Milton Friedman Friedman's challenges to what he later called "naive Keynesian" theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and described his approach (along with mainstream economics) as using "Keynesian language and apparatus" yet rejecting its "initial" conclusions. He theorized that there existed a "natural" rate of unemployment and argued that unemployment below this rate would cause inflation to accelerate. He argued that the Phillips curve was in the long run vertical at the "natural rate" and predicted what would come to be known as stagflation. Friedman promoted an alternative macroeconomic viewpoint known as "monetarism" and argued that a steady, small expansion of the money supply was the preferred policy. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. Early life
You’ll Never Know Which Candidate Is Electable In a beige reception hall in a Des Moines suburb, over paper plates piled with the remains of a Monday morning continental breakfast, Sen. Bernie Sanders urged a packed house of Iowans to manifest their dreams. Imagine an America where cancer only kills you, rather than also rifling through your wallet. Visualize a future where no American child has to pay off her grandmother’s student loans. Cynicism is high and more than a quarter of us believe the American Dream is unattainable, but Sanders’s stump speech offered hope. “Everything is impossible until it’s not,” he said. 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. 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.
Friedrich Hayek Friedrich August von Hayek CH FBA (/ˈhaɪək/; German: [ˈfʁiːdʁɪç ˈaʊ̯ɡʊst ˈhaɪɛk]; 8 May 1899 – 23 March 1992), often referred to by his initials F. A. Hayek, was an Anglo-Austrian economist and philosopher best known for his defence of classical liberalism. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his "pioneering work in the theory of money and economic fluctuations and [...] penetrating analysis of the interdependence of economic, social and institutional phenomena". Hayek was also a major social theorist and political philosopher of the 20th century and his account of how changing prices communicate information that helps individuals co-ordinate their plans is widely regarded as an important achievement in economics, leading to his Nobel Prize. Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him into economics. Life
HuffPost is now a part of Verizon Media Gun control activist Fred Guttenberg, whose 14-year-old daughter Jaime was killed in the Parkland, Florida, school shooting, was escorted out of the House chamber on Tuesday night for protesting President Donald Trump’s remarks about guns during his State of the Union address. “What about victims of gun violence like my daughter?” Guttenberg shouted at Trump, the activist told HuffPost. Guttenberg, who was invited to the event by House Speaker Nancy Pelosi, shouted the protest as Trump spoke about the Second Amendment — which the president said was “under siege all across our country.”
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.
John Graunt John Graunt (24 April 1620 – 18 April 1674) was one of the first demographers, though by profession he was a haberdasher. Biography Born in London, the eldest of seven or eight children of Henry and Mary Graunt. His father was a draper who had moved to London from Hampshire. List of The West Wing characters The television series The West Wing is a political drama series which was originally broadcast on NBC. Many actors noted for work in sitcoms, including John Goodman, Alan Alda, John Larroquette, Christopher Lloyd, Ed O'Neill, Matthew Perry, Patricia Richardson, Lily Tomlin, Wayne Wilderson, and Daniel von Bargen appeared in dramatic roles on The West Wing. White House staff Other White House staffers Dolores Landingham (Kathryn Joosten and Kirsten Nelson in flashback in "Two Cathedrals"): The President's executive secretary (Season 1–2). Killed in a car accident (Season 2 episode "18th and Potomac").
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 Thomas Robert Malthus British political economist Thomas Robert Malthus FRS (; 13/14 February 1766 – 23 December 1834) was an English cleric, scholar and influential economist in the fields of political economy and demography. Malthus saw population growth as being inevitable whenever conditions improved, thereby precluding real progress towards a utopian society: "The power of population is indefinitely greater than the power in the earth to produce subsistence for man". As an Anglican cleric, he saw this situation as divinely imposed to teach virtuous behaviour. Malthus wrote that "the increase of population is necessarily limited by the means of subsistence"; "population does invariably increase when the means of subsistence increase"; and "the superior power of population is repressed by moral restraint, vice and misery". Early life and education Population growth
Chris Matthews Christopher John Matthews (born December 17, 1945) is an American political commentator, talk show host, and author. Matthews hosts his weeknight hour-long talk show, Hardball with Chris Matthews, on MSNBC. From 2002 to 2013, Matthews hosted a syndicated NBC News–produced panel discussion program on weekends titled The Chris Matthews Show. Matthews regularly appears on other NBC and MSNBC news programs as well. 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.
Herbert Hoover 31st president of the United States Hoover was born to a Quaker family in West Branch, Iowa. He took a position with a London-based mining company after graduating from Stanford University in 1895. After the outbreak of World War I, he became the head of the Commission for Relief in Belgium, an international relief organization that provided food to occupied Belgium. When the U.S. entered the war, President Woodrow Wilson appointed Hoover to lead the Food Administration, and Hoover became known as the country's "food czar". David Ricardo David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and James Mill. Perhaps his most important legacy is his theory of comparative advantage, which suggests that a nation should concentrate its resources solely in industries where it is most internationally competitive and trade with other countries to obtain products no longer produced nationally. In essence, Ricardo promoted the idea of extreme industry specialization by nations, to the point of dismantling internationally competitive and otherwise profitable industries. Ricardo took as a given the existence of a national industry policy aimed at promoting some industries to the detriment of others. For Ricardo some form of Central Economic Planning was a necessity. Personal life