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Hydraulic Macroeconomics
Hydraulic macroeconomics is an informal characterization of certain types of macroeconomic study assuming aggregate social wealth (demand or supply) as somewhat smooth, constant and homogeneous. The term was first introduced as hydraulic Keynesianism by Alan Coddington in classification of theoretical research methodologies in Keynesian economics. Hydraulics is the science and engineering of the mechanical properties of liquids. Macroeconomics is the study of the performance and structure of an entire economy. Hydraulic macroeconomics is, essentially, a study of the economy that treats money as a form of liquid that circulates through the economic plumbing. William Phillips, a famous economist and creator of the Phillips curve, invented the MONIAC, a hydraulic computer which simulated the British economy. This is the inspiration for the term. Even earlier, in 1891, Irving Fisher built a hydraulic machine for calculating equilibrium prices. Initially, the phrase, "hydraulic mac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillips And MONIAC LSE
Phillips may refer to: Businesses Energy * Chevron Phillips Chemical, American petrochemical firm jointly owned by Chevron Corporation and Phillips 66. * ConocoPhillips, American energy company * Phillips 66, American energy company * Phillips Petroleum Company, American oil company Service * Phillips (auctioneers), auction house * Phillips Distilling Company, Minnesota distillery * Phillips Foods, Inc. and Seafood Restaurants, seafood chain in the mid-Atlantic states * Phillips International Records, a record label founded by Sam Phillips Vehicle * Phillips (constructor), American constructor of racing cars * Phillips Cycles, British manufacturer of bicycles and mopeds People Surname * Philip Phillips (other) *Phillips (surname) Given name * Phillips Barry (1880–1937), American academic * Phillips Brooks (1835–1893), American clergyman and author * Phillips Callbeck (1744–1790), merchant and political figure in St. John's Island, Canada * Phillips Carl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Smooth Function
In mathematical analysis, the smoothness of a function (mathematics), function is a property measured by the number of Continuous function, continuous Derivative (mathematics), derivatives it has over some domain, called ''differentiability class''. At the very minimum, a function could be considered smooth if it is differentiable everywhere (hence continuous). At the other end, it might also possess derivatives of all Order of derivation, orders in its Domain of a function, domain, in which case it is said to be infinitely differentiable and referred to as a C-infinity function (or C^ function). Differentiability classes Differentiability class is a classification of functions according to the properties of their derivatives. It is a measure of the highest order of derivative that exists and is continuous for a function. Consider an open set U on the real line and a function f defined on U with real values. Let ''k'' be a non-negative integer. The function f is said to be of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incompressible Flow
In fluid mechanics or more generally continuum mechanics, incompressible flow ( isochoric flow) refers to a flow in which the material density is constant within a fluid parcel—an infinitesimal volume that moves with the flow velocity. An equivalent statement that implies incompressibility is that the divergence of the flow velocity is zero (see the derivation below, which illustrates why these conditions are equivalent). Incompressible flow does not imply that the fluid itself is incompressible. It is shown in the derivation below that (under the right conditions) even compressible fluids can – to a good approximation – be modelled as an incompressible flow. Incompressible flow implies that the density remains constant within a parcel of fluid that moves with the flow velocity. Derivation The fundamental requirement for incompressible flow is that the density, \rho , is constant within a small element volume, ''dV'', which moves at the flow velocity u. Mathematic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pascal's Law
Pascal's law (also Pascal's principle or the principle of transmission of fluid-pressure) is a principle in fluid mechanics given by Blaise Pascal that states that a pressure change at any point in a confined incompressible fluid is transmitted throughout the fluid such that the same change occurs everywhere. The law was established by French mathematician Blaise Pascal in 1653 and published in 1663. Definition Pascal's principle is defined as This principle is stated mathematically as: : \Delta p =\rho g \cdot\Delta h\, : is the hydrostatic pressure (given in pascals in the SI system), or the difference in pressure at two points within a fluid column, due to the weight of the fluid); :ρ is the fluid density (in kilograms per cubic meter in the SI system); :g is acceleration due to gravity (normally using the sea level acceleration due to Earth's gravity, in meters per second squared); : is the height of fluid above the point of measurement, or the difference in e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alan Coddington
Alan Coddington (27 November 1941 – 8 June 1982) was an English academic who made significant contributions to the field of economics in the areas of collective bargaining, Keynesian economics, and economic methodology. Coddington was born in Doncaster, got his BSc degree in 1963 from Leeds University, and DPhil in 1966 from University of York , mottoeng = On the threshold of wisdom , established = , type = Public research university , endowment = £8.0 million , budget = £403.6 million , chancellor = Heather Melville , vice_chancellor = Charlie Jeffery , students .... He took up teaching at the University of London, Queen Mary College, in 1966, where he remained until his death in London in 1982, aged just 40. At that institution, he built his reputation in the area of Keynesian Economics. His focus was on first principles, in which he added notable contributions to the Keynesian literature such as hydraulic Keynesianism, which established tha ... [...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] |
