What is an [Famous] ECONOMIST?

The Top 15 Most Famous?

By Staff Reporters
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15 Famous Economists and Their Contributions That’ll Truly Amaze You

According to Wikipedia, an economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics.

CITE: https://www.r2library.com/Resource/Title/082610254

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The Famous 15

READ: https://historyplex.com/famous-economists

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COMMENTS APPRECIATED

Thank You

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“TRICKLE DOWN” ECONOMICS

What it is – How it Works

By Staff Reporters

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DEFINITION: Trickle-down economics is a colloquial term for supply-side economic policies. In recent history, the term has been used by critics of supply-side economic policies, such as “Reaganomics”. Whereas general supply-side theory favors lowering taxes overall, trickle-down theory more specifically advocates for a lower tax burden on the upper end of the economic spectrum. Empirical evidence shows that the proposition is regressive and has never managed to achieve all of its stated goals as described by the Reagan administration.

CITE: https://www.r2library.com/Resource/Title/082610254

SAY’S LAW: In classical economics, Say’s law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. Thus, production is the source of demand

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Trickle-up And Trickle-down Economics - The Financial Pandora

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PODCAST: https://www.bing.com/videos/search?q=what+is+trickle+down+economics%3f&&view=detail&mid=EEBE43A22EFCD31576BDEEBE43A22EFCD31576BD&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dwhat%2Bis%2Btrickle%2Bdown%2Beconomics%253f%26FORM%3DHDRSC3

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CITE: https://www.r2library.com/Resource/Title/0826102549

About the Laffer Curve

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What is the Economic CONSUMPTION FUNCTION Theory?

WE ARE NOT CONSUMING AND THE MARKETS ARE DOWN

By Staff Reporters

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A Theory of the Consumption Function

One of Milton Friedman’s most popular works, A Theory of the Consumption Function, challenged traditional Keynesian viewpoints about the household. This work was originally published in 1957 by Princeton University Press, and it reanalyzed the relationship displayed “between aggregate consumption or aggregate savings and aggregate income.”

CITE: https://www.r2library.com/Resource/Title/082610254

Keynes: https://medicalexecutivepost.com/2016/05/25/keynesian-versus-austrian-economics/

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Consumption Function Definition

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Now, according to Wikipedia, Friedman’s counterpart Keynes believed people would modify their household consumption expenditures to relate to their existing income levels. Friedman’s research introduced the term “permanent income” to the world, which was the average of a household’s expected income over several years, and he also developed the permanent income hypothesis. Friedman thought income consisted of several components, namely transitory and permanent. He established the formula y = y p + y t {\displaystyle y=y_{p}+y_{t}} {\displaystyle y=y_{p}+y_{t}} in order to calculate income, with p representing the permanent component, and t representing the transitory component.

A model of the Permanent Income Hypothesis

Milton Friedman’s research changed how economists interpreted the consumption function, and his work pushed the idea that current income was not the only factor affecting people’s adjustment household consumption expenditures. Instead, expected income levels also affected how households would change their consumption expenditures. Friedman’s contributions strongly influenced research on consumer behavior, and he further defined how to predict consumption smoothing, which contradicts Keynes’ marginal propensity to consume. Although this work presented many controversial points of view which differed from existing viewpoints established by Keynes, A Theory of the Consumption Function helped Friedman gain respect in the field of economics. His work on the Permanent Income Hypothesis is among the many contributions which were listed as reasons for his Sveriges-Riskbank Prize in Economic Sciences. His work was later expanded on by Christopher D. Carroll, especially in regards to the absence of liquidity constraints.

READ MORE HERE:

Of course, the Permanent Income Hypothesis faced some criticism, mainly from Keynesian economists. The primary criticism of the hypothesis is based on a lack of liquidity constraints.

HAYEK: https://medicalexecutivepost.com/2011/05/06/john-maynard-keynes-v-s-fa-hayek/

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Your comments are appreciated.

QUERY: What is the CF for Healthcare?

MORE: https://medicalexecutivepost.com/2018/09/18/are-doctors-practitioners-of-conspicuous-consumption/

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