1.
Murfreesboro, Tennessee
–
Murfreesboro is a city in and the county seat of Rutherford County, Tennessee. The population was 108,755 according to the 2010 census, in 2014, census estimates showed a population of 120,954. The city is the center of population of Tennessee and is part of the Nashville metropolitan area, which includes thirteen counties and it is Tennessees fastest growing major city and one of the fastest growing cities in the country. Murfreesboro is also home to Middle Tennessee State University, the largest undergraduate university in the state of Tennessee, in 2006, Murfreesboro was ranked by Money as the 84th best place to live in the United States, out of 745 cities with a population over 50,000. In 1811, the Tennessee State Legislature established a county seat for Rutherford County, author Mary Noailles Murfree was his great-granddaughter. As Tennessee settlement expanded to the west, the location of the capital in Knoxville became inconvenient for most newcomers. In 1818, Murfreesboro was designated as the capital of Tennessee, eight years later, however, it was itself replaced by Nashville. On December 31,1862, the Battle of Stones River and this was a major engagement of the American Civil War, and between December 31 and January 2,1863, the rival armies suffered a combined total of 23,515 casualties. It was the bloodiest battle of the war by percentage of casualties, following the Confederate retreat after the drawn Battle of Perryville in central Kentucky, the Confederate army moved through East Tennessee and then turned northwest to defend Murfreesboro. General Braxton Braggs veteran cavalry successfully harassed Union General William Rosecrans troop movements, however, they could not completely prevent supplies and reinforcements from reaching Rosecrans. Despite the large number of casualties, the battle was inconclusive, nevertheless, it is usually considered a Union victory, since afterwards General Bragg retreated 36 miles south to Tullahoma. Even so, the Union army did not move against Bragg until a full six months later in June 1863. The battle was significant since it did provide the Union army with a base to push the eventual drive further south and these eventually allowed the Union to divide the Eastern and Western theaters, followed by Shermans March to the Sea. The Stones River National Battlefield is now a historical site. General Rosecrans move to the depended on a secure source of provisions. Soon after the battle, Brigadier General James St. Clair Morton, Chief Engineer of the Army of the Cumberland, was ordered to build Fortress Rosecrans, the fortifications covered about 225 acres and were the largest built during the war. Fortress Rosecrans consisted of eight lunettes, four redoubts and connecting fortifications, the Nashville and Chattanooga Railroad and the West Fork of the Stones River both passed through the fortress, while two roads provided additional transportation. The fortress was completed in June 1863, and only then did Rosecrans dare to move south, the fortress was never attacked, in part because the Union troops held the town of Murfreesboro hostage by training their artillery on the courthouse
2.
Blacksburg, Virginia
–
Blacksburg is an incorporated town in Montgomery County, Virginia, United States, with a population of 42,620 at the 2010 census. Blacksburg is dominated economically and demographically by the presence of Virginia Tech, the MSA has an estimated population of 159,587 and is currently one of the faster-growing MSAs in Virginia. The town and Virginia Tech campus have a tradition of safety and living satisfaction. In 2011, BusinessWeek named Blacksburg the Best Place in the U. S. to Raise Kids, also in 2011, readers of Southern Living named Blacksburg the Best College Town in the South. Its public transportation system, Blacksburg Transit, which connects to the neighboring town of Christiansburg, has repeatedly received recognition for the quality of its service. Abraham Wood, who commanded Fort Henry on the frontier, and operated an Indian trading post nearby, a passage over the ridge was finally found in 1671 when explorers Batts and Fallam, sent by Wood, reached the present-day location of Blacksburg, Virginia. Their expedition followed Stroubles Creek, through the current locations of the town and they reported the area inhabited by the Monacan and Moneton, Siouan groups, but the Virginia legislature had authorized Wood to claim it. Accordingly, on September 17,1671, the Batts and Fallam party claimed all of the comprising the rivers drainage basin for King Charles II. However, the region was not yet open to English patent, as early as 1718, the Iroquois had agreed to sell the parts they had conquered east of the Blue Ridge to the Virginia Colony. However, following another cession at the 1744 Treaty of Lancaster, the site of Blacksburg lay just within this disputed zone. By the 1740s, the Woods River Land Company, represented by Col. James Patton, the Draper and Ingles families were among those who built their homes between present location of the campus and the subdivision of Hethwood. This came to known as Drapers Meadow by 1748. About four settlers were killed in the attacks, and five were taken captive to Kentucky by the Shawnee, among them Mary Draper Ingles, the memorial to Drapers Meadow massacre was dedicated on a bridge located near Duck Pond. By the end of the war, Drapers Meadow was deserted and it remained so until 1768, when native claims to the land including Blacksburg were cleared by the Treaty of Hard Labour with the Cherokee, and the Treaty of Fort Stanwix with the Six Nations. The Shawnee finally abandoned their claim to territory in 1774 following Dunmores War. Samuel Black, whose family settled in Staunton, Virginia, bought 600 acres of land in the Draper’s Meadow area for his sons John and William in 1772. Smithfield Plantation, built in approximately 1774 by Col. William Preston, sits on the original Drapers Meadow site, when Samuel Black died in 1792, the land was evenly divided into two sections by his sons. The road now known as Draper Road is the line between the sections
3.
United States
–
Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
4.
George Mason University
–
George Mason University, located in George Mason in Fairfax County, Virginia, United States, is the largest public research university in the Commonwealth of Virginia. The university was founded as a branch of the University of Virginia in 1949, today, Mason is recognized for its programs in economics, law, creative writing, computer science, and business. In recent years, George Mason faculty have won the Nobel Prize in Economics. The university enrolls 33,917 students, making it the largest university by head count in the Commonwealth of Virginia, the University of Virginia in Charlottesville created an extension center to serve Northern Virginia. … the University Center opened, on October 1,1949, the extension center offered both for credit and non-credit informal classes in the evenings in the Vocational Building of the Washington-Lee High School in Arlington, Virginia. By the end of 1952, enrollment increased to 1,192 students from 665 students the previous year, a resolution of the Virginia General Assembly in January 1956 changed the extension center into University College, the Northern Virginia branch of the University of Virginia. John Norville Gibson Finley served as director, seventeen freshmen students attended classes at University College in a small renovated elementary school building in Baileys Crossroads starting in September 1957. In 1958 University College became George Mason College, the City of Fairfax purchased and donated 150 acres of land just south of the city limits to the University of Virginia for the colleges new site, which is now referred to as the Fairfax Campus. In 1959, the Board of Visitors of the University of Virginia selected a permanent name for the college, George Mason College of the University of Virginia. The Fairfax campus construction planning that began in early 1960 showed visible results when the development of the first 40 acres of Fairfax Campus began in 1962, in the Fall of 1964 the new campus welcomed 356 students. The measure, known as H33, passed the Assembly easily and was approved on March 1,1966 making George Mason College a degree-granting institution. On Friday, April 7,1972, a contingent from George Mason College, led by Chancellor Lorin A. Thompson, in 1978, George W. Johnson was appointed to serve as the fourth president. Under his eighteen-year tenure, the university expanded both its size and program offerings at a tremendous rate. Shortly before Johnsons inauguration in April 1979, Mason acquired the School of Law, the university also became a doctoral institution. Toward the end of Johnsons term, Mason would be deep in planning for a campus in Prince William County at Manassas. Enrollment once again more than doubled from 10,767 during the fall of 1978 to 24,368 in the spring of 1996, Dr. Alan G. Merten was appointed president in 1996. He believed that the location made it responsible for both contributing to and drawing from its surrounding communities—local, national, and global. George Mason was becoming recognized and acclaimed in all of these spheres, Dr. Ángel Cabrera officially took office on July 1,2012
5.
Virginia Tech
–
Through its Corps of Cadets ROTC program, Virginia Tech is also designated as one of six senior military colleges in the country. Under the 1891–1907 presidency of John M. McBryde, the school organized its academic programs into a traditional four-year college, the evolution of the schools programs led to a name change in 1896 to Virginia Agricultural and Mechanical College and Polytechnic Institute. The Agricultural and Mechanical College portion of the name was popularly omitted almost immediately, in 1944, in 1923, VPI changed a policy of compulsory participation in the Corps of Cadets from four years to two years. In 1931, VPI began teaching classes at the Norfolk Division of the College of William and this program eventually developed into a two-year engineering program that allowed students to transfer to VPI for their final two years of degree work. In 1943, VPI merged with nearby Radford State Teachers College, which became VPIs womens division, today, Radford University enrolls more than 9,900 students and offers more than 150 undergraduate and graduate programs. During Hahns tenure, not only did the university graduate its first Rhodes Scholar, lewis, Class of 1963, the requirement for male students to participate in the Corps of Cadets for two years was dropped. Beginning in the fall 1973, women could participate in the corps, in 1970, the state legislature allowed VPI university status and gave it the present legal name, Virginia Polytechnic Institute and State University. However, diplomas and transcripts still spell out the formal name, similarly, the abbreviation VT is far more common today than either VPI or VPI&SU. The early decades of this century have seen expansion across the universitys institutions in both physical and population sizes, former President Charles Steger brought Virginia Tech an allopathic medical school in 2007. The Virginia Tech Carilion School of Medicine and Research Institute was created with a partnership with the Carilion Clinic. These years also brought about the development of the universitys professional schools of graduate education. Virginia Tech brought in over a half-billion in research expenditures in 2014, on April 16,2007, Virginia Tech student Seung-Hui Cho fatally shot 32 faculty members and students, wounding 17 others before killing himself on campus. The massacre is the deadliest mass shooting on a college campus, although it was at the time the deadliest mass shooting committed by a lone gunman in U. S. history, it has since been surpassed by the 2016 Orlando nightclub shooting. These colleges/schools include, Virginia Tech received a number of nearly 22,500 applications for the fall 2015 freshman class. The typical student offered admission had a grade point average of 4.00. The average cumulative SAT score was 1250, with a middle range ranging from 1160 to 1340, of the 5,518 students who accepted the offers of admission,18 percent accepted under the Early Decision Plan. The Office of Undergraduate Admissions is located within the Visitor and Undergraduate Admissions Center, once admitted, Honors students are required to maintain a 3.5 GPA in order to remain in the program. For the 2013–14 academic year, the Graduate School at Virginia Tech enrolled 6,723 graduate students in its masters, the Pamplin College of Business, received 381 applications for its incoming Evening MBA program, and offered admission to 142
6.
