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Lloyd Mints
Lloyd Wynn Mints (1888–1989) was an American economist, notable for his contributions to the quantity theory of money. Biography Born in South Dakota, Lloyd Mints moved with his family in 1888 to Missouri and then in 1901 to Boulder, Colorado. He received from the University of Colorado his bachelor's degree in 1914 and master's degree in 1915. He was a secondary school teacher in Cripple Creek, Colorado from 1915–1917 and then moved to Washington, D.C. as an analyst in a federal office. In 1918 he was transferred to Chicago. In 1919 Mints enrolled as a graduate student at the University of Chicago, where he was assigned to teach undergraduate courses. He completed several graduate courses in economics and was promoted to assistant professor of political economy in 1923. He taught introductory economics courses until 1928 when he was put in charge of teaching money and banking courses. He retired as professor emeritus in 1953. Mints was an advocate of the view that the Fede ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago economists have also left their intellectual influence in other fields, notably in pioneerin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesianism
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 (tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Chicago Faculty
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Colorado 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] |
1989 Deaths
File:1989 Events Collage.png, From left, clockwise: The Cypress Street Viaduct, Cypress structure collapses as a result of the 1989 Loma Prieta earthquake, killing motorists below; The proposal document for the World Wide Web is submitted; The Exxon Valdez oil tanker runs aground in Prince William Sound, Alaska, causing a large Exxon Valdez oil spill, oil spill; The Fall of the Berlin Wall begins the downfall of Communism in Eastern Europe, and heralds German reunification; The United States United States invasion of Panama, invades Panama to depose Manuel Noriega; The Singing Revolution led to the independence of the Baltic states of Estonia, Latvia, and Lithuania from the Soviet Union; The stands of Hillsborough Stadium in Sheffield, Yorkshire, where the Hillsborough disaster occurred; 1989 Tiananmen Square protests and massacre, Students demonstrate in Tiananmen Square, Beijing; many are killed by forces of the Chinese Communist Party., 300x300px, thumb rect 0 0 200 200 1989 Loma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1888 Births
In Germany, 1888 is known as the Year of the Three Emperors. Currently, it is the year that, when written in Roman numerals, has the most digits (13). The next year that also has 13 digits is the year 2388. The record will be surpassed as late as 2888, which has 14 digits. Events January–March * January 3 – The 91-centimeter telescope at Lick Observatory in California is first used. * January 12 – The Schoolhouse Blizzard hits Dakota Territory, the states of Montana, Minnesota, Nebraska, Kansas, and Texas, leaving 235 dead, many of them children on their way home from school. * January 13 – The National Geographic Society is founded in Washington, D.C. * January 21 – The Amateur Athletic Union is founded by William Buckingham Curtis in the United States. * January 26 – The Lawn Tennis Association is founded in England. * February 6 – Gillis Bildt becomes Prime Minister of Sweden (1888–1889). * February 27 – In West O ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Bills Doctrine
The real bills doctrine says that as long as bankers lend to businessmen only against the security (collateral) of short-term 30-, 60-, or 90-day commercial paper representing claims to real goods in the process of production, the loans will be just sufficient to finance the production of goods. The doctrine seeks to have real output determine its own means of purchase without affecting prices. Under the real bills doctrine, there is only one policy role for the central bank: lending commercial banks the necessary reserves against real customer bills, which the banks offer as collateral. The term "real bills doctrine" was coined by Lloyd Mints in his 1945 book, ''A History of Banking Theory''. The doctrine was previously known as "the commercial loan theory of banking". Moreover, as bank loans are granted to businessmen in the form either of new bank notes or of additions to their checking deposits, which deposits constitute the main component of the money stock, the doctrine assur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System. U.S. Congress, Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and currently also include supervising and bank regulation, regulating ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Knight
Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century. Paul Samuelson named Knight (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Wesley Clair Mitchell, Jacob Viner, and Henry Schultz) as one of the several "American saints in economics" born after 1860. Life and career Knight ( BA, Milligan College, 1911; BS and AM, Tennessee, 1913; PhD, Cornell, 1916) was born in 1885 in McLean County, Illinois, the son of Julia Ann (Hyneman) and Winton Cyrus Knight. After his earl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brookings, South Dakota
Brookings is a city in Brookings County, South Dakota, Brookings County, South Dakota, United States. Brookings is South Dakota's List of cities in South Dakota, fourth largest city, with a population of 23,377 at the 2020 United States census, 2020 census. It is the county seat of Brookings County, and home to South Dakota State University, the state's largest institution of higher education. Also in Brookings are the South Dakota Art Museum, the Children's Museum of South Dakota, the annual Brookings Summer Arts Festival, and the headquarters of several manufacturing companies and agricultural operations. History Pioneer The county and city were both named after one of South Dakota's pioneer promoters, Wilmot Brookings. Brookings set out for the Dakota Territory in June 1857. He arrived at Sioux Falls on August 27, 1857, and became one of the first settlers there. He and his group represented the Western Town Company. After a time in Sioux Falls, Wilmot Brookings, Brookings and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Calvert Simons
Henry Calvert Simons (; October 9, 1899 – June 19, 1946) was an American economist at the University of Chicago. A protégé of Frank Knight, his antitrust and monetarist models influenced the Chicago school of economics. He was a founding author of the Chicago plan for monetary reform that found broad support in the years following the 1930s Depression, which would have abolished the fractional-reserve banking system, which Simons viewed to be inherently unstable. This would have prevented unsecured bank credit from circulating as a "money substitute" in the financial system, and it would be replaced with money created by the government or central bank that would not be subject to bank runs. Simons is noted for a definition of economic income, developed in common with Robert M. Haig, known as the Haig–Simons equation. Work Program of reform In one of his essays, ''A Positive Program for Laissez Faire'' (1934) Simons set out a program of reform to bring private enterpr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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