Keynesian economics
... advocates active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle.[1] The theories forming the basis of Keynesian economics were first presented in The General Theory o ...
... advocates active policy responses by the public sector, including monetary policy actions by the central bank and fiscal policy actions by the government to stabilize output over the business cycle.[1] The theories forming the basis of Keynesian economics were first presented in The General Theory o ...
Inflation
... 1. The 1960s is a time of prosperity and growth, a period characterized by success in managing the economy. How did we let inflation get out of control? 2. An inflationary period is when everyone suffers from loosing purchasing power. But there are people who benefit from it. Who are the winners and ...
... 1. The 1960s is a time of prosperity and growth, a period characterized by success in managing the economy. How did we let inflation get out of control? 2. An inflationary period is when everyone suffers from loosing purchasing power. But there are people who benefit from it. Who are the winners and ...
ECO220_MacroPropSyl_toColCounc_May11
... ethical issues that are essential for the smooth functioning of output and capital markets; and the growing need for interdependence and strategic use of environmental resources in the global economy. It is a prerequisite for the Money and Banking course and a requirement for the major in economics. ...
... ethical issues that are essential for the smooth functioning of output and capital markets; and the growing need for interdependence and strategic use of environmental resources in the global economy. It is a prerequisite for the Money and Banking course and a requirement for the major in economics. ...
View/Open
... two Ideas mtroduced Into the economIcs literature since the mId thirties but does not reVIew the extensIve literature defendmg and attackmg them These Ideas help to explam how the problem anses and they pomt to ameliorative poliCies The first of these Ideas comes from J M Keynes' theory of IOterest ...
... two Ideas mtroduced Into the economIcs literature since the mId thirties but does not reVIew the extensIve literature defendmg and attackmg them These Ideas help to explam how the problem anses and they pomt to ameliorative poliCies The first of these Ideas comes from J M Keynes' theory of IOterest ...
Real World Applications from an Economist`s Perspective
... Potential vs. Actual GDP o Potential GDP is the output of the economy, assuming no strains on production or unused resources. It is also the maximum amount of economic output an economy can sustain at any moment without inducing an increase in the inflation rate. o Potential Growth Rate = long-term ...
... Potential vs. Actual GDP o Potential GDP is the output of the economy, assuming no strains on production or unused resources. It is also the maximum amount of economic output an economy can sustain at any moment without inducing an increase in the inflation rate. o Potential Growth Rate = long-term ...
ECON 408-001 Intermediate Macroeconomic Theory
... xacroeconomica i• th• atudy of the economy in the aggregate. The analyaia centers on the factor• determining the level of national output, employment, inflation, and interest rates. There is considerable disagreement between various schools of macroeconomic thought about how the economy works. The d ...
... xacroeconomica i• th• atudy of the economy in the aggregate. The analyaia centers on the factor• determining the level of national output, employment, inflation, and interest rates. There is considerable disagreement between various schools of macroeconomic thought about how the economy works. The d ...
RIP Clifford F. Thies THE PARADOX OF THRIFT:
... fluctuations in aggregate demand effect national income and employment. Hicks’ formulation revealed that Keynesian economics rested fundamentally on the inflexibility of certain wages and prices, which he referred to as “fixprices” (also see Modigliani 1944). Keynes did not break with classical econ ...
... fluctuations in aggregate demand effect national income and employment. Hicks’ formulation revealed that Keynesian economics rested fundamentally on the inflexibility of certain wages and prices, which he referred to as “fixprices” (also see Modigliani 1944). Keynes did not break with classical econ ...
Measuring Health, Unemployment, Inflation
... when inflation rates change greatly from year to year. Purchasing Power In an inflationary economy, a dollar loses value. It will not buy the same amount of goods that it did in years past. Interest Rates When a bank's interest rate matches the inflation rate, savers break even. When a bank's in ...
... when inflation rates change greatly from year to year. Purchasing Power In an inflationary economy, a dollar loses value. It will not buy the same amount of goods that it did in years past. Interest Rates When a bank's interest rate matches the inflation rate, savers break even. When a bank's in ...
Varieties of Keynesianism
... return to the gold standard was doomed both by U.S. monetary policy and the impossible financial overhang created by the pathologies of the Versailles conference and treaty. He could also see that the academic synthesis, based on a stable velocity of money, was drifting far out of touch with the rea ...
... return to the gold standard was doomed both by U.S. monetary policy and the impossible financial overhang created by the pathologies of the Versailles conference and treaty. He could also see that the academic synthesis, based on a stable velocity of money, was drifting far out of touch with the rea ...