University of Virginia
–
The University of Virginia, frequently referred to simply as Virginia, is a public research university and the flagship for the Commonwealth of Virginia. Founded in 1819 by Declaration of Independence author Thomas Jefferson, UVA is known for its foundations, student-run honor code. UNESCO designated UVA as Americas first and only collegiate World Heritage Site in 1987, the university was established in 1819, and its original governing Board of Visitors included Thomas Jefferson, James Madison, and James Monroe. Monroe was the sitting President of the United States at the time of its foundation, former Presidents Jefferson and Madison were UVAs first two rectors and the Academical Village and Jefferson conceived and designed the original courses of study. The universitys research endeavors are highly recognized, in 2015, Science honored UVA faculty for discovering two of its top 10 annual scientific breakthroughs, from the fields of Medicine and Psychology. UVA is one of 62 institutions in the Association of American Universities and it is the only AAU member university in Virginia. UVA is classified as a Research University with Very High Research by the Carnegie Foundation, the university was the first non-founding member, and the first university of the American South, to attain AAU membership in 1904. UVAs academic strength is broad, with 121 majors across the eight undergraduate, students compete in 26 collegiate sports and UVA leads the Atlantic Coast Conference in mens NCAA team national championships with 17. UVA is second in womens NCAA titles with 7, UVA was awarded the Capital One Cup in 2015 after fielding the top overall mens athletics programs in the nation. Students come to attend the university in Charlottesville from all 50 states and 147 countries, the historic 1, 682-acre campus is internationally protected by UNESCO and considered one of the most beautiful collegiate grounds in the country. UVA additionally maintains 2,913 acres southeast of the city, the university also manages the College at Wise in Southwest Virginia, and until 1972 operated George Mason University and the University of Mary Washington in Northern Virginia. In 1817, three Presidents and Chief Justice of the United States Supreme Court John Marshall joined 24 other dignitaries at a meeting held in the Mountain Top Tavern at Rockfish Gap, after some deliberation, they selected nearby Charlottesville as the site of the new University of Virginia. Farmland just outside Charlottesville was purchased from James Monroe by the Board of Visitors as Central College, the school laid its first buildings cornerstone late in that same year, and the Commonwealth of Virginia chartered the new university on January 25,1819. John Hartwell Cocke collaborated with James Madison, Monroe, and Joseph Carrington Cabell to fulfill Jeffersons dream to establish the university, Cocke and Jefferson were appointed to the building committee to supervise the construction. The universitys first classes met on March 7,1825, another innovation of the new university was that higher education would be separated from religious doctrine. Jefferson opined to philosopher Thomas Cooper that a professorship of theology should have no place in our institution, Jefferson was intimately involved in the university to the end, hosting Sunday dinners at his Monticello home for faculty and students until his death. Thus, he eschewed mention of his accomplishments, such as the Louisiana Purchase. This was a source of frustration for Jefferson, who assembled the students during the schools first year, on October 3,1825, to such behavior
7.
Austrian school
–
The Austrian School is a school of economic thought that is based on methodological individualism – the concept that social phenomena result from the motivations and actions of individuals. It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser and it was methodologically opposed to the Prussian Historical School. Current-day economists working in this tradition are located in different countries. Austrians are likewise critical of mainstream economics, in 1883, Menger published Investigations into the Method of the Social Sciences with Special Reference to Economics, which attacked the methods of the Historical school. Gustav von Schmoller, a leader of the Historical school, responded with a review, coining the term Austrian School in an attempt to characterize the school as outcast. The label endured and was adopted by the adherents themselves, the school originated in Vienna, in the Austrian Empire. Carl Mengers 1871 book, Principles of Economics, is considered the founding of the Austrian School. The book was one of the first modern treatises to advance the theory of marginal utility. The Austrian School was one of three founding currents of the marginalist revolution of the 1870s, with its major contribution being the introduction of the subjectivist approach in economics. ”Mengers contributions to economic theory were closely followed by those of Böhm-Bawerk and Friedrich von Wieser. These three economists became what is known as the first wave of the Austrian School, several important Austrian economists trained at the University of Vienna in the 1920s and later participated in private seminars held by Ludwig von Mises. These included Gottfried Haberler, Friedrich Hayek, Fritz Machlup, Karl Menger, Oskar Morgenstern, Paul Rosenstein-Rodan Abraham Wald, by the mid-1930s, most economists had embraced what they considered the important contributions of the early Austrians. Fritz Machlup quoted Hayeks statement, the greatest success of a school is that it stops existing because its teachings have become parts of the general body of commonly accepted thought. Mises student, Israel Kirzner recalled that in 1954, when Kirzner was pursuing his PhD, after the 1940s, Austrian economics can be divided into two schools of economic thought, and the school split to some degree in the late 20th century. Henry Hazlitt wrote economics columns and editorials for a number of publications, hazlitts thinking was influenced by Mises. His book Economics in One Lesson sold over a million copies, and he is known for The Failure of the New Economics. Hayeks work was influential in the revival of laissez-faire thought in the 20th century, according to economist Bryan Caplan, by the late twentieth century, a split had developed among those who self-identify with the Austrian School. Caplan wrote that if Mises and Rothbard are right, then economics is wrong, Austrian economist Walter Block says that the Austrian school can be distinguished from other schools of economic thought through two categories – economic theory and political theory. However, both criticisms from Hoppe and Block to Hayek seem to apply to the founder of the Austrian School, Carl Menger, Hoppe emphasizes that Hayek, which for him is from the English empirical tradition, is an opponent of the supposed rationalist tradition of the Austrian School
8.
Constitutional economics
–
The political economist who seeks to offer normative advice, must, of necessity, concentrate on the process or structure within which political decisions are observed to be made. Existing constitutions, or structures or rules, are the subject of critical scrutiny, Constitutional economics has been characterized as a practical approach to apply the tools of economics to constitutional matters. For example, a concern of every nation is the proper allocation of available national economic. The legal solution to this problem falls within the scope of constitutional economics, another example is to study the compatibility of effective economic decisions with the existing constitutional framework and the limitations or the favorable conditions created by that framework. The term constitutional economics was coined in 1982 by the U. S. economist Richard McKenzie to designate the main topic of discussion at a conference held in Washington. McKenzies neologism was then adopted by another American economist, James M. Buchanan, constitutionalism has been the subject of criticism for its previous ignorance of economic issues but this criticism was taken into account by the development of constitutional economics. Buchanan rejects any organic conception of the state as superior in wisdom and this philosophical position is, in fact, the very subject matter of constitutional economics. A constitutional economics approach allows for an economic and constitutional analysis. Buchanan introduced rich cross-disciplinary concepts of citizenship and constitutional anarchy. Constitutional anarchy is a policy that may be best described as actions undertaken without understanding or taking into account the rules that define the constitutional order. This policy is justified by references to strategic tasks formulated on the basis of competing interests regardless of their subsequent impact on political structure, Buchanan also outlines importance of protection of the moral principles underlying constitutional norms. An individual may be responsible, in the standard ethical sense. Buchanan considered the term constitutionality in the sense and applied it to families, firms and public institutions. Buchanan is largely responsible for the rebirth of political economy as a scholarly pursuit, Buchanans work in public choice is often interpreted as the quintessential case of economic imperialism. However, as Amartya Sen has pointed out, Buchanan should not be identified with economic imperialism, Sen states that Buchanan has done more than most to introduce ethics, legal political thinking, and indeed social thinking into economics. Crucial to understanding Buchanans system of thought is the distinction he made between politics and policy, Politics is about the rules of the game, where policy is focused on strategies that players adopt within a given set of rules. Buchanan wrote the article entitled The Domain of Constitutional Economics, establishing the bounds of the emerging study. Individuals agree to place constraints on themselves in exchange for anticipated benefits, just as a market transaction occurs through voluntary, mutually beneficial exchange, so with political exchanges of rights and authority
9.
University of Chicago
–
The University of Chicago is a private research university in Chicago, Illinois. It holds top-ten positions in national and international rankings and measures. The university currently enrolls approximately 5,700 students in the College, Chicagos physics department helped develop the worlds first man-made, self-sustaining nuclear reaction beneath the viewing stands of universitys Stagg Field. The university is home to the University of Chicago Press. With an estimated date of 2020, the Barack Obama Presidential Center will be housed at the university. Both Harper and future president Robert Maynard Hutchins advocated for Chicagos curriculum to be based upon theoretical and perennial issues rather than on applied sciences, the University of Chicago has many prominent alumni. 92 Nobel laureates have been affiliated with the university as professors, students, faculty, or staff, similarly,34 faculty members and 16 alumni have been awarded the MacArthur “Genius Grant”. Rockefeller on land donated by Marshall Field, while the Rockefeller donation provided money for academic operations and long-term endowment, it was stipulated that such money could not be used for buildings. The original physical campus was financed by donations from wealthy Chicagoans like Silas B, Cobb who provided the funds for the campus first building, Cobb Lecture Hall, and matched Marshall Fields pledge of $100,000. Organized as an independent institution legally, it replaced the first Baptist university of the same name, william Rainey Harper became the modern universitys first president on July 1,1891, and the university opened for classes on October 1,1892. The business school was founded thereafter in 1898, and the law school was founded in 1902, Harper died in 1906, and was replaced by a succession of three presidents whose tenures lasted until 1929. During this period, the Oriental Institute was founded to support, in 1896, the university affiliated with Shimer College in Mount Carroll, Illinois. The agreement provided that either party could terminate the affiliation on proper notice, several University of Chicago professors disliked the program, as it involved uncompensated additional labor on their part, and they believed it cheapened the academic reputation of the university. The program passed into history by 1910, in 1929, the universitys fifth president, Robert Maynard Hutchins, took office, the university underwent many changes during his 24-year tenure. In 1933, Hutchins proposed a plan to merge the University of Chicago. During his term, the University of Chicago Hospitals finished construction, also, the Committee on Social Thought, an institution distinctive of the university, was created. Money that had been raised during the 1920s and financial backing from the Rockefeller Foundation helped the school to survive through the Great Depression, during World War II, the university made important contributions to the Manhattan Project. The university was the site of the first isolation of plutonium and of the creation of the first artificial, in the early 1950s, student applications declined as a result of increasing crime and poverty in the Hyde Park neighborhood
10.
