title of book by John Maynard Keynes (1883-1946) outlining the general concept of Keynesian economics. The book was published in 1936.
*Context*
______________________________
Prior to the Great Depression, opinions about how to properly manage the economy were dominated by Neoclassical economics, which advocated little government intervention. In particular, unemployment was regarded as the consequence of workers failing to accept wages sufficiently low to permit full employment.
During the Great Depression, unemployment soared to 25% in the USA and Germany. Economics had no advice to give to leaders anxious to do something, and none of the neoclassical predictions were coming true. The government of the UK commissioned J.M. Keynes to lead a commission of top British economists in a general review of economic theory; their finding were summarized by Keynes in *The General Theory*.
*The Findings*
______________________________
The Cambridge team did not have access to statistics of national income and product accounting (NIPA). They did have some data on unemployment and prices, especially from the USA.
Keynes also identified several inherent logical problems with neoclassical economic theory about saving and investment. The theory said that all economic output of an economy would tend to be consumed; all saving would be invested; and all workers would be employed, *provided wages fell low enough*.
Keynes noted the economic mechanism by which investment occurs has little to do with the existing rate of saving; both are influenced by interest rates, but other forces come into play (e.g., liquidity preference for saving, business opportunities and user cost for investment). Hence, aggregate demand can drift very far out of alignment with output (or potential output).
Another finding was that employment rates actually did not respond in a predictable way to the fall in wages. The US economy suffered periods when a reduction in the wage level lead to increases in employment, despite the assumption that workers would have withdrawn from the labor market.
Finally, Keynes proposed the use of monetary policy and fiscal policy for regulating business cycles.
*Context*
______________________________
Prior to the Great Depression, opinions about how to properly manage the economy were dominated by Neoclassical economics, which advocated little government intervention. In particular, unemployment was regarded as the consequence of workers failing to accept wages sufficiently low to permit full employment.
During the Great Depression, unemployment soared to 25% in the USA and Germany. Economics had no advice to give to leaders anxious to do something, and none of the neoclassical predictions were coming true. The government of the UK commissioned J.M. Keynes to lead a commission of top British economists in a general review of economic theory; their finding were summarized by Keynes in *The General Theory*.
*The Findings*
______________________________
The Cambridge team did not have access to statistics of national income and product accounting (NIPA). They did have some data on unemployment and prices, especially from the USA.
Keynes also identified several inherent logical problems with neoclassical economic theory about saving and investment. The theory said that all economic output of an economy would tend to be consumed; all saving would be invested; and all workers would be employed, *provided wages fell low enough*.
Keynes noted the economic mechanism by which investment occurs has little to do with the existing rate of saving; both are influenced by interest rates, but other forces come into play (e.g., liquidity preference for saving, business opportunities and user cost for investment). Hence, aggregate demand can drift very far out of alignment with output (or potential output).
Another finding was that employment rates actually did not respond in a predictable way to the fall in wages. The US economy suffered periods when a reduction in the wage level lead to increases in employment, despite the assumption that workers would have withdrawn from the labor market.
Finally, Keynes proposed the use of monetary policy and fiscal policy for regulating business cycles.
The *The General Theory of Employment, Interest, and Money* completely shook up the world of economic policy. Hereafter, governments took responsibility for economic conditions or they lost power.
by Abu Yahya March 3, 2009
Get the The General Theory of Employment, Interest, and Money mug.String theory is a newer theory in physics that attempts to explain everything. The currently used atomic theory has a flaw, you can keep asking "Well what are protons made of? Quarks? Well what are quarks made of?" etc etc.
String theory escapes this endless loop of going smaller and smaller. String theory states that quarks are made up of tiny vibrating strings. One may ask, "Well if all quarks are made up of tiny vibrating strings, what makes the quarks different?" (As the quarks must obviously be different because there have been dozens of different kinda of particles discovered (you know, alpha , beta , etc)). The answer to this question is that the string vibrate at various frequencies. This additional variable accounts for the many property differences of particles.
Thats the jist of string theory. Now for scientists to make this theory check out mathematically, they had to add 7 extra dimensions (for a grand total of ten) and there are lots of theories out there as to what these ten dimensions are. Some say they are too small for us to observe. If we ever do prove the existence of other dimensions (for example, if we observe matter disappearing (not converting to energy) then we can assume it has left our dimension, we will be much closer to solving the mystery of the universe. But then what about other universes...
String theory escapes this endless loop of going smaller and smaller. String theory states that quarks are made up of tiny vibrating strings. One may ask, "Well if all quarks are made up of tiny vibrating strings, what makes the quarks different?" (As the quarks must obviously be different because there have been dozens of different kinda of particles discovered (you know, alpha , beta , etc)). The answer to this question is that the string vibrate at various frequencies. This additional variable accounts for the many property differences of particles.
Thats the jist of string theory. Now for scientists to make this theory check out mathematically, they had to add 7 extra dimensions (for a grand total of ten) and there are lots of theories out there as to what these ten dimensions are. Some say they are too small for us to observe. If we ever do prove the existence of other dimensions (for example, if we observe matter disappearing (not converting to energy) then we can assume it has left our dimension, we will be much closer to solving the mystery of the universe. But then what about other universes...
by MinorEffect January 11, 2010
Get the String Theory mug.Related Words
Thory
• thory youcome
• thoryn
• Thoryy
• Thor
• Thore
• Theory
• Theory Of A Deadman
• Thora
• Thorag
Person 1: Did you see Cavendish win in Paris today?
Person 2: Yeah, he Thor'd Hushovd big time!
