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Supply and demand In scenarios such as the United States housing bubble, an initial price change of an asset can increase the expectations of investors, making the asset more lucrative and contributing to further price increases until market sentiment changes, which creates a positive feedback loop and an asset bubble.... | https://en.wikipedia.org/wiki?curid=29664 |
Statistical hypothesis testing A statistical hypothesis, sometimes called confirmatory data analysis, is a hypothesis that is testable on the basis of observing a process that is modeled via a set of random variables. A statistical hypothesis test is a method of statistical inference. Commonly, two statistical data set... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing In other words, every hypothesis test based on significance can be obtained via a confidence interval, and every confidence interval can be obtained via a hypothesis test based on significance. Significance-based hypothesis testing is the most common framework for statistical hypothesis t... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The difference in the two processes applied to the Radioactive suitcase example (below): The former report is adequate, the latter gives a more detailed explanation of the data and the reason why the suitcase is being checked. The difference between accepting the null hypothesis and simpl... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing 05, the fair coin would be expected to (incorrectly) reject the null hypothesis in about 1 out of every 20 tests. The "p"-value does not provide the probability that either hypothesis is correct (a common source of confusion). If the "p"-value is less than the chosen significance threshol... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing 4% chance that the observed results (perfectly ordered tea) would occur. Whether rejection of the null hypothesis truly justifies acceptance of the research hypothesis depends on the structure of the hypotheses. Rejecting the hypothesis that a large paw print originated from a bear does n... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing For example, Lehmann (1992) in a review of the fundamental paper by Neyman and Pearson (1933) says: "Nevertheless, despite their shortcomings, the new paradigm formulated in the 1933 paper, and the many developments carried out within its framework continue to play a central role in both ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The design of the experiment is critical. A number of unexpected effects have been observed including: A statistical analysis of misleading data produces misleading conclusions. The issue of data quality can be more subtle. In forecasting for example, there is no agreement on a measure of... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Those making critical decisions based on the results of a hypothesis test are prudent to look at the details rather than the conclusion alone. In the physical sciences most results are fully accepted only when independently confirmed. The general advice concerning statistics is, "Figures ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing He concluded by calculation of a "p"-value that the excess was a real, but unexplained, effect. In a famous example of hypothesis testing, known as the "Lady tasting tea", Dr. Muriel Bristol, a female colleague of Fisher claimed to be able to tell whether the tea or the milk was added fir... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The second one, formula_3, is called the "alternative hypothesis". It is the alternative hypothesis that one hopes to support. The hypothesis of innocence is only rejected when an error is very unlikely, because one doesn't want to convict an innocent defendant. Such an error is called "e... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The criterion for rejecting the null-hypothesis is the "obvious" difference in appearance (an informal difference in the mean). The interesting result is that consideration of a real population and a real sample produced an imaginary bag. The philosopher was considering logic rather than ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing They are shown the reverse of a randomly chosen playing card 25 times and asked which of the four suits it belongs to. The number of hits, or correct answers, is called "X". As we try to find evidence of their clairvoyance, for the time being the null hypothesis is that the person is not ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing That is, one decides how often one accepts an error of the first kind – a false positive, or Type I error. With "c" = 25 the probability of such an error is: and hence, very small. The probability of a false positive is the probability of randomly guessing correctly all 25 times. Being le... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing If the null hypothesis predicts (say) on average 9 counts per minute, then according to the Poisson distribution typical for radioactive decay there is about 41% chance of recording 10 or more counts. Thus we can say that the suitcase is compatible with the null hypothesis (this does not ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing To slightly formalize intuition: radioactivity is suspected if the Geiger-count with the suitcase is among or exceeds the greatest (5% or 1%) of the Geiger-counts made with ambient radiation alone. This makes no assumptions about the distribution of counts. Many ambient radiation observat... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The following terms describe tests in terms of such optimality: is a key technique of both frequentist inference and Bayesian inference, although the two types of inference have notable differences. Statistical hypothesis tests define a procedure that controls (fixes) the probability of i... