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Political Economy Club (1909)
The Political Economy Club was founded in 1909 by John Maynard Keynes. It was an invitation-only club, initially held weekly in Keynes' rooms at King's College, Cambridge. Typically a paper would be read then members would comment on its contents. Keynes made his last appearance at the club in February 1946, reading a paper about the future of pound sterling and whether the United States dollar would become scarce. Participants * Maurice Dobb * Ralph George Hawtrey (1879 - 1975) * Harry Gordon Johnson Harry Gordon Johnson, (26 May 1923 – 9 May 1977) was a Canadian economist who studied topics such as international trade and international finance. Nobel laureate James Tobin said about him: "For the economics profession throughout the world ... (1923 - 1977) * John Maynard Keynes (1883 - 1946, founder) * Dennis Robertson (president circa 1946) References {{authority control Political economy Economic history of the United Kingdom Keynesian economics Think tanks base ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. Keynes's intellect was evident early in life; in 1902, he gained admittance to the competitive mathematics program at King's College at the University of Cambridge. During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
King's College, Cambridge
King's College is a constituent college of the University of Cambridge. Formally The King's College of Our Lady and Saint Nicholas in Cambridge, the college lies beside the River Cam and faces out onto King's Parade in the centre of the city. King's was founded in 1441 by King Henry VI soon after he had founded its sister institution at Eton College. Initially, King's accepted only students from Eton College. However, the king's plans for King's College were disrupted by the Wars of the Roses and the resultant scarcity of funds, and then his eventual deposition. Little progress was made on the project until 1508, when King Henry VII began to take an interest in the college, probably as a political move to legitimise his new position. The building of the college's chapel, begun in 1446, was finished in 1544 during the reign of Henry VIII. King's College Chapel is regarded as one of the finest examples of late English Gothic architecture. It has the world's largest fan vaul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: £) is the main unit of sterling, and the word "pound" is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency that is still in use and that has been in continuous use since its inception. It is currently the fourth most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and Renminbi, it forms the basket of currencies which calculate the value of IMF special drawing rights. As of mid-2021, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maurice Dobb
Maurice Herbert Dobb (24 July 1900 – 17 August 1976) was an English economist at Cambridge University and a Fellow of Trinity College, Cambridge. He is remembered as one of the pre-eminent Marxist economists of the 20th century. Dobb was born on 24 July 1900 in London, the son of Walter Herbert Dobb and the former Elsie Annie Moir. He and his family lived in the London suburb of Willesden. He was educated at Charterhouse School in Surrey, an elite public school in the British sense. Dobb began writing after the death of his mother in his early teens. His introversion hindered him from building a network of friends. His earliest novels were fictional fantasies. Much like his father, Dobb initiated practice in Christian Science after his mother's death; the family had previously belonged to the Presbyterian Church. Saved from military conscription by the Armistice of November 1918, Dobb was admitted to Pembroke College, Cambridge, in 1919 as an exhibitioner to read economics. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ralph George Hawtrey
Sir Ralph George Hawtrey (22 November 1879, Slough – 21 March 1975, London) was a British economist, and a close friend of John Maynard Keynes. He was a member of the Cambridge Apostles, the University of Cambridge intellectual secret society. He took a monetary approach towards the economic ups and downs of industry and commerce, advocating changes in the money supply through adjustment in the bank rate of interest, foreshadowing the later work of Keynes. In the 1920s, he advocated what was later called the Treasury View. He also advanced in 1931 the concept that became known as the multiplier, a coefficient showing the effect of a change in total national investment on the amount of total national income. It was his view that the botched attempt to restore the international gold standard led to the Great Depression. He had played a key role in the Genoa Conference of 1922, which attempted to devise arrangements for a stable return to the gold standard. Life and career Ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harry Gordon Johnson
Harry Gordon Johnson, (26 May 1923 – 9 May 1977) was a Canadian economist who studied topics such as international trade and international finance. Nobel laureate James Tobin said about him: "For the economics profession throughout the world, the third quarter of this century was an Age of Johnson. ... It was his impact on his own profession ... that justifies calling the era his Age." Appointed professor of economics at Manchester University in 1956, he left upon being appointed Professor of Economics at the University of Chicago from 1959 (and from 1969, the Charles F. Grey Distinguished Service Professor) until his death in 1977. He was also Professor of Economics at the London School of Economics from 1966 until 1974. And he briefly was professor at the Graduate Institute of International Studies in Geneva until his death. He was twice Editor of the Journal of Political Economy. He had a stroke at age 49 and died prematurely from a second stroke at age 53. In 1976 the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dennis Robertson (economist)
Sir Dennis Holme Robertson (23 May 1890 – 21 April 1963) was an English economist who taught at Cambridge and London Universities. Biography Robertson, the son of a Church of England clergyman, was born in Lowestoft and educated as a scholar of Eton and at Trinity College, Cambridge, where he read Classics and Economics, graduating in 1912. Robertson worked closely with John Maynard Keynes in the 1920s and 1930s, during the years when Keynes was developing many of the ideas that later were incorporated in his ''General Theory of Employment, Interest and Money''. Keynes wrote that at that time, working with Robertson, it was good to work with someone who had a "completely first class mind". Robertson was the first to use the term "liquidity trap".Richard Sutc''The Liquidity Trap: A Lesson from Macroeconomic History for Today''note 7 Ultimately however, differences of temperament and views about economic theory and practice (especially in the 1937 debate over the savings-inves ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Political Economy
Political economy is the study of how Macroeconomics, economic systems (e.g. Marketplace, markets and Economy, national economies) and Politics, political systems (e.g. law, Institution, institutions, government) are linked. Widely studied phenomena within the discipline are systems such as Market economy, labour markets and Financial market, financial markets, as well as phenomena such as Economic growth, growth, Distribution of wealth, distribution, Economic inequality, inequality, and International trade, trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics. Political economy in its modern form is considered an interdisciplinary field, drawing on theory from both political science and Neoclassical economics, modern economics. Political economy originated within 16th century western Ethics, moral philosophy, with theoretical works exploring the administration ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic History Of The United Kingdom
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century. Scotland, England, and Wales shared a monarch from 1601 but their economies were run separately until they were unified in the 1707 Act of Union. Ireland was incorporated in the United Kingdom economy between 1800 and 1922; from 1922 the Irish Free State (the modern Republic of Ireland) became independent and set its own economic policy. Great Britain, and England in particular, became one of the most prosperous economic regions in the world between the late 1600s and early 1800s as a result of being the birthplace of the industrial revolution that began in the mid-eighteenth century. The developments brought by industrialization resulted in Britain becoming the premier European and global economic, political, and military ... [...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 (t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Think Tanks Based In The United Kingdom
In their most common sense, the terms thought and thinking refer to conscious cognitive processes that can happen independently of sensory stimulation. Their most paradigmatic forms are judging, reasoning, concept formation, problem solving, and deliberation. But other mental processes, like considering an idea, memory, or imagination, are also often included. These processes can happen internally independent of the sensory organs, unlike perception. But when understood in the widest sense, any mental event may be understood as a form of thinking, including perception and unconscious mental processes. In a slightly different sense, the term ''thought'' refers not to the mental processes themselves but to mental states or systems of ideas brought about by these processes. Various theories of thinking have been proposed, some of which aim to capture the characteristic features of thought. ''Platonists'' hold that thinking consists in discerning and inspecting Platonic forms and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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