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Supply-side Economics
Supply-side economics is a Macroeconomics, macroeconomic theory postulating that economic growth can be most effectively fostered by Tax cuts, lowering taxes, Deregulation, decreasing regulation, and allowing free trade. According to supply-side economics theory, consumers will benefit from greater supply of goods and services at lower prices, and employment will increase. Supply-side fiscal policies are designed to increase aggregate supply, as opposed to aggregate demand, thereby expanding output and employment while lowering prices. Such policies are of several general varieties: #Investments in human capital, such as education, healthcare, and encouraging the transfer of technologies and business processes, to improve productivity (output per worker). Encouraging globalized free trade via containerization is a major recent example. #Tax reduction, to provide incentives to work, invest and take risks. Lowering income tax rates and eliminating or lowering tariffs are example ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomics
Macroeconomics is a branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. Macroeconomists study topics such as output (economics), output/Gross domestic product, GDP (gross domestic product) and national income, unemployment (including Unemployment#Measurement, unemployment rates), price index, price indices and inflation, Consumption (economics), consumption, saving, investment (macroeconomics), investment, Energy economics, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics. The focus of macroeconomics is often on a country (or larger entities like the whole world) and how its markets interact to produce large-scale phenomena that economists refer to as aggregate variables. In microeconomics the focus of analysis is often a single market, such as whether changes in supply or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Mundell
Robert Alexander Mundell (October 24, 1932 – April 4, 2021) was a Canadian economist. He was a professor of economics at Columbia University and the Chinese University of Hong Kong. He received the Nobel Memorial Prize in Economic Sciences in 1999 for his pioneering work in monetary dynamics and optimum currency areas. Mundell is known as the "father" of the euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics. Mundell was also known for the Mundell–Fleming model and Mundell–Tobin effect. Early life Mundell was born Robert Alexander Mundell on October 24, 1932, in Kingston, Ontario, Canada, to Lila Teresa (née Hamilton) and William Mundell. His mother was an heiress while his father was a military officer and taught at the Royal Military College of Canada. He spent his early years in a farm in Ontario and moved to British Columbia with his family when his father retired at the end of W ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Fathers of the United States, Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 during the Presidency of George Washington, presidency of George Washington, the first president of the United States. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a prosperous merchant. He was given a scholarship and pursued his education at Columbia College, Columbia University, King's College (now Columbia University) in New York City where, despite his young age, he was an anonymous but prolific and widely read pamphleteer and advocate for the American Revolution. He then served as an artillery officer in the American Revolutionary War, where he saw military action against the British Army during the American Revolutionary War, British Army in the New York and New Jersey campaign, served for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptised 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the field of political economy and key figure during the Scottish Enlightenment. Seen by some as the "father of economics"——— or the "father of capitalism".———— He is known for two classic works: ''The Theory of Moral Sentiments'' (1759) and ''The Wealth of Nations, An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is regarded as his ''magnum opus'', marking the inception of modern economic scholarship as a comprehensive system and an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of divine will and instead appeals to natural, political, social, economic, legal, environmental and technological factors, as well as the interactions among them. The work is notable for its contribution to economic theory, particularly in its exposition o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jonathan Swift
Jonathan Swift (30 November 1667 – 19 October 1745) was an Anglo-Irish writer, essayist, satirist, and Anglican cleric. In 1713, he became the Dean (Christianity), dean of St Patrick's Cathedral, Dublin, and was given the sobriquet "Dean Swift". His trademark deadpan and ironic style of writing, particularly in works such as ''A Modest Proposal'' (1729), has led to such satire being subsequently termed as "Swiftian". He wrote the satirical book ''Gulliver's Travels'' (1726), which became his best-known publication and popularised the fictional island of Lilliput and Blefuscu, Lilliput. Following the remarkable success of his works, Swift came to be regarded by many as the greatest satirist of the Georgian era, and one of the foremost prose satirists in the history of English literature. Swift also authored works such as ''A Tale of a Tub'' (1704) and ''An Argument Against Abolishing Christianity'' (1712). He originally published all of his works under pseudonyms—including L ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Hume
