John Maynard Keynes is doubtlessly one the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936). This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society. No other single book, before or since, has had quite such an impact.
Keynes disagreed with both the labor market analysis and the goods market analysis of the classicists. He argued that changes in money wage rates do not result in corresponding changes in real wages because of their impact on the incomes and, therefore, on the expenditures of wage earners. Lower money wages, he argued, would force lower demand for goods and services and therefore lower their prices. Real wages would be unchanged.
These are some of the quotes by John Maynard Keynes. A study of the history of opinion is a necessary preliminary to the emancipation of the mind. Americans are apt to be unduly interested in discovering what average opinion believes average opinion to be. Capitalism is the astounding belief that the wickedest of men will do the most wickedest of things for the greatest good of everyone.
I think that Keynes was a very brilliant man. Keynes was one of the most influential economists of the twentieth century, and one of only a handful of social scientists that, through their writings, have significantly affected the course of history. His influence on economics was so great that the boom the Western industrial countries experienced between 1945 and 1975 has been termed the "Age of Keynes."
The thoughts that he had, the government is using in the modern day. So his theories are being put to action in the modern day world today.
Thursday, June 11, 2009
June Newsletter
1. a. If we are ever going to send people to Mars they will be in space for a few years and it will be very important to know what reactions humans would have to space before they leave for that important mission.
b. Because it is easier to move around and it is good to know where you stand and everything is normal.
c. I think their would be a lot of people their and it wouldn’t be very relaxing an the food wouldn’t be that good.
2. I would decline because that would be a very long time and I don’t think I could take the change from earth to space. I wouldn’t want the space shuttle to explode or malfunction; I just don’t want to take that chance. Also it doesn’t really interest me.
Swine Flu
If I where to plan a trip to Mexico I would make sure that the outbreak had occurred to a different part of the country than I was traveling. I would be very careful in the dirtier parts of the country, if it was really bad I would wear a mask.
Bird Alert!
Men would take a canary down into the coalmines with them as a precaution. When carbon monoxide entered the mine the bird would start to die and that would show the workers that they should leave. This shows that in modern day there is bad stuff in the environment that is killing the birds. This is a sign just like in the coalmines that we need to get out but we can so we need to fix it.
b. Because it is easier to move around and it is good to know where you stand and everything is normal.
c. I think their would be a lot of people their and it wouldn’t be very relaxing an the food wouldn’t be that good.
2. I would decline because that would be a very long time and I don’t think I could take the change from earth to space. I wouldn’t want the space shuttle to explode or malfunction; I just don’t want to take that chance. Also it doesn’t really interest me.
Swine Flu
If I where to plan a trip to Mexico I would make sure that the outbreak had occurred to a different part of the country than I was traveling. I would be very careful in the dirtier parts of the country, if it was really bad I would wear a mask.
Bird Alert!
Men would take a canary down into the coalmines with them as a precaution. When carbon monoxide entered the mine the bird would start to die and that would show the workers that they should leave. This shows that in modern day there is bad stuff in the environment that is killing the birds. This is a sign just like in the coalmines that we need to get out but we can so we need to fix it.
Monday, June 1, 2009
International Monetary Fund
The IMF is an organization of 185 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 44 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States of America, with the delegates to the conference agreeing on a framework for international economic cooperation. The IMF was formally organised on December 27, 1945, when the first 29 countries signed its Articles of Agreement.
The work of the IMF is of three main types. Surveillance involves the monitoring of economic and financial developments, and the provision of policy advice, aimed especially at crisis prevention. The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.
Provides financial assistance and advice to member countries. This article will discuss the main functions of the organization, which has become an enduring institution integral to the creation of financial markets worldwide and to the growth of developing countries.
The IMF also offers technical assistance to transitional economies, such as the former Soviet Republics, in the changeover from centrally planned to market run economies. The IMF also offers emergency funds to collapsed economies, as it did for Korea during the 1997 financial crisis in Asia. The funds were injected into Korea's foreign reserves in order to boost the local currency, thereby helping the country avoid a damaging devaluation. Emergency funds can also be loaned to countries that have faced economic crisis as a result of a natural disaster.
The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The representatives of 44 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States of America, with the delegates to the conference agreeing on a framework for international economic cooperation. The IMF was formally organised on December 27, 1945, when the first 29 countries signed its Articles of Agreement.
The work of the IMF is of three main types. Surveillance involves the monitoring of economic and financial developments, and the provision of policy advice, aimed especially at crisis prevention. The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.
Provides financial assistance and advice to member countries. This article will discuss the main functions of the organization, which has become an enduring institution integral to the creation of financial markets worldwide and to the growth of developing countries.
The IMF also offers technical assistance to transitional economies, such as the former Soviet Republics, in the changeover from centrally planned to market run economies. The IMF also offers emergency funds to collapsed economies, as it did for Korea during the 1997 financial crisis in Asia. The funds were injected into Korea's foreign reserves in order to boost the local currency, thereby helping the country avoid a damaging devaluation. Emergency funds can also be loaned to countries that have faced economic crisis as a result of a natural disaster.
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