thought
History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the invention of writing systems is considered prehistory. "History" is an umbrella term comprising past events as well as the memory, discovery, collection, organization, presentation, and interpretation of these events. Historians seek knowledge of the past using historical sources such as written documents, oral accounts, art and material artifacts, and ecological markers. History is not complete and still has debatable mysteries. History is also an academic discipline which uses narrative to describe, examine, question, and analyze past events, and investigate their patterns of cause and effect. Historians often debate which narrative best explains an event, as well as the significance of different causes and effects. Historians also debate the nature of history as an end in itself, as well as its usefulness to give perspective on the problems of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contestable Market
In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, held that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibrium (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants.Brock, 1983. p.1055. Theory A perfectly contestable market has three main features: # No entry or exit barriers # No sunk costs # Access to the same level of technology (to incumbent firms and new entrants) A perfectly contestable market is not possible in real life. Instead, the degree of contestability of a market is talked about. The more contestable a market is, the closer it will be to a perfectly contestable market. Some economists argue that determining price and output is actually dependent not on the type of market structure (whether it is a monopoly or perfectly competitive market) but on the threat of competition.Critic Capital LLC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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