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Herschel Grossman
Herschel Ivan Grossman (6 March 1939 – 9 October 2004) was an American economist best known for his work on general disequilibrium with Robert Barro in the 1970s and later work on property rights and the emergence of the state. Life and career Grossman grew up in Philadelphia, where he attended Central High School. He received a bachelor of arts from the University of Virginia (1960), a B.Phil. from the University of Oxford (1962), where he was a student at Merton College, and his Ph.D. from Johns Hopkins University (1965). Grossman collaborated with Barro to produce the influential article "A General Disequilibrium Model of Income," which, for many years, held the distinction of being the most cited article ever published in the ''American Economic Review''. The article explored the idea that disequilibrium in one market can have spillover effects to another market, creating a distinction between notional demand and effective demand. Grossman and Barro expanded on their wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neo-Keynesian Economics
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book ''The General Theory of Employment, Interest and Money'' (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. A series of developments occurred that shook the neoclassical synthesis in the 1970s as the advent of stagflation and the work of Monetarism, monetarists like Milton Friedman cast doubt on neo-Keynesian conceptions of monetary theory. The conditions of the period proved the impossibility of maintaining sustainable growth and low level of inflation via the measures suggested by the school. The result would be a series of new ideas t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Oxford
, mottoeng = The Lord is my light , established = , endowment = £6.1 billion (including colleges) (2019) , budget = £2.145 billion (2019–20) , chancellor = The Lord Patten of Barnes , vice_chancellor = Louise Richardson , students = 24,515 (2019) , undergrad = 11,955 , postgrad = 12,010 , other = 541 (2017) , city = Oxford , country = England , coordinates = , campus_type = University town , athletics_affiliations = Blue (university sport) , logo_size = 250px , website = , logo = University of Oxford.svg , colours = Oxford Blue , faculty = 6,995 (2020) , academic_affiliations = , The University of Oxford is a collegiate research university in Oxf ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1939 Births
This year also marks the start of the Second World War, the largest and deadliest conflict in human history. Events Below, the events of World War II have the "WWII" prefix. January * January 1 ** Third Reich *** Jews are forbidden to work with Germans. *** The Youth Protection Act was passed on April 30, 1938 and the Working Hours Regulations came into effect. *** The Jews name change decree has gone into effect. ** The rest of the world *** In Spain, it becomes a duty of all young women under 25 to complete compulsory work service for one year. *** First edition of the Vienna New Year's Concert. *** The company of technology and manufacturing scientific instruments Hewlett-Packard, was founded in a garage in Palo Alto, California, by William (Bill) Hewlett and David Packard. This garage is now considered the birthplace of Silicon Valley. *** Sydney, in Australia, records temperature of 45 ˚C, the highest record for the city. *** Philipp Etter took over as Swi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brown University Faculty
Brown is a color. It can be considered a composite color, but it is mainly a darker shade of orange. In the CMYK color model used in printing or painting, brown is usually made by combining the colors orange and black. In the RGB color model used to project colors onto television screens and computer monitors, brown combines red and green. The color brown is seen widely in nature, wood, soil, human hair color, eye color and skin pigmentation. Brown is the color of dark wood or rich soil. According to public opinion surveys in Europe and the United States, brown is the least favorite color of the public; it is often associated with plainness, the rustic, feces, and poverty. More positive associations include baking, warmth, wildlife, and the autumn. Etymology The term is from Old English , in origin for any dusky or dark shade of color. The first recorded use of ''brown'' as a color name in English was in 1000. The Common Germanic adjectives ''*brûnoz and *brûnâ'' meant b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Virginia Alumni
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, the designation is reserved for colleges that have a graduate school. The word ''university'' is derived from the Latin ''universitas magistrorum et scholarium'', which roughly means "community of teachers and scholars". The first universities were created in Europe by Catholic Church monks. The University of Bologna (''Università di Bologna''), founded in 1088, is the first university in the sense of: *Being a high degree-awarding institute. *Having independence from the ecclesiastic schools, although conducted by both clergy and non-clergy. *Using the word ''universitas'' (which was coined at its foundation). *Issuing secular and non-secular degrees: grammar, rhetoric, logic, theology, canon law, notarial law.Hunt Janin: "The university i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Journal Of Political Economy
The ''European Journal of Political Economy'' is a quarterly peer-reviewed academic journal covering research on economic phenomena, including collective decision making, political behavior, and the role of institutions. The editors-in-chief are Toke Aidt (University of Cambridge), Vincenzo Galasso (Bocconi University), Thomas Stratmann (George Mason University), and Jan-Egbert Sturm (ETH Zurich). Abstracting and indexing The journal is abstracted and indexed in the Social Sciences Citation Index. According to the ''Journal Citation Reports'', the journal has a 2015 impact factor The impact factor (IF) or journal impact factor (JIF) of an academic journal is a scientometric index calculated by Clarivate that reflects the yearly mean number of citations of articles published in the last two years in a given journal, as i ... of 1.248, ranking it 50th out of 161 journals in the category "Political Science". References External links * Elsevier academic journals Engl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Rights
The right to property, or the right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions. A general recognition of a right to private property is found more rarely and is typically heavily constrained insofar as property is owned by legal persons (i.e. corporations) and where it is used for production rather than consumption. A right to property is recognised in Article 17 of the Universal Declaration of Human Rights, but it is not recognised in the International Covenant on Civil and Political Rights or the International Covenant on Economic, Social and Cultural Rights. The European Convention on Human Rights, in Protocol 1, article 1, acknowledges a right for natural and legal persons to "peaceful enjoyment of his possessions", subject to the "general interest or to secure the payment of taxes." Definition The right to property is one of the most controversial human rights, both in terms of its existence and inte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Effective Demand
In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not constrained in any other market. In the aggregated market for goods in general, demand, notional or effective, is referred to as aggregate demand. The concept of effective supply parallels the concept of effective demand. The concept of effective demand or supply becomes relevant when markets do not continuously maintain economic equilibrium, equilibrium prices.Robert Barro and Herschel Grossman, 1976. "Money, Employment, and Inflation'', Cambridge Univ. Press. Examples of spillovers One example involves spillovers from the labor market to the goods market. If there is labour economics, labour market disequilibrium such that individuals cannot supply all the labor they want to supply, then the amount that they are able to supply will i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Equilibrium
In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the ( equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal. Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of ''equilibrium'' in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium. Understanding economic equilibriu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johns Hopkins University
Johns Hopkins University (Johns Hopkins, Hopkins, or JHU) is a private university, private research university in Baltimore, Maryland. Founded in 1876, Johns Hopkins is the oldest research university in the United States and in the western hemisphere. It consistently ranks among the most prestigious universities in the United States and the world. The university was named for its first benefactor, the American entrepreneur and Quaker philanthropist Johns Hopkins. Hopkins' $7 million bequest to establish the university was the largest Philanthropy, philanthropic gift in U.S. history up to that time. Daniel Coit Gilman, who was inaugurated as :Presidents of Johns Hopkins University, Johns Hopkins's first president on February 22, 1876, led the university to revolutionize higher education in the U.S. by integrating teaching and research. In 1900, Johns Hopkins became a founding member of the American Association of Universities. The university has led all Higher education in the U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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