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing the probability of correctly rejecting the null hypothesis given that it is false. Such considerations can be used for the purpose of sample size determination prior to the collection of data. While hypothesis testing was popularized early in the 20th century, early forms were used in the... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Modern hypothesis testing is an inconsistent hybrid of the Fisher vs Neyman/Pearson formulation, methods and terminology developed in the early 20th century. Fisher popularized the "significance test". He required a null-hypothesis (corresponding to a population frequency distribution) an... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Neyman/Pearson considered their formulation to be an improved generalization of significance testing.(The defining paper was abstract. Mathematicians have generalized and refined the theory for decades.) Fisher thought that it was not applicable to scientific research because often, durin... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The modern version of hypothesis testing is a hybrid of the two approaches that resulted from confusion by writers of statistical textbooks (as predicted by Fisher) beginning in the 1940s. (But signal detection, for example, still uses the Neyman/Pearson formulation.) Great conceptual dif... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Paul Meehl has argued that the epistemological importance of the choice of null hypothesis has gone largely unacknowledged. When the null hypothesis is predicted by theory, a more precise experiment will be a more severe test of the underlying theory. When the null hypothesis defaults to ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The null hypothesis in this case is no longer predicted by theory or conventional wisdom, but is instead the principle of indifference that led Fisher and others to dismiss the use of "inverse probabilities". An example of Neyman–Pearson hypothesis testing can be made by a change to the r... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing A likelihood ratio remains a good criterion for selecting among hypotheses. The two forms of hypothesis testing are based on different problem formulations. The original test is analogous to a true/false question; the Neyman–Pearson test is more like multiple choice. In the view of Tukey ... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing It also stimulated new applications in statistical process control, detection theory, decision theory and game theory. Both formulations have been successful, but the successes have been of a different character. The dispute over formulations is unresolved. Science primarily uses Fisher's... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing While the existing merger of Fisher and Neyman–Pearson theories has been heavily criticized, modifying the merger to achieve Bayesian goals has been considered. Criticism of statistical hypothesis testing fills volumes citing 300–400 primary references. Much of the criticism can be summar... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Textbooks have added some cautions and increased coverage of the tools necessary to estimate the size of the sample required to produce significant results. Major organizations have not abandoned use of significance tests although some have discussed doing so. The numerous criticisms of s... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing " On one "alternative" there is no disagreement: Fisher himself said, "In relation to the test of significance, we may say that a phenomenon is experimentally demonstrable when we know how to conduct an experiment which will rarely fail to give us a statistically significant result." Cohe... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Bayesian methods could be criticized for requiring information that is seldom available in the cases where significance testing is most heavily used. Neither the prior probabilities nor the probability distribution of the test statistic under the alternative hypothesis are often available... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing The most common application of hypothesis testing is in the scientific interpretation of experimental data, which is naturally studied by the philosophy of science. Fisher and Neyman opposed the subjectivity of probability. Their views contributed to the objective definitions. The core of... | https://en.wikipedia.org/wiki?curid=30284 |
Statistical hypothesis testing Hypothesis testing is also taught at the postgraduate level. Statisticians learn how to create good statistical test procedures (like "z", Student's "t", "F" and chi-squared). is considered a mature area within statistics, but a limited amount of development continues. An academic study s... | https://en.wikipedia.org/wiki?curid=30284 |
Third World The term "Third World" arose during the Cold War to define countries that remained non-aligned with either NATO or the Communist Bloc. The United States, Canada, Japan, South Korea, Western European nations and their allies represented the First World, while the Soviet Union, China, Cuba, and their allies r... | https://en.wikipedia.org/wiki?curid=30305 |
Third World Because many countries were economically poor, and non-industrialized, it became a stereotype to refer to poor countries as "third world countries", yet the "Third World" term is also often taken to include newly industrialized countries like Brazil, India and China now more commonly referred to as part of ... | https://en.wikipedia.org/wiki?curid=30305 |
