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Chapter 10 introduces the famous 'multiplier' through an example: if the marginal propensity to consume is 90%, then 'the multiplier k is 10; and the total employment caused by (e.g.) increased public works will be ten times the employment caused by the public works themselves' (pp. 116f). Formally Keynes writes the multiplier as k=1/S'(Y).
The Keynesian cross diagram is a formulation of the central ideas in Keynes' General Theory of Employment, Interest and Money. It first appeared as a central component of macroeconomic theory as it was taught by Paul Samuelson in his textbook, Economics: An Introductory Analysis .
The chartalist view of money itself, and the MMT emphasis on the importance of taxes in driving money, is also a source of criticism. [17] In 2015, three MMT economists, Scott Fullwiler, Stephanie Kelton, and L. Randall Wray, addressed what they saw as the main criticisms being made.
For the love of money is the root of all of evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. (The full verse is shown but Bold added being the subject of this page.) Another popular text, the New International Version has "For the love of money is a root of all kinds of evil
This is the canonical self-referential paradox. Also "Is the answer to this question 'no'?", and "I'm lying." Card paradox: "The next statement is true. The previous statement is false." A variant of the liar paradox in which neither of the sentences employs (direct) self-reference, instead this is a case of circular reference.
An example in economic policy, economist Anthony Downs concluded that a high income voter ‘votes for whatever party he believes would provide him with the highest utility income from government action’, [19] using rational choice theory to explain people's income as their justification for their preferred tax rate.
Humanism is an example of a life stance that accepts that several things have intrinsic value. [5] Multism may not necessarily include the feature of intrinsic values to have a negative side—e.g., the feature of utilitarianism to accept both pain and pleasure as of intrinsic value, since they may be viewed as different sides of the same coin.
For example, whereas one of the benefits of the gold standard is that the intrinsic limitations to the growth of the money supply by the use of gold would prevent inflation, if the growth of population or increase in trade outpaces the money supply, there would be no way to counteract deflation and reduced liquidity (and any attendant recession ...