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Displacement Of Keynesianism
The post-war displacement of Keynesianism involved the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world. Similarly, the allied discipline known as development economics was largely displaced as the guiding influence on economic policies adopted by developing nations. Significant departures of government policy from the previous Keynesian orthodoxy largely took place in the late 1970s and early 1980s. These shifts were preceded by efforts to discredit Keyne's economic ideas intellectually, which had took place over several decades. The displacement of Keynesian thinking was driven by those who leaned towards purer free market policies, rather than the mixed economy which require a significant role for government intervention. Their motivations included a dislike of large governments which they saw as prone to interfere excessively in the lives of their citizens; an intellectual preference for Classical or Neoclassical ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multiplier Effect
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 may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Karl Popper
Sir Karl Raimund Popper (28 July 1902 – 17 September 1994) was an Austrian–British philosopher, academic and social commentator. One of the 20th century's most influential philosophers of science, Popper is known for his rejection of the classical inductivist views on the scientific method in favour of Falsifiability, empirical falsification, and for founding the Department of Philosophy at the London School of Economics. According to Popper, a theory in the empirical sciences can never be proven, but it can be falsified, meaning that it can (and should) be scrutinised with decisive experiments. Popper was opposed to the classical Justification (epistemology), justificationist account of knowledge, which he replaced with "the first non-justificational philosophy of criticism in the history of philosophy", namely critical rationalism. In political discourse, he is known for his vigorous defence of liberal democracy and the principles of social criticism that he believed mad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Colloque Walter Lippmann
The Colloque Walter Lippmann ( English: Walter Lippmann Colloquium), was a conference of intellectuals organized in Paris in August 1938 by French philosopher Louis Rougier. After interest in classical liberalism had declined in the 1920s and 1930s, the aim was to construct a new liberalism as a rejection of collectivism, socialism and ''laissez-faire'' liberalism. At the meeting, the term neoliberalism was coined by German sociologist and economist Alexander Rüstow, referring to the rejection of the old ''laissez-faire'' liberalism. Namesake The colloquium was named after American journalist Walter Lippmann. Lippman's 1937 book ''An Enquiry into the Principles of the Good Society'' had been translated into French as ''La Cité libre'' () and was studied in detail at the meeting. Importance Twenty-six intellectuals, including some of the most prominent liberal thinkers, took part. The participants chose to set up an organization to promote liberalism which was called the ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mont Pelerin Society
The Mont Pelerin Society (MPS), founded in 1947, is an international academic society of Economist, economists, Political philosophy, political philosophers, and other Intelligentsia, intellectuals who share a classical liberal outlook. It is headquartered at Texas Tech University in Lubbock, Texas, United States. The society advocates freedom of expression, free market economic policies, and an open society. Further, the society seeks to discover ways in which the Privatization, private sector can replace many functions currently provided by government entities. History The MPS was established on April 10, 1947, at a conference organized by Friedrich Hayek at the base of Mont Pèlerin on Lake Geneva. The conferees met as the International Trade Organization (ITO) charter was being drafted at the opposite end of the lake in Geneva, Switzerland.Alan Ebenstein, Ebenstein, Alan (2014). iarchive:friedrichhayekbi00eben/page/140, "Mont Pèlerin Society." (Chapter 18). iarchive:friedric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Von Hayek
Friedrich August von Hayek (8 May 1899 – 23 March 1992) was an Austrian-born British academic and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena. His account of how prices communicate information is widely regarded as an important contribution to economics that led to him receiving the prize. He was a major contributor to the Austrian school of economics. During his teenage years, Hayek fought in World War I. He later said this experience, coupled with his desire to help avoid the mistakes that led to the war, drew him into economics. He earned doctoral degrees in law in 1921 and political studies in 1923 from the University of Vienna. He subsequently lived and worked in Austria, Great Britain, the United Stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friedrich Hayek Portrait
Friedrich may refer to: Names *Friedrich (given name), people with the given name ''Friedrich'' *Friedrich (surname), people with the surname ''Friedrich'' Other *Friedrich (board game), a board game about Frederick the Great and the Seven Years' War * ''Friedrich'' (novel), a novel about anti-semitism written by Hans Peter Richter *Friedrich Air Conditioning, a company manufacturing air conditioning and purifying products *, a German cargo ship in service 1941-45 See also *Friedrichs (other) *Frederick (other) *Nikolaus Friedreich Nikolaus Friedreich (1 July 1825 in Würzburg – 6 July 1882 in Heidelberg) was a German pathologist and neurologist, and a third generation physician in the Friedreich family. His father was psychiatrist Johann Baptist Friedreich (1796–18 ... {{disambig ja:フリードリヒ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Consensus
The Washington Consensus is a set of ten economic policy prescriptions considered in the 1980s and 1990s to constitute the "standard" reform package promoted for Economic crisis, crisis-wracked developing country, developing countries by the Washington, D.C.-based institutions the International Monetary Fund (IMF), World Bank and United States Department of the Treasury.Williamson, John"What Washington Means by Policy Reform", in: Williamson, John (ed.): ''Latin American Readjustment: How Much has Happened'', Washington: Peterson Institute for International Economics 1989. The term was first used in 1989 by English economist John Williamson (economist), John Williamson. The prescriptions encompassed Free market, free-market promoting policies such as trade economic liberalization, liberalization, privatization and finance liberalization. They also entailed fiscal and monetary policies intended to minimize fiscal deficits and minimize inflation. Subsequent to Williamson's use of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anatole Kaletsky
Anatole Kaletsky (born 1 June 1952) is an economist and journalist based in the United Kingdom. He has written since 1976 for ''The Economist'', ''The Financial Times'' and ''The Times of London'' before joining Reuters and '' The International Herald Tribune'' in 2012. He has been named Newspaper Commentator of the Year in the BBC's '' What the Papers Say'' awards, and has twice received the British Press Award for Specialist Writer of the Year. Kaletsky has been an economic consultant since 1997, providing policy analysis and asset allocation advice to over 800 financial institutions, multinational companies and international organisations through his company, Gavekal, which is co-run with Louis and Charles Gave. He was elected to the governing Council of the Royal Economic Society in 1998. Early life Kaletsky was born in 1952 in Moscow, USSR and also spent his childhood in Poland and Australia. He has lived in England and the US since 1966. Education Kaletsky was educat ... [...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] |
Robert Skidelsky
Robert Jacob Alexander Skidelsky, Baron Skidelsky, (born 25 April 1939) is a British economic historian. He is the author of a three-volume, award-winning biography of British economist John Maynard Keynes (1883–1946). Skidelsky read history at Jesus College, Oxford, and is Emeritus Professor of Political Economy at the University of Warwick, England. Early life Skidelsky's parents, Boris Skidelsky and Galia Sapelkin, were British subjects of Russian ancestry, Jewish on his father's side and Christian on his mother's. His father worked for the family firm L. S. Skidelsky, which leased the Mulin coalmine, the largest private coalmine in Manchuria, from the Chinese government in 1920. Boris had three brothers, one of whom was the British writer and bridge player S. J. "Skid" Simon (1904–1948). In 1919, a factory was built by L. S. Skidelsky in Harbin for obtaining albumin from blood. When war broke out between Britain and Japan in December 1941, Skidelsky and his parent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
