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Karl Popper In contrast he thought that nothing could, even in principle, falsify psychoanalytic theories. He thus came to the conclusion that they had more in common with primitive myths than with genuine science. This led Popper to conclude that what were regarded as the remarkable strengths of psychoanalytical theor... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Popper argued strongly against the latter, holding that scientific theories are abstract in nature, and can be tested only indirectly, by reference to their implications. He also held that scientific theory, and human knowledge generally, is irreducibly conjectural or hypothetical, and is generated by the c... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper He strongly disagreed with Niels Bohr's instrumentalism and supported Albert Einstein's realist approach to scientific theories about the universe. Popper's falsifiability resembles Charles Peirce's nineteenth-century fallibilism. In "Of Clocks and Clouds" (1966), Popper remarked that he wished he had known... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper This process, error elimination (formula_4), performs a similar function for science that natural selection performs for biological evolution. Theories that better survive the process of refutation are not more true, but rather, more "fit"—in other words, more applicable to the problem situation at hand (fo... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Until that day, there is no need to reject the assumption that the theory is true. Nor is it rational according to Popper to make instead the more complex assumption that the sun will rise until a given day, but will stop doing so the day after, or similar statements with additional conditions. Such a theor... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Bartley III tried to radicalise this idea and made the controversial claim that not only can criticism go beyond empirical knowledge, but that everything can be rationally criticised. To Popper, who was an anti-justificationist, traditional philosophy is misled by the false principle of sufficient reason. H... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper In "The Open Society and Its Enemies" and "The Poverty of Historicism", Popper developed a critique of historicism and a defence of the "Open Society". Popper considered historicism to be the theory that history develops inexorably and necessarily according to knowable general laws towards a determinate end... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper However, he knew that the riot instigators were swayed by the Marxist doctrine that class struggle would produce vastly more dead men than the inevitable revolution brought about as quickly as possible, and so had no scruples to put the life of the rioters at risk to achieve their selfish goal of becoming t... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper " According to philosopher David Coady, "Popper has often been cited by critics of conspiracy theories, and his views on the topic continue to constitute an orthodoxy in some circles." However, philosopher Charles Pigden has pointed out that Popper's argument only applies to a very extreme kind of conspirac... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper He bases this interpretation on the fact that examples such as the one described above refer to two things: assertions and the facts to which they refer. He identifies Tarski's formulation of the truth conditions of sentences as the introduction of a "metalinguistic predicate" and distinguishes the followin... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Here he defines it as: where formula_8 is the verisimilitude of "a", formula_9 is a measure of the content of the truth of "a", and formula_10 is a measure of the content of the falsity of "a". Popper's original attempt to define not just verisimilitude, but an actual measure of it, turned out to be inadequ... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper In other words, the knowledge held by a given individual mind owes at least as much to the total, accumulated, wealth of human knowledge made manifest, comparably to the world of direct experience. As such, the growth of human knowledge could be said to be a function of the independent evolution of World Th... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Popper later said: In 1974, regarding DNA and the origin of life he said: He explained that the difficulty of testing had led some people to describe natural selection as a tautology, and that he too had in the past described the theory as "almost tautological", and had tried to explain how the theory could... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Popper understood the universe as a creative entity that invents new things, including life, but without the necessity of something like a god, especially not one who is pulling strings from behind the curtain. He said that evolution of the genotype must, as the creationists say, work in a goal-directed way... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper After behaviour has changed radically, small but quick changes of the phenotype follow to make the organism fitter to its changed goals. This way it looks as if the phenotype were changing guided by some invisible hand, while it is merely natural selection working in combination with the new behaviour. For ... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper However, although Popper was a body-mind dualist, he did not think that the mind is a substance separate from the body: he thought that mental or psychological properties or aspects of people are distinct from physical ones. When he gave the second Arthur Holly Compton Memorial Lecture in 1965, Popper revis... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Some forms of atheism are arrogant and ignorant and should be rejected, but agnosticism—to admit that we don't know and to search—is all right. ... When I look at what I call the gift of life, I feel a gratitude which is in tune with some religious ideas of God. However, the moment I even speak of it, I am ... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper (Lakatos significantly modified Popper's position, and Feyerabend repudiated it entirely, but the work of both is deeply influenced by Popper and engaged with many of the problems that Popper set.) While there is some dispute as to the matter of influence, Popper had a long-standing and close friendship wit... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper One of Popper's students at the London School of Economics was George Soros, who later became a billionaire investor, and among whose philanthropic foundations is the Open Society Institute, a think-tank named in honour of Popper's "The Open Society and Its Enemies". Most criticisms of Popper's philosophy a... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Thus we can only say that the whole package of relevant theories has been collectively falsified, but cannot conclusively say which element of the package must be replaced. An example of this is given by the discovery of the planet Neptune: when the motion of Uranus was found not to match the predictions of... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Popper claimed to have recognised already in the 1934 version of his "Logic of Discovery" a fact later stressed by Kuhn, "that scientists necessarily develop their ideas within a definite theoretical framework", and to that extent to have anticipated Kuhn's central point about "normal science". However, Pop... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper " The hypothesis cannot be falsified by any possible observation, for there will always be a higher temperature than tested at which the metal may in fact melt, yet it seems to be a valid scientific hypothesis. These examples were pointed out by Carl Gustav Hempel. Hempel came to acknowledge that logical po... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Popper Scruton maintains that Freudian theory has both "theoretical terms" and "empirical content." He points to the example of Freud's theory of repression, which in his view has "strong empirical content" and implies testable consequences. Nevertheless, Scruton also concluded that Freudian theory is not genuinel... | https://en.wikipedia.org/wiki?curid=16623 |
Karl Marx Karl Heinrich Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist and socialist revolutionary. Born in Trier, Germany, Marx studied law and philosophy at university. He married Jenny von Westphalen in 1843. Due to his political publicat... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Employing a critical approach known as historical materialism, Marx predicted that, like previous socio-economic systems, capitalism produced internal tensions which would lead to its self-destruction and replacement by a new system known as socialism. For Marx, class antagonisms under capitalism, owing in pa... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx was not religiously but ethnically Jewish. His maternal grandfather was a Dutch rabbi, while his paternal line had supplied Trier's rabbis since 1723, a role taken by his grandfather Meier Halevi Marx. His father, as a child known as Herschel, was the first in the line to receive a secular education. He ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Lion Philips was a wealthy Dutch tobacco manufacturer and industrialist, upon whom Karl and Jenny Marx would later often come to rely for loans while they were exiled in London. Little is known of Marx's childhood. The third of nine children, he became the eldest son when his brother Moritz died in 1819. Marx... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx also joined the Trier Tavern Club drinking society (), at one point serving as club co-president. Additionally, Marx was involved in certain disputes, some of which became serious: in August 1836 he took part in a duel with a member of the university's Borussian Korps. Although his grades in the first te... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx During the first term, Marx attended lectures of Eduard Gans (who represented the progressive Hegelian standpoint, elaborated on rational development in history by emphasising particularly its libertarian aspects, and the importance of social question) and of Karl von Savigny (who represented the Historical S... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx By 1837, Marx was writing both fiction and non-fiction, having completed a short novel, "Scorpion and Felix", a drama, "Oulanem", as well as a number of love poems dedicated to Jenny von Westphalen, though none of this early work was published during his lifetime. Marx soon abandoned fiction for other pursuit... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx was considering an academic career, but this path was barred by the government's growing opposition to classical liberalism and the Young Hegelians. Marx moved to Cologne in 1842, where he became a journalist, writing for the radical newspaper "Rheinische Zeitung" ("Rhineland News"), expressing his early... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Although intended to attract writers from both France and the German states, the "Jahrbücher" was dominated by the latter and the only non-German writer was the exiled Russian anarchist collectivist Mikhail Bakunin. Marx contributed two essays to the paper, "Introduction to a Contribution to the Critique of H... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Engels showed Marx his recently published "The Condition of the Working Class in England in 1844", convincing Marx that the working class would be the agent and instrument of the final revolution in history. Soon, Marx and Engels were collaborating on a criticism of the philosophical ideas of Marx's former fr... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx was constantly being pulled away from his study of political economynot only by the usual daily demands of the time, but additionally by editing a radical newspaper and later by organising and directing the efforts of a political party during years of potentially revolutionary popular uprisings of the ci... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Accordingly, Marx recognised the need to break with Feuerbach's philosophy in favour of historical materialism, thus a year later (in April 1845) after moving from Paris to Brussels, Marx wrote his eleven "Theses on Feuerbach". The "Theses on Feuerbach" are best known for Thesis 11, which states that "philoso... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In April 1845, Engels moved from Barmen in Germany to Brussels to join Marx and the growing cadre of members of the League of the Just now seeking home in Brussels. Later, Mary Burns, Engels' long-time companion, left Manchester, England to join Engels in Brussels. In mid-July 1845, Marx and Engels left Bruss... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx "German Ideology" is written in a humorously satirical form, but even this satirical form did not save the work from censorship. Like so many other early writings of his, "German Ideology" would not be published in Marx's lifetime and would be published only in 1932. After completing "German Ideology", Marx t... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx These books laid the foundation for Marx and Engels's most famous work, a political pamphlet that has since come to be commonly known as "The Communist Manifesto". While residing in Brussels in 1846, Marx continued his association with the secret radical organisation League of the Just. As noted above, Marx t... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx No longer a secret society, the Communist League wanted to make aims and intentions clear to the general public rather than hiding its beliefs as the League of the Just had been doing. The opening lines of the pamphlet set forth the principal basis of Marxism: "The history of all hitherto existing society is ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Although the veracity of these allegations is disputed, the Belgian Ministry of Justice accused Marx of it, subsequently arresting him and he was forced to flee back to France, where with a new republican government in power he believed that he would be safe. Temporarily settling down in Paris, Marx transferr... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Whilst editor of the paper, Marx and the other revolutionary socialists were regularly harassed by the police and Marx was brought to trial on several occasions, facing various allegations including insulting the Chief Public Prosecutor, committing a press misdemeanor and inciting armed rebellion through tax ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Willich and Schapper believed that once the Communist League had initiated the uprising, the entire working class from across Europe would rise "spontaneously" to join it, thus creating revolution across Europe. Marx and Engels protested that such an unplanned uprising on the part of the Communist League was ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In other words, the working class must join with bourgeois and democratic forces to bring about the successful conclusion of the bourgeois revolution before stressing the working class agenda and a working class revolution. After a long struggle which threatened to ruin the Communist League, Marx's opinion pr... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx At one stage they were being published by six newspapers from England, the United States, Prussia, Austria and South Africa. Marx's principal earnings came from his work as European correspondent, from 1852 to 1862, for the "New-York Daily Tribune", and from also producing articles for more "bourgeois" newspa... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx had sent his articles on Tuesdays and Fridays, but, that October, the "Tribune" discharged all its correspondents in Europe except Marx and B. Taylor, and reduced Marx to a weekly article. Between September and November 1860, only five were published. After a six-month interval, Marx resumed contribution... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx The 1850s and 1860s may be said to mark a philosophical boundary distinguishing the young Marx's Hegelian idealism and the more mature Marx's scientific ideology associated with structural Marxism; however, not all scholars accept this distinction. For Marx and Engels, their experience of the Revolutions of 1... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Financial necessity had forced Marx to abandon economic studies in 1844 and give thirteen years to working on other projects. He had always sought to return to economics. Marx continued to write articles for the "New York Daily Tribune" as long as he was sure that the "Tribune's" editorial policy was still pr... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx The most important political event during the existence of the International was the Paris Commune of 1871, when the citizens of Paris rebelled against their government and held the city for two months. In response to the bloody suppression of this rebellion, Marx wrote one of his most famous pamphlets, "The ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx The successful sales of "A Contribution to the Critique of Political Economy" stimulated Marx in the early 1860s to finish work on the three large volumes that would compose his major life's work – "Das Kapital" and the "Theories of Surplus Value", which discussed the theoreticians of political economy, parti... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Demand for a Russian language edition of "Capital" soon led to the printing of 3,000 copies of the book in the Russian language, which was published on 27 March 1872. By the autumn of 1871, the entire first edition of the German language edition of "Capital" had been sold out and a second edition was publishe... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx The latter half of the Collected Works' thirty-fourth volume consists of the surviving fragments of the "Economic Manuscripts of 1863–1864", which represented a "third" draft for Capital, and a large portion of which is included as an appendix to the Penguin edition of "Capital", volume I. A German language a... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx While admitting that Russia's rural "commune is the fulcrum of social regeneration in Russia", Marx also warned that in order for the mir to operate as a means for moving straight to the socialist stage without a preceding capitalist stage it "would first be necessary to eliminate the deleterious influences w... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Before he died, Marx asked Engels to write up these ideas, which were published in 1884 under the title "The Origin of the Family, Private Property and the State". Marx and von Westphalen had seven children together, but partly owing to the poor conditions in which they lived whilst in London, only three surv... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx He also bestowed nicknames and pseudonyms on his friends and family as well, referring to Friedrich Engels as "General", his housekeeper Helene as "Lenchen" or "Nym", while one of his daughters, Jennychen, was referred to as "Qui Qui, Emperor of China" and another, Laura, was known as "Kakadou" or "the Hotten... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx According to Blumenberg, Marx's irritability is often found in liver patients: The illness emphasised certain traits in his character. He argued cuttingly, his biting satire did not shrink at insults, and his expressions could be rude and cruel. Though in general Marx had a blind faith in his closest friends,... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In Professor Siegel's thesis, what lay behind this punishing sacrifice of his health may have been guilt about self-involvement and egoism, originally induced in by his father. In 2007, a retrodiagnosis of Marx's skin disease was made by dermatologist Sam Shuster of Newcastle University and for Shuster the mo... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Shuster went on to consider the potential psychosocial effects of the disease, noting that the skin is an organ of communication and that hidradenitis suppurativa produces much psychological distress, including loathing and disgust and depression of self-image, mood and well-being, feelings for which Shuster ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx his death was not announced for two days, and then as having taken place at Paris. Next day the correction came from Paris; and when his friends and followers hastened to his house in Haverstock Hill, to learn the time and place of burial, they learned that he was already in the cold ground. But for this secr... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Lochner, whom Engels described as "an old member of the Communist League"; and Carl Schorlemmer, a professor of chemistry in Manchester, a member of the Royal Society and a communist activist involved in the 1848 Baden revolution. Another attendee of the funeral was Sir Ray Lankester, a British zoologist who ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Within 25 years of his death, the continental European socialist parties that acknowledged Marx's influence on their politics were each gaining between 15 and 47 per cent in those countries with representative democratic elections. Marx's thought demonstrates influences from many thinkers including, but not l... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Though inspired by French socialist and sociological thought, Marx criticised utopian socialists, arguing that their favoured small-scale socialistic communities would be bound to marginalisation and poverty and that only a large-scale change in the economic system can bring about real change. The other impor... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx He criticised speculative philosophy, equating metaphysics with ideology. By adopting this approach, Marx attempted to separate key findings from ideological biases. This set him apart from many contemporary philosophers. Like Tocqueville, who described a faceless and bureaucratic despotism with no identifiab... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx acknowledges that Hegel "grasps the nature of work and comprehends objective man, authentic because actual, as the result of his ", but characterises Hegelian self-development as unduly "spiritual" and abstract. Marx thus departs from Hegel by insisting that "the fact that man is a corporeal, actual, sen... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Commodity fetishism provides an example of what Engels called "false consciousness", which relates closely to the understanding of ideology. By "ideology", Marx and Engels meant ideas that reflect the interests of a particular class at a particular time in history, but which contemporaries see as universal an... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Marx's thoughts on labour were related to the primacy he gave to the economic relation in determining the society's past, present and future (see also economic determinism). Accumulation of capital shapes the social system. For Marx, social change was about conflict between opposing interests, driven in the b... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx Despite Marx's stress on critique of capitalism and discussion of the new communist society that should replace it, his explicit critique is guarded, as he saw it as an improved society compared to the past ones (slavery and feudalism). Marx never clearly discusses issues of morality and justice, but scholars... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx According to Marx, capitalists take advantage of the difference between the labour market and the market for whatever commodity the capitalist can produce. Marx observed that in practically every successful industry, input unit-costs are lower than output unit-prices. Marx called the difference "surplus value... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In section one of "The Communist Manifesto", Marx describes feudalism, capitalism and the role internal social contradictions play in the historical process: Marx believed that those structural contradictions within capitalism necessitate its end, giving way to socialism, or a post-capitalistic, communist soc... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx As he wrote in his "Critique of the Gotha Program", "between capitalist and communist society there lies the period of the revolutionary transformation of the one into the other. Corresponding to this is also a political transition period in which the state can be nothing but the revolutionary dictatorship of... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In 1867, he wrote Engels: "I used to think the separation of Ireland from England impossible. I now think it inevitable. The English working class will never accomplish anything until it has got rid of Ireland. ... English reaction in England had its roots ... in the subjugation of Ireland." Marx spent some t... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In both cases, Marx recognizes the immense suffering brought about during the transition from feudal to bourgeois society while insisting that the transition is both necessary and ultimately progressive. He argues that the penetration of foreign commerce will cause a social revolution in India." Marx discusse... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx In contrast to other philosophers, Marx offered theories that could often be tested with the scientific method. Both Marx and Auguste Comte set out to develop scientifically justified ideologies in the wake of European secularisation and new developments in the philosophies of history and science. Working in ... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx It has also been a line of thinking pursued by thinkers and activists like Antonio Gramsci who have sought to understand the opportunities and the difficulties of transformative political practice, seen in the light of Marxist social theory. Marx's ideas would also have a profound influence on subsequent arti... | https://en.wikipedia.org/wiki?curid=16743 |
Karl Marx 5m statue of him by leading Chinese sculptor Wu Weishan and donated by the Chinese government was unveiled in his birthplace of Trier. European Commission President Jean-Claude Juncker defended Marx's memory, saying that today Marx "stands for things which he is not responsible for and which he didn't cause b... | https://en.wikipedia.org/wiki?curid=16743 |
Keynesian economics ( ; sometimes Keynesianism, named for the economist John Maynard Keynes) are various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total spending in the economy). In the Keynesian view, aggregate dem... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Keynesian economists generally argue that as aggregate demand is volatile and unstable, a market economy often experiences inefficient macroeconomic outcomes in the form of economic recessions (when demand is low) and inflation (when demand is high), and that these can be mitigated by economic polic... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics For macroeconomics the relevant partial theories were: the Quantity theory of money determining the price level, the classical theory of the interest rate, and for employment the condition referred to by Keynes as the "first postulate of classical economics" stating that the wage is equal to the mar... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Underconsumptionists were, like Keynes after them, concerned with failure of aggregate demand to attain potential output, calling this "underconsumption" (focusing on the demand side), rather than "overproduction" (which would focus on the supply side), and advocating economic interventionism. Keyne... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics In 1930 he published "A Treatise on Money", intended as a comprehensive treatment of its subject "which would confirm his stature as a serious academic scholar, rather than just as the author of stinging polemics", and marks a large step in the direction of his later views. In it, he attributes unem... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics This perception is reflected in Say's law and in the writing of David Ricardo, which states that individuals produce so that they can either consume what they have manufactured or sell their output so that they can buy someone else's output. This argument rests upon the assumption that if a surplus ... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Prior to Keynes, a situation in which aggregate demand for goods and services did not meet supply was referred to by classical economists as a "general glut", although there was disagreement among them as to whether a general glut was possible. Keynes argued that when a glut occurred, it was the ove... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics with a cumulative effect". This became the mechanism of the "ratio" published by Richard Kahn in his 1931 paper "The relation of home investment to unemployment", described by Alvin Hansen as "one of the great landmarks of economic analysis". The "ratio" was soon rechristened the "multiplier" at Key... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics in connection with the multiplier (and indeed most of the time) what Keynes is referring to as "investment" really means "any addition to spending for any purpose"... The word "investment" is being used in a Pickwickian, or Keynesian, sense. Kahn envisaged money as being passed from hand to hand, cr... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics it is always within the power of the banking system to advance to the Government the cost of the roads without in any way affecting the flow of investment along the normal channels. This assumes that banks are free to create resources to answer any demand. But Kahn adds that ... ... no such hypothes... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics For if money itself is "consumed", this simply means that it passes into someone else's possession, and this process may continue indefinitely. Multiplier doctrines had subsequently been expressed in more theoretical terms by the Dane Julius Wulff (1896), the Australian Alfred de Lissa (late 1890s),... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics The first proposition would ascribe to us an absolute and rigid dogma, would it not?" Later the same year, speaking in a newly created Committee of Economists, Keynes tried to use Kahn's emerging multiplier theory to argue for public works, "but Pigou's and Henderson's objections ensured that there ... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Referring to him and Dennis Robertson, Keynes asked rhetorically: "Why do they insist on maintaining theories from which their own practical conclusions cannot possibly follow?" John Maynard Keynes (1883–1946) set forward the ideas that became the basis for in his main work, "The General Theory of E... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics The first lies in the fact that "labour stipulates (within limits) for a money-wage rather than a real wage". The second is that classical theory assumes that, "The real wages of labour depend on the wage bargains which labour makes with the entrepreneurs," whereas, "If money wages change, one would... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics The levels of saving and investment are necessarily equal, and income is therefore held down to a level where the desire to save is no greater than the incentive to invest. The incentive to invest arises from the interplay between the physical circumstances of production and psychological anticipati... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics In Keynes's first (and simplest) account – that of Chapter 13 – liquidity preference is determined solely by the interest rate "r"—which is seen as the earnings forgone by holding wealth in liquid form: hence liquidity preference can be written "L"("r" ) and in equilibrium must equal the externally ... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Keynes rejects the classical explanation of unemployment based on wage rigidity, but it is not clear what effect the wage rate has on unemployment in his system. He treats wages of all workers as proportional to a single rate set by collective bargaining, and chooses his units so that this rate neve... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Later in the same chapter he tells us that: Ancient Egypt was doubly fortunate, and doubtless owed to this its fabled wealth, in that it possessed two activities, namely, pyramid-building as well as the search for the precious metals, the fruits of which, since they could not serve the needs of man ... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics The horizontal blue line "I" ("r" ) is the schedule of the marginal efficiency of capital whose value is independent of "Y". Keynes interprets this as the demand for investment and denotes the sum of demands for consumption and investment as "aggregate demand", plotted as a separate curve. Aggregate... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics He designates Kahn's multiplier the "employment multiplier" in distinction to his own "investment multiplier" and says that the two are only "a little different". Kahn's multiplier has consequently been understood by much of the Keynesian literature as playing a major role in Keynes's own theory, an... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics S. Shackle regarded Keynes' move away from Kahn's multiplier as ... ... a retrograde step ... For when we look upon the Multiplier as an instantaneous functional relation ... we are merely using the word Multiplier to stand for an alternative way of looking at the marginal propensity to consume ...,... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics The liquidity trap is a phenomenon that may impede the effectiveness of monetary policies in reducing unemployment. Economists generally think the rate of interest will not fall below a certain limit, often seen as zero or a slightly negative number. Keynes suggested that the limit might be apprecia... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Attempts by the Bank of Japan to increase the money supply simply added to already ample bank reserves and public holdings of cash... Hicks showed how to analyze Keynes' system when liquidity preference is a function of income as well as of the rate of interest. Keynes's admission of income as an in... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics Hicks' attempt to reduce the "General Theory" to a version of static equilibrium with the formula IS–LM. Hicks has now repented and changed his name from J. R. to John, but it will take a long time for the effects of his teaching to wear off. Hicks subsequently relapsed. Keynes argued that the solut... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics This is called deficit spending. Two points are important to note at this point. First, deficits are not required for expansionary fiscal policy, and second, it is only "change" in net spending that can stimulate or depress the economy. For example, if a government ran a deficit of 10% both last yea... | https://en.wikipedia.org/wiki?curid=17326 |
Keynesian economics But to many the true success of Keynesian policy can be seen at the onset of World War II, which provided a kick to the world economy, removed uncertainty, and forced the rebuilding of destroyed capital. Keynesian ideas became almost official in social-democratic Europe after the war and in the U.S.... | https://en.wikipedia.org/wiki?curid=17326 |
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