Princeton University is a private Ivy League research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution; the institution moved to Newark in 1747 to the current site nine years and renamed itself Princeton University in 1896. Princeton provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences, engineering, it offers professional degrees through the Woodrow Wilson School of Public and International Affairs, the School of Engineering and Applied Science, the School of Architecture and the Bendheim Center for Finance. The university has ties with the Institute for Advanced Study, Princeton Theological Seminary and the Westminster Choir College of Rider University. Princeton has the largest endowment per student in the United States. From 2001 to 2018, Princeton University was ranked either first or second among national universities by U.
S. News & World Report, holding the top spot for 16 of those 18 years; as of October 2018, 65 Nobel laureates, 15 Fields Medalists and 13 Turing Award laureates have been affiliated with Princeton University as alumni, faculty members or researchers. In addition, Princeton has been associated with 21 National Medal of Science winners, 5 Abel Prize winners, 5 National Humanities Medal recipients, 209 Rhodes Scholars, 139 Gates Cambridge Scholars and 126 Marshall Scholars. Two U. S. Presidents, twelve U. S. Supreme Court Justices and numerous living billionaires and foreign heads of state are all counted among Princeton's alumni body. Princeton has graduated many prominent members of the U. S. Congress and the U. S. Cabinet, including eight Secretaries of State, three Secretaries of Defense and three of the past five Chairs of the Federal Reserve. New Light Presbyterians founded the College of New Jersey in 1746; the college was the religious capital of Scottish Presbyterian America. In 1754, trustees of the College of New Jersey suggested that, in recognition of Governor Jonathan Belcher's interest, Princeton should be named as Belcher College.
Belcher replied: "What a name that would be!" In 1756, the college moved to New Jersey. Its home in Princeton was Nassau Hall, named for the royal House of Orange-Nassau of William III of England. Following the untimely deaths of Princeton's first five presidents, John Witherspoon became president in 1768 and remained in that office until his death in 1794. During his presidency, Witherspoon shifted the college's focus from training ministers to preparing a new generation for secular leadership in the new American nation. To this end, he solicited investment in the college. Witherspoon's presidency constituted a long period of stability for the college, interrupted by the American Revolution and the Battle of Princeton, during which British soldiers occupied Nassau Hall. In 1812, the eighth president of the College of New Jersey, Ashbel Green, helped establish the Princeton Theological Seminary next door; the plan to extend the theological curriculum met with "enthusiastic approval on the part of the authorities at the College of New Jersey".
Today, Princeton University and Princeton Theological Seminary maintain separate institutions with ties that include services such as cross-registration and mutual library access. Before the construction of Stanhope Hall in 1803, Nassau Hall was the college's sole building; the cornerstone of the building was laid on September 17, 1754. During the summer of 1783, the Continental Congress met in Nassau Hall, making Princeton the country's capital for four months. Over the centuries and through two redesigns following major fires, Nassau Hall's role shifted from an all-purpose building, comprising office, dormitory and classroom space; the class of 1879 donated twin lion sculptures that flanked the entrance until 1911, when that same class replaced them with tigers. Nassau Hall's bell rang after the hall's construction; the bell was recast and melted again in the fire of 1855. James McCosh took office as the college's president in 1868 and lifted the institution out of a low period, brought about by the American Civil War.
During his two decades of service, he overhauled the curriculum, oversaw an expansion of inquiry into the sciences, supervised the addition of a number of buildings in the High Victorian Gothic style to the campus. McCosh Hall is named in his honor. In 1879, the first thesis for a Doctor of Philosophy Ph. D. was submitted by James F. Williamson, Class of 1877. In 1896, the college changed its name from the College of New Jersey to Princeton University to honor the town in which it resides. During this year, the college underwent large expansion and became a university. In 1900, the Graduate School was established. In 1902, Woodrow Wilson, graduate of the Class of 1879, was elected the 13th president of the university. Under Wilson, Princeton introduced the preceptorial system in 1905, a then-unique concept in the US that augmented the standard lecture method of teaching with a more personal form in which small groups of students, or precepts, could interact with a single instructor, or preceptor, in their field of interest.
In 1906, the reservoir Lake Carnegie was created by Andrew Carnegie. A collection of historical photographs of the build
Macroeconomics is a branch of economics dealing with the performance, structure and decision-making of an economy as a whole. This includes regional and global economies. Macroeconomists study aggregated indicators such as GDP, unemployment rates, national income, price indices, the interrelations among the different sectors of the economy to better understand how the whole economy functions, they develop models that explain the relationship between such factors as national income, consumption, inflation, investment, international trade, international finance. While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income, the attempt to understand the determinants of long-run economic growth. Macroeconomic models and their forecasts are used by governments to assist in the development and evaluation of economic policy. Macroeconomics and microeconomics, a pair of terms coined by Ragnar Frisch, are the two most general fields in economics.