University of Tennessee
–
The University of Tennessee is a public sun- and land-grant university in Knoxville, Tennessee, United States. It hosts almost 28,000 students from all 50 states, in its 2017 universities ranking, U. S. News & World Report ranked UT 103rd among all national universities and 46th among public institutions of higher learning. Seven alumni have been selected as Rhodes Scholars, James M. Buchanan,41, received the 1986 Nobel Prize in Economics. Also affiliated with the university are the Howard H. Baker, the university is a direct partner of the University of Tennessee Medical Center, which is one of two Level I trauma centers in East Tennessee. UT is one of the oldest public universities in the United States, when Samuel Carrick, its first president and only faculty member, died in 1809, the school was temporarily closed until 1820. When it reopened, it began experiencing growing pains, thomas Jefferson had previously recommended that the college leave its confining single building in the city and relocate to a place it could spread out. Ironically, in the Summer of 1826, the trustees explored Barbara Hill as a potential site, in 1840, the college was elevated to East Tennessee University. Tennessee was a member of the Confederacy in 1862 when the Morrill Act was passed, on February 28,1867, Congress passed a special Act making the State of Tennessee eligible to participate in the Morrill Act of 1862 program. In January 1869, ETU was designated as Tennessees recipient of the Land-Grant designation, in accepting the funds, the university would focus upon instructing students in military, agricultural, and mechanical subjects. ETU eventually received $396,000 as its endowment under the program, Trustees soon approved the establishment of a medical program under the auspices of the Nashville School of Medicine and added advanced degree programs. East Tennessee University was renamed the University of Tennessee in 1879 by the state legislature, during World War II, UT was one of 131 colleges and universities nationally that took part in the V-12 Navy College Training Program which offered students a path to a Navy commission. The campus is headed by a Chancellor who functions as the executive officer of the campus, responsible for its daily administration. The chancellor reports to the president of the university system and is elected annually by the UT Board of Trustees at the recommendation of the system president, jimmy Cheek has been Chancellor of the Knoxville campus since February 1,2009. Joseph A. DiPietro has been president since January 1,2011. Provost and Senior Vice Chancellor for Academic Affairs Susan D. Martin is responsible for the administration of the Knoxville campus. On December 15,2016 the UT Board of Trustees confirmed Dr. Beverly J. Davenport as the next Chancellor of the Knoxville campus and she will begin her role on February 15,2017. Campus policing and security is provided by the University of Tennessee Police Department.4 percent from 2000 to 2009, many doctors and nurses at UTMC have integrated careers as teachers and healthcare professionals, and the center promotes itself as the areas only academic, or teaching hospital. The new UT Medical Center Heart Hospital received its first patient on April 27,2010, in Fall 2016, the university enrolled 21,863 undergraduate and 5,982 graduate and professional students, 50% of students are female, 50% are male
11.
Middle Tennessee State University
–
Middle Tennessee State University, commonly abbreviated as MTSU or MT, is a comprehensive coeducational public university in Murfreesboro, Tennessee. MTSU is most prominently known for its Recording Industry, Aerospace, Music, the university has partnered in research endeavors with the Oak Ridge National Laboratory, the United States Army, and the United States Marine Corps. In 2009, Middle Tennessee State University was ranked among the nations top 100 public universities by Forbes magazine, MTSU student athletes compete intercollegiately as the Blue Raiders, as a part of Division I Football Bowl Subdivision athletics in the Conference USA. On November 29,2012, MTSU Athletics announced it had accepted an invitation to the conference and its president is Sidney A. McPhee. One of the earliest calls for a normal school occurred in 1855 when a Wilson County, Tennessee, politician wanted to build a school in Lebanon. Education efforts collapsed shortly with the breakout of the American Civil War, later, state superintendents and teachers traveled around the state giving speeches about the dire need of teacher preparation. In 1909, the Tennessee General Assembly moved to provide for the improvement of the system of Public Education of the State of Tennessee, that is to say, to establish a General Education Fund. Following the intent of the act that one was to be located in each of the divisions of the state. Middle Tennessee State Normal School opened on September 11,1911, the school was often abbreviated as S. T. C. In 1943, the General Assembly designated the institution a state college and this new status marked a sharp departure from the founding purpose and opened the way for expanding curricular offerings and programs. In 1965, the institution was advanced to university status, changing its name to Middle Tennessee State University, during the progressive movement from a two-year normal to a university, several significant milestones may be identified. In 1936, the Bachelor of Arts program was added, responding to the expressed needs of the institutions service area, the Graduate School was established in 1951. To effect better communications and improve administrative supervision, the concept was introduced in 1962. As Middle Tennessee State University developed and grew, the Doctor of Arts program was added in 1970 and these degree programs became attractive centerpieces for other efforts to improve and enhance institutional roles. Library resources were increased and sophisticated computer services were developed to aid instruction and administration. A highly trained faculty enabled the university to continue growth in program offerings, in 1991, the universitys six schools—five undergraduate and the graduate school—became colleges. In 1998, MTSUs Honors program became the Honors College, the first in the state, in 2002, approval was granted to redesignate three D. A. programs to Doctor of Philosophy programs, expanding the progressive institutions offerings. Ph. D. degree offerings now include computational sciences, mathematics and science education, molecular biosciences, economics, English, human performance, public history, since 1911, MTSU has graduated more than 100,000 students
12.
John Stuart Mill
–
John Stuart Mill was an English philosopher, political economist and civil servant. One of the most influential thinkers in the history of liberalism, he contributed widely to social theory, political theory, Mill was a proponent of utilitarianism, an ethical theory developed by his predecessor Jeremy Bentham, and contributed significantly to the theory of the scientific method. A member of the Liberal Party, he was also the first Member of Parliament to call for womens suffrage. John Stuart Mill was born on Rodney Street in the Pentonville area of London, the eldest son of the Scottish philosopher, historian and economist James Mill, John Stuart was educated by his father, with the advice and assistance of Jeremy Bentham and Francis Place. He was given a rigorous upbringing, and was deliberately shielded from association with children his own age other than his siblings. Mill was a precocious child. He describes his education in his autobiography, at the age of three he was taught Greek. By the age of eight, he had read Aesops Fables, Xenophons Anabasis, and the whole of Herodotus and he had also read a great deal of history in English and had been taught arithmetic, physics and astronomy. At the age of eight, Mill began studying Latin, the works of Euclid, and algebra and his main reading was still history, but he went through all the commonly taught Latin and Greek authors and by the age of ten could read Plato and Demosthenes with ease. His father also thought that it was important for Mill to study, one of Mills earliest poetic compositions was a continuation of the Iliad. In his spare time he enjoyed reading about natural sciences and popular novels, such as Don Quixote. In the following year he was introduced to political economy and studied Adam Smith and David Ricardo with his father, Ricardo, who was a close friend of his father, used to invite the young Mill to his house for a walk in order to talk about political economy. At the age of fourteen, Mill stayed a year in France with the family of Sir Samuel Bentham, the mountain scenery he saw led to a lifelong taste for mountain landscapes. The lively and friendly way of life of the French also left an impression on him. In Montpellier, he attended the courses on chemistry, zoology, logic of the Faculté des Sciences. While coming and going from France, he stayed in Paris for a few days in the house of the renowned economist Jean-Baptiste Say, there he met many leaders of the Liberal party, as well as other notable Parisians, including Henri Saint-Simon. Mill went through months of sadness and pondered suicide at twenty years of age, according to the opening paragraphs of Chapter V of his autobiography, he had asked himself whether the creation of a just society, his lifes objective, would actually make him happy. His heart answered no, and unsurprisingly he lost the happiness of striving towards this objective, eventually, the poetry of William Wordsworth showed him that beauty generates compassion for others and stimulates joy
13.
Knut Wicksell
–
Johan Gustaf Knut Wicksell was a leading Swedish economist of the Stockholm school. His economic contributions would influence both the Keynesian and Austrian schools of economic thought and he was married to the noted feminist Anna Bugge. Wicksell was born in Stockholm on December 20,1851 and his father was a relatively successful businessman and real estate broker. He lost both his parents at an early age. His mother died when he was six, and his father died when he was fifteen. His fathers considerable estate allowed him to enroll at the University of Uppsala in 1869 to study mathematics and physics and he received his first degree in two years, and he engaged in graduate studies until 1885, when he received his doctorate in mathematics. In 1887, Wicksell received a scholarship to study on the Continent, in the following years, his interests began to shift toward the social sciences, particularly economics. As a lecturer at Uppsala, Wicksell attracted attention because of his opinions about labour, at one lecture, he condemned drunkenness and prostitution as alienating, degrading, and impoverishing. Although he was identified as a socialist, his solution to the problem was decidedly Malthusian in advocating birth control. His fiery ideas had attracted attention, but his first work in economics, Value, Capital. Wicksell married Anna Bugge in 1887, Economics in Sweden at the time was taught as part of the law school, and Wicksell was unable to gain a chair until he was awarded a law degree. Accordingly, he returned to the University of Uppsala where he completed the usual four-year law degree course in two years, and he became a professor at that university in 1899. The next year, he became a professor at Lund University. After giving a lecture in 1908 satirising the Virgin birth of Jesus, Wicksell was deemed guilty of blasphemy, in 1916, he retired from his post at Lund and took a position at Stockholm advising the government on financial and banking issues. In Stockholm, Wicksell associated himself with other future great economists of the so-called Stockholm School, such as Bertil Ohlin, Gunnar Myrdal and he also taught a young Dag Hammarskjöld, the future Secretary-General of the United Nations. Wicksell died in 1926 while he was writing a work on the theory of interest. Elements of his policy were taken strongly to heart by the Swedish government, including his price-level targeting rule during the 1930s. Wicksells contributions to economics have been described by economists, including historian-of-economics Mark Blaug
14.
