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N. A. J. L. Johannsen
Nicholas August Ludwig Jacob Johansen (1844–1928) was a German-American amateur economist, today best known for his influence on and citation by John Maynard Keynes. He wrote under two pen names: A. Merwin and J. J. O. Lahn. Influence He was largely unrecognized in his lifetime, but following the Keynesian Revolution, he was recognized as one of the most significant influences on ''The General Theory,'' and he is cited in Keynes's 1930 ''Treatise on Money'' (p. 90). He is credited with devising an early form of effective demand, independent discovery of the multiplier (economics), multiplier, and less recognized contribution to monetary economics and business cycle theory; . His 1903 ''Der Kreislauf des Geldes und Mechanismus des Sozial-Lebens'' (''The Circuit Theory of Money,'' written in German) can be seen as an early work in monetary circuit theory. Crucially, he distinguished the roles of ''savings'' and ''investment'' – since only investment is directly product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German-American
German Americans (, ) are Americans who have full or partial German ancestry. According to the United States Census Bureau's figures from 2022, German Americans make up roughly 41 million people in the US, which is approximately 12% of the population. This represents a decrease from the 2012 census where 50.7 million Americans identified as German. The census is conducted in a way that allows this total number to be broken down in two categories. In the 2020 census, roughly two thirds of those who identify as German also identified as having another ancestry, while one third identified as German alone. German Americans account for about one third of the total population of people of German ancestry in the world. The first significant groups of German immigrants arrived in the British America, British colonies in the 1670s, and they settled primarily in the colonial states of Province of Pennsylvania, Pennsylvania, Province of New York, New York, and Colony of Virginia, Virginia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Economics
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions (as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a Public good (economics), public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal value, nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions. History I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
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] |
The General Theory
''The General Theory of Employment, Interest and Money'' is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the " Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision-making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The ''General Theory'' is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effective Demand
Effectiveness or effectivity is the capability of producing a desired result or the ability to produce desired output. When something is deemed effective, it means it has an intended or expected outcome, or produces a deep, vivid impression. Etymology The origin of the word ''effective'' stems from the Latin word , which means "creative, productive, or effective". It surfaced in Middle English between 1300 and 1400 AD. Usage Science and technology Mathematics and logic In mathematics and logic, ''effective'' is used to describe metalogical methods that fit the criteria of an effective procedure. In group theory, a group element acts ''effectively'' (or ''faithfully'') on a point, if that point is not fixed by the action. Physics In physics, an effective theory is, similar to a phenomenological theory, a framework intended to explain certain (observed) effects without the claim that the theory correctly models the underlying (unobserved) processes. In heat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiplier (economics)
In macroeconomics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in some exogenous variable. For example, suppose variable ''x'' changes by ''k'' units, which causes another variable ''y'' to change by ''M'' × ''k'' units. Then the multiplier is ''M''. Common uses Two multipliers are commonly discussed in introductory macroeconomics. Commercial banks create money, especially under the fractional-reserve banking system used throughout the world. In this system, money is created whenever a bank gives out a new loan. This is because the loan, when drawn on and spent, mostly finishes up as a deposit back in the banking system and is counted as part of money supply. After putting aside a part of these deposits as mandated bank reserves, the balance is available for the making of further loans by the bank. This process continues multiple times, and is called the multiplier effect. The multiplier m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Circuit Theory
Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school. It holds that money is created endogenously by the banking sector, rather than exogenously by central bank lending; it is a theory of endogenous money. It is also called circuitism and the circulation approach. Contrast with mainstream theory The key distinction from mainstream economic theories of money creation is that circuitism holds that money is created endogenously by the banking sector, rather than exogenously by the government through central bank lending: that is, the economy creates money itself (endogenously), rather than money being provided by some outside agent (exogenously). These theoretical differences lead to a number of different consequences and policy prescriptions; circuitism rejects, among other things, the money multiplier based on reserve requirements, arguing that money is created by banks lending, wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paradox Of Thrift
The paradox of thrift (or paradox of saving) is a paradox of economics. The paradox states that an increase in autonomous saving leads to a decrease in aggregate demand and thus a decrease in gross output which will in turn lower ''total'' saving. The paradox is, narrowly speaking, that total saving may fall because of individuals' attempts to increase their saving, and, broadly speaking, that increase in saving may be harmful to an economy. The paradox of thrift is an example of the fallacy of composition, the idea that what is true of the parts must always be true of the whole. The narrow claim transparently contradicts the fallacy, and the broad one does so by implication, because while individual thrift is generally averred to be good for the individual, the paradox of thrift holds that collective thrift may be bad for the economy. It had been stated as early as 1714 in '' The Fable of the Bees'',Keynes, ''The General Theory of Employment, Interest and Money''"Chapter 23. Notes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Weimar Republic, Germany. The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing Wealth inequality in the United States, wealth inequality. Banks were subject to laissez-faire, minimal regulation, resulting in loose lending and wides ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Emigrants To The United States
German(s) may refer to: * Germany, the country of the Germans and German things **Germania (Roman era) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizenship in Germany, see also German nationality law **Germanic peoples (Roman era) *German diaspora * German language * German cuisine, traditional foods of Germany People * German (given name) * German (surname) * Germán, a Spanish name Places * German (parish), Isle of Man * German, Albania, or Gërmej * German, Bulgaria * German, Iran * German, North Macedonia * German, New York, U.S. * Agios Germanos, Greece Other uses * German (mythology), a South Slavic mythological being * Germans (band), a Canadian rock band * "German" (song), a 2019 song by No Money Enterprise * ''The German'', a 2008 short film * "The Germans", an episode of ''Fawlty Towers'' * ''The German'', a nickname for Congolese rebel André Kisase Ngandu See also * Germanic (disambigu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1844 Births
In the Philippines, 1844 had only 365 days, when Tuesday, December 31 was skipped as Monday, December 30 was immediately followed by Wednesday, January 1, 1845, the next day after. The change also applied to Caroline Islands, Guam, Marianas Islands, Marshall Islands and Palau as part of the Captaincy General of the Philippines; these became the first places on Earth to redraw the International Date Line. Events January–March * January 4 – The first issue of the Swedish-languaged ''Saima'' newspaper founded by J. V. Snellman is published in Kuopio, Finland. * January 15 – The University of Notre Dame, based in the city of the same name, receives its charter from Indiana. * February 27 – The Dominican Republic gains independence from Haiti. * February 28 – A gun on the USS ''Princeton'' explodes while the boat is on a Potomac River cruise, killing U.S. Secretary of State Abel Upshur, U.S. Secretary of the Navy Thomas Walker Gilmer and four other people. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
