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American Notes for General Circulation

Travel account by Dickens, published in 1842. Dickens visited the U.S. (Jan.–May 1842) in a tour that took him from Boston and New York to Canada and as far west as St. Louis. His book is ...

Norton, John Pease

Norton, John Pease (1877)   Reference library

The Biographical Dictionary of American Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
950 words

...studies of the velocity of circulation of money, but the preface to Norton's dissertation acknowledged only Yale professors William Graham Sumner and John L. Schwab , not Fisher: In 1906 , Norton wrote in the Yale Review (edited by Fisher ) on the need for a tabular standard to replace the gold standard, and Norton ( 1910 ) discussed the best form of index number to measure the rise in the price level. Norton wrote in the Journal of the American Medical Association in 1906 , presenting the economic case for creating a National Department of...

Local Banks

Local Banks   Reference library

Robert E. Wright

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
2,309 words

...of Europe and North America. Japan receives coverage but China, India, Africa, and South America are ignored. Sargent, Thomas , and Francois, R. Velde . The Big Problem of Small Change . Princeton, 2002. The authors explain how monetary authorities came, over the course of centuries, to abandon the awkward medieval coinage system and to adopt the “standard formula”—the government's policy of exchanging all denominations with each other at fixed rates. In so doing, the authors develop a brilliant mathematical model of demand for coins of different metal...

Fisher, Irving

Fisher, Irving (1867–1947)   Reference library

The Biographical Dictionary of American Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
3,645 words

...thesis was the first significant American work in general equilibrium theory. He drew indifference loci, and refrained from interpersonal comparisons of utility, objecting that the ‘foisting of Psychology on Economics seems to me in appropriate and vicious.’ Fisher reinvented most of the theory for himself, before discovering the writings of Walras and Edgeworth , to whom he gave full acknowledgement in the final version. As part of his thesis, Fisher constructed a remarkable hydrostatic model using hydraulic flows and cisterns to illustrate price...

Banking

Banking   Reference library

Johannes M. Renger, Michaël North, and Charles W. Calomiris

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
13,709 words
Illustration(s):
1

...of bank notes, a consequence of the war. The Second Bank was expected to restore convertibility of bank notes within the country by maintaining redemption facilities for notes; but it was merely a large private bank, and did not possess a “widow's cruse” of specie with which to redeem notes of insufficient underlying value. In 1819 , the Second Bank retreated from this activity, and thereby helped to precipitate a general suspension of convertibility. Blame for the crisis set in motion opposition to the continuation of the bank. This, combined with ...

Sinclair, John

Sinclair, John (1754–1835)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
2,047 words

...of others for its circulating medium. Britain’s currency, he claimed, was more securely based than America’s or France’s and not issued in excess for it was acceptable in all transactions and acceptable for the payment of taxes. He did not, however, address the possibility of currency depreciation directly. In his Thoughts on the Paper Circulation he recommended private rather than public issue of money to avoid ministerial abuse of Power. Aware of the deep post-war depression he suggested the Bank of England issue £40 million of inconvertible notes stamped to...

Chalmers, George

Chalmers, George (1742–1825)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
1,052 words

...that Britain has recovered well from the losses suffered during the American war, and should be capable of meeting the threat posed by France. Its growing population, manufacturing, trade, fisheries and agriculture give the country a strong economy and resources with which to fight a war if necessary. The book contains an ironic dedication to James Currie , effectively accusing him of collaboration with the Jacobins. More substantial is Considerations on Commerce, Bullion and Coin, Circulation and Exchanges ( 1811 ). This again was written with a view to...

Kemmerer, Edwin Walter

Kemmerer, Edwin Walter (1875–1945)   Reference library

The Biographical Dictionary of American Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
3,213 words

...of Kemmerer's South American missions in 1931 , the Pan American Society Executive Committee praised him for doing more than any other man in the world to help South America and its relations with the U.S.A. Kemmerer's central bank model derived from the U.S. Federal Reserve system, adapted to the more centralized forms of government overseas. Many of his offsprings' fundamental features followed standard guidelines prevalent then and now in most central banks around the globe, such as a monopoly on note issue. His creations stood out for their orthodox...