In contrast to macroeconomics, microeconomics is the branch of economics that studies the behavior of individuals and firms in making decisions and the interactions among these individuals and firms in narrowly-defined markets. Macroeconomics encompasses a variety of concepts and variables, but there are three central topics for macroeconomic research. Macroeconomic theories relate the phenomena of output and inflation. Outside of macroeconomic theory, these topics are important to all economic agents including workers and producers. National output is the total amount of everything. Everything, produced and sold generates an equal amount of income; the total output of the economy is measured GDP per person. The output and income are considered equivalent and the two terms are used interchangeably,output changes into income. Output can be measured or it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy.
Macroeconomic output is measured by gross domestic product or one of the other national accounts. Economists interested in long-run increases in output study economic growth. Advances in technology, accumulation of machinery and other capital, better education and human capital are all factors that lead to increase economic output over time. However, output does not always increase over time. Business cycles can cause short-term drops in output called recessions. Economists look for macroeconomic policies that prevent economies from slipping into recessions and that lead to faster long-term growth; the amount of unemployment in an economy is measured by the unemployment rate, i.e. the percentage of workers without jobs in the labor force. The unemployment rate in the labor force only includes workers looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded. Unemployment can be broken down into several types that are related to different causes.
Classical unemployment theory suggests that unemployment occurs when wages are too high for employers to be willing to hire more workers. Other more modern economic theories suggest that increased wages decrease unemployment by creating more consumer demand. According to these more recent theories, unemployment results from reduced demand for the goods and services produced through labor and suggest that only in markets where profit margins are low, in which the market will not bear a price increase of product or service, will higher wages result in unemployment. Consistent with classical unemployment theory, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment. Structural unemployment covers a variety of possible causes of unemployment including a mismatch between workers' skills and the skills required for open jobs. Large amounts of structural unemployment occur when an economy shifts to focus on new industries and workers find their previous set of skills are no longer in demand.
Structural unemployment is similar to frictional unemployment as both reflect the problem of matching workers with job vacancies, but structural unemployment covers the time needed to acquire new skills in addition to the short-term search process. While some types of unemployment may occur regardless of the condition of the economy, cyclical unemployment occurs when growth stagnates. Okun's law represents the empirical relationship between unemployment and economic growth; the original version of Okun's law states that a 3% increase in output would lead to a 1% decrease in unemployment. A general price increase across the entire economy is called inflation; when prices decrease, there is deflation. Economists measure these changes in prices with price indexes. Inflation can occur when an economy grows too quickly. A declining economy can lead to deflation. Central bankers, who manage a country's money supply, try to avoid changes in price level by using monetary policy. Raising interest rates or reducing the supply of money in an economy will reduce inflation.
Inflation can lead to other negative consequences. Deflation can lower economic output. Central bankers try to stabilize prices to protect economies from the negative consequences of price changes. Changes in p
Lawrence Henry Summers is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U. S. Treasury Department official throughout President Clinton's administration, former director of the National Economic Council for President Obama, he is a former president of Harvard University, where he is a professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government. Born in New Haven, Summers became a professor of economics at Harvard University in 1983, he left Harvard in 1991, working as the Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, the Russian financial crisis.
He was influential in the Harvard Institute for International Development and American-advised privatization of the economies of the post-Soviet states, in the deregulation of the U. S financial system, including the repeal of the Glass-Steagall Act. Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end", less to patterns of discrimination and socialization. Remarking upon political correctness in institutions of higher education, Summers said in 2016, "There is a great deal of absurd political correctness. Now, I'm somebody who believes strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses."After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co. and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Merrill Lynch and Lehman Brothers.
Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession. After his departure from the NEC in December 2010, Summers has worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though Obama nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position; as of 2017, Summers retains his Harvard University status as former president emeritus and Charles W. Eliot University Professor. Summers was born in New Haven, Connecticut, on November 30, 1954, into a Jewish family, the son of two economists, Robert Summers and Anita Summers, who are both professors at the University of Pennsylvania, he is the nephew of two Nobel laureates in economics: Paul Samuelson and Kenneth Arrow.
He spent most of his childhood in Penn Valley, Pennsylvania, a suburb of Philadelphia, where he attended Harriton High School. At age 16, he entered Massachusetts Institute of Technology, where he intended to study physics but soon switched to economics, he was an active member of the MIT debating team and qualified for participation in the annual National Debate Tournament three times. He attended Harvard University as a graduate student. In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history, it was during this time that Summers was diagnosed with Hodgkin's lymphoma. He has since remained cancer free, he was a visiting academic at the London School of Economics in 1987. Summers has three children with Victoria Joanne. In December 2005, Summers married English professor Elisa New, who has three daughters from a previous marriage, he lives in Massachusetts. As a researcher, Summers has made important contributions in many areas of economics public finance, labor economics, financial economics, macroeconomics.
