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Secular Stagnation Theory
In economics, secular stagnation is a condition when there is negligible or no economic growth in a market-based economy. In this context, the term ''secular'' means long-term (from Latin "saeculum"—century or lifetime), and is used in contrast to ''cyclical'' or ''short-term''. It suggests a change of fundamental dynamics which would play out only in its own time. The concept was originally put forth by Alvin Hansen in 1938. According to ''The Economist'', it was used to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". Warnings of impending secular stagnation have been issued after all deep recessions since the Great Depression, but the hypothesis has remained controversial. Definition The term secular stagnation refers to a market economy with a chronic (secular or long-term) lack ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saeculum
A is a length of time roughly equal to the potential lifetime of a person or, equivalently, the complete renewal of a human population. Originally it meant the time from the moment that something happened (for example the founding of a city) until the point in time that all people who had lived at the first moment had died. At that point a new would start. According to legend, the gods had allotted a certain number of to every people or civilization; the Etruscans, for example, had been given ten saecula. By the 2nd century BC, Roman historians were using the to periodize their chronicles and track wars. At the time of the reign of emperor Augustus, the Classical Rome, Romans decided that a was 110 years. In 17 BC, Caesar Augustus organized ''Secular Games, Ludi saeculares'' ("saecular games") for the first time to celebrate the "fifth saeculum of Rome". Augustus aimed to link the with imperial authority. Emperors such Claudius and Septimius Severus celebrated the passing o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hans-Werner Sinn
Hans-Werner Sinn (born 7 March 1948) is a German economist who served as President of the Ifo Institute for Economic Research from 1999 to 2016. He currently serves on the German economy ministry’s advisory council. He is Professor Emeritus of Economics and Public Finance at the University of Munich. Education and career After studying economics at the University of Münster from 1967 to 1972 and receiving his doctorate from the University of Mannheim in 1978, Sinn was awarded the venia legendi in 1983, also from the University of Mannheim. Since 1984 Sinn has been full professor in the faculty of economics at the University of Munich (LMU), first holding the chair for economics and insurance, and from 1994 the chair for economics and public finance. During leaves of absence from Mannheim and Munich he held visiting professorships (1978/79 and 1984/85) at the University of Western Ontario in Canada. During sabbaticals he was also visiting researcher at the London School of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-growth
Post-growth is stance on economic growth concerning the limits-to-growth dilemma — recognition that, on a planet of finite material resources, extractive economies and populations cannot grow infinitely. The term "post-growth" acknowledges that economic growth can generate beneficial effects up to a point, but beyond that point (cited as $25,000 GDP/capita by Richard Wilkinson and Kate Pickett in their book '' The Spirit Level'') it is necessary to look for other indicators and techniques to increase human wellbeing. Post-growth can be distinguished from similar concepts and movements (such as degrowth and steady-state economy) in that it seeks to identify and build on what is already working, rather than focusing on what is not. Post-growth advocates try to encourage, connect and further develop already existing ideas, concepts, technologies, systems, initiatives, and actions. In this way, "post-growth" does not specify the answer to the limits-to-growth challenge, as "stea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tim Jackson (economist)
Tim Jackson (born 1957) is a British ecological economist and professor of sustainable development at the University of Surrey. He is the director of the Centre for the Understanding of Sustainable Prosperity (CUSP), a multi-disciplinary, international research consortium which aims to understand the economic, social and political dimensions of sustainable prosperity. Tim Jackson is the author of '' Prosperity Without Growth'' (2009 and 2017) and '' Material Concerns'' (1996). In 2016, he received the Hillary Laureate for exceptional mid-career Leadership. His most recent book '' Post Growth—Life After Capitalism'' was published in March 2021 by Polity Press. Work Academic work For more than twenty five years, he has worked internationally on sustainable consumption and production. During five years at the Stockholm Environment Institute in the early 1990s, he pioneered the concept of preventative environmental management outlined in his 1996 book '' Material Concerns ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Climate Change
In common usage, climate change describes global warming—the ongoing increase in global average temperature—and its effects on Earth's climate system. Climate change in a broader sense also includes previous long-term changes to Earth's climate. The current rise in global average temperature is more rapid than previous changes, and is primarily caused by humans burning fossil fuels. Fossil fuel use, deforestation, and some agricultural and industrial practices increase greenhouse gases, notably carbon dioxide and methane. Greenhouse gases absorb some of the heat that the Earth radiates after it warms from sunlight. Larger amounts of these gases trap more heat in Earth's lower atmosphere, causing global warming. Due to climate change, deserts are expanding, while heat waves and wildfires are becoming more common. Increased warming in the Arctic has contributed to melting permafrost, glacial retreat and sea ice loss. Higher temperatures are also causing m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Limits To Growth
