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J. R. McCulloch
John Ramsay McCulloch (1 March 1789 – 11 November 1864) was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823. He was appointed the first professor of political economy at University College London in 1828. He wrote extensively on economic policy, and was a pioneer in the collection, statistical analysis and publication of economic data. McCulloch was a co-founder, and one of the first editors, of ''The Scotsman'' newspaper, and worked on the '' Edinburgh Review''. He edited the 1828 edition of ''The Wealth of Nations''. Career McCulloch attended the University of Edinburgh, but did not graduate. McCulloch collected the early literature of political economy, and wrote on the scope and method of economics and the history of economic thought. After his death his library was purchased by Lord Overstone and eventually presented to the University of Reading. He was a parti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Classical Economics
Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange (famously captured by Adam Smith's metaphor of the invisible hand). Adam Smith's ''The Wealth of Nations'' in 1776 is usually considered to mark the beginning of classical economics.Smith, Adam (1776) An Inquiry into the Nature and Causes of The Wealth of Nations. (accessible by table of contents chapter titles) AdamSmith.org The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazetteer For Scotland
The ''Gazetteer for Scotland'' is a gazetteer covering the geography, history and people of Scotland. It was conceived in 1995 by Bruce Gittings of the University of Edinburgh and David Munro of the Royal Scottish Geographical Society, and contains 25,870 entries as of July 2019. It claims to be "the largest dedicated Scottish resource created for the web". The Gazetteer for Scotland provides a carefully researched and editorially validated resource widely used by students, researchers, tourists and family historians with interests in Scotland. Following on from a strong Scottish tradition of geographical publishing, the ''Gazetteer for Scotland'' is the first comprehensive gazetteer to be produced for the country since Francis Groome's ''Ordnance Gazetteer of Scotland'' (1882-6) (the text of which is incorporated into relevant entries). The aim is not to produce a travel guide, of which there are many, but to write a substantive and thoroughly edited description of the count ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Whose Ox Is Gored
The pronoun ''who'', in English, is an interrogative pronoun and a relative pronoun, used primarily to refer to persons. Unmarked, ''who'' is the pronoun’s subjective form; its inflected forms are the objective ''whom'' and the possessive ''whose''. The set has derived indefinite forms ''whoever'', ''whomever'', and ''whoseever,'' as well as a further, earlier such set ''whosoever,'' ''whomsoever'', and ''whosesoever'' (see also "-ever"). Etymology The interrogative and relative pronouns ''who'' derive from the Old English singular interrogative , and whose paradigm is set out below: It was not until the end of the 17th century that ''who'' became the only pronoun that could ask about the identity of persons and ''what'' fully lost this ability. "The first occurrences of wh-relatives date from the twelfth century (with the possible exception (see Kivimaa 1966: 35)). The wh- form does not become frequent, however, until the fourteenth century." Notably, relative ''whose'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean-Baptiste Say
Jean-Baptiste Say (; 5 January 1767 – 15 November 1832) was a liberal French economist and businessman who argued in favor of competition, free trade and lifting restraints on business. He is best known for Say's law—also known as the law of markets—which he popularized. Scholars disagree on the surprisingly subtle question of whether it was Say who first stated what is now called Say's law. Moreover, he was one of the first economists to study entrepreneurship and conceptualized entrepreneurs as organizers and leaders of the economy. Early life Say was born in Lyon. His father Jean-Etienne Say was born to a Protestant family which had moved from Nîmes to Geneva for some time in consequence of the revocation of the Edict of Nantes. Say was intended to follow a commercial career and in 1785 was sent with his brother Horace to complete his education in England. He lodged for a time in Croydon and afterwards (following a return visit to France) in Fulham. During the latter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Malthus
Thomas Robert Malthus (; 13/14 February 1766 – 29 December 1834) was an English cleric, scholar and influential economist in the fields of political economy and demography. In his 1798 book '' An Essay on the Principle of Population'', Malthus observed that an increase in a nation's food production improved the well-being of the population, but the improvement was temporary because it led to population growth, which in turn restored the original per capita production level. In other words, humans had a propensity to utilize abundance for population growth rather than for maintaining a high standard of living, a view that has become known as the "Malthusian trap" or the "Malthusian spectre". Populations had a tendency to grow until the lower class suffered hardship, want and greater susceptibility to war famine and disease, a pessimistic view that is sometimes referred to as a Malthusian catastrophe. Malthus wrote in opposition to the popular view in 18th-century Europe tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Theory Of Value
