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Birmingham School (economics)
The Birmingham School was a Schools of economic thought, school of economic thought that emerged in Birmingham, England during the post-Napoleonic depression that affected England following the end of the Napoleonic wars in 1815. Overview Arguing an underconsumptionist theory – attributing the depression to the fall in demand due to the end of the wars and end of war mobilization – Birmingham School economists opposed the gold standard and advocated the use of an expansionary monetary policy to achieve full employment. The leading thinker and spokesman for the Birmingham School was the banker Thomas Attwood (economist), Thomas Attwood. Other notable figures included George Frederick Muntz and Thomas Attwood's brother Matthias Attwood. Economists who lent the Birmingham School some support included Arthur Young (writer), Arthur Young, Patrick Colquhoun and Sir John Sinclair, 1st Baronet, Sir John Sinclair. Dismissed at the time as "currency cranks" or "crude inflationists", the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schools Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economics, economic thinkers who share or shared a common perspective on the way economy, economies work. While economists do not always fit into particular schools, particularly in modern times, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern (Greco-Roman, History of India, Indian, Persian Empire, Persian, Caliphate, Islamic, and Imperial era of Chinese history, Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century, and Karl Marx and Friedrich Engels, Friedrich Engels' Marxian economics in the mid 19th century). Systematic economic theory has been developed mainly since the beginning of what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arthur Young (writer)
Arthur Young (11 September 1741 – 12 April 1820) was an English agriculturist. Not himself successful as a farmer, he built on connections and activities as a publicist a substantial reputation as an expert on agricultural improvement. After the French Revolution of 1789, his views on its politics carried weight as an informed observer, and he became an important opponent of British reformers. Young is considered a major English writer on agriculture, although he is best known as a social and political observer. Also read widely were his ''Tour in Ireland'' (1780) and ''Travels in France'' (1792). Early life Young was born in 1741 at Whitehall, London, the second son of Anna Lucretia Coussmaker, and her husband Arthur Young, who was rector of Bradfield Combust in Suffolk and chaplain to Arthur Onslow. After attending school at Lavenham from 1748, he was in 1758 placed at Messrs Robertson, a mercantile house in King's Lynn. His sister Elizabeth Mary, who married John Thomlinso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peel's Bill
Peel's Bill, or the 1819 Act for the Resumption of Cash Payments (59 Geo. III, cap. 49), marked the return of the British currency to the gold standard, after the Bank Restriction Act 1797 saw paper money replacing convertibility to gold and silver under the financial pressures of the French Revolutionary Wars. Controversial in its passing, Peel's Bill generated debate and conflict over the decades that followed. Antecedents The debate over the return to the gold standard dated back at least to the Bullion Report of 1810, whose recommendations of a return to cash payments within two years were hotly opposed by, among others, Nicholas Vansittart on both theoretical and practical grounds. While the principle of a return to gold became broadly accepted, its implementation was repeatedly postponed, until in 1819 public outrage forced the establishment of a committee to review the matter, chaired by Sir Robert Peel. Initially proclaiming himself a neutral on the matter - "I voted with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manchester Capitalism
Manchester Liberalism (also called the Manchester School, Manchester Capitalism and Manchesterism) comprises the political, economic and social movements of the 19th century that originated in Manchester, England. Led by Richard Cobden and John Bright, it won a wide hearing for its argument that free trade would lead to a more equitable society, making essential products available to all. Its most famous activity was the Anti-Corn Law League that called for repeal of the Corn Laws that kept food prices high. It expounded the social and economic implications of free trade and ''laissez-faire'' capitalism. The Manchester School took the theories of economic liberalism advocated by Classical economics, classical economists such as Adam Smith and made them the basis for government policy. It also promoted pacifism, anti-slavery, freedom of the press and separation of church and state. Manchester background Manchester was the hub of the world's textile manufacturing industry, and h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal supporter of ... [...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 reserve requirements, 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. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting 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 – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflationist
Inflationism is a heterodox economic, fiscal, or monetary policy, that predicts that a substantial level of inflation is harmless, desirable or even advantageous. Similarly, inflationist economists advocate for an inflationist policy. Mainstream economics holds that inflation is a necessary evil, and advocates a low, stable level of inflation, and thus is largely opposed to inflationist policies – some inflation is necessary, but inflation beyond a low level is not desirable. However, deflation is often seen as a worse or equal danger, particularly within Keynesian economics, as well as Monetarist economics and in the theory of debt deflation. Inflationism is not accepted within the economics community, and is often conflated with Modern Monetary Theory, which uses similar arguments, especially in relation to chartalism. Political debate In political debate, inflationism is opposed to hard currency, which believes that the real value of currency should be maintained. In late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir John Sinclair, 1st Baronet
Sir John Sinclair of Ulbster, 1st Baronet, (10 May 1754 – 21 December 1835), was a British politician, a writer on both finance and agriculture, and was one of the first people to use the word '' statistics'' in the English language, in his vast, pioneering work, ''Statistical Account of Scotland'', in 21 volumes. Life Sinclair was the eldest son of George Sinclair of Ulbster (d. 1770), a member of the family of the earls of Caithness, and his wife Lady Janet Sutherland. He was born at Thurso Castle, Caithness. He was educated at the High School in Edinburgh. After studying law at the universities of Edinburgh and Glasgow and Trinity College, Oxford, he completed his legal studies at Lincoln's Inn in London in 1774. He was admitted to the Faculty of Advocates in Scotland in 1775, and also called to the English bar, although he never practised. He had inherited his father's estates in 1770 and had no financial need to work. In 1780, he was returned to the House of Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patrick Colquhoun
Patrick Colquhoun ( ; 14 March 1745 – 25 April 1820) was a Scotland, Scottish merchant, statistician, magistrate, and founder of the first regular preventive police force in England, the Thames River Police. He also served as Lord Provost of Glasgow 1782 to 1784. Early life Colquhoun, a descendant of the Scotland, Scottish Clan Colquhoun of Luss, was born in Dumbarton in 1745. Orphaned at the age of 16, his relatives sent him to America, setting him up in the lucrative commercial trade in Virginia. In 1766, the 21-year-old Colquhoun returned to Scotland, settling in Glasgow and going into business on his own in the linen trade. Ten years later, with the outbreak of the American Revolution, Colquhoun sided against the rebels and, along with 13 other local businessmen, funded a Glasgow regiment to contribute to the government's war effort. In 1782 he purchased an estate in the West End of Glasgow#West End, West End (now part of Kelvingrove Park; and built the mansion house, Ke ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Matthias Attwood
Matthias Attwood (24 November 1779 – 11 November 1851) was a British Conservative and Tory politician, and banker. Attwood was the second son of ironmaster Matthias Attwood of Hawne House, Halesowen, Worcestershire and Ann née Adams, and the brother of Thomas Attwood. In 1806, he married Susannah, daughter of William Twells of Birmingham. They had at least one son, Matthias Wolverley Attwood, who became Conservative Member of Parliament (MP) for Greenwich. He joined the family bank—Spooner, Atwood and Holman—as a partner, and in 1810 and 1811 he became a prominent pamphleteering opponent of the resumption of cash payments, converting publicist William Cobbett, while his brother, Thomas, led the opposition to the orders in council at Birmingham. From 1820, he began to promote and direct numerous public companies. His campaigning led to Attwood's decision to stand for election to parliament, and he was recommended to the Tory MP for Fowey, George Lucy. While Lucy was not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
