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Heiner Flassbeck
Heiner Flassbeck (born 12 December 1950) is a German economist and public intellectual. From 1998 to 1999 he was a State Secretary in the German Federal Ministry of Finance (german: Bundesministerium der Finanzen) where he also advised former finance minister Oskar Lafontaine on a reform of the European Monetary System. He became the Chief of Macroeconomics and Development of the United Nations Conference on Trade and Development (''UNCTAD'') in Geneva in January 2003, a position that he held until resigning at the end of 2012 due to his age. Life Heiner Flassbeck studied economics at Saarland University (1971–1976). During that time he was assistant at chair of Wolfgang Stützel with emphasis on currency issues. Afterwards, up to 1980 he worked in the assistants staff of the German Council of Economic Experts. 1987 he received a doctors degree ''Dr. rer. pol.'' at the Free University of Berlin with his work: ''Prices, Interest and Currency Rate. On Theory of Open Econom ... [...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 ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wolfgang Stützel
Wolfgang Stützel (23 January 1925, in Aalen, Germany – 1 March 1987, in Saarbrücken, West Germany) was a German economist and professor of economics at the Saarland University, Germany. From 1966 to 1968 he was member of the German Council of Economic Experts (german: Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung). He coined the concept of '' Macroeconomic Mechanics of Balances'' (german: Volkswirtschaftliche Saldenmechanik). Among other things, balances mechanics enabled the theories of John Maynard Keynes in which he argued that government deficit spending can be necessary during a deflationary depression to be placed on a formal, structural arithmetic foundation based on accounting identities. Stützel used balances mechanics to explain how a deflationary depression results from aggregate planned revenues from sales of goods being greater than aggregate planned expenditures on purchasing goods. He also showed on the same basis how an inflat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Monetary System
The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value. It was initiated in 1979 under then President of the European Commission Roy Jenkins as an agreement among the Member States of the EEC to foster monetary policy co-operation among their Central Banks for the purpose of managing inter-community exchange rates and financing exchange market interventions. The EMS functioned by adjusting nominal and real exchange rates, thus establishing closer monetary cooperation and creating a zone of monetary stability. As part of the EMS, the EEC established the first European Exchange Rate Mechanism (ERM) which calculated exchange rates for each currency and a European Currency Unit (ECU): an accounting currency unit that was a weighted average of the currencies of the 12 participating states. The ERM let exchange r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oskar Lafontaine
Oskar Lafontaine (; born 16 September 1943) is a German politician. He served as Minister-President of the state of Saarland from 1985 to 1998, and was federal leader of the Social Democratic Party of Germany, Social Democratic Party (SPD) from 1995 to 1999. He was the lead candidate for the SPD in the 1990 German federal election, but lost by a wide margin. He served as Minister of Finance under Chancellor Gerhard Schröder after the SPD's victory in the 1998 German federal election, 1998 federal election, but resigned from both the ministry and Bundestag less than six months later, positioning himself as a popular opponent of Schröder's policies in the tabloid press. In the lead-up to the 2005 German federal election, 2005 federal election, as a reaction to Schröder's Agenda 2010 reforms, Lafontaine co-founded the left-wing party Labour and Social Justice – The Electoral Alternative. Following a merger with the Party of Democratic Socialism (Germany), Party of Democratic So ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Intellectual
An intellectual is a person who engages in critical thinking, research, and reflection about the reality of society, and who proposes solutions for the normative problems of society. Coming from the world of culture, either as a creator or as a mediator, the intellectual participates in politics, either to defend a concrete proposition or to denounce an injustice, usually by either rejecting or producing or extending an ideology, and by defending a system of values. Etymological background "Man of letters" The term "man of letters" derives from the French term ''belletrist'' or ''homme de lettres'' but is not synonymous with "an academic". A "man of letters" was a literate man, able to read and write, as opposed to an illiterate man in a time when literacy was rare and thus highly valued in the upper strata of society. In the 17th and 18th centuries, the term ''Belletrist(s)'' came to be applied to the ''literati'': the French participants in—sometimes referred to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming nd ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hamburg University
The University of Hamburg (german: link=no, Universität Hamburg, also referred to as UHH) is a public research university in Hamburg, Germany. It was founded on 28 March 1919 by combining the previous General Lecture System ('' Allgemeines Vorlesungswesen''), the Hamburg Colonial Institute ('' Hamburgisches Kolonialinstitut''), and the Academic College ('' Akademisches Gymnasium''). The main campus is located in the central district of Rotherbaum, with affiliated institutes and research centres distributed around the city-state. The university has been ranked in the top 200 universities worldwide by the ''Times Higher Education Ranking'', the Shanghai Ranking and the CWTS Leiden Ranking, placing it among the top 1% of global universities. Seven Nobel Prize winners and one Wolf Prize winner are affiliated with UHH. On a national scale, '' U.S. News & World Report'' ranks UHH 7th and ''QS World University Rankings'' 14th out of a total of 426 German institutions of higher e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Honorary Professor
Honorary titles (professor, reader, lecturer) in academia may be conferred on persons in recognition of contributions by a non-employee or by an employee beyond regular duties. This practice primarily exists in the UK and Germany, as well as in many of the universities and colleges of the United States, Australia, Hong Kong, Taiwan, China, New Zealand, Japan, Denmark, and Canada. Examples of such titles are Honorary Professor, Honorary Fellow, Honorary Senior Research Fellow, Honorary Reader, Honorary Lecturer (normally applies to non-teaching staff, who give occasional lectures), Visiting Fellow (normally applies to students carrying out further studies and research programmes), Industrial Fellow. Honorary Professor In the UK, this is the highest title to be awarded to individuals whom the university wish to appoint, honor, and to work with. These individuals are not university staff nor employees. An external person is usually recommended by an internal university academi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage Policy
A wage is payment made by an employer to an employee for work done in a specific period of time. Some examples of wage payments include compensatory payments such as '' minimum wage'', ''prevailing wage'', and ''yearly bonuses,'' and remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of compensation. Since wage labour is the predominant form of work, the term "wage" sometimes refers t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary System
A monetary system is a system by which a government provides money in a country's economy. Modern monetary systems usually consist of the national treasury, the mint, the central banks and commercial banks. Commodity money system A commodity money system is a monetary system in which a commodity such as gold or seashells is made the unit of value and physically used as money. The money retains its value because of its physical properties. In some cases, a government may stamp a metal coin with a face, value or mark that indicates its weight or asserts its purity, but the value remains the same even if the coin is melted down. Commodity-backed money One step away from commodity money is "commodity-backed money", also known as "representative money". Many currencies have consisted of bank-issued notes which have no inherent physical value, but which may be exchanged for a precious metal, such as gold. (This is known as the gold standard.) The silver standard was widespread ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