Summers has worked in international economics, economic demography, economic history and development economics. His work emphasizes the analysis of empirical economic data in order to answer well-defined questions, for example: Does saving respond to after-tax interest rates? Are the returns from stocks and stock portfolios predictable? Are most of those who receive unemployment benefits only transitorily unemployed? etc. For his work, he received the John Bates Clark Medal in 1993 fro
Austan Dean Goolsbee is an American economist, the Robert P. Gwinn Professor of Economics at the University of Chicago's Booth School of Business. Goolsbee served as the Chair of the Council of Economic Advisers and was a member of the cabinet of President Barack Obama. Goolsbee served on the three-member Council of Economic Advisers from the start of the Obama Administration, he advised President Obama during his 2004 U. S. Senate race and was senior economic policy adviser during the 2008 Obama Presidential Campaign, he took over in September 2010 as the Council's chair, replacing Christina Romer, who had left to return to a teaching position at the University of California at Berkeley. On June 6, 2011, he announced that he was departing the administration and returning to the University of Chicago. Since January 2013 he has been a strategic partner at 32 Advisors, he leads their Economic Intelligence practice. Goolsbee was born in Waco, the son of Linda Catherine and Arthur Leon Goolsbee, he was raised in Whittier, California.
He graduated from Milton Academy and received both his B. A. summa cum laude and M. A. in economics from Yale University in 1991 and went on to receive his Ph. D. in economics at the Massachusetts Institute of Technology in 1995. He was an Alfred P. Sloan Fellow and Fulbright Scholar via the Fulbright Commission Belgium. At Yale, Goolsbee was a member of the Yale Political Union, the improv comedy troupe Just Add Water and Bones, the Yale Debate Association, he and debate partner David Gray won the American Parliamentary Debate Association National Debate Team of the Year competition in 1991 defeating Ted Cruz who, once Goolsbee graduated, would go on to win in 1992 with partner David Panton. He and partner Dahlia Lithwick were runners up for the award in 1990; as a high school student, Goolsbee won the national championship in International Extemporaneous Speaking in 1987. Goolsbee has been a Research Fellow at the American Bar Foundation, Research Associate at the National Bureau of Economic Research in Cambridge, a member of the Panel of Economic Advisors to the Congressional Budget Office.
He served as Senior Economist to the Progressive Policy Institute. Goolsbee's academic research focuses on the Internet, the new economy, government policy, taxes, he taught a class on economics and policy in the telecom and technology industries. He focuses on human activity in natural settings to find economic explanations for how people behave. Goolsbee was an award-winning journalist while serving as an academic. Goolsbee is the former host of the television show History's Business on the History Channel. In April 2006, Goolsbee began writing for the Economic Scene column in The New York Times; this column was moved to Sundays and renamed the Economic View. Prior to this, he wrote the "Dismal Science" column for Slate.com, for which he won the 2006 Peter Lisagor Award for Exemplary Journalism. He has published scores of papers in books. Goolsbee became Barack Obama's economic advisor for Obama's successful 2004 U. S. Senate campaign in Illinois, he was the senior economic advisor to the 2008 Obama presidential campaign.
At one point during the primary of Obama's 2008 presidential campaign, Goolsbee was alleged to have told Canadian consular officials in Chicago that Obama's political position on the North American Free Trade Agreement was "more reflective of political maneuvering than policy." The allegation was denied by Goolsbee, the Obama campaign, the Canadian government. Goolsbee remained Obama's senior economic adviser through the rest of the primary and the general election including many television debates with John McCain's economic advisers. Goolsbee was nominated by Obama to serve on the Council of Economic Advisers on his first day in office. Goolsbee was confirmed by the Senate on March 10, 2009, he concurrently served as chief economist at the Economic Recovery Advisory Board. He was designated chair of the Council on September 2010 succeeding Christina Romer. In these capacities, Goolsbee served as a media surrogate for the Obama Administration and his skill on television was noted in the media.
Goolsbee was interviewed by Jon Stewart for The Daily Show on August 11, 2009. He appeared in Daily Show segments on November 11, 2009, where he was interviewed by Josh Gad about whether the Cash for Clunkers program had ruined demolition derby and on March 17, 2009 where he said that executives at American International Group deserved the "Nobel prize for evil" ) for their role in the 2008 financial crisis. Jon Stewart described him as "Eliot Ness meets Milton Friedman". In 2009, he was voted the Funniest Celebrity in Washington. One practical joke was giving a dead fish to the departing White House chief of staff Rahm Emanuel, known to give dead fish to political opponents. On June 15, 2009, he appeared as a guest on The Colbert Report, he made a second appearance on The Colbert Report on October 13, 2010, where he defended Obama's tax cut policies which would allow tax breaks to expire for Americans earning more than $250,000 per year. Goolsbee's main arguments were that 98% of Americans would still receive a tax break under the Obama proposal and that the country would have to borrow money to fund tax breaks for the wealthiest Americans if all tax breaks were extended.
