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Political Business Cycle
Business cycles are intervals of 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 arvey, 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 numerous sources of business ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Expansion
An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluctuations in aggregate economic activity between economic expansions and contractions is one of the primary concerns of macroeconomics. Typically an economic expansion is marked by an upturn in production and utilization of resources. Economic recovery and prosperity are two successive phases of expansion, where as a recession is defined as two declining periods of GDP. Expansion may be caused by factors external to the economy, such as weather conditions or technical change, or by factors internal to the economy, such as fiscal policies, monetary policies, the availability of credit, interest rates, regulatory policies or other impacts on producer incentives. Global conditions may influence the levels of economic activity in various countries. Economic contraction and expa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Dunoyer
Charles Dunoyer Barthélemy-Charles-Pierre-Joseph Dunoyer de Segonzac (20 May 1786 – 4 December 1862), better known as Charles Dunoyer, was a French economist of the French Liberal School. Dunoyer gave one of the earliest theories of economic cycle, building on the theory of periodic crises of Jean Charles Léonard de Sismondi and introducing the notion of the economy periodically cycling between two phases. Biography Dunoyer was born in Carennac, Quercy (now in Lot). In 1814, he had founded together with Charles Comte the journal ''Le Censeur'', a platform for liberal ideas. Dunoyer would also publish a variety of books on political economy, among them ''De la Liberté du travail'' (''On the Freedom of Labour'', 1845). Dunoyer was an early member of the Société d'économie politique organized in 1842 by Pellegrino Rossi. He was a member of the Académie des Sciences morales et politiques of the Institut de France. He was also a member of the Conseil d'État of the Secon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Schumpeter
Joseph Alois Schumpeter (; February 8, 1883 – January 8, 1950) was an Austrian-born political economist. He served briefly as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", which was coined by Werner Sombart. Early life and education Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Both of his grandmothers were Czech. Schumpeter did not acknowledge his Czech ancestry; he considered himself an ethnic German. His father owned a factory, but he died when Joseph was only four years old. In 1893, Joseph and his mother moved to Vienna. Schumpeter was a loyal supporter of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clément Juglar
Clément Juglar (15 October 1819 – 28 February 1905) was a French doctor and statistician. Juglar cycles He was one of the first to develop an economic theory of business cycles.The New Encyclopædia Britannica: Macropaedia 1998 "The first authority to explore economic cycles as periodically recurring phenomena was probably a French physician, Clément Juglar, in 1860." He identified the fixed investment cycle of six to ten years that is now associated with his name. Within the Juglar cycle one can observe oscillations of investments into fixed capital and not just changes in the level of employment of the fixed capital (and respective changes in inventories), as is observed with respect to Kitchin cycles. Juglar's impact Juglar's publications led to other business cycle theories by later economists such as Joseph Schumpeter. Publications of Clément Juglar *"Des crises commerciales", 1856, in ''Annuaire de l'economie politique''.''Des Crises commerciales et leur retour periodiq ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Forces Of The Business Cycle, 1922
''The'' () is a grammatical article in English, denoting persons or things already mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' is the most frequently used word in the English language; studies and analyses of texts have found it to account for seven percent of all printed English-language words. It is derived from gendered articles in Old English which combined in Middle English and now has a single form used with pronouns of any gender. The word can be used with both singular and plural nouns, and with a noun that starts with any letter. This is different from many other languages, which have different forms of the definite article for different genders or numbers. Pronunciation In most dialects, "the" is pronounced as (with the voiced dental fricative followed by a schwa) when followed by a consonant sound, and as (homophone of pronoun ''thee'') when followed by a v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Value Tax
A land value tax (LVT) is a levy on the value of land (economics), land without regard to buildings, personal property and other land improvement, improvements. It is also known as a location value tax, a point valuation tax, a site valuation tax, split rate tax, or a site-value rating. Land value taxes are generally favored by economists as they do not cause economic efficiency, economic inefficiency, and reduce economic inequality, inequality. A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century. Economists since Adam Smith and David Ricardo have advocated this tax because it does not hurt economic activity or discourage or subsidize development. LVT is associated with Henry George, whose ideology became known as Georgism. George ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Speculation
