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Robert Shiller's plot of the S&P 500 price–earnings ratio (P/E) versus long-term Treasury yields (1871–2012), from Irrational Exuberance. [1]The P/E ratio is the inverse of the E/P ratio, and from 1921 to 1928 and 1987 to 2000, supports the Fed model (i.e. P/E ratio moves inversely to the treasury yield), however, for all other periods, the relationship of the Fed model fails; [2] [3] even ...
Power resource theory is a political theory proposing that variations among welfare states is largely attributable to differing distributions of power between economic classes. It argues that " working class power achieved through organisation by labor unions or left parties , produces more egalitarian distributional outcomes ".
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions.
Power, for Russell, is one's ability to achieve goals. In particular, Russell has in mind social power, that is, power over people. [1] The volume contains a number of arguments. However, four themes have a central role in the overall work. The first theme given treatment in the analysis is that the lust for power is a part of human nature ...
Monetary economics is the branch of economics that studies the different theories of money: it provides a framework for analyzing money and considers its functions ( as medium of exchange, store of value, and unit of account), and it considers how money can gain acceptance purely because of its convenience as a public good. [1]
Taylor, John B. (2008), "Housing and monetary policy", in Reserve Bank of Kansas City (ed.), Housing, housing finance, and monetary policy: a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 30-September 1, 2007, Kansas City, Missouri: Reserve Bank of Kansas City, pp. 463– 76, OCLC 170267547
The Federal Reserve is the central bank of the U.S. and is responsible for setting monetary policy and promoting maximum employment, stable prices and financial stability.
Developed by Yasuma Takada in a series of lectures at Kyoto University, the power theory of economics is mostly based on a critique of both mainstream economics as well as heterodox economics theories of unemployment, most notably Keynesian economics and Marxian economics. The theory accommodates Thorstein Veblen, Vilfredo Pareto and Joseph ...