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John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Right Honourable
''The Right Honourable'' (abbreviation: The Rt Hon. or variations) is an honorific Style (form of address), style traditionally applied to certain persons and collective bodies in the United Kingdom, the former British Empire, and the Commonwealth of Nations. The term is predominantly used today as a style associated with the holding of certain senior public offices in the United Kingdom, Canada, New Zealand, and, to a lesser extent, Australia. ''Right'' in this context is an adverb meaning 'very' or 'fully'. Grammatically, ''The Right Honourable'' is an adjectival phrase which gives information about a person. As such, it is not considered correct to apply it in direct address, nor to use it on its own as a title in place of a name; but rather it is used in the Grammatical person, third person along with a name or noun to be modified. ''Right'' may be abbreviated to ''Rt'', and ''Honourable'' to ''Hon.'', or both. ''The'' is sometimes dropped in written abbreviated form, but is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist and one of the most influential economists of his time. His book ''Principles of Economics (Marshall), Principles of Economics'' (1890) was the dominant economic textbook in England for many years, and brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole, popularizing the modern Neoclassical economics, neoclassical approach which dominates microeconomics to this day. As a result, he is known as the father of scientific economics. Life and career Marshall was born at Bermondsey in London, the second son of William Marshall (1812–1901), a clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. Marshall had two brothers and two sisters; a cousin was the economist Ralph George Hawtrey, Ralph Hawtrey. The Marshalls were a West Country clergy, clerical f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (economics), output/Gross domestic product, GDP (gross domestic product) and national income, unemployment (including Unemployment#Measurement, unemployment rates), price index, price indices and inflation, Consumption (economics), consumption, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hereditary Peer
The hereditary peers form part of the peerage in the United Kingdom. As of April 2025, there are 800 hereditary peers: 30 dukes (including six royal dukes), 34 marquesses, 189 earls, 108 viscounts, and 439 barons (not counting subsidiary titles). As a result of the Peerage Act 1963, all peers except those in the peerage of Ireland were entitled to sit in the House of Lords. Since the House of Lords Act 1999 came into force only 92 hereditary peers, elected from all hereditary peers, are permitted to do so, unless they are also life peers. Peers are called to the House of Lords with a writ of summons. Not all hereditary titles are titles of the peerage. For instance, baronets and baronetesses may pass on their titles, but they are not peers. Conversely, the holder of a non-hereditary title may belong to the peerage, as with life peers. Peerages may be created by means of letters patent, but the granting of new hereditary peerages has largely dwindled; only seven hered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lords Temporal
The Lords Temporal are secular members of the House of Lords, the upper house of the British Parliament. These can be either life peers or hereditary peers, although the hereditary right to sit in the House of Lords was abolished for all but ninety-two peers during the 1999 reform of the House of Lords. The term is used to differentiate these members from the Lords Spiritual, who sit in the House as a consequence of being bishops in the Church of England. History Membership in the Lords Temporal was once an entitlement of all hereditary peers, other than those in the peerage of Ireland. Under the House of Lords Act 1999, the right to membership was restricted to 92 hereditary peers. Further reform of the House of Lords is a perennially discussed issue in British politics. However, no additional legislation on this issue has passed the House of Commons since 1999. The Wakeham Commission, which debated the issue of lords' reform under then Prime Minister Tony Blair, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Member Of The House Of Lords
This is a list of current members of the House of Lords, the upper house of the Parliament of the United Kingdom. Current sitting members Lords Spiritual Twenty-six bishops of the Church of England sit in the House of Lords: the Archbishops of Canterbury and of York, the Bishops of London, of Durham and of Winchester, and the next 21 most senior diocesan bishops (with the exception of the Bishop in Europe and the Bishop of Sodor and Man). Under the Lords Spiritual (Women) Act 2015, female bishops take precedence over men until May 2030 to become new Lords Spiritual for the 21 seats allocated by seniority. Lords Temporal Lords Temporal include life peers, excepted hereditary peers elected under the House of Lords Act 1999 (some of whom have been elected to the House after being removed from it in 1999), and remaining law life peers. Notes Current non-sitting members There are also peers who remain members of the House, but are currently ineligible to sit and vot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand-side Economics
Demand-side economics is a term used to describe the position that economic growth and full employment are most effectively created by high demand for products and services. According to demand-side economics, output is determined by effective demand. High consumer spending leads to business expansion, resulting in greater employment opportunities. Higher levels of employment create a multiplier effect that further stimulates aggregate demand, leading to greater economic growth. Proponents of demand-side economics argue that tax breaks for the wealthy produce little, if any, economic benefit because most of the additional money is not spent on goods or services but is reinvested in an economy with low demand (which makes speculative bubbles likely). Instead, they argue increased governmental spending will help to grow the economy by spurring additional employment opportunities. They cite the lessons of the Great Depression of the 1930s as evidence that increased governmental spe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
AD–AS Model
The AD–AS or aggregate demand–aggregate supply model (also known as the aggregate supply–aggregate demand or AS–AD model) is a widely used macroeconomic model that explains short-run and long-run economic changes through the relationship of aggregate demand (AD) and aggregate supply (AS) in a diagram. It coexists in an older and static version depicting the two variables output and price level, and in a newer dynamic version showing output and inflation (i.e. the change in the price level over time, which is usually of more direct interest). The AD–AS model was invented around 1950 and became one of the primary simplified representations of macroeconomic issues toward the end of the 1970s when inflation became an important political issue. From around 2000 the modified version of a dynamic AD–AS model, incorporating contemporary monetary policy strategies focusing on inflation targeting and using the interest rate as a primary policy instrument, was developed, gradu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spending Multiplier
In economics, the fiscal multiplier (not to be confused with the money multiplier) is the ratio of change in national income arising from a change in government spending. More generally, the exogenous spending multiplier is the ratio of change in national income arising from any autonomous change in spending (including private investment spending, consumer spending, government spending, or spending by foreigners on the country's exports). When this multiplier exceeds one, the enhanced effect on national income may be called the multiplier effect. The mechanism that can give rise to a multiplier effect is that an initial incremental amount of spending can lead to increased income and hence increased consumption spending, increasing income further and hence further increasing consumption, etc., resulting in an overall increase in national income greater than the initial incremental amount of spending. In other words, an initial change in aggregate demand may cause a change in aggre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (economics), output/Gross domestic product, GDP (gross domestic product) and national income, unemployment (including Unemployment#Measurement, unemployment rates), price index, price indices and inflation, Consumption (economics), consumption, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
