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Macroeconomic Aggregates
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 GDP (Gross Domestic Product), unemployment (including unemployment rates), national income, price indices, output, consumption, inflation, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The United Nations Sustainable Development Goal 17 has a target to enhanc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Circulation In Macroeconomics
Circulation may refer to: Science and technology * Atmospheric circulation, the large-scale movement of air * Circulation (physics), the path integral of the fluid velocity around a closed curve in a fluid flow field * Circulatory system, a biological organ system whose primary function is to move substances to and from cells * Circulation problem, a generalization of network flow problems * Circulation (architecture), the flow of people through a building * Circulation (currency), all currency held by consumers and businesses, but not by financial institutions and governments * Exhaust gas recirculation, a nitrogen oxide reduction technique used in most gasoline and diesel engines * Library circulation, the activities around the lending of library books and other material to users of a lending library * Rhetorical circulation, the ways that texts and discourses move through time and space Other uses * Newspaper circulation, the average number of copies of a newspaper distrib ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Trade
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries. Carrying out trade at an international level is a complex process when compared to domestic trade. When trade takes place between two or more states factors like currency, government policies, economy, judicial system, laws, and markets influence trade. To ease and justify the process of trade between countries of different economic standing in the modern era, some international economic organizations were formed, such as the World Trade Organization ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theory Of Money And Credit
''The Theory of Money and Credit'' is a 1912 economics book written by Ludwig von Mises, originally published in German as ''Theorie des Geldes und der Umlaufsmittel''. In it Mises expounds on his theory of the origins of money through his regression theorem, which is based on logical argumentation. It is one of the foundational works of the Misesian branch of the Austrian School of economic thought. Commodity money exists today. Mises looks at the origin, nature and value of money, and its effect on determining monetary policy. It does not concern all adaptations of money. He uses the so-called ''regression theorem'', a statement backed by a step by step, logical reasoning. Mises explains why money is demanded in its own right. According to Mises, money has historically come about after there has been a demand for the money commodity in a barter economy. Applications Along with Carl Menger's '' Principles of Economics'', and Eugen von Böhm-Bawerk's ''Capital and Interest'', t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology studies Bureaucracy (book), comparing communism and capitalism. He is considered one of the most influential economic and political thinkers of the 20th century. Mises emigrated from Austria to the United States in 1940. Since the mid-20th century, libertarian movements have been strongly influenced by Mises's writings. Mises' student Friedrich Hayek viewed Mises as one of the major figures in the revival of classical liberalism in the post-war era. Hayek's work "The Transmission of the Ideals of Freedom" (1951) pays high tribute to the influence of Mises in the 20th century libertarian movement. Mises's Private Seminar was a leading group of economists. Many of its alumni, including Friedri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Level
The general price level is a hypothetical measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalized relative to some base set. Typically, the general price level is approximated with a daily price ''index'', normally the Daily CPI. The general price level can change more than once per day during hyperinflation. Theoretical foundation The classical dichotomy is the assumption that there is a relatively clean distinction between overall increases or decreases in prices and underlying, “nominal” economic variables. Thus, if prices ''overall'' increase or decrease, it is assumed that this change can be decomposed as follows: Given a set C of goods and services, the total value of transactions in C at time t is :\sum_ (p_\cdot q_)=\sum_ P_t\cdot p'_)\cdot q_P_t\cdot \sum_ (p'_\cdot q_) where :q_\, represents the quantity of c at time t :p_\, represents the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Supply
In macroeconomics, the money supply (or money stock) refers to the total volume of currency held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include Circulation (currency), currency in circulation (i.e. physical cash) and demand deposits (depositors' easily accessed assets on the books of financial institutions). The central bank of a country may use a definition of what constitutes legal tender for its purposes. Money supply data is recorded and published, usually by a government agency or the central bank of the country. Public sector, Public and private sector analysts monitor changes in the money supply because of the belief that such changes affect the price levels of Security (finance), securities, inflation, the exchange rates, and the business cycle. The relationship between money and prices has historically been associated with the quantity theory of money. There is some empirical evidence of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Velocity
image:M3 Velocity in the US.png, 300px, Similar chart showing the logged velocity (green) of a broader measure of money M3 that covers M2 plus large institutional deposits. The US no longer publishes official M3 measures, so the chart only runs through 2005. The velocity of money measures the number of times that the average unit of currency is used to purchase goods and services within a given time period. The concept relates the size of economic activity to a given money supply, and the speed of money exchange is one of the variables that determine inflation. The measure of the velocity of money is usually the ratio of the gross national product (GNP) to a country's money supply. If the velocity of money is increasing, then transactions are occurring between individuals more frequently. The velocity of money changes over time and is influenced by a variety of factors. Illustration If, for example, in a very small economy, a farmer and a mechanic, with just $50 between them, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irving Fisher
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.Milton Friedman, ''Money Mischief: Episodes in Monetary History'', Houghton Mifflin Harcourt (1994) p. 37. Fisher made important contributions to utility theory and general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism". Fisher was also a pioneer of econometrics, including the development of index nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quantity Theory Of Money
In monetary economics, the quantity theory of money (often abbreviated QTM) is one of the directions of Western economic thought that emerged in the 16th-17th centuries. The QTM states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply. For example, if the amount of money in an economy doubles, QTM predicts that price levels will also double. The theory was originally formulated by Renaissance mathematician Nicolaus Copernicus in 1517, and was influentially restated by philosophers John Locke, David Hume, Jean Bodin. The theory experienced a large surge in popularity with economists Anna Schwartz and Milton Friedman's book ''A Monetary History of the United States,'' published in 1963. The theory was challenged by Keynesian economists,Minsky, Hyman P. ''John Maynard Keynes'', McGraw-Hill. 2008. p.2. but updated and reinvigorated by the monetarist school of economics, led by economist Milton Friedman. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Theory
Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. The discipline has historically prefigured, and remains integrally linked to, macroeconomics. This branch also examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions. History The foundational conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of Economic expansion, expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production. Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) As in [Harvey, Trimbur, and van Dijk, 2007, ''Journal of Econometrics''], such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm. There are numer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sustainable Development Goal 17
Sustainable Development Goal 17 (SDG 17 or Global Goal 17) is about "partnerships for the goals." One of the 17 Sustainable Development Goals established by the United Nations in 2015, the official wording is: "Strengthen the means of implementation and revitalize the global partnership for sustainable development". The Goal has 17 targets to be achieved by 2030, broken down into five categories: finance, technology, capacity building, trade and systemic issues. Progress towards targets will be measured by 25 indicators. SDG 17 refers to the need for the nonhegemonic and fair cross sector and cross country collaborations in pursuit of all the goals by the year 2030. It is a call for countries to align policies. SDG 17 is a vision for improved and more equitable trade, as well as coordinated investment initiatives to promote sustainable development across borders. It is about strengthening and streamlining cooperation between nation-states, both developed and developing, using ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
