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Ralph 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] |
Royal Institute For International Affairs
Chatham House, also known as the Royal Institute of International Affairs, is an independent policy institute headquartered in London. Its stated mission is to provide commentary on world events and offer solutions to global challenges. It is the originator of the Chatham House Rule. Overview Canadian philanthropists Colonel Reuben Wells Leonard and Kate Rowlands Leonard purchased the property in 1923, donating the building as a headquarters for the fledgling organisation that then became known as Chatham House. The building is a Grade I listed 18th-century house in St James's Square, designed in part by Henry Flitcroft and occupied by three British Prime Ministers, including William Pitt, 1st Earl of Chatham. Chatham House accepts individual members as well as members from corporations, academic institutions and NGOs. Chatham House Rule Chatham House is the origin of the non-attribution rule known as the Chatham House Rule, which provides that attendees of meetings may ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trinity College, Cambridge
Trinity College is a constituent college of the University of Cambridge. Founded in 1546 by Henry VIII, King Henry VIII, Trinity is one of the largest Cambridge colleges, with the largest financial endowment of any college at either Cambridge or University of Oxford, Oxford. Trinity has some of the most distinctive architecture in Cambridge with its Trinity Great Court, Great Court said to be the largest enclosed courtyard in Europe. Academically, Trinity performs exceptionally as measured by the Tompkins Table (the annual unofficial league table of Cambridge colleges), coming top from 2011 to 2017. Trinity was the top-performing college for the 2020-21 undergraduate exams, obtaining the highest percentage of good honours. Members of Trinity have been awarded 34 Nobel Prizes out of the 121 received by members of Cambridge University (the highest of any college at either Oxford or Cambridge). Members of the college have received four Fields Medals, one Turing Award and one Abel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War I
World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fighting occurring throughout Europe, the Middle East, Africa, the Pacific, and parts of Asia. An estimated 9 million soldiers were killed in combat, plus another 23 million wounded, while 5 million civilians died as a result of military action, hunger, and disease. Millions more died in genocides within the Ottoman Empire and in the 1918 influenza pandemic, which was exacerbated by the movement of combatants during the war. Prior to 1914, the European great powers were divided between the Triple Entente (comprising France, Russia, and Britain) and the Triple Alliance (containing Germany, Austria-Hungary, and Italy). Tensions in the Balkans came to a head on 28 June 1914, following the assassination of Archduke Franz Ferdin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade 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] |
Quantity Theory
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] |
The General Theory Of Employment, Interest And Money
''The General Theory of Employment, Interest and Money'' is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the " Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The ''General Theory'' is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Treatise On Money
''A Treatise on Money'' is a two-volume book by English economist John Maynard Keynes published in 1930. Summary of the Work In the ''Treatise'' Keynes drew a distinction between savings and investment, arguing that where saving exceeded investment, recession would occur. Thus, Keynes reasoned that during a depression the best course of action would be to promote spending and to discourage saving. Keynes most notably clarified his Theory of Money in catty dialogue with other famous economists of the day, such as Friedrich Hayek and Dennis Robertson. Keynes described his rejoinder as such “in my Rejoinder to Mr. D. H. Robertson, Published in the Economic Journal for September, 1931, I have endeavoured to re-state in a clearer way what my own theory actually is.” In Keynes’ ''Treatise'', he does not agree that booms and busts happen solely because of extrinsic random variables such as “sunspots”. Instead, he believes that economic events emerge when there are discrepan ... [...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] |
Orders, Decorations, And Medals Of The United Kingdom
In the United Kingdom and the British Overseas Territories, personal bravery, achievement, or service are rewarded with honours. The honours system consists of three types of award: *Honours are used to recognise merit in terms of achievement and service; *Decorations tend to be used to recognise specific deeds; *Medals are used to recognise service on a particular operation or in a specific theatre, long or valuable service, and good conduct. Appointments to the various orders and awards of other honours are usually published in ''The London Gazette''. Brief history Although the Anglo-Saxon monarchs are known to have rewarded their loyal subjects with rings and other symbols of favour, it was the Normans who introduced knighthoods as part of their feudal government. The first English order of chivalry, the Order of the Garter, was created in 1348 by Edward III. Since then, the system has evolved to address the changing need to recognise other forms of service to the Unit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harvard University
Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher learning in the United States and one of the most prestigious and highly ranked universities in the world. The university is composed of ten academic faculties plus Harvard Radcliffe Institute. The Faculty of Arts and Sciences offers study in a wide range of undergraduate and graduate academic disciplines, and other faculties offer only graduate degrees, including professional degrees. Harvard has three main campuses: the Cambridge campus centered on Harvard Yard; an adjoining campus immediately across Charles River in the Allston neighborhood of Boston; and the medical campus in Boston's Longwood Medical Area. Harvard's endowment is valued at $50.9 billion, making it the wealthiest academic institution in the world. Endowment inco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
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