In November 2010, the House of Representatives swung to a Republican majority who threatened that they would not extend the expiring tax cuts on that 98% without extending the cuts for the wealthiest 2% as well, in December Obama signed a compromise deal to extend the cuts for all
A minimum wage is the lowest remuneration that employers can pay their workers—the price floor below which workers may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. Supply and demand models suggest that there may be employment losses from minimum wages. However, if the labor market is in a state of monopsony, minimum wages can increase the efficiency of the market. There is debate about the effect of minimum wages; the movement for minimum wages was first motivated as a way to stop the exploitation of workers in sweatshops, by employers who were thought to have unfair bargaining power over them. Over time, minimum wages came to be seen as a way to help lower-income families. Although minimum wage laws are in effect in many jurisdictions, differences of opinion exist about the benefits and drawbacks of a minimum wage. Supporters of the minimum wage say it increases the standard of living of workers, reduces poverty, reduces inequality, boosts morale.
In contrast, opponents of the minimum wage say it increases poverty, increases unemployment and is damaging to businesses, because excessively high minimum wages require businesses to raise the prices of their product or service to accommodate the extra expense of paying a higher wage and some low-wage workers "will be unable to find work... will be pushed into the ranks of the unemployed."Modern national laws enforcing compulsory union membership which prescribed minimum wages for their members were first passed in New Zealand and Australia in the 1890s. Modern minimum wage laws trace their origin to the Ordinance of Labourers, a decree by King Edward III that set a maximum wage for laborers in medieval England. King Edward III, a wealthy landowner, was dependent, like his lords, on serfs to work the land. In the autumn of 1348, the Black Plague decimated the population; the severe shortage of labor caused wages to soar and encouraged King Edward III to set a wage ceiling. Subsequent amendments to the ordinance, such as the Statute of Labourers, increased the penalties for paying a wage above the set rates.
While the laws governing wages set a ceiling on compensation, they were used to set a living wage. An amendment to the Statute of Labourers in 1389 fixed wages to the price of food; as time passed, the Justice of the Peace, charged with setting the maximum wage began to set formal minimum wages. The practice was formalized with the passage of the Act Fixing a Minimum Wage in 1604 by King James I for workers in the textile industry. By the early 19th century, the Statutes of Labourers was repealed as capitalistic England embraced laissez-faire policies which disfavored regulations of wages; the subsequent 19th century saw. As trade unions were decriminalized during the century, attempts to control wages through collective agreement were made. However, this meant. In Principles of Political Economy in 1848, John Stuart Mill argued that because of the collective action problems that workers faced in organisation, it was a justified departure from laissez-faire policies to regulate people's wages and hours by the law.
It was not until the 1890s that the first modern legislative attempts to regulate minimum wages were seen in New Zealand and Australia. The movement for a minimum wage was focused on stopping sweatshop labor and controlling the proliferation of sweatshops in manufacturing industries; the sweatshops employed large numbers of women and young workers, paying them what were considered to be substandard wages. The sweatshop owners were thought to have unfair bargaining power over their employees, a minimum wage was proposed as a means to make them pay fairly. Over time, the focus changed to helping people families, become more self-sufficient; the first modern national minimum wages were enacted by the government recognition of unions which in turn established minimum wage policy among their members, as in New Zealand in 1894, followed by Australia in 1896 and the United Kingdom in 1909. In the United States, statutory minimum wages were first introduced nationally in 1938, they were reintroduced and expanded in the United Kingdom in 1998.
There is now legislation or binding collective bargaining regarding minimum wage in more than 90 percent of all countries. In the European Union, 22 member states out of 28 have national minimum wages. Other countries, such as Sweden, Denmark, Switzerland and Italy, have no minimum wage laws, but rely on employer groups and trade unions to set minimum earnings through collective bargaining. Minimum wage rates vary across many different jurisdictions, not only in setting a particular amount of money—for example $7.25 per hour under certain US state laws, $11.00 in the US state of Washington, or £7.83 in the United Kingdom—but in terms of which pay period or the scope of coverage. The United States federal minimum wage is $7.25 per hour. However, some states do not recognize the minimum wage law, such as Tennessee. Other states operate below the federal minimum wage such as Wyoming; some jurisdictions allow employers to count tips given to their workers as credit towards the minimum wage levels.
India was one of the first developing countries to intr