Friedrich Hayek
–
Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for his pioneering work in the theory of money and economic fluctuations and. Penetrating analysis of the interdependence of economic, social and institutional phenomena, Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war drew him to his career. Hayek lived in Austria, Great Britain, the United States and he spent most of his academic life at the London School of Economics, the University of Chicago, and the University of Freiburg. In 1984, he was appointed a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his services to the study of economics and he was the first recipient of the Hanns Martin Schleyer Prize in 1984. He also received the US Presidential Medal of Freedom in 1991 from President George H. W. Bush, in 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in The American Economic Review during its first 100 years. Friedrich August von Hayek was born in Vienna to August von Hayek, Friedrichs father, from whom he received his middle name, was also born in Vienna in 1871. He was a doctor employed by the municipal ministry of health, with passion in botany. August von Hayek was also a part-time botany lecturer at the University of Vienna, Friedrichs mother was born in 1875 to a wealthy, conservative, land-owning family. Hayek was the oldest of three brothers, Heinrich and Erich, who were one-and-a-half and five years younger than him and his fathers career as a university professor influenced Friedrichs goals later in life. Both of his grandfathers, who lived long enough for Friedrich to know them, were scholars, franz von Juraschek was a leading economist in Austria-Hungary and a close friend of Eugen Böhm von Bawerk, one of the founders of the Austrian School of Economics. Von Juraschek was a statistician and was employed by the Austrian government. Friedrichs paternal grandfather, Gustav Edler von Hayek, taught natural sciences at the Imperial Realobergymnasium in Vienna and he wrote systematic works in biology, some of which are relatively well known. On his mothers side, Hayek was second cousin to the philosopher Ludwig Wittgenstein and his mother often played with Wittgensteins sisters, and had known Ludwig well. As a result of their relationship, Hayek became one of the first to read Wittgensteins Tractatus Logico-Philosophicus when the book was published in its original German edition in 1921. Although Hayek met Wittgenstein on only a few occasions, Hayek said that Wittgensteins philosophy and methods of analysis had a influence on his own life. In his later years, Hayek recalled a discussion of philosophy with Wittgenstein, after Wittgensteins death, Hayek had intended to write a biography of Wittgenstein and worked on collecting family materials, and he later assisted biographers of Wittgenstein. Hayek displayed an intellectual and academic bent from a young age. He read fluently and frequently going to school
15.
Ludwig von Mises
–
Ludwig Heinrich Edler von Mises was a theoretical Austrian School economist. Mises wrote and lectured extensively on behalf of classical liberalism and he is best known for his work on praxeology, a study of human choice and action. Mises emigrated from Austria to the United States in 1940, since the mid-20th century, the libertarian movement in the United States has been strongly influenced by Misess writings. Misess student, Friedrich Hayek, viewed Mises as one of the figures in the revival of liberalism in the post-war era. Hayeks work, The Transmission of the Ideals of Freedom pays high tribute to the influence of Mises in the twentieth century liberal movement, Misess Austrian School was a leading group of economists. Many of its alumni, including Hayek and Oskar Morgenstern, emigrated from Austria to the United States, Mises has been described as having approximately seventy close students in Austria, and the Austrians as the insiders of the Chicago School of economics. The Ludwig von Mises Institute was founded in the United States to continue his teachings, Ludwig von Mises was born to Jewish parents in the city of Lemberg, in Galicia, Austria-Hungary. The family of his father Arthur Edler von Mises had been elevated to the Austrian nobility in the 19th century, ludwigs mother, Adele, was a niece of Dr. Joachim Landau, a Liberal Party deputy to the Austrian Parliament. Arthur von Mises was stationed in Lemberg as an engineer with the Czernowitz railway company. By the age of twelve, Ludwig spoke fluent German, Polish and French, read Latin, Mises had a younger brother, Richard von Mises, who became a mathematician and a member of the Vienna Circle, and a probability theorist. When Ludwig and Richard were still children, their family moved back to Vienna, in 1900, Ludwig Von Mises attended the University of Vienna, becoming influenced by the works of Carl Menger. Three years later, Mises was awarded his doctorate from the school of law in 1906, in the years from 1904 to 1914, Mises attended lectures given by Austrian economist Eugen von Böhm-Bawerk. He graduated in February 1906 and started a career as a servant in Austrias financial administration. After a few months, he left to take a position in a Vienna law firm. During that time, Mises began lecturing on economics, and in early 1909, he joined the Vienna Chamber of Commerce, during World War I, Mises served as a front officer in the Austro-Hungarian artillery and as an economic adviser to the War Department. Mises was chief economist for the Austrian Chamber of Commerce and was an adviser of Engelbert Dollfuss. Later he was adviser to Otto von Habsburg, the Christian democratic politician. In 1934, Mises left Austria for Geneva, Switzerland, where he was a professor at the Graduate Institute of International Studies until 1940, while in Switzerland, Mises married Margit Herzfeld Serény, a former actress and widow of Ferdinand Serény
16.
Logrolling
–
Logrolling is the trading of favors, or quid pro quo, such as vote trading by legislative members to obtain passage of actions of interest to each legislative member. In an academic context, the Nuttall Encyclopedia describes logrolling as mutual praise by authors of each others work, in organizational analysis, it refers to a practice in which different organizations promote each others agendas, each in the expectation that the other will reciprocate. There are three types of logrolling, Logrolling in direct democracies, a few individuals vote openly, and votes are easy to trade, rearrange, and observe. These policymakers logroll to ensure that their policies and pork barrel packages are put into practice regardless of whether their policies are actually efficient. Distributive logrolling is the most prevalent kind of logrolling found in a system of governance. Quid pro quo sums up the concept of logrolling in the United States’ political process today, Logrolling is the process by which politicians trade support for one issue or piece of legislation in exchange for another politicians support, especially by means of legislative votes. If a legislator logrolls, he initiates the trade of votes for one particular act or bill in order to secure votes on behalf of another act or bill, Logrolling means that two parties will pledge their mutual support, so both bills can attain a simple majority. Logrolling cannot occur during presidential elections, where a vast voting population necessitates that individual votes have little political power, the widest accepted origin is the old custom of neighbors assisting each other with the moving of logs. If two neighbors had cut a lot of timber which needed to be moved, it made sense for them to work together to roll the logs. In this way, it is similar to a barn-raising where a neighbor comes and helps a family build their barn, and, in turn, here is an example of the terms original use, A family comes to sit in the forest, wrote an observer in 1835. Their neighbors lay down their employments, shoulder their axes, and they spend the day in hard labor, and then retire, leaving the newcomers their good wishes, and a habitation. Human beings, whether ignorant or informed, rational or irrational, logical or illogical, determine individual, economics studies these choices, including the choice to logroll, and their particular influence within the market sector. In America, political and economic decisions are made by politicians elected to legislative assemblies. In The Calculus of Consent, James M. Buchanan and Gordon Tullock explore the relationship between individual choice in the process and in the marketplace, specifically within logrolling. Logrolling vote trades, like any activity within the marketplace, must be mutually beneficial, a vote trade is like a legislative IOU. When a legislator needs a few votes to acquire a simple majority. He will promise a fellow legislator an IOU vote for another piece of legislation in return for a vote on his own act or bill, people have varying preferences, and make decisions at the margin to maximize their utility and improve their welfare. The same is true for legislators, who all enter office with different agendas, passions, ideological diversity plays a significant role in the result of a vote and carries with it a significant cost
17.
Nobel Memorial Prize in Economic Sciences
–
The prize was established in 1968 by a donation from Swedens central bank, the Swedish National Bank, on the banks 300th anniversary. Although it is not one of the prizes that Alfred Nobel established in his will in 1895, laureates are announced with the other Nobel Prize laureates, and receive the award at the same ceremony. Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences and it was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, for having developed and applied dynamic models for the analysis of economic processes. An endowment in perpetuity from Sveriges Riksbank pays the Nobel Foundations administrative expenses associated with the prize, since 2012, the monetary portion of the Prize in Economics has totalled 8 million Swedish kronor. This is equivalent to the amount given for the original Nobel Prizes, the Prize in Economics is not one of the original Nobel Prizes created by Alfred Nobels will. However, the process, selection criteria, and awards presentation of the Prize in Economic Sciences are performed in a manner similar to that of the Nobel Prizes. Laureates are announced with the Nobel Prize laureates, and receive the award at the same ceremony, shall have conferred the greatest benefit on mankind. According to its website, the Royal Swedish Academy of Sciences administers a researcher exchange with academies in other countries and publishes six scientific journals. Members of the Academy and former laureates are also authorised to nominate candidates, all proposals and their supporting evidence must be received before February 1. The proposals are reviewed by the Prize Committee and specially appointed experts, before the end of September, the committee chooses potential laureates. If there is a tie, the chairman of the committee casts the deciding vote, next, the potential laureates must be approved by the Royal Swedish Academy of Sciences. Members of the Ninth Class of the Academy vote in mid-October to determine the next laureate or laureates of the Prize in Economics. The first prize in economics was awarded in 1969 to Ragnar Frisch, in 2009, Elinor Ostrom became the first woman awarded the prize. This makes it available to researchers in such topics as political science, psychology, moreover, the composition of the Economics Prize Committee changed to include two non-economists. This has not been confirmed by the Economics Prize Committee, the members of the 2007 Economics Prize Committee are still dominated by economists, as the secretary and four of the five members are professors of economics. Some critics argue that the prestige of the Prize in Economics derives in part from its association with the Nobel Prizes, among them is the Swedish human rights lawyer Peter Nobel, a great-grandson of Ludvig Nobel. Nobel criticizes the institution of misusing his familys name. He explaiend that Nobel despised people who cared more about profits than societys well-being and this does not matter in the natural sciences
18.
Chicago school of economics
–
In the context of macroeconomics, it is connected to the freshwater school of macroeconomics, in contrast to the saltwater school based in coastal universities. Chicago macroeconomic theory rejected Keynesianism in favor of monetarism until the mid-1970s, the freshwater-saltwater distinction is largely antiquated today, as the two traditions have heavily incorporated ideas from each other. Other economists affiliated with Chicago have made their impact in fields as diverse as social economics, thus, there is not a clear delineation of the Chicago school of economics, a term that is more commonly used in the popular media than in academic circles. They met together in frequent intense discussions that helped set a group outlook on economic issues, the 1950s saw the height of popularity of the Keynesian school of economics, so the members of the University of Chicago were considered outside the mainstream. Nonetheless, these scholars had an important influence on the thought of Milton Friedman and George Stigler, most notably in the development of price theory, however, their relationship to the modern macroeconomists, led by Robert Lucas, Jr. and Eugene Fama, is more blurred. A further significant branching of Chicago thought was dubbed by George Stigler as Chicago political economy and his work was originally focused in labor economics. His work partly inspired the popular economics book Freakonomics and he is considered one of the founding fathers of Chicago political economy. Ronald Coase was the most prominent economic analyst of law and the 1991 Nobel Prize-winner and his first major article, The Nature of the Firm, argued that the reason for the existence of firms is the existence of transaction costs. Rational individuals trade through bilateral contracts on open markets until the costs of transactions mean that using corporations to produce things is more cost-effective, only the existence of transaction costs may prevent this. So, the law ought to pre-empt what would happen, the idea is that law and regulation are not as important or effective at helping people as lawyers and government planners believe. Coase and others like him wanted a change of approach, to put the burden of proof for positive effects on a government that was intervening in the market, by analysing the costs of action. Eugene Fama is an American financial economist who was awarded the Nobel Prize in Economics in 2013 for his work on asset pricing and is the seventh most highly cited economist of all time. In his tract, Railroads and American Economic Growth, Essays in Econometric History, Milton Friedman stands as one of the most influential economists of the late twentieth century. A student of Frank Knight, he won the Nobel Prize in Economics in 1976 for, among other things, Friedman argued that the Great Depression had been caused by the Federal Reserves policies through the 1920s, and worsened in the 1930s. Friedman argued that government policy is more desirable than government intervention in the economy. One of the great mistakes is to judge policies and programs by their intentions rather than their results, governments should aim for a neutral monetary policy oriented toward long-run economic growth, by gradual expansion of the money supply. He advocated the quantity theory of money, that general prices are determined by money, therefore, active monetary or fiscal policy can have unintended negative effects. The slogan that money matters has come to be associated with Friedman, lars Peter Hansen is an American economist who won the Nobel Prize in Economics in 2013 with Eugene Fama and Robert Shiller for their work on asset pricing
19.
