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History of economic thought

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. In medieval times, scholastic scholars such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price. Ancient economic thought (Pre 500AD)[edit] China[edit] Fan Li (also known as Tao Zhu Gong) (517 BC - ),[1] an adviser to King Goujian of Yue, wrote on economic issues and developed a set of 'golden' business rules.[2] India[edit] Chanakya (350 BC - ) wrote the Arthashastra, a treatise on statecraft, economic policy and military strategy. Greco-Roman World[edit] Economic thought in the Middle Ages (500-1500AD)[edit] Thomas Aquinas[edit] Related:  economic timelineEconomicsalsa21

Chronology of Money Timeline Because of the difficulties of conducting experiments in the ordinary business of economic life, at the centre of which is money, it is most fortunate that history generously provides us with a proxy laboratory, a guidebook of more or less relevant alternatives. Around the next corner there may be lying in wait apparently quite novel monetary problems which in all probability bear a basic similarity to those that have already been tackled with varying degrees of success or failure in other times and places. Yet despite the antiquity and ubiquity of money its proper management and control have eluded the rulers of most modern states partly because they have ignored the wide-ranging lessons of the past or have taken too blinkered and narrow a view of money. Even in modern circumstances money still yields powerfully important psychic returns such as in an individual's social rank and standing, or a nation's position in the GNP league table. Notes on the Chronology

Ode to The Holy Invisible Hand of the Free Market Ode to The Holy Invisible Hand of the Free Market Oh Holy Invisible Hand of the Free Market, we adore Thee above all, and we sacrifice all our values and all that is life to Thee! Even as we Righteously Right Evangelicals, LDS, and Catholics mouth praises to Jesus, we sacrifice him and all that he taught on Thy Altar of Profit, Oh Invisible Hand! We have found, like our Holy Prophet Ayn Rand (Blessed Be Her Name), that Jesus and laissez faire Capitalism are utterly incompatible. But, because of our unwavering devotion to Thee, Oh Invisible Hand, we deny this blatant contradiction, we pretend to serve and praise Jesus. We sacrifice all that is life to thee: our water, our air, our earth and all the living creatures depending on these things.We will gladly sacrifice all life, including our own, to extinction for Thee, Oh Invisible Hand of the Free Market. For decades, we condemned atheistic regimes. All that stands in Thy way is collectivist and altruistic. What I have, I earned.

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 Early life and education[edit] King's College, Cambridge. John Maynard Keynes was born in Cambridge, Cambridgeshire, England, to an upper-middle-class family. Career[edit]

Labour's postwar chancellor makes Corbynomics look Thatcherite – what can he teach us? It’s been a hard slog but three years into the Labour government – the first for more than a decade – the chancellor stands up at a union conference to announce: success. “Income tax and surtax going up to 95p in the pound has meant there are only 70 people in this country today with more than £6,000 they can spend out of income,” he says. New rules on what the rich can claim against tax “will further curtail luxury expenditure, as will the special levy”. The speaker, of course, is not John McDonnell. Labour’s problem then was that Britain had lost its empire and was facing the first of the “balance of payments” crises that would haunt chancellors from then until now. Cripps told the unions he had sliced £580m off income tax payments for the poor, and extended the social wage by £800m – half of it in the form of food subsidies. It is a programme to make Corbynomics look positively Thatcherite by comparison. So what can we do? First, inequality punishes the unlucky.

Why China’s stock market bubble was always bound to burst | Orville Schell Over the past few weeks, punters in China underwent a near-death experience when their country’s two stock exchanges entered freefall. The rapidly inflating bubble that had driven share prices to dizzying heights had suddenly burst. By this spring, the stock markets in Shanghai, with 831 listed companies, and Shenzhen, with 1,700, boasted a combined market capitalisation of $9.5tn, which made them – along with the much older Hong Kong exchange – the second-largest financial market in the world. After languishing for the past four years, these two Chinese stock markets suddenly took off last summer, becoming a cauldron of voracious buying, selling and spectacular profit-taking. Shares of newly listed companies soared thousands of percentage points within months of their initial public offerings, driven upward by a new and growing cadre of relatively unsophisticated private investors that included tens of millions of ordinary workers, farmers, housewives and pensioners.

Adam Smith Adam Smith FRSA (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.[1] Smith is best known for two classic works: An Inquiry into the Nature and Causes of the Wealth of Nations (typically called The Wealth of Nations; 1776) and The Theory of Moral Sentiments (1759). The former, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.[2] Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Biography[edit] Early life[edit] Portrait of Smith's mother, Margaret Douglas

Introduction to 25G and 40G Ethernet Network - fiber optic solution When you look at the evolution of networking and the data that drives it, there is no surprise that Ethernet has been and will continue to be the most widely used network interface. Consumers and network designers wish to smoothly migrate to higher network speed—100G/400G without compromising quality. Ethernet speed upgrade path was clearly defined as from 10G,40G to 100G. But recently a new migrate path (10G-25G-100G) was gradually accepted by subscribers. For those who need to migrate their network to adopt to the big data age, choose 25G or 40G Ethernet, that is the question! Here Comes 25 Gigabit Ethernet25 Gigabit Ethernet has passed the first hurdle in the IEEE standards body with a successful Call for Interest (CFI) in July, 2014. 40G Ethernet NetworkThe IEEE P802.3ba 40G and 100G Ethernet Task Force was formed to develop a 40 Gigabit Ethernet and 100 Gigabit Ethernet draft standard.

A Templeton Conversation: Does the free market corrode moral character? At America's birth, most societies were organized on the foundation of either a landholding aristocracy or a strong military establishment. The American founders rejected these models and argued strenuously that a new society, built upon free commerce, would both engender a higher set of virtues and prove safer for, and more committed to, the rule of law. Such a society would be dedicated not to the pursuit of power but to the creation of plenty. As Alexander Hamilton noted in Federalist #12: "The prosperity of commerce is now perceived and acknowledged by all enlightened statesmen to be the most useful as well as the most productive source of national wealth, and has accordingly become a primary object of their political cares." Commerce would distract men from previous sources of division and faction. A commercial society also would be far, far better for the poor, and it would have a beneficent effect on public and personal morality.

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. He is currently the Thomas W. Lamont University Professor and Professor of Economics and Philosophy at Harvard University. Early life and education[edit] Sen was born in a Bengali Vaidya family in Manikganj, Bangladesh, to Ashutosh Sen and Amita Sen. Meanwhile, Sen was elected to a Prize Fellowship at Trinity College, which gave him four years of freedom to do anything he liked; he made the radical decision to study philosophy. To Sen, Cambridge was like a battlefield. Professorships[edit]

Telecommunications productions: How Optical Switch Is Making a Difference in Optical Networks? We are currently witnessing a strong worldwide trend of bringing fiber closer to individual homes and businesses, which at the same time creates a need for efficient optical-switching mechanisms. There is no doubt that optical switch plays an essential role in telecommunication networks. In this article, we are going to review the optical switching technology that help to improve the bandwidth efficiency, as well as to decrease the cost and power consumption of optical networks. Optical Switching TechnologyAn optical switch is a switch that enables signals in optical fibers or integrated optical circuits (IOCs) to be selectively switched from one circuit to another. Here is how it works, as we know that most networking equipment today is still based on electronic-signals, which means that the optical signals have to be converted to electrical ones, to be amplified, regenerated or switched, and then reconverted to optical signals.