|
Keynesian Revolution
The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework, namely neoclassical economics. The early stage of the Keynesian Revolution took place in the years following the publication of John Maynard Keynes' ''General Theory'' in 1936. It saw the neoclassical understanding of employment replaced with Keynes' view that demand, and not supply, is the driving factor determining levels of employment. This provided Keynes and his supporters with a theoretical basis to argue that governments should intervene to alleviate severe unemployment. With Keynes unable to take much part in theoretical debate after 1937, a process swiftly got underway to reconcile his work with the old system to form neo-Keynesian economics, a mixture of neoclassical economics and Keynesian economics. The process of mixing these schools is referred to as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynes 1933
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] |
John Hicks
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book '' Value and Capital'' (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him. In 1972 he received the Nobel Memorial Prize in Economic Sciences (jointly) for his pioneering contributions to general equilibrium theory and welfare theory. Early life Hicks was born in 1904 in Warwick, England, and was the son of Edward Hicks, editor and part proprietor of the Warwick and Leamington Spa Courier newspaper, and Dorothy Catherine, née Stephens, daughter of a non-conformist minister ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Revolution That Never Was
''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] |
Post-Keynesian Economics
Post-Keynesian economics is a Schools of economic thought, school of economic thought with its origins in ''The General Theory of Employment, Interest and Money, The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub (economist born 1914), Sidney Weintraub, Paul Davidson (economist), Paul Davidson, Piero Sraffa, Jan Kregel and Marc Lavoie. Historian Robert Skidelsky, Baron Skidelsky, Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics based on a non-equilibrium economics, non-equilibrium approach. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Alfred Eichner, Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian School Of Economics
The Austrian school is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result primarily from the motivations and actions of individuals along with their self interest. Austrian-school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian school originated in 1871 in Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical school, in a dispute known as '' Methodenstreit'', or methodology quarrel. Current-day economists working in this tradition are located in many countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian school are the subjective theory ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freshwater Economics
In economics, the freshwater school (or sometimes sweetwater school) comprises US-based macroeconomists who, in the early 1970s, challenged the prevailing consensus in macroeconomics research. A key element of their approach was the argument that macroeconomics had to be dynamic and based on how individuals and institutions interact in markets and make decisions under uncertainty. This new approach was centered in the faculties of the University of Chicago, Carnegie Mellon University, Cornell University, Northwestern University, the University of Minnesota, the University of Wisconsin-Madison and the University of Rochester. They were called the "freshwater school" because Chicago, Pittsburgh, Ithaca, Minneapolis, Madison, Rochester etc. are close to the North American Great Lakes. The established methodological approach to macroeconomic research was primarily defended by economists at the universities and other institutions near the east and west coasts of the United States. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Textbooks
A textbook is a book containing a comprehensive compilation of content in a branch of study with the intention of explaining it. Textbooks are produced to meet the needs of educators, usually at educational institutions, but also of learners (who could be independent learners outside of formal education). Schoolbooks are textbooks and other books used in schools. Today, many textbooks are published in both print and digital formats. History The history of textbooks dates back to ancient civilizations. For example, Ancient Greeks wrote educational texts. The modern textbook has its roots in the mass production made possible by the printing press. Johannes Gutenberg himself may have printed editions of ''Ars Minor'', a schoolbook on Latin grammar by Aelius Donatus. Early textbooks were used by tutors and teachers (e.g. alphabet books), as well as by individuals who taught themselves. The Greek philosopher Socrates lamented the loss of knowledge because the media of transmissi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communism
Communism () is a political sociology, sociopolitical, political philosophy, philosophical, and economic ideology, economic ideology within the history of socialism, socialist movement, whose goal is the creation of a communist society, a socioeconomic order centered on common ownership of the means of production, distribution, and exchange that allocates products in society based on need.: "One widespread distinction was that socialism socialised production only while communism socialised production and consumption." A communist society entails the absence of private property and social classes, and ultimately money and the State (polity), state. Communists often seek a voluntary state of self-governance but disagree on the means to this end. This reflects a distinction between a Libertarian socialism, libertarian socialist approach of communization, revolutionary spontaneity, and workers' self-management, and an authoritarian socialism, authoritarian socialist, vanguardis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McCarthyism
McCarthyism is a political practice defined by the political repression and persecution of left-wing individuals and a Fear mongering, campaign spreading fear of communist and Soviet influence on American institutions and of Soviet espionage in the United States during the late 1940s through the 1950s, heavily associated with the Second Red Scare, also known as the McCarthy Era. After the mid-1950s, U.S. senator Joseph McCarthy, who had spearheaded the campaign, gradually lost his public popularity and credibility after several of his accusations were found to be false. The Warren Court, U.S. Supreme Court under Chief Justice Earl Warren made a series of rulings on civil and political rights that overturned several key laws and legislative directives, and helped bring an end to the Second Red Scare. Historians have suggested since the 1980s that as McCarthy's involvement was less central than that of others, a different and more accurate term should be used instead that more acc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Red Scare
McCarthyism is a political practice defined by the political repression and persecution of left-wing individuals and a campaign spreading fear of communist and Soviet influence on American institutions and of Soviet espionage in the United States during the late 1940s through the 1950s, heavily associated with the Second Red Scare, also known as the McCarthy Era. After the mid-1950s, U.S. senator Joseph McCarthy, who had spearheaded the campaign, gradually lost his public popularity and credibility after several of his accusations were found to be false. The U.S. Supreme Court under Chief Justice Earl Warren made a series of rulings on civil and political rights that overturned several key laws and legislative directives, and helped bring an end to the Second Red Scare. Historians have suggested since the 1980s that as McCarthy's involvement was less central than that of others, a different and more accurate term should be used instead that more accurately conveys the breadth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawrence Klein
Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks. Life and career Klein was born in Omaha, Nebraska, the son of Blanche (née Monheit) and Leo Byron Klein. He went on to graduate from Los Angeles City College, where he learned calculus; the University of Californi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-World War II
The aftermath of World War II saw the rise of two global superpowers, the United States (U.S.) and the Soviet Union (U.S.S.R.). The aftermath of World War II was also defined by the rising threat of nuclear warfare, the creation and implementation of the United Nations as an intergovernmental organization, and the decolonization of Asia, Oceania, South America and Africa by European and East Asian powers, most notably by the United Kingdom, French Fourth Republic, France, and Occupation of Japan, Japan. Once Allies of World War II, allies during World War II, the U.S. and the U.S.S.R. became competitors on the world stage and engaged in the Cold War, so called because it never resulted in overt, declared total war between the two powers. It was instead characterized by espionage, political subversion and proxy wars. Western Europe was rebuilt through the American Marshall Plan, whereas Central and Eastern Europe fell under the Soviet sphere of influence and eventually behind an " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