Libertarianism
–
Libertarianism is a collection of political philosophies that uphold liberty as a core principle. Libertarians seek to maximize freedom and autonomy, emphasizing freedom of choice, voluntary association, individual judgment. Libertarians share a skepticism of authority and state power, however, they diverge on the scope of their opposition to existing political and economic systems. Various schools of libertarian thought offer a range of views regarding the functions of state and private power. Some libertarians advocate laissez-faire capitalism and strong private property rights, such as in land, infrastructure, an additional line of division is between minarchists and anarchists. While minarchists think that a centralized government is necessary, anarchists and anarcho-capitalists propose to completely eliminate the state. The first recorded use of the term libertarian was in 1789, the word was again used in a political sense in 1802, in a short piece critiquing a poem by the author of Gebir, and has since been used with this meaning. Déjacque also used the term for his anarchist publication Le Libertaire, Journal du Mouvement Social, in the mid-1890s, Sébastien Faure began publishing a new Le Libertaire while Frances Third Republic enacted the lois scélérates, which banned anarchist publications in France. Libertarianism has frequently used as a synonym for anarchism since this time. Although the word continues to be widely used to refer to socialists internationally. Libertarianism in the United States has been described as conservative on issues and liberal on personal freedom. There is contention about whether right, left, and socialist libertarianism represent distinct ideologies as opposed to variations on a theme, all libertarians begin with a conception of personal autonomy from which they argue in favor of civil liberties and a reduction or elimination of the state. Right-libertarianism developed in the United States in the century and is the most popular conception of libertarianism in that region. It is commonly referred to as a continuation or radicalization of classical liberalism, right-libertarians value the social institutions that enforce conditions of capitalism, while rejecting institutions that function in opposition to these institutions. These may be the byproducts of conservatism, one or more of its historically specific, but they are not its animating purpose. Such a view might seem miles away from the defense of the free market, with its celebration of the atomistic. When the libertarian looks out upon society, he does not see isolated individuals, he sees private, often hierarchical, groups, where a father governs his family and an owner his employees. Left-libertarianism encompasses those libertarian beliefs that claim the Earths natural resources belong to everyone in a manner, either unowned or owned collectively
20.
Neoliberalism
–
Neoliberalism refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism. These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980, as such, neoliberalism shares many attributes with other contested concepts, including democracy. The definition and usage of the term have changed over time, in the 1960s, usage of the term neoliberal heavily declined. When the term was reintroduced in the 1980s in connection with Augusto Pinochets economic reforms in Chile, once the new meaning of neoliberalism was established as a common usage among Spanish-speaking scholars, it diffused into the English-language study of political economy. By 1994, with the passage of NAFTA and the Zapatistas reaction to development in Chiapas. Scholarship on the phenomenon of neoliberalism has been growing, the impact of the global 2008–2009 crisis has also given rise to new scholarship that critiques neoliberalism and seeks developmental alternatives. In 1938 at the Colloque Walter Lippmann, the term neoliberalism was proposed, among other terms, the colloquium defined the concept of neoliberalism as involving the priority of the price mechanism, free enterprise, the system of competition, and a strong and impartial state. To be neoliberal meant advocating an economic policy with state intervention. Neoliberal state interventionism brought a clash with the opposing camp of classical liberals. Although Hayek had intellectual ties to the German neoliberals, his name was occasionally mentioned in conjunction with neoliberalism during this period due to his more pro-free market stance. During the military rule under Augusto Pinochet in Chile, opposition scholars took up the expression to describe the economic reforms implemented there, once this new meaning was established among Spanish-speaking scholars, it diffused into the English-language study of political economy. Another center-left movement from modern American liberalism that used the term neoliberalism to describe its ideology formed in the United States in the 1970s, according to David Brooks, prominent neoliberal politicians included Al Gore and Bill Clinton of the Democratic Party of the United States. The neoliberals coalesced around two magazines, the New Republic and the Washington Monthly, the godfather of this version of neoliberalism was the journalist Charles Peters who in 1983 published A Neoliberals Manifesto. Neoliberal theory argues that a market will allow efficiency, economic growth, income distribution. Any state intervention to encourage these phenomena will worsen economic performance, yet the handbook argues to view the term as merely a pejorative or radical political slogan is to reduce its capacity as an analytic frame. If neoliberalism is to serve as a way of understanding the transformation of society over the last few decades then the concept is in need of unpacking. Other scholars note that neoliberalism is associated with the policies introduced by Margaret Thatcher in the United Kingdom. There are several usages of the term that can be identified, As a development model
21.
Cato Institute
–
The Cato Institute is an American libertarian think tank headquartered in Washington, D. C. It was founded as the Charles Koch Foundation in 1974 by Ed Crane, Murray Rothbard, in July 1976, the name was changed to the Cato Institute. Cato was established to have a focus on advocacy, media exposure. According to the 2014 Global Go To Think Tank Index Report, Cato is number 16 in the Top Think Tanks Worldwide, Cato also topped the 2014 list of the budget-adjusted ranking of international development think tanks. The institute was founded in December 1974 in Wichita, Kansas as the Charles Koch Foundation, the other members of the first board of directors included co-founder Murray Rothbard, libertarian scholar Earl Ravenal, and businessmen Sam H. Husbands Jr. and David H. Padden. Cato relocated first to San Francisco, California in 1977, then to Washington, D. C. in 1981, the Institute moved to its current location on Massachusetts Avenue in 1993. Various Cato programs were ranked in a survey published by the University of Pennsylvania in 2012. The Cato Institute publishes numerous policy studies, briefing papers, periodicals, peer-reviewed academic journals include the Cato Journal and Regulation. Other periodicals include Catos Letter, Cato Supreme Court Review, Cato published Inquiry Magazine from 1977 to 1982 and Literature of Liberty from 1978 to 1979. S. Federal Government and recommendations for decreasing various programs, libertarianism. org is a website focused on the theory and practice of libertarianism. Cato Unbound, a publication that features a monthly open debate between four people. The conversation begins with one lead essay, followed by three response essays by separate people, after that, all four participants can write as many responses and counter-responses as they want for the duration of that month. PoliceMisconduct. net contains reports and stories from Catos National Police Misconduct Reporting Project, overlawyered is a law blog on the subject of tort reform run by author Walter Olson. HumanProgress. org is an interactive data web project that increases in prosperity driven by the free market. Social media sponsored by Cato includes Daily Podcasts, plus pages on Facebook, Twitter, Google+, speakers at Cato have included Federal Reserve Chairmen Alan Greenspan and Ben Bernanke, and International Monetary Fund Managing Director Rodrigo de Rato. In 2009 Czech Republic President Václav Klaus spoke at a conference, many Cato scholars advocate support for civil liberties, liberal immigration policies, drug liberalization, and the repeal of Dont Ask Dont Tell and laws restricting consensual sexual activity. The Cato Institute officially resists being labeled as part of the movement because conservative smacks of an unwillingness to change. In 2006, Markos Moulitsas of the Daily Kos proposed the term Libertarian Democrat to describe his particular liberal position, Cato has stated on its About Cato page, The Jeffersonian philosophy that animates Catos work has increasingly come to be called libertarianism or market liberalism
22.
Reason Foundation
–
The Reason Foundation is an American libertarian think tank founded in 1978. The Reason Foundation publishes the magazine Reason, based in Los Angeles, California, it is a non-profit, tax-exempt organization. According to its web site, the Reason Foundation is committed to advancing the values of freedom and choice, limited government. According to the 2014 Global Go To Think Tank Index Report, affiliated projects include Drew Careys Reason TV video website. Reason Foundation staff also contribute to the Out of Control Policy Blog. Reason Foundation co-founder Robert Poole is an MIT-trained engineer and the author of Cutting Back City Hall, Cutting Back City Hall provided the intellectual support for Margaret Thatchers privatization efforts in the United Kingdom. Poole remains at Reason serving as an officer on the board of trustees. Poole founded Reason with Manny Klausner and Tibor Machan, Robert Poole founded Reason Foundation and served as its president from 1978 to 2001. David Nott, a Stanford University graduate, has served as Reason Foundations president since 2001, the Reason Foundation is an associate member of the State Policy Network, a U. S. national network of free-market oriented think tanks. Reason Foundation is a 501 nonprofit organization completely supported by contributions from individuals, foundations, corporations. In 2013, the independent rating group Charity Navigator rated the foundation four out of four stars, Reason Foundation publishes the Annual Privatization Report, which reports on news and trends in U. S. outsourcing, privatization and public-private partnerships. Privatization Watch is another of the Foundations privatization publications that is published three to four times per year, innovators in Action is an annual publication that advocates shrinking the size and scope of government, usually through privatization. Former New York City Mayor Rudy Giuliani, former Florida Gov. Jeb Bush, Reason Foundations Annual Highway Report ranks each states transportation system on cost-effectiveness and efficiency. Reason Foundations primary publication is the magazine Reason, which began publishing in 1968 by Lanny Friedlander, in 1970, Robert Poole purchased Reason with Manuel S. Klausner and Tibor R. Machan, who set the magazine on a more regular publication schedule. It covers politics, culture, and ideas through a mix of news, analysis, commentary, Reason and Reason Online are editorially independent publications of Reason Foundation. Reason magazine won three Los Angeles Press Club awards in 2008, Cutting Back City Hall was massively influential, notably by providing the intellectual support for Margaret Thatchers privatization efforts in the United Kingdom. Conversely, privatisation shrinks the power of the state and free enterprise enlarges the power of the people, the Reason Foundation supports the privatization of almost all government functions. Gilroy also notes that If badly executed, privatization like any other policy can fail, taxpayers are no better off, and may be worse off, if a service is moved from a government agency to an incompetent or inefficient private business
23.