In finance, speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable shortly. (It can also refer to short sales in which the speculator hopes for a decline in value.) Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bonds, commodity futures, currencies, fine art, collectibles, real estate, and derivatives. Speculators play one of four primary roles in financial markets, along with hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageus who seek to profit from situations where fungible instruments trade at different prices in different market segments, and investors who seek profit through long-term ownership of an instrument's underlying attributes. History Wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of production Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods. While the particular role of land in the economy was extensively debated in classical economics it played a minor role in the neoclassical economics dominant in the 20th century. Income derived from ownership or control of natural resources is referred to as rent. Ownership Because no man created the land, it does not have a definite original proprietor, owner or user. As a consequence, conflicting claims on geographic l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry George
Henry George (September 2, 1839 – October 29, 1897) was an American political economist and journalist. His writing was immensely popular in 19th-century America and sparked several reform movements of the Progressive Era. He inspired the economic philosophy known as Georgism, the belief that people should own the value they produce themselves, but that the economic value of land (including natural resources) should belong equally to all members of society. George famously argued that a single tax on land values would create a more productive and just society. His most famous work, ''Progress and Poverty'' (1879), sold millions of copies worldwide. The treatise investigates the paradox of increasing inequality and poverty amid economic and technological progress, the business cycle with its cyclic nature of industrialized economies, and the use of rent capture such as land value tax and other anti-monopoly reforms as a remedy for these and other social problems. Other works by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progress And Poverty
''Progress and Poverty: An Inquiry into the Cause of Industrial Depressions and of Increase of Want with Increase of Wealth: The Remedy'' is an 1879 book by social theorist and economist Henry George. It is a treatise on the questions of why poverty accompanies economic and technological progress and why economies exhibit a tendency toward Business cycle, cyclical boom and bust. George uses history and deductive logic to argue for a radical solution focusing on the capture of economic rent from natural resource and land titles. ''Progress and Poverty'', George's first book, sold several million copies, becoming one of the highest selling books of the late 1800s. It helped spark the Progressive Era and a worldwide social reform movement around an ideology now known as 'Georgism'. Jacob Riis, for example, explicitly marks the beginning of the Progressive Era awakening as 1879 because of the date of this publication. The Princeton historian Eric F. Goldman wrote this about the influen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theories Of Surplus Value
''Theories of Surplus Value'' (german: Theorien über den Mehrwert) is a draft manuscript written by Karl Marx between January 1862 and July 1863. It is mainly concerned with the Western Europe, Western European theorizing about ''Mehrwert'' (added value or surplus value) from about 1750, critically examining the ideas of British, French and German political economists about wealth creation and the profitability of industries. At issue are the source, forms and determinants of the magnitude of surplus-value and Marx tries to explain how after failing to solve basic contradictions in its Labor theories of value, labour theories of value the Classical economics, classical school of political economy eventually broke up, leaving only "vulgar political economy" which no longer tried to provide a consistent, integral theory of capitalism, but instead offered only an eclectic amalgam of theories which seemed pragmatically useful or which justified the rationality of the market economy. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Das Kapital
''Das Kapital'', also known as ''Capital: A Critique of Political Economy'' or sometimes simply ''Capital'' (german: Das Kapital. Kritik der politischen Ökonomie, link=no, ; 1867–1883), is a foundational theoretical text in Historical materialism, materialist philosophy, critique of political economy and politics by Karl Marx. Marx aimed to reveal the economic patterns underpinning the capitalist mode of production (Marxist theory), capitalist mode of production in contrast to Classical economics, classical political economists such as Adam Smith, Jean-Baptiste Say, David Ricardo and John Stuart Mill. While Marx did not live to publish the planned second, third and fourth parts, the second and third volumes were completed from his notes and published after his death by his colleague Friedrich Engels; the fourth volume was completed and published after Engels's death by Marxist philosoper Karl Kautsky. ''Das Kapital'' is the most cited book published before 1950 in the social ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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