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American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is based in Pittsburgh. It is one of the " top five" journals in economics. 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 presented at the annual meetings have been published in a separate journal, '' AEA Pap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Solow
Robert Merton Solow, GCIH (; August 23, 1924 – December 21, 2023) was an American economist who received the 1987 Nobel Memorial Prize in Economic Sciences, and whose work on the theory of economic growth culminated in the exogenous growth model named after him. He was Institute Professor Emeritus of Economics at the Massachusetts Institute of Technology, where he was a professor from 1949 on. He was awarded the John Bates Clark Medal in 1961, the Nobel Memorial Prize in Economic Sciences in 1987, and the Presidential Medal of Freedom in 2014. Four of his PhD students, George Akerlof, Joseph Stiglitz, Peter Diamond, and William Nordhaus, later received Nobel Memorial Prizes in Economic Sciences in their own right. Biography Robert Solow was born in Brooklyn, New York, into a Jewish family on August 23, 1924, the oldest of three children. He attended local public school and excelled academically early in life. In September 1940, Solow went to Harvard College with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dale W
Dale, The Dale, Dales or The Dales may refer to: People and fictional characters * Dale (given name), a list of people and fictional characters with the given name or nickname * Dale (surname), a list of people and fictional characters * Dale Evans, stage name of American actress and singer born Frances Smith (1912–2001), wife of Roy Rogers * Dale Messick, pen name of Dalia Messick (1906-2005), ''Brenda Starr'' American comic strip artist * Dick Dale (1937-2019), Richard Anthony Monsour, American rock guitarist, ''"The King of the Surf Guitar"'' Places Terminology * Dale (landform), an open valley ** Dale (place name element) Norway * Dale, Fjaler, the administrative centre of Fjaler municipality, Vestland county * Dale, Sel, a village in Sel municipality in Innlandet county * Dale, Vaksdal, the administrative centre of Vaksdal municipality, Vestland county United Kingdom * Dale, Cumbria, England, a hamlet * Dale, Derbyshire, England, a village * Dale, Pembrokeshire ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Mundell
Robert Alexander Mundell (October 24, 1932 – April 4, 2021) was a Canadian economist. He was a professor of economics at Columbia University and the Chinese University of Hong Kong. He received the Nobel Memorial Prize in Economic Sciences in 1999 for his pioneering work in monetary dynamics and optimum currency areas. Mundell is known as the "father" of the euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics. Mundell was also known for the Mundell–Fleming model and Mundell–Tobin effect. Early life Mundell was born Robert Alexander Mundell on October 24, 1932, in Kingston, Ontario, Canada, to Lila Teresa (née Hamilton) and William Mundell. His mother was an heiress while his father was a military officer and taught at the Royal Military College of Canada. He spent his early years in a farm in Ontario and moved to British Columbia with his family when his father retired at the end of W ... [...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 optim ... [...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 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 contest in econo ... [...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 for 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 kʊzʲˈnʲets; April 30, 1901 – July 8, 1985) was a Russian-born 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 econometric history, quantitative economic history. Kuznets pioneered the concept of gross domestic product, which seeks to capture all economic production in a state by a single measure. Biography Early life Simon Kuznets was born in 1901 in Pinsk, Russian Empire, in modern Belarus, to a Lithuanian Jews, Lithuanian-Jewish family. He was one of three brothers, the other being Solomon and George. He completed his ... [...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. As more data has become available with the passage of time since the hypothesis was expressed, the data shows waves rather than a curve. 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 axes are often mixed and matched, with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Sta ... [...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 Austrian-British academic 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 decentra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