Monetarism
–
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the supply have major influences on national output in the short run. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the supply rather than by engaging in discretionary monetary policy. Friedman and Anna Schwartz wrote a book, A Monetary History of the United States, 1867–1960. Monetarism is a theory that focuses on the macroeconomic effects of the supply of money. Formulated by Milton Friedman, it argues that excessive expansion of the supply is inherently inflationary. The result was summarised in a analysis of monetary policy, Monetary History of the United States 1867–1960. The book attributed inflation to excess money supply generated by a central bank and it attributed deflationary spirals to the reverse effect of a failure of a central bank to support the money supply during a liquidity crunch. Friedman originally proposed a fixed rule, called Friedmans k-percent rule. Under this rule, there would be no leeway for the reserve bank, as money supply increases could be determined by a computer. With other monetarists he believed that the manipulation of the money supply or its growth rate is more likely to destabilise than stabilise the economy. Most monetarists oppose the gold standard, Friedman, for example, viewed a pure gold standard as impractical. Clark Warburton is credited with making the first solid empirical case for the monetarist interpretation of business fluctuations in a series of papers from 1945. p,493 Within mainstream economics, the rise of monetarism accelerated from Milton Friedmans 1956 restatement of the quantity theory of money. Friedman argued that the demand for money could be described as depending on a number of economic variables. Thus, where the money supply expanded, people would not simply wish to hold the money in idle money balances. These excess money balances would therefore be spent and hence aggregate demand would rise, similarly, if the money supply were reduced people would want to replenish their holdings of money by reducing their spending. In this, Friedman challenged a simplification attributed to Keynes suggesting that money does not matter, thus the word monetarist was coined. On the one hand, higher unemployment seemed to call for Keynesian reflation, in 1979, President Jimmy Carter appointed a Federal Reserve chief Paul Volcker, who made inflation fighting his primary objective, and restricted the money supply to tame inflation in the economy
24.
Neoclassical economics
–
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand. Neoclassical economics dominates microeconomics, and together with Keynesian economics forms the neoclassical synthesis which dominates mainstream economics today. – Veblen It was later used by John Hicks, George Stigler, and others to include the work of Carl Menger, William Stanley Jevons, Léon Walras, John Bates Clark, neoclassical economics is characterized by several assumptions common to many schools of economic thought. Individuals maximize utility and firms maximize profits, people act independently on the basis of full and relevant information. Heres how William Stanley Jevons presented the problem of Economics, from the basic assumptions of neoclassical economics comes a wide range of theories about various areas of economic activity. Utility maximization is the source for the theory of consumption, the derivation of demand curves for consumer goods. Market supply and demand are aggregated across firms and individuals and their interactions determine equilibrium output and price. The market supply and demand for each factor of production is derived analogously to those for market final output to determine equilibrium income, factor demand incorporates the marginal-productivity relationship of that factor in the output market. Neoclassical economics emphasizes equilibria, where equilibria are the solutions of agent maximization problems, regularities in economies are explained by methodological individualism, the position that economic phenomena can be explained by aggregating over the behavior of agents. Institutions, which might be considered as prior to and conditioning individual behavior, are de-emphasized, Classical economics, developed in the 18th and 19th centuries, included a value theory and distribution theory. The value of a product was thought to depend on the involved in producing that product. The explanation of costs in Classical economics was simultaneously an explanation of distribution, a landlord received rent, workers received wages, and a capitalist tenant farmer received profits on their investment. This classic approach included the work of Adam Smith and David Ricardo, however, some economists gradually began emphasizing the perceived value of a good to the consumer. They proposed a theory that the value of a product was to be explained with differences in utility to the consumer, the third step from political economy to economics was the introduction of marginalism and the proposition that economic actors made decisions based on margins. This differs from the decision making of classical political economy in that it explains how vital goods such as water can be cheap. The change in theory from classical to neoclassical economics has been called the marginal revolution. It is frequently dated from William Stanley Jevonss Theory of Political Economy, Carl Mengers Principles of Economics, in particular, Jevons saw his economics as an application and development of Jeremy Benthams utilitarianism and never had a fully developed general equilibrium theory. Jevons built on the conception of Bentham or of Mill
25.
Gary Becker
–
Gary Stanley Becker was an American economist. He was a professor of economics and sociology at the University of Chicago, a 2011 survey of economics professors named Becker their favorite living economist over the age of 60, followed by Ken Arrow and Robert Solow. He was known for arguing that many different types of behavior can be seen as rational. His approach included altruistic behavior of human behavior by defining individuals utility appropriately and he was also among the foremost exponents of the study of human capital. Becker was also credited with the rotten kid theorem, in 1965 he was elected as a Fellow of the American Statistical Association. Becker was a partner of TGG Group, a business. Becker won the John Bates Clark Medal in 1967 and he was elected a Fellow of the American Academy of Arts and Sciences in 1972, and was a member of the Mont Pelerin Society. Becker also received the National Medal of Science in 2000, a political conservative, he wrote a monthly column for Business Week from 1985 to 2004, alternating with liberal Princeton economist Alan Blinder. In 1996 Becker was an adviser to Republican Presidential Candidate Robert Dole. In December 2004, Becker started a joint weblog with Judge Richard Posner entitled The Becker-Posner Blog. The Becker-Posner Blog. uchicagolaw, Beckers first wife was Doria Slote, from 1954 until her death in 1970. The marriage produced two daughters, Catherine Becker and Judy Becker, in 1980 Becker married Guity Nashat, a historian of the Middle East whose research interests overlapped his own. Becker had two stepsons, Cyrus Claffey and Michael Claffey, from his second marriage, Becker died in Chicago, Illinois, aged 83, on May 3,2014, after complications from surgery at Northwestern Memorial Hospital. He was survived by his wife, two daughters, two stepsons, and four grandchildren. In 2014 he was honored in a three day conference organized at the University of Chicago, Becker received the Nobel Prize in 1992 for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour. Discrimination as defined by Kenneth Arrow is the valuation in the place of personal characteristics of the worker that are unrelated to worker productivity. Personal characteristics can be physical features such as sex or race, or other such as a persons religion, caste. Becker often included a variable of taste for discrimination in explaining behavior and he believes that people often mentally increase the cost of a transaction if it is with a minority against which they discriminate. His theory held that competition decreases discrimination and his research found that when minorities are a very small percentage the cost of discrimination mainly falls on the minorities
26.
Ronald Coase
–
Ronald Harry Coase was a British economist and author. He was for much of his life the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School, after studying with the University of London External Programme in 1927–29, Coase entered the London School of Economics, where he took courses with Arnold Plant. He received the Nobel Prize in Economics in 1991, Coase, who believed economists should study real markets and not theoretical ones, established the case for the corporation as a means to pay the costs of operating a marketplace. Additionally, Coases transaction costs approach is currently influential in modern organizational economics, Ronald Harry Coase was born in Willesden, a suburb of London, on 29 December 1910. His father, Henry Joseph Coase was a telegraphist for the post office, as was his mother, Rosalie Elizabeth Coase, as a child, Coase had a weakness in his legs, for which he was required to wear leg-irons. Due to this problem, he attended the school for physical defectives, at the age of 12, he was able to enter the Kilburn Grammar School on scholarship. At Kilburn, Coase completed the first year of his BComm degree, Coase married Marion Ruth Hartung of Chicago, Illinois in Willesden, England,7 August 1937. Coase attended the London School of Economics, where he received a bachelor of degree in 1932. During his undergraduate studies, Coase received the Sir Ernest Cassel Travelling Scholarship and he used this to visit the University of Chicago in 1931–1932 and studied with Frank Knight and Jacob Viner. Coase’s colleagues would later admit that they did not remember this first visit, between 1932–34, Coase was an assistant lecturer at the Dundee School of Economics and Commerce, which later became part of the University of Dundee. Subsequently, Coase was an assistant lecturer in commerce at the University of Liverpool between 1934–1935 before returning to London School of Economics as a member of staff until 1951. He then started to work at the University at Buffalo and retained his British citizenship after moving to the United States in the 1950s, in 1958, he moved to the University of Virginia. Coase settled at the University of Chicago in 1964 and became the editor of the Journal of Law and he was also for a time a trustee of the Philadelphia Society. He received the Nobel Prize in Economics in 1991, nearing his 100th birthday, Coase was working on a book concerning the rise of the economies of China and Vietnam. An interview with Coase was conducted by Wang Ning 28–29 December 2010, in the interview, Coase explained the mission of the Coase China Society and his vision of economics and the part to be played by Chinese economists. Coase was honoured and received a doctorate from the University at Buffalo Department of Economics in May 2012. Coase died in Chicago on 2 September 2013 and his wife had died on 17 October 2012. The Washington Post called his work over eight decades impossible to summarize while recommending five of his papers to read, given that production could be carried on without any organization at all, Coase asks, why and under what conditions should we expect firms to emerge
27.