Person 1: Man you finished so many seconds behind him
Person 2: Yeah, I got Thor'd today.
Person 2: Yeah, he Thor'd Hushovd big time!
Person 1: Man you finished so many seconds behind him
Person 2: Yeah, I got Thor'd today.
by Der Oentergang July 26, 2009
Get the Thor'd mug.One of the best albums people have ever heard. It's Linkin Park's debut album. There's not a single bad word in it.
Track wise analysis:
1.PAPERCUT-Super fast rapping by Shinoda building to several mini choruses, and eventually a long melodic chorus punctuated by rap.
2.ONE STEP CLOSER-Linkin Park made this angst filled song when they were frustrated in perfecting "Runaway", which is Track#6 in the album. This song was their first ever single. They play this track as the last song in every concert of theirs.
3.WITH YOU-This is the track in which you notice the unique turn tabling ability of DJ Hahn. So far, the only Linkin Park song where Chester sings in a "different" voice, noticeable in the chorus.
4.POINTS OF AUTHORITY-The only sign of rap is in the beginning and somewhere towards the middle. Another nice track to play on the move.
5.CRAWLING-The Music Video for this won a Grammy Award in 2002. Best part is the few lines before the chorus. Powerful lyrics, Chester is predominant.
6.RUNAWAY-The first 3 seconds of this song made me a Linkin Park freak. Nice track to succeed Crawling
7.BY MYSELF-You can classify this as "Lazy Rap". I never liked this song much, but the chorus is very catchy.
8.IN THE END-Aw C'mon, of course you know this one. It's the most popular song they have ever made, till date. Nu Metal, as it's peak. A piano loop throughout, fast-rapping by Shinoda, chorus by Chester.
9.A PLACE FOR MY HEAD-An Arabic twinge to the guitar used in this one. A superb one where Chester screams the loudest. Placement in the album spot on.
10.FORGOTTEN-Heaviest track in the album. Here's where you spot the inefficiency of the Linkin Park guitarists. Luckily Shinoda's rapping saves the song.
11.CURE FOR THE ITCH-All instrumental. DJ Hahn at his turntables. Full Marks!
12.PUSHING ME AWAY-AN anticlimax, appearing at the end of the album. Nevertheless, a great song, to hear when you are feeling guilty after lying to somebody.
This is amazing. One of the few rock albums where they don't swear. Linkin Park knows how to do it.
Track wise analysis:
1.PAPERCUT-Super fast rapping by Shinoda building to several mini choruses, and eventually a long melodic chorus punctuated by rap.
2.ONE STEP CLOSER-Linkin Park made this angst filled song when they were frustrated in perfecting "Runaway", which is Track#6 in the album. This song was their first ever single. They play this track as the last song in every concert of theirs.
3.WITH YOU-This is the track in which you notice the unique turn tabling ability of DJ Hahn. So far, the only Linkin Park song where Chester sings in a "different" voice, noticeable in the chorus.
4.POINTS OF AUTHORITY-The only sign of rap is in the beginning and somewhere towards the middle. Another nice track to play on the move.
5.CRAWLING-The Music Video for this won a Grammy Award in 2002. Best part is the few lines before the chorus. Powerful lyrics, Chester is predominant.
6.RUNAWAY-The first 3 seconds of this song made me a Linkin Park freak. Nice track to succeed Crawling
7.BY MYSELF-You can classify this as "Lazy Rap". I never liked this song much, but the chorus is very catchy.
8.IN THE END-Aw C'mon, of course you know this one. It's the most popular song they have ever made, till date. Nu Metal, as it's peak. A piano loop throughout, fast-rapping by Shinoda, chorus by Chester.
9.A PLACE FOR MY HEAD-An Arabic twinge to the guitar used in this one. A superb one where Chester screams the loudest. Placement in the album spot on.
10.FORGOTTEN-Heaviest track in the album. Here's where you spot the inefficiency of the Linkin Park guitarists. Luckily Shinoda's rapping saves the song.
11.CURE FOR THE ITCH-All instrumental. DJ Hahn at his turntables. Full Marks!
12.PUSHING ME AWAY-AN anticlimax, appearing at the end of the album. Nevertheless, a great song, to hear when you are feeling guilty after lying to somebody.
This is amazing. One of the few rock albums where they don't swear. Linkin Park knows how to do it.
by Spiderguy252 March 7, 2008
Get the hybrid theory mug.Essentially, the alphabet of music. It is important to learn theory so that when you decide to break the rules, you are doing it out of wisdom, and not out of ignorance. See: Miles Davis
Music theory teaches you important rudimentary skills necessary to be successful as a professional musician.
by rtcp September 22, 2008
Get the music theory mug.Creating and promoting strategies for the Warhammer Fantasy or Warhammer 40,000 tabletop miniatures games without actually testing them on the battlefield. Most especially found on message boards.
Internet guy A: The Thousand Sons are unstoppable because they have two wounds.
Internet guy B: What a load of theoryhammer.
Internet guy B: What a load of theoryhammer.
by Sebastian Gorkamorka October 20, 2005
Get the theoryhammer mug.A Technique for hitting on Women. A man will use this Theory when he has no one in particular he wants to date but wants to flirt with women and see how they respond. essentially you hit on everyone you see without exception and and hope you "hit" something.
I have been "shotgunning" with all the chicks at work. and most of them have giving me their numbers
The "shotgun theory" has really gotten me somewhere with the ladies i dont know who to choose
The "shotgun theory" has really gotten me somewhere with the ladies i dont know who to choose
by JordJace January 13, 2010
Get the Shotgun Theory mug.