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Some scholars suggest that the directionality of the imperial boomerang needs to be re-evaluated. Political scientist Stuart Schrader argues for a colony-centered explanation to the boomerang effect, especially in the case of the United States where imperial and racial violence predates the heyday of the American empire. [16]
The quantity theory of money (often abbreviated QTM) is a hypothesis within monetary economics which states that the general price level of goods and services is directly proportional to the amount of money in circulation (i.e., the money supply), and that the causality runs from money to prices. This implies that the theory potentially ...
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]
Between the publication of Lenin's Imperialism in 1916 and Paul Sweezy's The Theory of Capitalist Development in 1942 and Paul A. Baran's Political Economy of Growth in 1957, there was a notable lack of development in the Marxist theory of imperialism, best explained by the elevation of Lenin's work to the status of Marxist orthodoxy. Like ...
The quantity theory of money dominated macroeconomic theory until the 1930s. Two versions were particularly influential, one developed by Irving Fisher in works that included his 1911 The Purchasing Power of Money and another by Cambridge economists over the course of the early 20th century. [13]
Monetarism is an economic theory that focuses on the macroeconomic effects of the supply of money and central banking. Formulated by Milton Friedman , it argues that excessive expansion of the money supply is inherently inflationary , and that monetary authorities should focus solely on maintaining price stability .
Fisher saw that his theory, via economic policy, was making an impact on society as a whole. Once he brought out his Quantity Theory of Money, it started to bring economic models to life. One of the strongest points that Fisher brings out in discussing interest rates was the power of impatience. [32]
Clark Warburton (27 January 1896, near Buffalo, New York – 18 September 1979, Fairfax, Virginia) was an American economist.He was described as the "first monetarist of the post-World War II period," [1] the most uncompromising upholder of a strictly monetary theory of business fluctuations, [2] and reviver of classic monetary-disequilibrium theory and the quantity theory of money.