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Great Contraction
The Great Contraction, as characterized by economist Milton Friedman, was the recessionary period from 1929 until 1933, i.e., the early years of the Great Depression. The phrase was the title of a chapter in the 1963 book '' A Monetary History of the United States'' by Friedman and his fellow monetarist Anna Schwartz. The chapter was later published as a stand-alone book titled ''The Great Contraction, 1929–1933'' in 1965. Both books are still in print from Princeton University Press, and some editions include as an appendix a speech honoring Friedman in which Federal Reserve Governor Ben Bernanke made this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. Ben S. Bernanke (Nov. 8, 2002)Federal Reserve Board Speech: "Remarks by Governor Ben S. Bernanke" Conferenc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chairman Of The Federal Reserve
The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board. The chairman serves a four-year term after being nominated by the president of the United States and confirmed by the United States Senate; the officeholder serves concurrently as a member of the Board of Governors. The chairman may serve multiple terms, subject to re-nomination and confirmation each time; William McChesney Martin (1951–1970) was the longest serving chair, with Alan Greenspan (1987–2006) a close second. neither the president nor congress of the US can dismiss a chairman before the end of a term. Jerome Powell was sworn in as chairman on February 5, 2018. He had been first nominated to the position by President Donald Trump on November 2, 2017, and confirmed by the Senate. He was nominated to a second term by Pres ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-fiction Books About The Great Depression
Non-fiction (or nonfiction) is any document or media content that attempts, in good faith, to convey information only about the real world, rather than being grounded in imagination. Non-fiction typically aims to present topics objectively based on historical, scientific, and empirical information. However, some non-fiction ranges into more subjective territory, including sincerely held opinions on real-world topics. Often referring specifically to prose writing, non-fiction is one of the two fundamental approaches to story and storytelling, in contrast to narrative fiction, which is largely populated by imaginary characters and events. Non-fiction writers can show the reasons and consequences of events, they can compare, contrast, classify, categorise and summarise information, put the facts in a logical or chronological order, infer and reach conclusions about facts, etc. They can use graphic, structural and printed appearance features such as pictures, graphs or charts, d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression In The United States
In the United States, the Great Depression began with the Wall Street Crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment, famine, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future. The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries. These all interacted to create a downward economic spiral of reduced spending, falling confidence and lowered production. Industries that suffered the most included construction, shipping, mining, logging, and agriculture. Also hard hit was the manufacturing of durable goods like automobiles and appliances, w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy Of The United States
The monetary policy of the United States is the set of policies which the Federal Reserve follows to achieve its twin objectives of high employment and stable inflation. The US central bank, The Federal Reserve, Federal Reserve System, colloquially known as "The Fed", was created in 1913 by the Federal Reserve Act as the monetary authority of the United States. The Federal Reserve's Federal Reserve Board of Governors, board of governors along with the Federal Open Market Committee (FOMC) are consequently the primary arbiters of monetary policy in the United States. The United States Congress, U.S. Congress has established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. Because long-term interest rates remain moderate in a stable economy with low expected inflation, the last objective will be fulfilled automatically together with the first two ones, so that the objectives are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
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] |
Franklin D
Franklin may refer to: People and characters * Franklin (given name), including list of people and characters with the name * Franklin (surname), including list of people and characters with the name * Franklin (class), a member of a historical English social class Places * Franklin (crater), a lunar impact crater * Franklin County (other), in a number of countries * Mount Franklin (other), including Franklin Mountain Australia * Franklin, Tasmania, a township * Division of Franklin, federal electoral division in Tasmania * Division of Franklin (state), state electoral division in Tasmania * Franklin, Australian Capital Territory, a suburb in the Canberra district of Gungahlin * Franklin River, river of Tasmania * Franklin Sound, waterway of Tasmania Canada * District of Franklin, a former district of the Northwest Territories * Franklin, Quebec, a municipality in the Montérégie region * Rural Municipality of Franklin, Manitoba * Franklin, Manitoba, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower wikt:ability to pay, ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay a larger proportion of their income compared to the rich (for example, spending on groceries and food staples varies little against income, so poor pay similar to rich even while latter has much higher income). The term is frequently applied in reference to personal income taxes, in which people with lower income pay a lower percen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American New Keynesian economics, New Keynesian economist who is the Distinguished Professor of Economics at the CUNY Graduate Center, Graduate Center of the City University of New York. He was a columnist for ''The New York Times'' from 2000 to 2024. In 2008, Krugman was the sole winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory, new trade theory and New Economic Geography, new economic geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of Economy of scale, economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and, later, at Princeton University which he retired from in June 2015, holding the title of Emeritus, professor emeritus there ever since. He also holds the title o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Compression
The Great Compression refers to the period of substantial wage compression in the United States that began in the early 1940s. During that time, economic inequality as shown by wealth distribution and income distribution between the rich and poor became much smaller than it had been in preceding time periods. The term was reportedly coined by Claudia Goldin and Robert MargoThe Great Divergence. By Timothy Noah slate.com in a 1992 paper, Goldin & Margo, ''Quarterly Journal of Economics''. Volume (Year): 107 (1992) Issue (Month): 1 (February). pp. 1–34 and is a takeoff on the |
Eugene Meyer (financier)
Eugene Isaac Meyer (October 31, 1875 – July 17, 1959) was a prominent American banker, businessman, financier, and newspaper publisher. His most notable public service role was as the fifth chairman of the Federal Reserve, a position he held from 1930 to 1933. Meyer purchased ''The Washington Post'' in 1933, and was its publisher from 1933 to 1946, with the paper staying in his family throughout the rest of the 20th century. He was the first president of the World Bank Group from June to December 1946. His daughter, Katharine "Kay" Graham, took the ''Post'' over in 1963 and remained its head until her death in 2001. Early life and education Meyer was born in 1875 to a Jewish family in Los Angeles, California, descended from a long line of rabbis and civic leaders. He was one of eight children of Harriet (née Newmark) and Marc Eugene Meyer. His mother was the daughter of Joseph Newmark. He grew up in San Francisco. He attended the University of California, Berkeley, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
