|
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 school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded 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 long as workers were flexible in their wage demands. He argued that agg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...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] |
Lydia Lopokova
Lydia Lopokova, Baroness Keynes (born Lidiya Vasilyevna Lopukhova, ; 21 October 1891 – 8 June 1981) was a Russian ballerina famous during the early 20th century. Lopokova trained at the Imperial Ballet School. She toured with the Ballets Russes in 1910, and rejoined them in 1916 after an interlude in the United States. Lopokova married the English economist John Maynard Keynes in 1925 and was also known as the Lady Keynes. She largely disappeared from public view after Keynes's death in 1946 and spent her remaining years in Sussex. Early life Lopokova was born in Saint Petersburg. Her father worked as the chief usher at the Alexandrinsky Theatre; her mother was descended from a Scottish engineer. Four of the Lopukhov children became ballet dancers; one of them, Fyodor Lopukhov, was a chief choreographer for the Mariinsky Theatre from 1922 to 1935 and again from 1951 to 1956. Lydia trained at the Imperial Ballet School, where she almost immediately became a star pupil. As a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Neville Keynes
John Neville Keynes ( ; 31 August 1852 – 15 November 1949) was a British economist and father of John Maynard Keynes. Biography Born in Salisbury, Wiltshire, Keynes was the child of John Keynes (1805–1878) and his wife Anna Maynard Neville (1821–1907). He was educated at Amersham Hall School, University College London and Pembroke College, Cambridge, where he became a fellow in 1876. He held a lectureship in Moral Sciences from 1883 to 1911. He was elected as Registrary in 1910, and held that office until 1925. He divided economics into "positive economy" (the study of what is, and the way the economy works), "normative economy" (the study of what should be), and the "art of economics" (applied economics). The art of economics relates the lessons learned in positive economics to the normative goals determined in normative economics. He tried to synthesise deductive and inductive reasoning as a solution to the " Methodenstreit". His main works were: ''Studies and Exe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Florence Ada Brown
Florence Ada Keynes (''née'' Brown; 10 March 1861 – 13 February 1958) was an English author, historian and politician. Career Keynes was an early graduate of Newnham College, Cambridge where her contemporaries included the economist Mary Marshall. She subsequently became involved in local charitable work, establishing an early juvenile labour exchange, and was one of the founders of the Papworth Village Settlement for sufferers of tuberculosis, a forerunner of Papworth Hospital. She was secretary of the local Charity Organisation Society, which provided pensions for the elderly living in poverty, and worked with inmates of workhouses to resettle them into society. She encouraged women students to enter charitable work, including Eglantyne Jebb who was introduced to her by Marshall; Jebb subsequently founded Save the Children. Cambridge Borough Council She was the first female councillor of Cambridge City Council in August 1914, and was also a town magistrate. At 70 years of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Isaac Newton
Sir Isaac Newton () was an English polymath active as a mathematician, physicist, astronomer, alchemist, theologian, and author. Newton was a key figure in the Scientific Revolution and the Age of Enlightenment, Enlightenment that followed. His book (''Mathematical Principles of Natural Philosophy''), first published in 1687, achieved the Unification of theories in physics#Unification of gravity and astronomy, first great unification in physics and established classical mechanics. Newton also made seminal contributions to optics, and Leibniz–Newton calculus controversy, shares credit with German mathematician Gottfried Wilhelm Leibniz for formulating calculus, infinitesimal calculus, though he developed calculus years before Leibniz. Newton contributed to and refined the scientific method, and his work is considered the most influential in bringing forth modern science. In the , Newton formulated the Newton's laws of motion, laws of motion and Newton's law of universal g ... [...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] |
Knut Wicksell
Johan Gustaf Knut Wicksell (December 20, 1851 – May 3, 1926) was a Swedish economist of the Stockholm school. He was professor at Uppsala University and Lund University. He made contributions to theories of population, value, capital and money, as well as methodological contributions to econometrics. His economic contributions would influence both the Keynesian and Austrian schools of economic thought. He was married to the noted feminist Anna Bugge. Early life Wicksell was born in Stockholm on December 20, 1851. His father was a relatively successful businessman and real estate broker. He lost both his parents at a relatively early age. His mother died when he was only six, and his father died when he was fifteen. His father's considerable estate allowed him to enroll at the University of Uppsala in 1869 to study mathematics, astronomy and physics. Education He received his first degree in two years, and he engaged in graduate studies until 1885, when he received his ... [...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] |
King's College, Cambridge
King's College, formally The King's College of Our Lady and Saint Nicholas in Cambridge, is a List of colleges of the University of Cambridge, constituent college of the University of Cambridge. The college lies beside the River Cam and faces out onto King's Parade in the centre of the city. King's was founded in 1441 by King Henry VI of England, Henry VI soon after founding its sister institution, Eton College. Initially, King's accepted only students from Eton College. However, the king's plans for King's College were disrupted by the Wars of the Roses and the resultant scarcity of funds, and then his eventual deposition. Little progress was made on the project until 1508, when King Henry VII of England, Henry VII began to take an interest in the college, probably as a political move to legitimise his new position. The building of the college's chapel began in 1446, and was finished in 1544 during the reign of Henry VIII. King's College Chapel, Cambridge, King's College Chap ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Malthus
Thomas Robert Malthus (; 13/14 February 1766 – 29 December 1834) was an English economist, cleric, and scholar influential in the fields of political economy and demography. In his 1798 book ''An Essay on the Principle of Population'', Malthus observed that an increase in a nation's food production improved the well-being of the population, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level. In other words, humans had a propensity to use abundance for population growth rather than for maintaining a high standard of living, a view and stance that has become known as the "Malthusian trap" or the "Malthusian spectre". Populations had a tendency to grow until the lower class suffered hardship, want, and greater susceptibility to war, famine, and disease, a pessimistic view that is sometimes referred to as a Malthusian catastrophe. Malthus wrote in opposition to the popular view in 18th-century E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