Robert Fogel
–
Robert William Fogel was an American economic historian and scientist, and winner of the 1993 Nobel Memorial Prize in Economic Sciences. He is best known as an advocate of new economic history – the use of methods in history. Fogel was born in New York City, the son of Ukrainian Jewish immigrants from Odessa. His brother, six years his senior, was his main influence in his youth as he listened to him and his college friends intensely discuss social. He graduated from the Stuyvesant High School in 1944 and he was educated at Cornell University, where he majored in history with an economics minor, and became president of the campus branch of American Youth for Democracy, a communist organization. After graduation in 1948, he became an organizer for the Communist Party. He received a PhD from Johns Hopkins University in 1963 and he began his research career as an assistant professor at the University of Rochester in 1960. In 1964 he moved to the University of Chicago as an associate professor, from 1968 to 1975 he was also a visiting professor at Rochester in autumn semesters. During this time he completed some of his most important works and he also mentored a large group of students and researchers in economic history, including his colleague Deirdre McCloskey at Chicago. In 1975 he left for Harvard University, and from 1978 on he worked as a research associate under the National Bureau of Economic Research in Cambridge, Massachusetts. In 1981 he returned to the University of Chicago, where he directed the newly created Center for Population Economics at the Booth School of Business. He integrated insights from such fields in his attempts to explain important historical phenomena such as the dramatic fall in mortality rates from the 18th to the 20th century. His former colleague Deirdre McCloskey credits Fogel with reuniting economics and history and he advised many students who went on to become prominent economic historians, so that many economic historians in the United States trace their academic lineage to him. Fogel married Enid Cassandra Morgan, an African American woman, in 1949 and had two children, the couple faced significant difficulties at the time due to anti-miscegenation laws and prevalent sentiments against interracial marriages. He died on June 11,2013, in Oak Lawn, Illinois of a short illness, fogels first major study involving cliometrics was Railroads and American Economic Growth, Essays in Econometric History. This tract sought to quantify the contribution to U. S. economic growth in the 19th century. Its argument and method were each rebuttals to a line of non-numeric historical arguments that had ascribed much to expansionary effect to railroads without rigorous reference to economic data. Fogel argued against these previous historical arguments to show that onset of the railroad was not indispensable to the American economy
28.
David D. Friedman
–
David Director Friedman is an American economist, physicist, legal scholar, and libertarian theorist. He is known for his writings on microeconomics and the libertarian theory of anarcho-capitalism. David Friedman is the son of economists Rose and Milton Friedman and he graduated magna cum laude from Harvard University in 1965, with a bachelors degree in chemistry and physics. He later earned a masters and a Ph. D. in theoretical physics from the University of Chicago, despite his later career, he never took a class for credit in either economics or law. He is currently a professor of law at Santa Clara University, and his son, Patri Friedman, has also written about libertarian theory and market anarchism, particularly seasteading. In his book The Machinery of Freedom, Friedman sketched a form of anarcho-capitalism where all goods and this differs from the version proposed by Murray Rothbard, where a legal code would first be consented to by the parties involved in setting up the anarcho-capitalist society. Friedman advocates an incrementalist approach to achieve anarcho-capitalism by gradual privatization of areas that government is involved in, ultimately privatizing law, in the book, he states his opposition to violent anarcho-capitalist revolution. He advocates a consequentialist version of anarcho-capitalism, arguing for anarchism on an analysis of state versus no state. It is contrasted with the approach as propounded most notably by economist. Friedman is a member of the Society for Creative Anachronism. He is known throughout the society for his articles on the philosophy of recreationism and practical historical recreations. His work is compiled in the popular Cariadocs Miscellany. and lost and he is a long-time science fiction fan, and has written two fantasy novels, Harald and Salamander. Hidden Order, The Economics of Everyday Life, law’s Order, What Economics Has to Do with Law and Why It Matters. The Case for Privacy in Contemporary Debates in Applied Ethics, future Imperfect, Technology and Freedom in an Uncertain World
29.
Milton Friedman
–
Friedmans challenges to what he later called naive Keynesian theory began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies and he theorized that there existed a natural rate of unemployment, and argued that employment above this rate would cause inflation to accelerate. He argued that the Phillips curve was, in the run, vertical at the natural rate. Friedman promoted an alternative macroeconomic viewpoint known as monetarism, and argued that a steady and his ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserves response to the financial crisis of 2007–08. Friedman was an advisor to Republican U. S. President Ronald Reagan and his political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U. S. conscription was his proudest accomplishment and his support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice. His books and essays have had influence, including in former communist states. Friedman was born in Brooklyn, New York on July 31,1912 and his parents, Sára Ethel and Jenő Saul Friedman, were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary. They both worked as dry goods merchants, shortly after Miltons birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, a talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday. In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics, during his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression. After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago, Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and it was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University and he was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler, foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. During 1935, he work for the National Resources Committee. Ideas from this later became a part of his Theory of the Consumption Function
30.
Robert Lucas, Jr.
–
Robert Emerson Lucas Jr. is an American economist at the University of Chicago. Widely regarded as the figure in the development of the new classical approach to macroeconomics. He has been characterized by N. Gregory Mankiw as the most influential macroeconomist of the last quarter of the 20th century, Lucas was born in 1937 in Yakima, Washington, and was the eldest child of Robert Emerson Lucas and Jane Templeton Lucas. Lucas received his B. A. in History in 1959 from the University of Chicago. While he attended University of California, Berkeley as a student in 1959, Lucas dropped out due to financial reasons and returned to Chicago in 1960. His dissertation “Substitution between Labor and Capital in U. S. Manufacturing, 1929–1958” was written under supervision of Arnold Harberger, Lucas studied economics for his Ph. D. on quasi-Marxist grounds. He believed that economics was the driver of history, and so he planned to immerse himself fully in economics. Following his graduation, Lucas taught at the Graduate School of Industrial Administration at Carnegie Mellon University until 1975, after his divorce with Rita Lucas, he married Nancy Stokey. They have collaborated in papers on growth theory, public finance, Lucas has two sons, Stephen Lucas and Joseph Lucas. A collection of his papers are housed at the Rubenstein Library at Duke University, Lucas is well known for his investigations into the implications of the assumption of the rational expectations theory. Lucas incorporates the idea of rational expectations into a general equilibrium model. That led to the development of new classical macroeconomics and the drive towards microeconomic foundations for macroeconomic theory, Lucas is a seminal contribution in the economic development and growth literature. Lucas and Paul Romer heralded the birth of endogenous growth theory and the resurgence of research on growth in the late 1980s and the 1990s. ”Expectations. Carnegie-Rochester Conference Series on Public Policy, on the Mechanics of Economic Development. Why Doesnt Capital Flow from Rich to Poor Countries, Lucas, Robert – Monetary Neutrality Prize Lecture –1995 Nobel Prize in economics, December 7,1995 Stokey, Nancy, Robert Lucas, and Edward Prescott, Recursive Methods in Economic Dynamics. The History and Future of Economic Growth, The 4% Solution, Unleashing the Economic Growth America Needs, welfare cost of business cycles List of economists Lucas islands model Galbács, Peter. The Theory of New Classical Macroeconomics, interviews with Robert Lucas as part of the Nobel Perspectives project
31.
George Stigler
–
George Joseph Stigler was a U. S. economist, the 1982 laureate in Nobel Memorial Prize in Economic Sciences and a key leader of the Chicago School of Economics. Stigler was born in Seattle, Washington, the son of Elsie Elizabeth and he graduated from the University of Washington in 1931 with a B. A and then spent a year at Northwestern University from which he obtained his M. B. A in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and his teaching experience began in 1936 at Iowa State College, where he taught until 1938. He spent much of World War II at Columbia University, performing mathematical and statistical research for the Manhattan Project and he then spent one year at Brown University. He served on the Columbia faculty from 1947 to 1958, while at Chicago, he was greatly influenced by Frank Knight, his dissertation supervisor. Stiglers influences included Jacob Viner and Henry Simons, as well as students W. Allen Wallis and this theory is a component of the public choice field of economics but is also deeply opposed by public choice scholars belonging to the Virginia School such as Charles Rowley. He also carried out research in the history of economic thought. Rowley and other public choice thinkers oppose what they see as nihilistic thinking in Stiglers view that policy advice is irrelevant because political markets are efficient, Stiglers most important contribution to economics was disseminated in his landmark article titled The Economics of Information. According to Friedman, Stigler essentially created a new area of study for economists, in this article, Stigler stressed the importance of information by writing, One should hardly have to tell academicians that information is a valuable resource, knowledge is power. And yet it occupies a slum dwelling in the town of economics and his 1962 article Information in the Labor Market developed the theory of search unemployment. In 1963 he was elected as a Fellow of the American Statistical Association and he was known for his sharp sense of humor, and wrote a number of spoof essays. Another essay, on Truth in Teaching, described the consequences of a set of decisions that held universities legally responsible for the consequences of teaching errors. The Stigler diet was named after him, Stigler wrote numerous articles on the history of economics, published in the leading journals and republished 14 of them in 1965. However, economist Deirdre McCloskey later referred to Stigler as among the worst historians of economic thought in the history of the discipline who read a lot but was defective in paying attention. Stigler was a member of the Mont Pelerin Society, and was president from 1976 to 1978. He received National Medal of Science in 1987, production and Distribution Theories, The Formative Period. “The Economics of Information, ” Journal of Political Economy,69, Journal of Political Economy,70, Part 2, pp. 94–105. Chicago, University of Chicago Graduate School of Business, a Dialogue on the Proper Economic Role of the State
32.
Comparative advantage
–
One does not compare the monetary costs of production or even the resource costs of production. Instead, one must compare the opportunity costs of producing goods across countries, the closely related law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage. The general industry of the country, being always in proportion to the capital which employs it, but only left to find out the way in which it can be employed with the greatest advantage. The lace that remains, beyond what the labour and capital employed on the cloth, in 1817, David Ricardo published what has since become known as the theory of comparative advantage in his book On the Principles of Political Economy and Taxation. In a famous example, Ricardo considers a world consisting of two countries, Portugal and England, which produce two goods of identical quality. In Portugal, the a more efficient country, it is possible to produce wine. However, the costs of producing those two goods differ between the countries. In this illustration, England could commit 100 hours of labor to produce one unit of cloth, meanwhile, in comparison, Portugal could commit 90 hours of labor to produce one unit of cloth, or produce 98 units of wine. So, Portugal possesses an absolute advantage in producing cloth due to fewer labor hours, England is more efficient at producing cloth than wine, and Portugal is more efficient at producing wine than cloth. Consequently, both England and Portugal can consume more wine and cloth under free trade than in autarky, the Ricardian model is a general equilibrium mathematical model of international trade. The earliest test of Ricardian model was performed by G. D. A MacDougall, in Ricardian model, trade patterns depend on productivity differences. The following is a modern interpretation of the classical Ricardian model. In the interest of simplicity, it uses notation and definitions, such as opportunity cost, the world economy consists of two countries, Home and Foreign, which produce wine and cloth. Labor, the factor of production, is mobile domestically but not internationally. The total amount of wine and cloth produced in Home are Q W and Q C respectively and we denote the same variables for Foreign by appending a prime. For instance, a L W ′ is the amount of labor needed to produce a unit of wine in Foreign and we dont know if Home is more productive than Foreign in making cloth. That is, if a L C < a L C ′, similarly, we dont know if Home has an absolute advantage in wine. However, we assume that Home is more relatively productive in cloth than Foreign
33.