Third World For example, in the Western theory, China and India belong respectively to the second and third worlds, but in Mao's theory both China and India are part of the which he defined as consisting of exploited nations. Third Worldism is a political movement that argues for the unity of third-world nations agains... | https://en.wikipedia.org/wiki?curid=30305 |
Third World He claimed that the attachment of status to a particular country was not based on any stable economic or political criteria, and was a mostly arbitrary process. The large diversity of countries considered part of the — from Indonesia to Afghanistan — ranged widely from economically primitive to economically... | https://en.wikipedia.org/wiki?curid=30305 |
Third World Throughout the Cold War and beyond, the countries of the have been the priority recipients of Western foreign aid and the focus of economic development through mainstream theories such as modernization theory and dependency theory. By the end of the 1960s, the idea of the came to represent countries in Afri... | https://en.wikipedia.org/wiki?curid=30305 |
Third World To counter this mode of thought, some scholars began proposing the idea of a change in world dynamics that began in the late 1980s, and termed it the Great Convergence. As Jack A. Goldstone and his colleagues put it, "in the twentieth century, the Great Divergence peaked before the First World War and conti... | https://en.wikipedia.org/wiki?curid=30305 |
Value theory involves various approaches that examine how, why, and to what degree humans value things and whether the object or subject of valuing is a person, idea, object, or anything else. Within philosophy, it can be known as ethics or axiology. Early philosophical investigations sought to understand good and evil... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory Moral goods are those that have to do with the conduct of persons, usually leading to praise or blame. Natural goods, on the other hand, have to do with objects, not persons. For example, the statement "Mary is a good person" uses 'good' very differently than in the statement "That is good food". Ethics is... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory In this view, religious or political struggle over what "goods" are available in the marketplace is inevitable, and consensus on some core questions about body and society and ecosystems affected by the transaction, are outside the market's goods so long as they are unowned. However, some natural goods see... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory For instance, some claim that cigarettes are a "good" in the economic sense, as their production can employ tobacco growers and doctors who treat lung cancer. Many people would agree that cigarette smoking is not "morally" "good", nor "naturally" "good," but still recognize that it is economically good, wh... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory Intuitively, theories of value must be important to ethics. A number of useful distinctions have been made by philosophers in the treatment of value. Discreetness can be established by distinguishing between "instrumental value" and "intrinsic values by giving value intrinsic and extrinsic properties. F"ir... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory John Dewey (1859-1952), in his book "Theory of Valuation", sees goodness as the outcome of ethic valuation, a continuous balancing of "ends in view". An end in view is said to be an objective potentially adopted, which may be refined or rejected based on its consistency with other objectives or as a means ... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory He thought of moral value as a unique and universally identifiable property, as an absolute value rather than a relative value. He showed that many practical goods are good only in states-of-affairs described by a sentence containing an "if" clause, e.g., in the sentence, "Sunshine is only good if you do n... | https://en.wikipedia.org/wiki?curid=32361 |
Value theory Following the logic of the golden rule, if I wanted someone to kill me, then it would be acceptable for me to kill others, because I would be doing to others what I would want done to me. This is very important to keep in mind, because Kant's categorical imperative avoids this flaw. From this, and a few ot... | https://en.wikipedia.org/wiki?curid=32361 |
John Maynard Keynes John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was a British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on th... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects. Keynes's influence started to wane in the 1970s, partly as a result of the st... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes His father, John Neville Keynes, was an economist and a lecturer in moral sciences at the University of Cambridge and his mother Florence Ada Keynes a local social reformer. Keynes was the first born, and was followed by two more children – Margaret Neville Keynes in 1885 and Geoffrey Keynes in 1887... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In 1896, St Faith's headmaster, Ralph Goodchild, wrote that Keynes was "head and shoulders above all the other boys in the school" and was confident that Keynes could get a scholarship to Eton. In 1897, Keynes won a scholarship to Eton College, where he displayed talent in a wide range of subjects, ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes He took part in debates, further studied philosophy and attended economics lectures informally as a graduate student for one term, which constituted his only formal education in the subject. He took civil service exams in 1906. The economist Harry Johnson wrote that the optimism imparted by Keynes's... