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Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Add ... [...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] |
Income Distribution
In economics, income distribution covers how a country's total GDP is distributed amongst its population. Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. About Classical economists such as Adam Smith (1723–1790), Thomas Malthus (1766–1834), and David Ricardo (1772–1823) concentrated their attention on factor income-distribution, that is, the Distribution (economics), distribution of income between the primary factors of production (Land (economics), land, Labour economics, labour and Capital (economics), capital). Modern economists have also addressed issues of income distribution, but have focused more on the distribution of income across individuals and households. Important theoretical and policy concerns include the balance between income inequality and economic growth, and their often inverse relati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recession
In economics, a recession is a business cycle contraction that occurs when there is a period of broad decline in economic activity. Recessions generally occur when there is a widespread drop in spending (an adverse demand shock). This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale Anthropogenic hazard, anthropogenic or natural disaster (e.g. a pandemic). There is no official definition of a recession, according to the International Monetary Fund, IMF. In the United States, a recession is defined 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." The European Union has adopted a similar definition. In the United Kingdom and Canada, a recession is defined as negative economic growth for two consecutive qu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taylor & Francis
Taylor & Francis Group is an international company originating in the United Kingdom that publishes books and academic journals. Its parts include Taylor & Francis, CRC Press, Routledge, F1000 (publisher), F1000 Research and Dovepress. It is a division of Informa, a United Kingdom-based publisher and conference company. Overview Founding The company was founded in 1852 when William Francis (chemist), William Francis joined Richard Taylor (editor), Richard Taylor in his publishing business. Taylor had founded his company in 1798. Their subjects covered agriculture, chemistry, education, engineering, geography, law, mathematics, medicine, and social sciences. Publications included the ''Philosophical Magazine''. Francis's son, Richard Taunton Francis (1883–1930), was sole partner in the firm from 1917 to 1930. Acquisitions and mergers In 1965, Taylor & Francis launched Wykeham Publications and began book publishing. T&F acquired Hemisphere Publishing in 1988, and the compa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Economic Education
The ''Journal of Economic Education'' (''JEE'') offers original peer-reviewed articles on teaching economics. The inaugural issue appeared in the fall of 1969. At the time, G.L. Bach (Stanford University) wrote in the ''American Economic Review Papers and Proceedings'' (1971) that the ''JEE'' was to be the forum for scholarly work in economic education, primarily at the undergraduate level in colleges and universities, but including junior colleges and, to some extent, the high schools. In the early days, the Council for Economic Education (then call the Joint Council and later the National Council) oversaw publication of the ''JEE'', and members of the American Economic Association Committee on Economic Education served as the editorial board, with Henry Villard (City University of New York) serving as editor. The Council for Economic Education assigned the ''JEE'' copyright and publishing responsibility to the nonprofit Heldref Publications in 1981. The Council, however, reta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discretionary Policy
In macroeconomics, discretionary policy is an economic policy based on the ''ad hoc'' judgment of policymakers as opposed to policy set by predetermined rules. For instance, a central banker could make decisions on interest rates on a case-by-case basis instead of allowing a set rule, such as Friedman's k-percent rule, an inflation target following the Taylor rule, or a nominal income target to determine interest rates or the money supply. In practice, most policy actions are discretionary in nature. "Discretionary policy" can refer to decision making in both monetary policy and fiscal policy. The opposite is a ''commitment policy''. Arguments against Monetarist economists in particular have been opponents of the use of discretionary policy. According to Milton Friedman, the dynamics of change associated with the passage of time presents a timing problem for public policy. The reason this poses a problem is because a long and variable time lag exists between: # the need for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Although an instrument of the U.S. government, the Federal Reserve System considers itself "an independent central bank because its monetary policy decisions do not have to be approved by the president or by anyone else in the executive or legislative branches of government, it does not receive funding appropriated by Congress, and the terms of the members of the board of governors span multiple presidential and congressional terms." Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Procyclical And Countercyclical Variables
Procyclical and countercyclical variables are variables that fluctuate in a way that is positively or negatively correlated with business cycle fluctuations in gross domestic product (GDP). The scope of the concept may differ between the context of macroeconomic theory and that of economic policy–making. The concept is often encountered in the context of a government's approach to spending and taxation. A 'procyclical fiscal policy' can be summarised simply as governments choosing to increase government spending and reduce taxes during an economic expansion, but reduce spending and increase taxes during a recession. A 'countercyclical' fiscal policy takes the opposite approach: reducing spending and raising taxes during a boom period, and increasing spending and cutting taxes during a recession. Business cycle theory Procyclical In business cycle theory and finance, any economic quantity that is positively correlated with the overall state of the economy is said to b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full Employment
Full employment is an economic situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. Full employment does not entail 100% employment-to-population ratio. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical. An economy with full employment might also have unemployment or underemployment where part-time workers cannot find jobs appropriate to their skill level, as such unemployment is considered structural rather than cyclical. Full employment marks the point past which expansionary fiscal and/or monetary policy cannot reduce unemployment any further without causing inflation. Some economists define full employment somewhat differently, as the unemployment rate at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stimulus (economics)
In economics, stimulus refers to attempts to use monetary policy or fiscal policy (or stabilization policy in general) to stimulate the economy. Stimulus can also refer to monetary policies such as lowering interest rates and quantitative easing. A stimulus is sometimes colloquially referred to as "priming the pump" or "pump priming". Concept During a recession, production and employment are far below their sustainable potential due to lack of demand. It is hoped that increasing demand will stimulate growth and that any adverse side effects from stimulus will be mild. Fiscal stimulus refers to increasing government consumption or transfers or lowering taxes, increasing the rate of growth of public debt. Supporters of Keynesian economics assume the stimulus will cause sufficient economic growth to fill that gap partially or completely via the multiplier effect. Monetary stimulus refers to lowering interest rates, quantitative easing, or other ways of increasing the amou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Association
The American Economic Association (AEA) is a learned society in the field of economics, with approximately 23,000 members. It publishes several peer-reviewed journals, including the Journal of Economic Literature, American Economic Review, and the Journal of Economic Perspectives. History and constitution The AEA was established in 1885 in Saratoga Springs, New York by younger progressive economists trained in the German historical school, including Richard T. Ely, Edwin Robert Anderson Seligman and Katharine Coman, the only woman co-founder; Since 1900, it has been under the control of academics. The Purposes of the Association are the following: 1) The encouragement of economic research, especially the historical and statistical study of the actual conditions of industrial life; 2) The issue of publications on economic subjects; 3) The encouragement of perfect freedom of economic discussion. The Association says that it takes no partisan attitude, nor does it comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidity Trap
A liquidity trap is a situation, described in Keynesian economics, in which, "after the rate of interest has fallen to a certain level, liquidity preference may become virtually absolute in the sense that almost everyone prefers holding cash rather than holding a debt (financial instrument) which yields so low a rate of interest."John Maynard Keynes, Keynes, John Maynard (1936) ''The General Theory of Employment, Interest and Money'', United Kingdom: Palgrave Macmillan, 2007 edition, A liquidity trap is caused when people hold cash because they Expectation (epistemic), expect an adverse event such as deflation, insufficient aggregate demand, or war. Among the characteristics of a liquidity trap are interest rates that are close to zero lower bound and changes in the money supply that fail to translate into changes in inflation.Paul R. Krugman, Krugman, Paul R. (1998)"It's baack: Japan's Slump and the Return of the Liquidity Trap," Brookings Institution, Brookings Papers on Economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
