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Kaleidostatics
The term kaleidics ( ''kalos'': "good", "beautiful"; εἶδος ''eidos'': "form", "shape") denotes the ever-changing shape and status of an economy. Uncertainty is the primary kaleidic factor. It is strongly associated with the work of George Shackle, who had a rather radical interpretation of Keynesian economic theory. He surmised that the uncertainty in a capitalist economy was due to the irrational nature of investment, which is often driven by irrational fears, rumors, and superstition, rather than what is traditionally assumed to be cold, hard, calculation. Such theories lead to the view, expressed in Viennese kaleidics, that the turbulence of markets cannot be smoothed through government interference, and must therefore be left to their own devices. Uncertainty in economics British economist George Lennox Sharman Shackle, who has been characterised as a post-Keynesian but also as influenced by Austrian economics, made an attempt to challenge classical rational choice theo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-Keynesian Economics
Post-Keynesian economics is a school of economic thought with its origins in ''The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Alfred Eichner, Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keyne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Austrian Economics
The Austrian School is a heterodox school of economic thought that advocates strict adherence to methodological individualism, the concept that social phenomena result exclusively from the motivations and actions of individuals. Austrian school theorists hold that economic theory should be exclusively derived from basic principles of human action.Ludwig von Mises. Human Action, p. 11, "Purposeful Action and Animal Reaction". Referenced 2011-11-23. The Austrian School originated in late-19th- and early-20th-century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Historical School (based in Germany), in a dispute known as ''Methodenstreit'', or methodology struggle. Current-day economists working in this tradition are located in many different countries, but their work is still referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critical Review (scholarly Journal)
''Critical Review: A Journal of Politics and Society'' is a quarterly academic journal covering political science that is published by Routledge for the Critical Review Foundation. It publishes papers on political theory, public opinion, and political economy. It was established in 1986 by editor-in-chief Jeffrey Friedman, who works with authors in "an aggressive, often substantive editing process" but also gives authors the option of double-blind peer review. According to the ''Journal Citation Reports'', the journal has a 2017 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 1.091. References External links * Political science journals Classical liberalism Taylor & Francis academic journals Quarterly journals Publications established in 1990 Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Animal Spirits (Keynes)
Animal spirits is a term used by John Maynard Keynes in his 1936 book '' The General Theory of Employment, Interest and Money'' to describe the instincts, proclivities and emotions that ostensibly influence and guide human behavior, and which can be measured in terms of, for example, consumer confidence. Use by Keynes The original passage by Keynes reads: Earlier uses Philosophy and social science The notion of animal spirits has been described by René Descartes, Isaac Newton, and other scientists as how the notion of the vitality of the body is used. In one of his letters about light, Newton wrote that animated spirits very easily live in "the brain, nerves, and muscles, may become a convenient vessel to hold so subtil a spirit." These spirits, as described by Newton, are animated spirits of an ethereal nature, relating to life in the body. Later it became a concept that acquired a psychological content but was always thought of in connection with the life processes of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chaos Theory
Chaos theory is an interdisciplinary area of scientific study and branch of mathematics focused on underlying patterns and deterministic laws of dynamical systems that are highly sensitive to initial conditions, and were once thought to have completely random states of disorder and irregularities. Chaos theory states that within the apparent randomness of chaotic complex systems, there are underlying patterns, interconnection, constant feedback loops, repetition, self-similarity, fractals, and self-organization. The butterfly effect, an underlying principle of chaos, describes how a small change in one state of a deterministic nonlinear system can result in large differences in a later state (meaning that there is sensitive dependence on initial conditions). A metaphor for this behavior is that a butterfly flapping its wings in Brazil can cause a tornado in Texas. Small differences in initial conditions, such as those due to errors in measurements or due to rounding errors i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Determinism
Determinism is a philosophical view, where all events are determined completely by previously existing causes. Deterministic theories throughout the history of philosophy have developed from diverse and sometimes overlapping motives and considerations. The opposite of determinism is some kind of indeterminism (otherwise called nondeterminism) or randomness. Determinism is often contrasted with free will, although some philosophers claim that the two are compatible.For example, see Determinism is often used to mean ''causal determinism'', which in physics is known as cause-and-effect. This is the concept that events within a given paradigm are bound by causality in such a way that any state of an object or event is completely determined by its prior states. This meaning can be distinguished from other varieties of determinism mentioned below. Debates about determinism often concern the scope of determined systems; some maintain that the entire universe is a single determina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ergodicity
