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Father of economist?
Adam Smith is considered as the father of the economy. He is known as the most influential thinker in the field of economics. In 1759, he published his first book entitled The Theory of Moral Sentiments.
What is the life cycle effect of political socialization?
it is when your political stance changes as you age. for example, as you get older you become more republican. this is just a theory, not necessarily true
Law shall have no retroactive effect?
Law has prospective (forward-looking) effect only. The reason for this is that people are entitled to have advance knowledge of the legality or illegality of their behavior before they engage in it. It is similar in theory to the Constitutional prohibition against ex post facto laws.
Briefly describe tha four most widely held theories that attempt to explain the origin of the state?
The 4 theories of the origins of the state are: 1. The divine right theory - God created the state. 2. The force theory - One person or a small group of people claim control over the population in an area by force. 3. The natural theory - We coexist because we achieve more from operating alongside others. 4. The social contract - The community population and the leader have a contract. The state has power and authority over the territory.
What countries fell to domino theory?
The US was worried that if Vietnam fell to communism it would lead to a domino effect. It was believed that nearby countries would also become communist as a result.
What has the author G R Steele written?
G. R. Steele has written: 'Keynes and Hayek' 'Monetarism and the demise of Keynesian economics' -- subject(s): Chicago school of economics, Classical school of economics, Keynesian economics, Quantity theory of money
The theory that government spending should increase during business slumps and curbed during booms is referred to as?
Keynesian Economics
Explain in details the relationship between economics facts theory and policy?
explain in details the relationships between economics facts, theory and policy.
Advantage and disadvantage of keynesian theory?
Disadvantages: -crowding-out effect -time-lag -deficit spending
What has the author Robert Lekachman written?
Robert Lekachman has written: 'The age of Keynes / Robert Lekachman' -- subject(s): Keynesian economics 'Greed is not enough' -- subject(s): Economic policy, Supply-side economics, United States 'Keynes and the classics' -- subject(s): Keynesian economics 'The age of Keynes' -- subject(s): Keynesian economics 'Inflation: the permanent problem of boom and bust' -- subject(s): Economic conditions, Inflation (Finance) 'The great tax debate' -- subject(s): Taxation 'Economists at Bay' 'Keynes' general theory' -- subject(s): Keynesian economics, Keynesianisme
How does Keynesian Economics affect today's nation?
The theory that government spending should increase during business slumps and be curbed during booms.
How does supply-side economics differ from Keynesian economics?
Supply-side economics focuses on boosting economic growth by increasing the supply of goods and services, primarily through tax cuts and deregulation to incentivize production and investment. In contrast, Keynesian economics emphasizes the importance of aggregate demand in driving economic growth, advocating for government intervention and spending to stimulate demand during economic downturns. While supply-side theory prioritizes producers and supply chains, Keynesian economics prioritizes consumers and overall demand in the economy.
What does Keynesian revolution mean?
Keynesian is an economics term that refers to advocated government monetary and fiscal programs intended to stimulate business activity and increase employment.
What is the limitation of keynesian investment multiplier?
limitation of keynesian theory??
What has the author Peter G McGregor written?
Peter G. McGregor has written: 'Finance constraints, Keynes' Finance Motive for liquidity and monetary theory' 'An introduction to the Keynesian-Monetarist debate in an open-economy context' -- subject(s): Prices, Chicago school of economics, Wages, Keynesian economics
How can adherent be used in a sentence as a noun?
"The late John Garwood, who taught economics at Fort Hays Kansas State College, was an adherent to the Keynesian Theory of economics,...."~The Topeka Capital Journal, February 19, 2009
How do classical and Keynesian economics compare and contrast in terms of their fundamental principles and approaches to economic theory?
Classical economics emphasizes the importance of free markets and minimal government intervention, believing that the economy will naturally self-regulate. Keynesian economics, on the other hand, advocates for government intervention during economic downturns to stimulate demand and stabilize the economy. The key difference lies in their views on the role of government in managing the economy.
