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Business Cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Expansion
An economic expansion is an upturn in the level of economic activity and of the goods and services available. It is a finite period of growth, often measured by a rise in real GDP, that marks a reversal from a previous period, for example, while recovering from a recession. The explanation of fluctuations in aggregate economic activity between expansions and contractions ("booms" and "busts" within the " business cycle") is one of the primary concerns of macroeconomics. Definition According to the four stages of a business cycle (expansion, peak, contraction, trough), an expansion is an upward trend when a country's economy experiences relatively rapid growth as measured by a rise in industrial production, employment, consumer spending, and utilization of resources. Whereas a recession is defined as two consecutive quarters of decline in GDP, economic recovery and prosperity are two successive phases of expansion. Economic expansion can be affected by external factors such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socialism
Socialism is an economic ideology, economic and political philosophy encompassing diverse Economic system, economic and social systems characterised by social ownership of the means of production, as opposed to private ownership. It describes the Economic ideology, economic, Political philosophy, political, and Social theory, social theories and Political movement, movements associated with the implementation of such systems. Social ownership can take various forms, including State ownership, public, Community ownership, community, Collective ownership, collective, cooperative, or Employee stock ownership, employee.: "Just as private ownership defines capitalism, social ownership defines socialism. The essential characteristic of socialism in theory is that it destroys social hierarchies, and therefore leads to a politically and economically egalitarian society. Two closely related consequences follow. First, every individual is entitled to an equal ownership share that earns an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Forces Of The Business Cycle, 1922
''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with nouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of the archaic pronoun ''thee' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Value Tax
A land value tax (LVT) is a levy on the value of land (economics), land without regard to buildings, personal property and other land improvement, improvements upon it. Some economists favor LVT, arguing it does not cause economic efficiency, economic inefficiency, and helps reduce economic inequality. A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century. Economists since Adam Smith and David Ricardo have advocated this tax because it does not hurt economic activity, and encourages development without subsidies. LVT is associated with Henry George, whose ideology became known as Georgism. George argued that taxing the land value is the most logical source of public revenue because the supply of land is fixed and because public infrastru ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Speculation
In finance, speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable in a brief amount of time. It can also refer to short sales in which the speculator hopes for a decline in value. Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bonds, commodity futures, currencies, cryptocurrency, fine art, collectibles, real estate, and financial derivatives. Speculators play one of four primary roles in financial markets, along with hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageurs who seek to profit from situations where fungible instruments trade at different prices in different market segments, and investors who seek profit through long-term ownership of an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of production Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods. While the particular role of land in the economy was extensively debated in classical economics it played a minor role in the neoclassical economics dominant in the 20th century. Income derived from ownership or control of natural resources is referred to as rent. Ownership Because no man created the land, it does not have a definite original proprietor, owner or user. Consequently, conflicting claims on geographic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry George
Henry George (September 2, 1839 – October 29, 1897) was an American political economist, Social philosophy, social philosopher and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce themselves, but that the economic value of land (economics), land (including natural resources) should belong equally to all members of society. George famously argued that a single tax on land values would create a more productive and just society. His most famous work, ''Progress and Poverty'' (1879), sold millions of copies worldwide. The treatise investigates the paradox of increasing inequality and poverty amid economic and technological progress, the business cycle with its cyclic nature of industrialized economies, and the use of rent capture such as land value taxation and other anti-monopoly reforms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progress And Poverty
''Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy'' is an 1879 book by social theorist and economist Henry George. It is a treatise on the questions of why poverty accompanies economic and technological progress and why economies exhibit a tendency toward cyclical boom and bust. George uses history and deductive logic to argue for a radical solution focusing on the capture of economic rent from natural resource and land titles. ''Progress and Poverty'', George's first book, sold several million copies, becoming one of the highest selling books of the late 1800s. It helped spark the Progressive Era and a worldwide social reform movement around an ideology now known as Georgism. Jacob Riis, for example, explicitly marks the beginning of the Progressive Era awakening as 1879 because of the date of this publication. The Princeton historian Eric F. Goldman wrote this about the influence of '' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theories Of Surplus Value
''Theories of Surplus Value'' () is a draft manuscript written by Karl Marx between January 1862 and July 1863. It is mainly concerned with the Western Europe, Western European theorizing about ''Mehrwert'' (added value or surplus value) from about 1750, critically examining the ideas of British, French and German political economists about wealth creation and the profitability of industries. At issue are the source, forms and determinants of the magnitude of surplus-value and Marx tries to explain how after failing to solve basic contradictions in its Labor theories of value, labour theories of value the Classical economics, classical school of political economy eventually broke up, leaving only "vulgar political economy" which no longer tried to provide a consistent, integral theory of capitalism, but instead offered only an eclectic amalgam of theories which seemed pragmatically useful or which justified the rationality of the market economy. Background ''Theories of Surplus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Das Kapital
''Capital: A Critique of Political Economy'' (), also known as ''Capital'' or (), is the most significant work by Karl Marx and the cornerstone of Marxian economics, published in three volumes in 1867, 1885, and 1894. The culmination of his life's work, the text contains Marx's analysis of capitalism, to which he sought to apply his theory of historical materialism in a critique of political economy, critique of classical political economy. 's second and third volumes were completed from manuscripts after Marx's death in 1883 and published by Friedrich Engels. Marx's study of political economy began in the 1840s, influenced by the works of the classical political economists Adam Smith and David Ricardo. His earlier works, including ''Economic and Philosophic Manuscripts of 1844'' and ''The German Ideology'' (1846, with Engels), laid the groundwork for his theory of historical materialism, which posits that the Base and superstructure, economic structures of a society (in par ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communist Revolution
A communist revolution is a proletarian revolution inspired by the ideas of Marxism that aims to replace capitalism with communism. Depending on the type of government, the term socialism can be used to indicate an intermediate stage between capitalism and communism and may be the goal of the revolution, especially in Marxist–Leninist views. The idea that a proletarian revolution is needed is a cornerstone of Marxism; Marxists believe that the workers of the world must unite and free themselves from capitalist oppression to create a world run by and for the working class. Thus, in the Marxist view, proletarian revolutions need to happen in countries all over the world. Theory Karl Marx saw revolution as a necessity for communism, where the revolution would be based on class struggle led by the organised proletariat to overthrow capitalism and the bourgeoisie, followed by the establishment of a dictatorship of the proletariat. Leninism argues that a communist revolution ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Marx
Karl Marx (; 5 May 1818 – 14 March 1883) was a German philosopher, political theorist, economist, journalist, and revolutionary socialist. He is best-known for the 1848 pamphlet '' The Communist Manifesto'' (written with Friedrich Engels), and his three-volume (1867–1894), a critique of classical political economy which employs his theory of historical materialism in an analysis of capitalism, in the culmination of his life's work. Marx's ideas and their subsequent development, collectively known as Marxism, have had enormous influence. Born in Trier in the Kingdom of Prussia, Marx studied at the universities of Bonn and Berlin, and received a doctorate in philosophy from the University of Jena in 1841. A Young Hegelian, he was influenced by the philosophy of Georg Wilhelm Friedrich Hegel, and both critiqued and developed Hegel's ideas in works such as '' The German Ideology'' (written 1846) and the '' Grundrisse'' (written 1857–1858). While in Paris, Marx wrote ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