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of " socially necessary labor" required to produce it. The LTV is usually associated with Marxian economics, although it originally appeared in the theories of earlier classical economists such as Adam Smith and David Ricardo, and later in anarchist economics. Smith saw the price of a commodity in terms of the labor that the purchaser must expend to buy it, which embodies the concept of how much labor a commodity, a tool for example, can save the purchaser. The LTV is central to Marxist theory, which holds that the working class is exploited under capitalism, and dissociates price and value. However, Marx did not refer to his own theory of value as a "labour theory of value". Orthodox neoclassical economics rejects the LTV, using a theory of value based on subjective preferences. The revival in interpretation of Marx known as the also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (economics)
In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the minimum profit level that a company can achieve to justify its con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Mill
James Mill (born James Milne; 6 April 1773 – 23 June 1836) was a Scottish historian, economist, political theorist, and philosopher. He is counted among the founders of the Ricardian school of economics. He also wrote ''The History of British India (1817)'' and was one of the prominent historians to take colonial approach. He was the first writer to divide Indian history into three parts: Hindu, Muslim and British, a classification which has proved surpassingly influential in the field of Indian historical studies. Mill was the father of John Stuart Mill, a noted philosopher of liberalism and utilitarianism, and a colonial administrator at the East India Company. Biography James Milne, later known as James Mill, was born in Northwater Bridge, in the parish of Logie Pert, Angus, Scotland, the son of James Milne, a shoemaker and small farmer. His mother, Isabel Fenton, of a family that had suffered from connection with the Stuart rising, resolved that he should receive a firs ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy Club
The Political Economy Club is the world's oldest economics association founded by James Mill and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, James Mill, Thomas Malthus (the only one holding an academic post at the time), and Robert Torrens were among the original luminaries. In the early 19th century there were no academic societies or professional associations for economists. The Political Economy Club was a way to establish a scientific community, test ideas, and provide peer review for their work. Despite its closed nature (limited to 30 members as proposed by James Mill), the Political Economy Club was a domineering influence in 19th C. economics. But its exclusivity prevented it from becoming a wider association for economists. That role was filled by Section F of the BAAS (founded1832), the Statistical Society of London (f.1834), the Cobden Club (f.1866) and finally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Reading
The University of Reading is a public university in Reading, Berkshire, England. It was founded in 1892 as University College, Reading, a University of Oxford extension college. The institution received the power to grant its own degrees in 1926 by royal charter from King George V and was the only university to receive such a charter between the two world wars. The university is usually categorised as a red brick university, reflecting its original foundation in the 19th century. Reading has four major campuses. In the United Kingdom, the campuses on London Road and Whiteknights are based in the town of Reading itself, and Greenlands is based on the banks of the River Thames in Buckinghamshire. It also has a campus in Iskandar Puteri, Malaysia. The university has been arranged into 16 academic schools since 2016. The annual income of the institution for 2016–17 was £275.3 million of which £35.4 million was from research grants and contracts, with an expenditur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Samuel Jones-Loyd, 1st Baron Overstone
Samuel Jones-Loyd, 1st Baron Overstone (25 September 1796 – 17 November 1883) was a British banker and politician. Background and education Loyd was the only son of the Rev. Lewis Loyd and Sarah, daughter of John Jones, a Manchester banker. He was educated at Eton and Trinity College, Cambridge. Banking Loyd's father had given up the ministry to take a partnership in his father-in-law's bank and became the founder of the London branch of Jones, Loyd & Co. Loyd joined his father's bank, and took control of the bank after his father retired in 1844. On his father's death in 1858 Loyd inherited an estate worth £ 2 million. In 1864 the bank became incorporated with the London and Westminster Bank. Political career Loyd sat in parliament as Whig member for Hythe from 1819 to 1826, and unsuccessfully contested Manchester in 1832. As early as 1832 he was recognized as one of the foremost authorities on banking, and he enjoyed much influence with successive ministries and chancell ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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