David Hume (; born David Home; – 25 August 1776) was a Scottish philosopher, historian, economist, and essayist who was best known for his highly influential system of empiricism, philosophical scepticism and metaphysical naturalism. Beginning with '' A Treatise of Human Nature'' (1739–40), Hume strove to create a naturalistic science of man that examined the psychological basis of human nature. Hume followed John Locke in rejecting the existence of innate ideas, concluding that all human knowledge derives solely from experience. This places him with Francis Bacon, Thomas Hobbes, John Locke, and George Berkeley as an empiricist. Cranston, Maurice, and Thomas Edmund Jessop. 2020 999br>David Hume" ''Encyclopædia Britannica''. Retrieved 18 May 2020. Hume argued that inductive reasoning and belief in causality cannot be justified rationally; instead, they result from custom and mental habit. We never actually perceive that one event causes another but only experience ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ibn Khaldun
Ibn Khaldun (27 May 1332 – 17 March 1406, 732–808 Hijri year, AH) was an Arabs, Arab Islamic scholar, historian, philosopher and sociologist. He is widely acknowledged to be one of the greatest social scientists of the Middle Ages, and considered by a number of scholars to be a major forerunner of historiography, sociology, economics, and demography studies. His best-known book, the ''Muqaddimah'' or ''Prolegomena'' ("Introduction"), which he wrote in six months as he states in his autobiography, influenced 17th-century and 19th-century Ottoman historians such as Kâtip Çelebi, Mustafa Naima and Ahmed Cevdet Pasha, who used its theories to analyze the growth and decline of the Ottoman Empire. Ibn Khaldun interacted with Tamerlane, the founder of the Timurid Empire. He has been called one of the most prominent Muslim and Arab scholars and historians. Recently, Ibn Khaldun's works have been compared with those of influential European philosophers such as Niccolò Machiavelli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bruce Bartlett
Bruce Reeves Bartlett (born October 11, 1951) is an American historian and author. He served as a domestic policy adviser to Ronald Reagan and as a Treasury official under George H. W. Bush. Bartlett also writes for the New York Times Economix blog. Bartlett has written several books and magazine articles critical of the George W. Bush administration, asserting that its economic policies significantly departed from traditional conservative principles. Early life and education Bartlett was born October 11, 1951, in Ann Arbor, Michigan, the son of Marjorie (Stern) and Frank Bartlett. He attended Rutgers University, where he received a B.A. in 1973, and Georgetown University, where he received an M.A. in 1976. He originally studied American diplomatic history under Lloyd Gardner at Rutgers and Jules Davids at Georgetown. He did a master's thesis on the origins of the Pearl Harbor attack at Georgetown, the substance of which was later published as ''Coverup: The Politics of P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Classical Macroeconomics
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of foundations based on microeconomics, especially rational expectations. New classical macroeconomics strives to provide neoclassical microeconomic foundations for macroeconomic analysis. This is in contrast with its rival new Keynesian school that uses microfoundations, such as price stickiness and imperfect competition, to generate macroeconomic models similar to earlier, Keynesian ones. History Classical economics is the term used for the first modern school of economics. The publication of Adam Smith's ''The Wealth of Nations'' in 1776 is considered to be the birth of the school. Perhaps the central idea behind it is on the ability of the market to be self-correcting as well as being the most superior institution in allocating resources. The cen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago School Of Economics
The Chicago school of economics is a Neoclassical economics, neoclassical Schools of economic thought, school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on the concept of rational expectations. The Saltwater and freshwater economics, freshwater–saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Specifically, new Keynesian economics was developed as a response to new classical economics, electing to incorporate the insight of rational expectations without giving up the traditional Keynesian focus on imperfect competition and sticky wages. Chicago econom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact 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, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1973–1975 Recession
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously. United States Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock. The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure. The 1973–74 stock market crash made the recession evident. The recession in the United States lasted from November 1973 (the Richard Nixon presidency) to March 1975 (the Gerald Ford pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