> Title: Reintroducing Macroeconomics
... This lively introduction to heterodox economics provides a balanced critique of the standard introductory macroeconomic curriculum. In clear and accessible prose, it explains many of the key principles that underlie a variety of alternative theoretical perspectives (including institutionalist econom ...
... This lively introduction to heterodox economics provides a balanced critique of the standard introductory macroeconomic curriculum. In clear and accessible prose, it explains many of the key principles that underlie a variety of alternative theoretical perspectives (including institutionalist econom ...
PDF
... from its Keynesian origins, and in doing so has become, like other areas of standard economics, highly abstract and mathematical. But at the same time there are some influential voices within the mainstream, such as former World Bank chief economists Joseph Stiglitz, decrying the decoupling of macro ...
... from its Keynesian origins, and in doing so has become, like other areas of standard economics, highly abstract and mathematical. But at the same time there are some influential voices within the mainstream, such as former World Bank chief economists Joseph Stiglitz, decrying the decoupling of macro ...
0620 L M AW AND
... by the persistent problems of taming inflation generated by the Korean and Viet Nam wars. Towards the end of the Eisenhower presidency, much discussion arose of cost inflation. The Kennedy administration devised a response, but it was the alternative option discussed next. The Nixon administration w ...
... by the persistent problems of taming inflation generated by the Korean and Viet Nam wars. Towards the end of the Eisenhower presidency, much discussion arose of cost inflation. The Kennedy administration devised a response, but it was the alternative option discussed next. The Nixon administration w ...
Speech to the Emeryville Chamber of Commerce Emeryville, CA
... room to absorb the increases without fully passing them on into their prices if competitive conditions in product markets induced them to do so. Beyond this, I would point to several factors that could make inflationary pressures recede. The first factor I want to discuss is a somewhat technical po ...
... room to absorb the increases without fully passing them on into their prices if competitive conditions in product markets induced them to do so. Beyond this, I would point to several factors that could make inflationary pressures recede. The first factor I want to discuss is a somewhat technical po ...
Full Employment for Ireland Deborah Heaney
... maximisation of social welfare (and not political gain), and that this depends on the aggregation of welfare of individuals from their consumption of goods and services, then this dictates that policy-makers (and in particular the Irish government) should maximise use of resources for production - o ...
... maximisation of social welfare (and not political gain), and that this depends on the aggregation of welfare of individuals from their consumption of goods and services, then this dictates that policy-makers (and in particular the Irish government) should maximise use of resources for production - o ...
The Crisis of Capitalism: Keynes Versus Marx
... true. But it presupposes a direct relationship between ideas and reality which is plainly false. Facts can be interpreted in different ways. He who controls the interpretation controls the ideas. This brings us to the question of power. Adapting Steven Lukes (1974), one may think of ideas as a form ...
... true. But it presupposes a direct relationship between ideas and reality which is plainly false. Facts can be interpreted in different ways. He who controls the interpretation controls the ideas. This brings us to the question of power. Adapting Steven Lukes (1974), one may think of ideas as a form ...
Business cycle fluctuations
... a fall in quits implies that the direction in which total separations move is ambiguous according to the Keynesian story. Fig. 28.2 indicates that total separations fell during both the dot.com-bubble recession in 2001 and the Great recession 2008-2009; so we can conclude that the fall in quits domi ...
... a fall in quits implies that the direction in which total separations move is ambiguous according to the Keynesian story. Fig. 28.2 indicates that total separations fell during both the dot.com-bubble recession in 2001 and the Great recession 2008-2009; so we can conclude that the fall in quits domi ...
Edmund Phelps
Edmund Strother Phelps, Jr. (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences. Early in his career he became renowned for his research at Yale's Cowles Foundation in the first half of the 1960s on the sources of economic growth. His demonstration of the Golden Rule savings rate, a concept first devised by John von Neumann and Maurice Allais, started a wave of research on how much a nation ought to spend on present consumption rather than save and invest for future generations. His most seminal work inserted a microfoundation—one featuring imperfect information, incomplete knowledge and expectations about wages and prices—to support a macroeconomic theory of employment determination and price-wage dynamics. This led to his development of the natural rate of unemployment—its existence and the mechanism governing its size.Phelps has been McVickar Professor of Political Economy at Columbia University since 1982. He is also the director of Columbia's Center on Capitalism and Society.