Journal Of Economic Literature
The ''Journal of Economic Literature'' is a peer-reviewed academic journal, published by the American Economic Association, that surveys the academic literature in economics. It was established in 1963 as the ''Journal of Economic Abstracts'',Journal of Economic Literature: About JEL retrieved 6 May 2011. and is currently one of the highest ranked journals in economics. /ref> As a , it mainly features essays and reviews of recent economic theories (as opposed to the latest research). The |
Hydraulics
Hydraulics (from Greek: Υδραυλική) is a technology and applied science using engineering, chemistry, and other sciences involving the mechanical properties and use of liquids. At a very basic level, hydraulics is the liquid counterpart of pneumatics, which concerns gases. Fluid mechanics provides the theoretical foundation for hydraulics, which focuses on the applied engineering using the properties of fluids. In its fluid power applications, hydraulics is used for the generation, control, and transmission of power by the use of pressurized liquids. Hydraulic topics range through some parts of science and most of engineering modules, and cover concepts such as pipe flow, dam design, fluidics and fluid control circuitry. The principles of hydraulics are in use naturally in the human body within the vascular system and erectile tissue. Free surface hydraulics is the branch of hydraulics dealing with free surface flow, such as occurring in rivers, canals, lakes, estuar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and government spending to regulate an economy's growth and stability. This includes regional, national, and global economies. According to a 2018 assessment by economists Emi Nakamura and Jón Steinsson, economic "evidence regarding the consequences of different macroeconomic policies is still highly imperfect and open to serious criticism." Macroeconomists study topics such as Gross domestic product, GDP (Gross Domestic Product), unemployment (including Unemployment#Measurement, unemployment rates), national income, price index, price indices, output (economics), output, Consumption (economics), consumption, inflation, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Phillips (economist)
Alban William Housego "A. W." "Bill" Phillips, MBE (18 November 1914 – 4 March 1975)Nicholas Barr,Phillips, Alban William Housego (1914–1975) (subscription required), ''Oxford Dictionary of National Biography'', Oxford University Press, 2004. Retrieved 4 July 2008. was a New Zealand economist who spent most of his academic career as a professor of economics at the London School of Economics (LSE). His best-known contribution to economics is the Phillips curve, which he first described in 1958. He also designed and built the MONIAC hydraulic economics computer in 1949. Early life Phillips was born at Te Rehunga near Dannevirke, New Zealand, to Harold Housego Phillips, a dairy farmer, and his wife, Edith Webber, a schoolteacher and postmistress. He left New Zealand before finishing school to work in Australia at a variety of jobs, including crocodile hunter and cinema manager. In 1937 Phillips headed to China, but had to escape to Russia when Japan invaded China. He travelle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillips Curve
The Phillips curve is an economic model, named after William Phillips hypothesizing a correlation between reduction in unemployment and increased rates of wage rises within an economy. While Phillips himself did not state a linked relationship between employment and inflation, this was a trivial deduction from his statistical findings. Paul Samuelson and Robert Solow made the connection explicit and subsequently Milton Friedman and Edmund Phelps put the theoretical structure in place. While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.Chang, R. (1997"Is Low Unemployment Inflationary?" ''Federal Reserve Bank of Atlanta Economic Review'' 1Q97:4-13 In 1967 and 1968, Friedman and Phelps asserted that the Phillips curve was only applicable in the short-run and that, in the long-run, inflationary policies would not decrease unemployment. Friedman then correctly predicted that in the 1973–75 recession, both inflation an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MONIAC Computer
The MONIAC (Monetary National Income Analogue Computer), also known as the Phillips Hydraulic Computer and the Financephalograph, was created in 1949 by the New Zealand economist Bill Phillips to model the national economic processes of the United Kingdom, while Phillips was a student at the London School of Economics (LSE). The MONIAC was an analogue computer which used fluidic logic to model the workings of an economy. The MONIAC name may have been suggested by an association of money and ENIAC, an early electronic digital computer. Description The MONIAC is approximately 2 m high, 1.2 m wide and almost 1 m deep, and consisted of a series of transparent plastic tanks and pipes which were fastened to a wooden board. Each tank represented some aspect of the UK national economy and the flow of money around the economy was illustrated by coloured water. At the top of the board was a large tank called the treasury. Water (representing money) flowed from the treasury ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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