Marshall, Alfred

Marshall, Alfred (1842–1924)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
4,001 words

...of the quantity theory of money which stressed the demand for money (money holdings) rather than its inverse, the velocity of circulation. The key variable in this analysis was k , the proportion of their income, and/or wealth, which individuals wished to hold in the form of money, broadly or narrowly defined. This notion was extensively developed by Marshall’s pupils, pigou , Keynes, lavington and robertson . Marshall’s monetary position, which provided a rational set of explanations for hoarding, thereby breached the fundamentals of Say’s Law, since...

Johnson, Harry Gordon

Johnson, Harry Gordon (1923–77)   Reference library

The Biographical Dictionary of American Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
3,084 words

... General Theory after twenty-five years ( 1961 ) and a survey of developments in monetary theory and policy (1967b) – his authoritative status in that field was established and he became known for his regular surveys of the literature and, later, for his LSE lecture notes Macroeconomics and Monetary Theory (1971b). In 1962 Johnson also conducted research for the Canadian Royal Commission on Banking and Finance, producing (with John Winder ) Lags in the Effects of Monetary Policy in Canada (1962b) and his own Alternative Guiding Principles for the...

Petty, William

Petty, William (1623–87)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
2,478 words

...to the regular intervals for the payment of taxes, rents and wages, settled by custom or habit. He then utilized this notion for estimating the optimal quantity of money required to finance a given volume of income and trade. Petty also stressed the usefulness of Banks, which, by creating paper money, diminish the amount of precious metals required for ensuring the monetary circulation, and hence its overall cost for society. In the context of analysis of wealth, namely of production, Petty stressed the role of the division of labour with a perceptiveness...

Product Safety Regulation

Product Safety Regulation   Reference library

Brooks Kaiser

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
3,550 words

...vigilance regarding product safety might have imposed on businesses at the turn of the twentieth century. The high circulation of that era's periodicals, with readership of the top ten American investigative magazines peaking at three million, may have helped to spread a growing concern about market failures due to unsafe products. Further support for this belief came from the effects of legislation targeted at reducing occupational injury. For example, the fatality rate from rail coupling and braking accidents in 1890 was an astounding five deaths per...

Tobin, James

Tobin, James (1918–2002)   Reference library

The Biographical Dictionary of American Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
4,162 words

...Keynes's newly published General Theory during the Great Depression. Bibliography ‘ A Note on the Money Wage Problem, ’ Quarterly Journal of Economics (1941), vol. 55, pp. 508–16. ‘ The Interest-Elasticity of Transactions Demand for Cash, ’ Review of Economics and Statistics (1956), vol. 38, pp. 241–7. ‘ Liquidity Preference as Behavior towards Risk, ’ Review of Economic Studies (1958), vol. 25, pp. 65–86. National Economic Policy (1965). (with William C. Brainard ) ‘ Pitfalls in Financial Model Building, ’ American Economic Review: Papers and...

Malthus, Thomas Robert

Malthus, Thomas Robert (1766–1834)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
3,548 words

...College in Hertford as ‘Professor of General History, Politics, Commerce and Finance’, a title later shortened to ‘Professor of Political Economy’. The college was originally situated in Hertford Castle. In 1809 it moved to purpose-built premises in Haileybury, near Hertford, where Malthus’s residence is still preserved. The role of the college was to educate Young men aged from sixteen to eighteen for the Indian Civil Service, at a time when the East India Company administered India. Attendance was generally for four six-month terms. Although the College...

Keynes, John Maynard

Keynes, John Maynard (1883–1946)   Reference library

The Biographical Dictionary of British Economists

Reference type:
Subject Reference
Current Version:
2010
Subject:
Social sciences, Economics
Length:
4,695 words

...in book form, they were held together by a theoretical structure based on a modified form of the Cambridge cash balances version of the quantity theory of money. Keynes expressed the equation of exchange as n = p(k + rk ′ ) , where n is currency notes and other forms of cash in circulation, p the index number of the cost of living, k cash holdings by the public, k ′ cash holdings in Banks, and r is the ratio of cash reserves kept by the Banks against their deposit liabilities. He was inclined to believe that k , k ′ and r were...