''The Limits to Growth'' (''LTG'') is a 1972 report that discussed the possibility of exponential economic and population growth with finite supply of resources, studied by computer simulation. The study used the World3 computer model to simulate the consequence of interactions between the earth and human systems. The model was based on the work of Jay Forrester of MIT, as described in his book ''World Dynamics''. Commissioned by the Club of Rome, the findings of the study were first presented at international gatherings in Moscow and Rio de Janeiro in the summer of 1971. The report's authors are Donella H. Meadows, Dennis L. Meadows, Jørgen Randers, and William W. Behrens III, representing a team of 17 researchers. The report concludes that, without substantial changes in resource consumption, "the most probable result will be a rather sudden and uncontrollable decline in both population and industrial capacity". Although its methods and premises were heavily challenged on i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Revolution
The Industrial Revolution was the transition to new manufacturing processes in Great Britain, continental Europe, and the United States, that occurred during the period from around 1760 to about 1820–1840. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power, the development of machine tools and the rise of the mechanized factory system. Output greatly increased, and a result was an unprecedented rise in population and in the rate of population growth. Textiles were the dominant industry of the Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. The Industrial Revolution began in Great Britain, and many of the technological and architectural innovations were of British origin. By the mid-18th century, Britain was the world's leadi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fossil Fuels
A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. The main fossil fuels are coal, oil, and natural gas. Fossil fuels may be burned to provide heat for use directly (such as for cooking or heating), to power engines (such as internal combustion engines in motor vehicles), or to generate electricity. Some fossil fuels are refined into derivatives such as kerosene, gasoline and propane before burning. The origin of fossil fuels is the anaerobic decomposition of buried dead organisms, containing organic molecules created by photosynthesis. The conversion from these materials to high-carbon fossil fuels typically require a geological process of millions of years. In 2019, 84% of primary energy consumption in the world and 64% of its electricity was from fossil fuels. The large-scale burning of fossil fuels causes serious environmental damage. Over 80% of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Energy Returned On Energy Invested
In energy economics and ecological energetics, energy return on investment (EROI), also sometimes called energy returned on energy invested (ERoEI), is the ratio of the amount of usable energy (the ''exergy'') delivered from a particular energy resource to the amount of exergy used to obtain that energy resource. Arithmetically the EROI can be defined as: : EROI = \frac. When the EROI of a source of energy is less than or equal to one, that energy source becomes a net "energy sink", and can no longer be used as a source of energy. A related measure, called energy stored on energy invested (ESOEI), is used to analyse storage systems. To be considered viable as a prominent fuel or energy source a fuel or energy must have an EROI ratio of at least 3:1. History The energy analysis field of study is credited with being popularized by Charles A. S. Hall, a Systems ecology and biophysical economics professor at the State University of New York. Hall applied the biological meth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carl Benedikt Frey
Carl Benedikt Frey is a Swedish-German economist and economic historian. He is Oxford Martin Citi Fellow at University of Oxford, Oxford University where he directs the programme on the Future of Work at the Oxford Martin School. Career After studying economics, history and management at Lund University, Frey completed his PhD at the Max Planck Institute for Innovation and Competition in 2011. He subsequently joined the Oxford Martin School where he founded the programme on the Future of Work with support from Citigroup. Between 2012 and 2014, he was teaching at the Department of Economic History at Lund University. In 2012, Frey became an Economics Associate of Nuffield College, Oxford, Nuffield College and Senior Fellow at the Institute for New Economic Thinking, both University of Oxford. He remains a Senior Fellow of the Department of Economic History at Lund University, and a Fellow of the Royal Society of Arts, Royal Society for the Encouragement of Arts, Manufactures and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tyler Cowen
Tyler Cowen (; born January 21, 1962) is an American economist, columnist and blogger. He is a professor at George Mason University, where he holds the Holbert L. Harris chair in the economics department. He hosts the economics blog ''Marginal Revolution'', together with co-author Alex Tabarrok. Cowen and Tabarrok also maintain the website Marginal Revolution University, a venture in online education. Cowen writes the "Economic Scene" column for ''The New York Times'' and since July 2016 has been a regular opinion columnist at ''Bloomberg Opinion''. He also writes for such publications as ''The New Republic'', ''The Wall Street Journal'', ''Forbes'', ''Newsweek'' and the ''Wilson Quarterly''. He serves as general director of George Mason's Mercatus Center, a university research center that focuses on the market economy. Since 2015, he has hosted the podcast ''Conversations with Tyler''. In September, 2018, Tyler and his team at George Mason University launched Emergent Ventures, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fordism
Fordism is a manufacturing technology that serves as the basis of modern economic and social systems in industrialized, standardized mass production and mass consumption. The concept is named after Henry Ford. It is used in social, economic, and management theory about production, working conditions, consumption, and related phenomena, especially regarding the 20th century. It describes an ideology of advanced capitalism centered around the American socioeconomic systems in place in the post-war economic boom. Overview Fordism is "the eponymous manufacturing system designed to produce standardized, low-cost goods and afford its workers decent enough wages to buy them." It has also been described as "a model of economic expansion and technological progress based on mass production: the manufacture of standardized products in huge volumes using special purpose machinery and unskilled labor." Although Fordism was a method used to improve productivity in the automotive industry, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
