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Vor 3 Tagen · In John Maynard Keynes' theory, some micro-level actions of individuals and firms – if taken collectively – can lead to aggregate macroeconomic outcomes in which the economy operates below its potential output and growth. Such a situation had previously been referred to by classical economists as a general glut.
Vor 4 Tagen · Keynes is famous for not only creating the general theory, but for also suggesting and promoting a governmental policy where the aim is to achieve a more stable economy and work against the cycles of boom and bust. According to Keynes, economic output is positively correlated with money velocity.
Vor einem Tag · Economics. The tragedy of the commons is a metaphoric label for a concept that is widely discussed, and criticised, in economics, ecology and other sciences. According to the concept, should a number of people enjoy unfettered access to a finite, valuable resource such as a pasture, they will tend to over-use it, and may end up destroying its ...
Vor einem Tag · Jon Hartley. 5 Jun 2024. Share: This past Wednesday, President of Argentina and libertarian firebrand Javier Milei came to speak at Stanford for an event hosted by the Hoover Institution and the Stanford Graduate School of Business’ Classical Liberalism Initiative. You can find the full Javier Milei Stanford speech here with English subtitles ...
Vor einem Tag · Myrdal’s criticism is however overdrawn as the theorem is valid under highly restrictive assumptions and it was never maintained that equalization of factor prices will actually occur. “Although the factor-price equalization theorem cannot be claimed to be a valid empirical generalization, the fundamental contention of the neoclassical trade theory does hold: the real income of each ...
Vor 3 Tagen · In probability theory, Chebyshev's inequality (also called the Bienaymé–Chebyshev inequality) provides an upper bound on the probability of deviation of a random variable (with finite variance) from its mean.
Vor 3 Tagen · ABSTRACT. In this paper, following Cesaratto's lead (Cesaratto, [2005]. Pension Reform and Economic Theory: A Non-Orthodox Analysis.Cheltenham: Edward Elgar, especially chapters 6-8), we measure the impact of pensioners' spending on output and employment in the Spanish economy in 2021 by means of the Sraffian supermultiplier, taking pensioners' expenditure as a component of autonomous demand.
