The roaring 1920s and the Crash 1929. The roaring 1920s and the Crash 1929 April 20, 2008 – Comments (11) I'm going to do a two part series about the 1929-1932 bear market and the following great Depression.
The Great Depression, the gold standard and FDR. The Great Depression, the gold standard and FDR April 26, 2008 – Comments (8) This is the second part, this time on the Great Depression.
Sorry for the length but I just kept on writing, it is a fascinating theme. I hope this piece is interesting and worth your time. You can read the first part on the roaring 1920s and the stock market crash 1929 here. The Great Depression (GD) was a period were economies worldwide contracted over several years. The USA was one of the hardest hit, as from 1929-1933 their economy contracted 30% and unemployment rose to 25% by 1933 from 4%.
Pablo Picasso. Picasso, Henri Matisse and Marcel Duchamp are regarded as the three artists who most defined the revolutionary developments in the plastic arts in the opening decades of the 20th century, responsible for significant developments in painting, sculpture, printmaking and ceramics. Picasso demonstrated extraordinary artistic talent in his early years, painting in a realistic manner through his childhood and adolescence.
During the first decade of the 20th century, his style changed as he experimented with different theories, techniques, and ideas. His work is often categorised into periods. While the names of many of his later periods are debated, the most commonly accepted periods in his work are the Blue Period (1901–1904), the Rose Period (1904–1906), the African-influenced Period (1907–1909), Analytic Cubism (1909–1912), and Synthetic Cubism (1912–1919). Early life.
Employment. Funny Stuff. The World Factbook. Freemasonry. Freemasonry is a fraternal organisation that traces its origins to the local fraternities of stonemasons, which from the end of the fourteenth century regulated the qualifications of masons and their interaction with authorities and clients.
The degrees of freemasonry, its gradal system, retain the three grades of medieval craft guilds, those of Apprentice, journeyman or fellow (now called Fellowcraft), and Master Mason. These are the degrees offered by craft, or blue lodge Freemasonry. There are additional degrees, which vary with locality and jurisdiction, and are now administered by different bodies than the craft degrees. The Lost Symbol - Trailer. Secret societies: Band of brothers. Rockefeller family. The Rockefeller family /ˈrɒkɨfɛlər/ is an American industrial, political, and banking family that made one of the world's largest fortunes in the oil business during the late 19th and early 20th centuries, with John D.
Rockefeller and his brother William Rockefeller primarily through Standard Oil. The family is also known for its long association with and control of Chase Manhattan Bank. They are considered to be one of the most powerful families, if not the most powerful family, in the history of the United States. Real Estate and Institutions The Rockefeller Center and the RCA Building, December 1933. Rothschild family. A house formerly belonging to the Viennese branch of the family (Schillersdorf Palace).
Schloss Hinterleiten, one of the many palaces built by the Austrian Rothschild dynasty. Donated to charity by the family in 1905.
Sino-US relationship. Policy. Problems ahead. Keynesian - paradox of thrift. The paradox of thrift is a central component of Keynesian economics, and has formed part of mainstream economics since the late 1940s, though it is criticized on a number of grounds.
Overview The argument is that, in equilibrium, total income (and thus demand) must equal total output, and that total investment must equal total saving. Assuming that saving rises faster as a function of income than the relationship between investment and output, then an increase in the marginal propensity to save, other things being equal, will move the equilibrium point at which income equals output and investment equals savings to lower values.
In this form it represents a prisoner's dilemma as saving is beneficial to each individual but deleterious to the general population. This is a "paradox" because it runs contrary to intuition. Keynesian - Liquidity preference. According to Keynes, demand for liquidity is determined by three motives: the transactions motive: people prefer to have liquidity to assure basic transactions, for their income is not constantly available.
The amount of liquidity demanded is determined by the level of income: the higher the income, the more money demanded for carrying out increased spending.the precautionary motive: people prefer to have liquidity in the case of social unexpected problems that need unusual costs. The amount of money demanded for this purpose increases as income increases.speculative motive: people retain liquidity to speculate that bond prices will fall. Western Philosophy Map. If I Am Not For Myself, Who Will Be For Me? Some Moral Dilemmas. The Trolley Problem, not in Grassian.
Suggested by Philippa Foot (1920-2010), daughter of Esther, the daughter of President Grover Cleveland, but of British birth because of her father, William Sidney Bence Bosanquet. A trolley is running out of control down a track. In its path are five people who have been tied to the track by a mad philosopher. Fortunately, you could flip a switch, which will lead the trolley down a different track to safety. Unfortunately, there is a single person tied to that track. The Manifesto of the Communist Party. Socialism (Marxism)
In Marxist theory, socialism (also called lower-stage communism or the socialist mode of production) refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism.