Spain

Spain   Reference library

Teofilo F. Ruiz, Bartolomé Yun-Casalilla, Dwight Porter, and Albert Carreras

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
11,679 words
Illustration(s):
2

...circulation on prices seems clear. The revenues to the crown from the empire were never large in proportion to the total tax revenues of Castile (only at the end of the century did they attain the exceptional figure of 25 percent), but for the Spanish Habsburgs, American treasure had the great advantage of being free from the interference of the cortés (parliament) of Castile. This allowed complex credit maneuvers with European banking houses and financed the crown's military needs in its far-flung domains. Meanwhile, to the extent that America...

Iraq

Iraq   Reference library

Johannes M. Renger and Lyndon Moore

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
7,334 words
Illustration(s):
2

...productive factor. The evidence for more than two thousand years indicates that basically slaves were employed just for domestic purposes. Only from the sixth century bce could slaves work independently as craftsmen, although they were then obliged to pay an amount of silver annually to their masters. Throughout Mesopotamian history, economic activities and social relations generated debt and credit transactions that are well documented by notes and contracts. Interest was usually 20 percent for silver and 30 percent for grain loans. Debts were frequently...

Public Utilities

Public Utilities   Reference library

Werner Troesken, John L. Neufeld, Werner Troesken, Ian Savage, and Richard R. John

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
11,848 words
Illustration(s):
2

...and transnational markets. For centuries, they have facilitated the transmission of price data, purchase orders, promissory notes, and even negotiable currency. By the mid-eighteenth century, German merchants relied on the Thurn and Taxis postal system to secure a steady flow of information on market changes in Brussels and Antwerp. By the 1820s, American farmers received through the mail regular reports on European demand for agricultural staples, such as cotton and wheat. In addition, and no less importantly, American merchants had by this time grown...

Capital Markets

Capital Markets   Reference library

Larry Neal and Richard Tilly

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
6,544 words
Illustration(s):
1

...gains from control for themselves, at the expense of their own ultimate source of capital, the individual investors. This dilemma is likely to stay with us for some time—along with the tendency to “democratize” financial investment. Finally, the national differences in openness of capital markets noted in Table 2 persisted up to the end of the twentieth century. As late as 1988 , “securitization,” as measured by the relative weight of capitalization of national security markets, differed considerably (note especially the Anglo-American lead in Table 3). All...

Heterogeneity in Cost-Effectiveness Analysis

Heterogeneity in Cost-Effectiveness Analysis   Reference library

Ciaran N. Kohli-Lynch and Andrew H. Briggs

The Oxford Encyclopedia of Health Economics

Reference type:
Subject Reference
Current Version:
2020
Subject:
Social sciences, Economics
Length:
11,728 words
Illustration(s):
28

... Guidelines for the economic evaluation of health technologies in Ireland . Hoch, J. S. , Briggs, A. H. , & Willan, A. R. (2002). Something old, something new, something borrowed, something blue: A framework for the marriage of health econometrics and cost-effectiveness analysis . Health Economics , 11 (5), 415–430. HTA Lithuania . (2015). HTA-strategy for Lithuania . Hutchins, R. , Viera, A. J. , Sheridan, S. L. , & Pignone, M. P. (2015). Quantifying the utility of taking pills for cardiovascular prevention . Circulation: Cardiovascular...

Government Borrowing

Government Borrowing   Reference library

Luciano Pezzolo, Larry Neal, and Francisco Comín

The Oxford Encyclopedia of Economic History

Reference type:
Subject Reference
Current Version:
2005
Subject:
Social sciences, Economics
Length:
6,754 words
Illustration(s):
3

...of the moneylenders . Until the nineteenth century, personal loans predominated in Europe; the personal agreement between the moneylender and the government was registered in a promissory note bearing the moneylender's name (for example, the asientos de Castilla , or contract entries), in which the particular conditions for each debt were listed. As these promissory notes were hardly tradable, moneylenders demanded short-term repayment dates or floating debts (so as not to immobilize capital) and special guarantees (to protect themselves from the risk of...

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