Consumer price index
–
A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of items whose prices are collected periodically. It is one of several price indices calculated by most national statistical agencies, the annual percentage change in a CPI is used as a measure of inflation. A CPI can be used to index the real value of wages, salaries, pensions, for regulating prices, in most countries, the CPI is, along with the population census one of the most closely watched national economic statistics. Basic types of data that are needed to construct the CPI, price data, the price data are collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times. The weighting data are estimates of the shares of the different types of expenditure in the total expenditure covered by the index, therefore, the sampling variance cannot be calculated. In any case, an estimate is required in most of the purposes for which the index is used. These indices compare prices each month with prices in the price-reference month and it takes time to assemble and process the information used for weighting which, in addition to household expenditure surveys, may include trade and tax data. Ideally, the weights would relate to the composition of expenditure during the time between the month and the current month. There is a large technical economics literature on index formulae which would approximate this, such an index would show how consumer expenditure would have to move to compensate for price changes so as to allow consumers to maintain a constant standard of living. Approximations can only be computed retrospectively, whereas the index has to appear monthly and, preferably, the coverage of the index may be limited. Saving and investment are always excluded, though the prices paid for services provided by financial intermediaries may be included along with insurance. The index reference period, usually called the year, often differs both from the weight-reference period and the price reference period. This is just a matter of rescaling the whole time-series to make the value for the index reference-period equal to 100. Current Item Price = Base Year Price × Current CPI Base Year CPI or CPI2 CPI1 = Price 2 Price 1 Where 1 is usually the comparison year, alternatively, the CPI can be performed as CPI = updated cost base period cost ×100. The updated cost is divided by that of the initial year, many but not all price indices are weighted averages using weights that sum to 1 or 100. Example, The prices of 85,000 items from 22,000 stores, and 35,000 rental units are added together and averaged. They are weighted this way, Housing,41. 4%, Food and Beverage,17. 4%, Transport,17. 0%, Medical Care,6. 9%, Other,6. 9%, Apparel,6. 0%, Entertainment,4. 4%
34.
Economic growth
–
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in gross domestic product, or real GDP. Growth is usually calculated in real terms – i. e. inflation-adjusted terms – to eliminate the effect of inflation on the price of goods produced. Measurement of economic growth uses national income accounting, since economic growth is measured as the annual percent change of gross domestic product, it has all the advantages and drawbacks of that measure. The rate of economic growth refers to the annual rate of growth in GDP between the first and the last year over a period of time. Implicitly, this rate is the trend in the average level of GDP over the period. An increase in economic growth caused by efficient use of inputs is referred to as intensive growth. GDP growth caused only by increases in the amount of available for use is called extensive growth. The economic growth rate is calculated from data on GDP estimated by countries´statistical agencies, the rate of growth of GDP/capita is calculated from data on GDP and people for the initial and final periods included in the analysis. The rate of change of GDP/population is the sum of the rates of change of four variables plus their cross products. Increases in labor productivity have historically been the most important source of real per capita economic growth, increases in productivity lower the real cost of goods. Over the 20th century the price of many goods fell by over 90%. Economic growth has traditionally been attributed to the accumulation of human and physical capital, the rapid economic growth that occurred during the Industrial Revolution was remarkable because it was in excess of population growth, providing an escape from the Malthusian trap. Countries that industrialized eventually saw their population growth slow down, a known as the demographic transition. Increases in productivity are the factor responsible for per capita economic growth – this has been especially evident since the mid-19th century. Most of the growth in the 20th century was due to increased output per unit of labor, materials, energy. The balance of the growth in output has come from using more inputs, both of these changes increase output. The increased output included more of the goods produced previously and new goods
35.
Efficient-market hypothesis
–
Efficient-market hypothesis is a theory in financial economics that states that an assets prices fully reflect all available information. A direct implication is that it is impossible to beat the market consistently on a basis since market prices should only react to new information or changes in discount rates. There are three variants of the hypothesis, weak, semi-strong, and strong form, the weak form of the EMH claims that prices on traded assets already reflect all past publicly available information. The semi-strong form of the EMH claims both that prices reflect all available information and that prices instantly change to reflect new public information. The strong form of the EMH additionally claims that prices instantly reflect even hidden insider information, critics have blamed the belief in rational markets for much of the late-2000s financial crisis. Historically, the EMH is preceded by Hayeks argument that markets are the most effective way of aggregating the pieces of information dispersed amongst individuals within a society, given the ability to profit from private information, self-interested traders are motivated to acquire and act on their private information. In doing so, traders contribute to more and more efficient market prices, in the competitive limit, market prices reflect all available information and prices can only move in response to news. Thus there is a close link between EMH and the random walk hypothesis which was discussed in 1863 by Jules Regnault, a French broker. Later another French mathematician, Louis Bachelier, applied probability theory in his 1900 PhD thesis and his work was largely ignored until the 1950s when financial economists began making heavy use of probability theory and statistics to model asset prices. Empirically, a number of studies indicated that US stock prices, whilst there is some predictability over the long-term, the extent to which this is due to rational time-varying risk premia as opposed to behavioral reasons is a subject of debate. Research by Alfred Cowles in the 1930s and 1940s suggested that investors were in general unable to outperform the market. While event studies of stock splits is consistent with the EMH, early examples include the observation that small neglected stocks and stocks with low book-market ratios tended to achieve abnormally high returns relative to what could be explained by the CAPM. Further tests of efficiency by Gibbons, Ross and Shakens led to rejections of the CAPM. Following GJRs results and mounting empirical evidence of EMH anomalies, academics began to move away from the CAPM towards risk factor models such as the Fama-French 3 factor model. It should be noted that these risk factor models are not properly founded on economic theory and these risk factors are said to represent some aspect or dimension of undiversifiable systematic risk which should be compensated with higher expected returns. Additional popular risk factors include the HML value factor, MOM momentum factor, when testing the EMH one inevitably finds that 1) either the market is inefficient, or 2) the asset pricing model used to test market efficiency is incorrect. Hence tests of market efficiency run into this joint hypothesis problem, for instance, early tests of market efficiency used the CAPM, which could be an incomplete model of asset prices, test results on market efficiency would thus be inconclusive. Formally, the joint hypothesis problem says that it is never possible to test market efficiency, a test of market efficiency must include some model for how prices may be set efficiently
36.
Game theory
–
Game theory is the study of mathematical models of conflict and cooperation between intelligent rational decision-makers. Game theory is used in economics, political science, and psychology, as well as logic, computer science. Originally, it addressed zero-sum games, in one persons gains result in losses for the other participants. Today, game theory applies to a range of behavioral relations, and is now an umbrella term for the science of logical decision making in humans, animals. Modern game theory began with the idea regarding the existence of equilibria in two-person zero-sum games. Von Neumanns original proof used Brouwer fixed-point theorem on continuous mappings into compact convex sets and his paper was followed by the 1944 book Theory of Games and Economic Behavior, co-written with Oskar Morgenstern, which considered cooperative games of several players. The second edition of this provided an axiomatic theory of expected utility. This theory was developed extensively in the 1950s by many scholars, Game theory was later explicitly applied to biology in the 1970s, although similar developments go back at least as far as the 1930s. Game theory has been recognized as an important tool in many fields. With the Nobel Memorial Prize in Economic Sciences going to game theorist Jean Tirole in 2014, John Maynard Smith was awarded the Crafoord Prize for his application of game theory to biology. Early discussions of examples of two-person games occurred long before the rise of modern, the first known discussion of game theory occurred in a letter written by Charles Waldegrave, an active Jacobite, and uncle to James Waldegrave, a British diplomat, in 1713. In this letter, Waldegrave provides a mixed strategy solution to a two-person version of the card game le Her. James Madison made what we now recognize as an analysis of the ways states can be expected to behave under different systems of taxation. In 1913 Ernst Zermelo published Über eine Anwendung der Mengenlehre auf die Theorie des Schachspiels and it proved that the optimal chess strategy is strictly determined. This paved the way for more general theorems, the Danish mathematician Zeuthen proved that the mathematical model had a winning strategy by using Brouwers fixed point theorem. In his 1938 book Applications aux Jeux de Hasard and earlier notes, Borel conjectured that non-existence of mixed-strategy equilibria in two-person zero-sum games would occur, a conjecture that was proved false. Game theory did not really exist as a field until John von Neumann published a paper in 1928. Von Neumanns original proof used Brouwers fixed-point theorem on continuous mappings into compact convex sets and his paper was followed by his 1944 book Theory of Games and Economic Behavior co-authored with Oskar Morgenstern
37.
Gross domestic product
–
Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
38.
International economics
–
It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and migration. International finance studies the flow of capital across international markets. International monetary economics and international macroeconomics study flows of money across countries, the economic theory of international trade differs from the remainder of economic theory mainly because of the comparatively limited international mobility of the capital and labour. In that respect, it would appear to differ in degree rather than in principle from the trade between regions in one country. Thus the methodology of international trade economics differs little from that of the remainder of economics, modern trade analysis, on the other hand, depends mainly upon empirical analysis. However, extremely restrictive assumptions have had to be adopted in order to make the problem amenable to theoretical analysis, on those assumptions, it derives a model of the trade patterns that would arise solely from international differences in the relative abundance of labour and capital. The resulting theorem states that, on those assumptions, a country with an abundance of capital would export capital-intensive products. The Stolper-Samuelson theorem, which is described as a corollary of the H-O theorem, was an early example. In its most general form it states that if the price of a good rises then the price of the factor used intensively in that industry will also rise while the price of the factor will fall. In the international context for which it was devised it means that trade lowers the real wage of the scarce factor of production. Those theories have sometimes taken to mean that trade between an industrialised country and a developing country would lower the wages of the unskilled in the industrialised country. Modern trade analysis moves away from the assumptions of the H-O theorem and explores the effects upon trade of a range of factors, including technology. It makes extensive use of econometrics to identify from the available statistics, the contributions of differences of technology have been evaluated in several such studies. The temporary advantage arising from a development of a new technology is seen as contributory factor in one study. Another econometric study also established a correlation between size and the share of exports made up of goods in the production of which there are scale economies. There is a presumption that any exchange that is freely undertaken will benefit both parties, but that does not exclude the possibility that it may be harmful to others. However Paul Samuelson has proved that it always be possible for the gainers from international trade to compensate the losers. They suggested that much of the gain arises from the growth of the most productive firms at the expense of the less productive