Socialism is defined as a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity. Production for use. This principle is broad and can refer to an array of different configurations that vary based on the underlying theory of economics employed. In its classic definition, production for use implied an economic system whereby the law of value and law of accumulation no longer directed economic activity, whereby a direct measure of utility and value is used in place of the abstractions of the price system, money and capital. Alternative conceptions of socialism that don't utilize the profit system such as the Lange model involve the use of a price system and monetary calculation.
The central critique of the profits system by socialists is that the accumulation of capital ("making money") becomes increasingly detached from the process of producing economic value, leading to waste, inefficiency, and social issues. Allegory of the Cave - Plato. Plato realizes that the general run of humankind can think, and speak, etc., without (so far as they acknowledge) any awareness of his realm of Forms. The allegory of the cave is supposed to explain this. In the allegory, Plato likens people untutored in the Theory of Forms to prisoners chained in a cave, unable to turn their heads.
Heterodox economics: Marginal revolutionaries. Austrian School. The Austrian School is a school of economic thought that is based on the analysis of the purposeful actions of individuals (see methodological individualism). It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others. Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.
Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics. Many economists are critical of the current-day Austrian School and consider its rejection of econometrics, and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox. Methodology Luca Pacioli - Father of Accounting. Fra Luca Bartolomeo de Pacioli (sometimes Paccioli or Paciolo; 1445–1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and seminal contributor to the field now known as accounting, and is also referred as Father of Bookkeeping(in fact,he is the Father of double entry system of Book-keeping). He was also called Luca di Borgo after his birthplace, Borgo Sansepolcro, Tuscany.
Life Luca Pacioli was born in 1445 in Sansepolcro (Tuscany) where he received an abbaco education. Leonardo da Vinci. Leonardo daVinci (1452-1519) It may seem unusual to include Leonardo da Vinci in a list of paleontologists and evolutionary biologists. Leonardo was and is best known as an artist, the creator of such masterpieces as the Mona Lisa, Madonna of the Rocks, and The Last Supper. Yet Leonardo was far more than a great artist: he had one of the best scientific minds of his time. He made painstaking observations and carried out research in fields ranging from architecture and civil engineering to astronomy to anatomy and zoology to geography, geology and paleontology.
Law of averages. Libertarianism: a nice idea, but doomed. Find More Stories Libertarianism: a nice idea, but doomed Darryl Adams There is a lot of discussion regarding libertarianism, but it is being confused by Ron Paul saying stuff. In a nutshell, libertarianism is like pure communism and pure capitalism. A nice thought experiment for ivory tower types. A libertarian is someone who knows that his or her decisions are the best, and any regulation is a personal affront to their liberty. Russ Roberts: Why Friedrich Hayek is Making a Comeback. By Russ Roberts This article originally appeared in the Wall Street Journal on June 28, 2010. What’s Wrong with Keynes.
This is a very long post. It’s the latest version of my thoughts on Keynesian stimulus, the idea that spending creates prosperity or supports our economy or rescues it from the doldrums. John Papola, my collaborator on the video projects at EconStories, continues to push the two of us to think about these issues. So the thoughts that follow have been stimulated greatly by those conversations. Some of my earlier thoughts on stimulus and spending are here, here, and here. This isn’t as well organized as I’d like so read on at your own peril.
In particular, I’ve been thinking about the idea that in times of high unemployment, the government can borrow money and give it to people to spend creating beneficial effects—either job creation or via the idea of a “multiplier,” creating income gains in addition to those received by the people who get the initial gift. There are two standard criticisms of this idea. (I am ignoring the Keynesian implication that savings is just waste. 1. The Critical Flaw in Keynes's System. John Forbes Nash, Jr. John Forbes Nash, Jr. (born June 13, 1928) is an American mathematician whose works in game theory, differential geometry, and partial differential equations have provided insight into the factors that govern chance and events inside complex systems in daily life. His theories are used in market economics, computing, evolutionary biology, artificial intelligence, accounting, politics and military theory.
Serving as a Senior Research Mathematician at Princeton University during the latter part of his life, he shared the 1994 Nobel Memorial Prize in Economic Sciences with game theorists Reinhard Selten and John Harsanyi. Why I agree with (some of) Friedrich Hayek. A Beautiful Mind (2001. What is Game Theory?
Translations: Czech courtesy of Autip. Macedonian courtesy of Zoran Mitreski. Russian courtesy of Oleg Meister. German courtesy of Alexy Gnatuk. Romanian courtesy of Alexandra Seremina and Azoft. Bulgarian courtesy of Mark Pozner. Arabic numerals. Fear the Boom and Bust. 20 Best Websites To Download Free EBooks. Download e-books for free.
Gadgets. Vincent van Gogh.