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John Maynard Keynes

John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes,[1] CB, FBA (/ˈkeɪnz/ KAYNZ; 5 June 1883 – 21 April 1946) was a British economist whose ideas have fundamentally affected the theory and practice of modern macroeconomics, and informed the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and is widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century.[2][3][4][5] His ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. In 1999, Time magazine included Keynes in their list of the 100 most important and influential people of the 20th century, commenting that: "His radical idea that governments should spend money they don't have may have saved capitalism."[10] He has been described by The Economist as "Britain's most famous 20th-century economist. Early life and education[edit] King's College, Cambridge. Career[edit]

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Karl Marx Karl Marx[note 1] (/mɑrks/;[4] German pronunciation: [ˈkaɐ̯l ˈmaɐ̯ks]; 5 May 1818 – 14 March 1883) was a German philosopher, economist, sociologist, journalist, and revolutionary socialist. Marx's work in economics laid the basis for much of the current understanding of labour and its relation to capital, and subsequent economic thought.[5][6][7][8] He published numerous books during his lifetime, the most notable being The Communist Manifesto (1848) and Das Kapital (1867–1894). Born into a wealthy middle-class family in Trier in the Prussian Rhineland, Marx studied at the Universities of Bonn and Berlin where he became interested in the philosophical ideas of the Young Hegelians.

Falsifiability Falsifiability or refutability of a statement, hypothesis, or theory is an inherent possibility to prove it to be false. A statement is called falsifiable if it is possible to conceive an observation or an argument which proves the statement in question to be false. In this sense, falsify is synonymous with nullify, meaning not "to commit fraud" but "show to be false". Some philosophers argue that science must be falsifiable.[1] For example, by the problem of induction, no number of confirming observations can verify a universal generalization, such as All swans are white, yet it is logically possible to falsify it by observing a single black swan. Thus, the term falsifiability is sometimes synonymous to testability. History of economic thought The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics from the ancient world to the present day. It encompasses many disparate schools of economic thought. Ancient Greek writers such as the philosopher Aristotle examined ideas about the art of wealth acquisition, and questioned whether property is best left in private or public hands.

Basic Overview of Budget Deficit Debates Balanced budget debate The budget deficit is often in the media spotlight. The budget deficit is defined as the difference between what the government spends and what the government collects. Government spending takes the form of salaries, defense spending, aid programs, and other cash outflows. Paul Jorion Paul Jorion (born July 22, 1946[1] in Brussels) is by training an anthropologist, sociologist with a special interest in the cognitive sciences. He has also written seven books on capitalist economics. Paul was born and raised in Belgium,[2] and has been a Professor at the universities of Brussels, Cambridge, Paris VIII and University of California at Irvine.

Falsifiability - Karl Popper's Basic Scientific Principle. Falsifiability, as defined by the philosopher, Karl Popper, defines the inherent testability of any scientific hypothesis. Science and philosophy have always worked together to try to uncover truths about the world and the universe around us. Both are a necessary element for the advancement of knowledge and the development of human society. Scientists design experiments and try to obtain results verifying or disproving a hypothesis, but philosophers are the driving force in determining what factors determine the validity of scientific results. Often, they even determine the nature of science itself and influence the direction of viable research.

Adam Smith Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure.[2] Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. The Greatest Economic Myth of the Century My candidate for “greatest economic myth of the century” was popularized by British economist John Maynard Keynes in the 1930s. He thought that massive government spending would halt recessions and lead to prosperity. The myth here is that government spending, i.e. the extracting of dollars from taxpayers and then handing them out to key groups by politicians, helps the economy as a whole. Keynes worded his theory this way: “To dig holes in the ground, paid for out of savings, will increase not only employment, but the real national dividend of useful goods and services.” Keynes’s idea that government spending, even just digging holes, will lead to prosperity was discredited shortly after he announced it in 1935 during the Great Depression.

What is shadow banking? There is much confusion about what shadow banking is. Some equate it with securitisation, others with non-traditional bank activities, and yet others with non-bank lending. Regardless, most think of shadow banking as activities that can create systemic risk. This column proposes to describe Amartya Sen Amartya Kumar Sen (Bengali: অমর্ত্য সেন; born 3 November 1933) is an Indian economist and philosopher who since 1972 has taught and worked in the United Kingdom and the United States. He has made contributions to welfare economics, social choice theory, economic and social justice, economic theories of famines, and indexes of the measure of well-being of citizens of developing countries. He was awarded the Nobel Memorial Prize in Economic Sciences in 1998 for his work in welfare economics.

Burton W. Folsom, Jr. Burton W. Folsom, Jr. (born 1947 in Nebraska) is an American historian and author who holds the Charles F. Kline chair in history and management at Hillsdale College. Biography[edit] Folsom received his BA from Indiana University in 1970, his M.A. from the University of Nebraska in 1973, and his doctorate in history from the University of Pittsburgh in 1976. More on Schools of Thought The main task of this post is to try and answer the following question: why do schools of thought seem to fragment mainstream macroeconomics but not microeconomics? However before tackling that issue, I need to clear some ground raised by some interesting comments on my earlier posts on this issue. One point I did not make clear enough in my earlier discussion is a distinction between mainstream and heterodox economics. The latter might include neo-Marxists, post Keynesians, Austrians and others. My concern was about mainstream macroeconomics becoming fragmented into schools of thought.

Hillsdale College Hillsdale College is a co-educational liberal arts college in Hillsdale, Michigan, United States.National Review has described Hillsdale as a "citadel of American conservatism."[2][3] Most of the curriculum is based on and centered around the teaching of the Western heritage as a product of both the Greco-Roman culture and the Judeo-Christian tradition. Hillsdale requires every student, regardless of major, to complete a core curriculum that includes courses on the Great Books and the U.S. Constitution.[4] History[edit]

Antony C. Sutton Antony Cyril Sutton (February 14, 1925 – June 17, 2002) was a British and American economist, historian, and writer. Biography[edit] Sutton studied at the universities of London, Göttingen, and California, and received his D.Sc. from the University of Southampton. He was an economics professor at California State University, Los Angeles and a research fellow at Stanford University's Hoover Institution from 1968 to 1973. During his time at the Hoover Institution, he wrote the major study Western Technology and Soviet Economic Development (in three volumes), arguing that the West played a major role in developing the Soviet Union from its very beginnings up until the present time (1970). Sutton argued that the Soviet Union's technological and manufacturing base — which was then engaged in supplying the Viet Cong — was built by United States corporations and largely funded by US taxpayers.