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes By 1909 Keynes had published his first professional economics article in "The Economic Journal", about the effect of a recent global economic downturn on India. He founded the Political Economy Club, a weekly discussion group. Also in 1909, Keynes accepted a lectureship in economics funded personall... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In January 1915, Keynes took up an official government position at the Treasury. Among his responsibilities were the design of terms of credit between Britain and its continental allies during the war and the acquisition of scarce currencies. According to economist Robert Lekachman, Keynes's "nerve ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes's main interest had been in trying to prevent Germany's compensation payments being set so high it would traumatize innocent German people, damage the nation's ability to pay and sharply limit her ability to buy exports from other countries – thus hurting not just Germany's economy but that o... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Clemenceau also pushed for substantial reparations, though not as high as those proposed by the British, while on security grounds, France argued for an even more severe settlement than Britain. Wilson initially favored relatively lenient treatment of Germany – he feared too harsh conditions could f... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In June 1919 he turned down an offer to become chairman of the British Bank of Northern Commerce, a job that promised a salary of £2000 in return for a morning per week of work. Keynes's analysis on the predicted damaging effects of the treaty appeared in the highly influential book, "The Economic C... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes However the historian Ruth Henig claims that "most historians of the Paris peace conference now take the view that, in economic terms, the treaty was not unduly harsh on Germany and that, while obligations and damages were inevitably much stressed in the debates at Paris to satisfy electors reading ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes However, Keynes was still able to influence government policy making through his network of contacts, his published works and by serving on government committees; this included attending high-level policy meetings as a consultant. Keynes had completed his "A Treatise on Probability" before the war b... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes He attacked the post-World War I deflation policies with "A Tract on Monetary Reform" in 1923 – a trenchant argument that countries should target stability of domestic prices, avoiding deflation even at the cost of allowing their currency to depreciate. Britain suffered from high unemployment throug... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Churchill" and continued to argue against the gold standard until Britain finally abandoned it in 1931. Keynes had begun a theoretical work to examine the relationship between unemployment, money, and prices back in the 1920s. The work, "Treatise on Money", was published in 1930 in two volumes. A ce... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes He wrote, "For Government borrowing of one kind or another is nature's remedy, so to speak, for preventing business losses from being, in so severe a slump as the present one, so great as to bring production altogether to a standstill." At the height of the Great Depression, in 1933, Keynes publishe... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In 1931, he received considerable support for his views on counter-cyclical public spending in Chicago, then America's foremost center for economic views alternative to the mainstream. However, orthodox economic opinion remained generally hostile regarding fiscal intervention to mitigate the depress... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Classical economists had believed in Say's law, which, simply put, states that "supply creates its demand", and that in a free market workers would always be willing to lower their wages to a level where employers could profitably offer them jobs. An innovation from Keynes was the concept of price s... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes The book advocated activist economic policy by government to stimulate demand in times of high unemployment, for example by spending on public works. "Let us be up and doing, using our idle resources to increase our wealth," he wrote in 1928. "With men and plants unemployed, it is ridiculous to say ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes began to recover in 1939, but for the rest of his life his professional energies were directed largely towards the practical side of economics: the problems of ensuring optimum allocation of resources for the war efforts, post-war negotiations with America, and the new international financial... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Although Keynes has been widely criticized – especially by members of the Chicago school of economics – for advocating irresponsible government spending financed by borrowing, in fact he was a firm believer in balanced budgets and regarded the proposals for programs of public works during the Great ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes As the Allied victory began to look certain, Keynes was heavily involved, as leader of the British delegation and chairman of the World Bank commission, in the mid-1944 negotiations that established the Bretton Woods system. The Keynes plan, concerning an international clearing-union, argued for a r... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Yet, Keynes was still pleased when accepting the final agreement, saying that if the institutions stayed true to their founding principles, "the brotherhood of man will have become more than a phrase." After the war, Keynes continued to represent the United Kingdom in international negotiations desp... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes According to the economist John Kenneth Galbraith (then a US government official charged with controlling inflation), in the rebound of the economy from wartime spending, "one could not have had a better demonstration of the Keynesian ideas." The Keynesian Revolution was associated with the rise of ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes By then, Keynes's views on the economy had become mainstream in the world's universities. Throughout the 1950s and 1960s, the developed and emerging free capitalist economies enjoyed exceptionally high growth and low unemployment. Professor Gordon Fletcher has written that the 1950s and 1960s, when ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Its members included the Austrian School economist Ludwig von Mises along with the then young Milton Friedman. Initially the society had little impact on the wider world – according to Hayek it was as if Keynes had been raised to sainthood after his death and that people refused to allow his work to... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes As the key 1968 event Elliott and Atkinson picked out America's suspension of the conversion of the dollar into gold except on request of foreign governments, which they identified as the beginning of the breakdown of the Bretton Woods system. Criticisms of Keynes's ideas had begun to gain significa... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In the early 1970s stagflation appeared in both the US and Britain just as Friedman had predicted, with economic conditions deteriorating further after the 1973 oil crisis. Aided by the prestige gained from his successful forecast, Friedman led increasingly successful criticisms against the Keynesia... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Writing in "The American Prospect", Robert Kuttner argued it was not so much excessive Keynesian activism that caused the economic problems of the 1970s but the breakdown of the Bretton Woods system of capital controls, which allowed capital flight from regulated economies into unregulated economies... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes The global financial crisis of 2007–08 led to public skepticism about the free market consensus even from some on the economic right. In March 2008, Martin Wolf, chief economics commentator at the "Financial Times", announced the death of the dream of global free-market capitalism. In the same month... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In October, Alistair Darling, the British Chancellor of the Exchequer, referred to Keynes as he announced plans for substantial fiscal stimulus to head off the worst effects of recession, in accordance with Keynesian economic thought. Similar policies have been adopted by other governments worldwide... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes " In December 2008, Paul Krugman released his book "The Return of Depression Economics and the Crisis of 2008", arguing that economic conditions similar to those that existed during the earlier part of the 20th century had returned, making Keynesian policy prescriptions more relevant than ever. In F... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Both organisations warned global leaders that recovery was likely to be slow, so counter recessionary measures ought not be rolled back too early. While the need for stimulus measures was broadly accepted among policy makers, there had been much debate over how to fund the spending. Some leaders and... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes On a personal level, Keynes's charm was such that he was generally well received wherever he went – even those who found themselves on the wrong side of his occasionally sharp tongue rarely bore a grudge. Keynes's speech at the closing of the Bretton Woods negotiations was received with a lasting st... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes " As a man of the centre described by some as having the greatest impact of any 20th-century economist, Keynes attracted considerable criticism from both sides of the political spectrum. In the 1920s, Keynes was seen as anti-establishment and was mainly attacked from the right. In the "red 1930s", m... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes While Milton Friedman described "The General Theory" as "a great book", he argues that its implicit separation of nominal from real magnitudes is neither possible nor desirable. Macroeconomic policy, Friedman argues, can reliably influence only the nominal. He and other monetarists have consequently... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes For Schumpeter "Practical Keynesianism is a seedling which cannot be transplanted into foreign soil: it dies there and becomes poisonous as it dies." “Schumpeter admired and envied Keynes, but when Keynes died in 1946, Schumpeter’s obituary gave Keynes the same off-key, perfunctory treatment he woul... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes's private letters contain portraits and descriptions, some of which can be characterized as antisemitic, others as philosemitic. Scholars have suggested that these reflect clichés current at the time that he accepted uncritically, rather than any racism. On several occasions Keynes used his i... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes He had indeed expressed a preference for inflation over deflation, saying that if one has to choose between the two evils, it is "better to disappoint the rentier" than to inflict pain on working class families. He also supported the German hyperinflation as a way to get free from reparations obliga... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes He proposed a global bank that would issue its currency – the bancor – which was exchangeable with national currencies at fixed rates of exchange and would become the unit of account between nations, which means it would be used to measure a country's trade deficit or trade surplus. Every country wo... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes , exceeded the capacity of sound investment and so got diverted into non-productive and speculative uses, which in turn invited default and a sudden stop to the process of lending. Influenced by Keynes, economics texts in the immediate post-war period put a significant emphasis on balance in trade. ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes's relationship and later close friendship with Macmillan was to be fortunate, as Macmillan's company first published his tract "Economic Consequences of the Peace". Attitudes in the Bloomsbury Group, in which Keynes was avidly involved, were relaxed about homosexuality. Keynes, together with ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes In 1906, Keynes had written of this infatuation that, "I seem to have fallen in love with Ray a little bit, but as she isn't male I haven't [been] able to think of any suitable steps to take." In 1921, Keynes wrote that he had fallen "very much in love" with Lydia Lopokova, a well-known Russian ball... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Forster would later write in contrition about "Lydia Keynes, every whose word should be recorded": "How we all used to underestimate her". Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes may have been confirmed, but according to Cambridge University he was clearly an agnostic, which he remained until his death. According to one biographer, "he was never able to take religion seriously, regarding it as a strange aberration of the human mind." Keynes was ultimately a successful... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Keynes was a lifelong member of the Liberal Party, which until the 1920s had been one of the two main political parties in the United Kingdom, and as late as 1916 had often been the dominant power in government. Keynes had helped campaign for the Liberals at elections from about 1906, yet he always ... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes " Marxism "was founded upon nothing better than a misunderstanding of Ricardo", and, given time, he (Keynes) "would deal thoroughly with the Marxists" and other economists to solve the economic problems their theories "threaten to cause". In 1931 Keynes had the following to say on Marxism: Keynes wa... | https://en.wikipedia.org/wiki?curid=37973 |
John Maynard Keynes Against his wishes (he wanted for his ashes to be deposited in the crypt at King's), his ashes were scattered on the Downs above Tilton. Both of Keynes's parents outlived him: his father John Neville Keynes (1852–1949) by three years, and his mother Florence Ada Keynes (1861–1958) by twelve. Keynes'... | https://en.wikipedia.org/wiki?curid=37973 |
Inflation In economics, inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation reflects a reduction in the purchasing power per unit of money ... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation The negative effects of inflation include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, and if inflation were rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the futu... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation For instance, when gold was used as currency, the government could collect gold coins, melt them down, mix them with other metals such as silver, copper, or lead, and reissue them at the same nominal value. By diluting the gold with other metals, the government could issue more coins without increasing the am... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation This was largely caused by the sudden influx of gold and silver from the New World into Habsburg Spain. The silver spread throughout a previously cash-starved Europe and caused widespread inflation. Demographic factors also contributed to upward pressure on prices, with European population growth after depopu... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation This relationship between the over-supply of banknotes and a resulting depreciation in their value was noted by earlier classical economists such as David Hume and David Ricardo, who would go on to examine and debate what effect a currency devaluation (later termed "monetary inflation") has on the price of go... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation An increase in the money supply may be called monetary inflation, to distinguish it from rising prices, which may also for clarity be called "price inflation". Economists generally agree that in the long run, inflation is caused by increases in the money supply.<ref name="federalreserve2004/hh/2004/july/testi... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation expectations or expected inflation is the rate of inflation that is anticipated for some period of time in the foreseeable future. There are two major approaches to modeling the formation of inflation expectations. Adaptive expectations models them as a weighted average of what was expected one period earlier... | https://en.wikipedia.org/wiki?curid=38286 |
Inflation Most frequently, the term "inflation" refers to a rise in a broad price index representing the overall price level for goods and services in the economy. The Consumer Price Index (CPI), the Personal consumption expenditures price index (PCEPI) and the GDP deflator are some examples of broad price indices. How... | https://en.wikipedia.org/wiki?curid=38286 |
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