In mathematics, ergodicity expresses the idea that a point of a moving system, either a dynamical system or a stochastic process, will eventually visit all parts of the space that the system moves in, in a uniform and random sense. This implies that the average behavior of the system can be deduced from the trajectory of a "typical" point. Equivalently, a sufficiently large collection of random samples from a process can represent the average statistical properties of the entire process. Ergodicity is a property of the system; it is a statement that the system cannot be reduced or factored into smaller components. Ergodic theory is the study of systems possessing ergodicity. Ergodic systems occur in a broad range of systems in physics and in geometry. This can be roughly understood to be due to a common phenomenon: the motion of particles, that is, geodesics on a hyperbolic manifold are divergent; when that manifold is compact, that is, of finite size, those orbits return to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uncertainty
Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or stochastic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science. Concepts Although the terms are used in various ways among the general public, many specialists in decision theory, statistics and other quantitative fields have defined uncertainty, risk, and their measurement as: Uncertainty The lack of certainty, a state of limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome. ;Measurement of uncertainty: A set of possible states or outc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roger Garrison
Roger Wayne Garrison (born 1944) is an American professor of economics at Auburn University, and an adjunct scholar of the Ludwig von Mises Institute. He is a proponent of the Austrian School of economics and wrote the book ''Time and Money,'' which presents a graphical framework for capital-based macroeconomics and offers a critique of Keynesian graphical analysis. Garrison received an electrical engineering degree in 1967 from the University of Missouri–Rolla and a master's degree in economics from the University of Missouri–Kansas City in 1974. Garrison received his Ph.D. in economics from the University of Virginia in 1981. Garrison has lectured all over the world, including the London School of Economics. Mark Skousen, in ''Vienna and Chicago'' refers to Garrison as "one of the premier Austrian macroeconomists today." (p. 113) See also * Kaleidics The term kaleidics ( ''kalos'': "good", "beautiful"; εἶδος ''eidos'': "form", "shape") denotes the ever-changi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warren Samuels
Warren Joseph Samuels (September 14, 1933 – August 17, 2011) was an American economist and historian of economic thought. He received a BBA from University of Miami, Miami, FL and obtained his Ph.D. from University of Wisconsin–Madison. After holding academic posts in the University of Missouri, Georgia State University, Atlanta, and University of Miami, he was appointed Professor of Economics in Michigan State University in 1968, where he stayed until his retirement in 1998. Warren Samuels made contributions to the history of economic thought and the methodology of economics. His work was inspired primarily by his "interest in generating greater clarity as to the economic role of government both in the history of economic thought and in contemporary economics". He described himself as "a self-professed institutionalist (in a blend of several other schools)." Samuels (2011), p.&nbsxix Samuels received the Distinguished Faculty Award from Michigan State Universit He was a f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economics
Neoclassical economics is an approach to economics in which the production, consumption and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory, a theory that has come under considerable question in recent years. Neoclassical economics historically dominated macroeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s to the 1970s.Clark, B. (1998). ''Principles of political economy: A comparative approach''. Westport, Connecticut: Praeger. Nadeau, R. L. (2003). ''The Wealth of Na ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leland Yeager
Leland Bennett Yeager (; October 4, 1924 – April 23, 2018) was an American economist dealing with monetary policy and international trade. Biography Yeager graduated from Oberlin College in 1948 with an A.B. and was granted an M.A. from Columbia University in 1949 and a Ph.D. from there in 1952. He had previously served in the United States Army in World War II, translating Japanese codes. He temporarily served as the Vice President of the Interlingua Institute from 1997 to 1998 after Deanna Hammond died. He has been a regular contributor to ''Liberty'' magazine and an occasional contributor to the "Mises Daily". He was a Professor Emeritus at both Auburn University and the University of Virginia. His monetary writings have strongly opposed Keynesian orthodoxy and have emphasized the crucial role of money in business cycles. His 1956 essay, "A Cash-Balance Interpretation of Depression" maintained that depression was caused by "an excess demand for money, in the sense that peo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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