John Maynard Keynes, the Father of Modern Theoretical Economics Essay Example for Free

John Maynard Keynes, the Father of Modern Theoretical Economics Essay John Maynard Keynes (5 June 1883 – 21 April 1946), a British economist known also as the father of modern theoretical economics, had made a great impact on contemporary economic as well as political theory. His ideas were tapped by governments for their fiscal policies. He is most well known on his interventionist policy when it comes to fiscal and monetary measures, specifically, to mitigate the undesirable effect of recessions, depressions, and even booms. An article from Time magazine on the 100 Most Important People of the Century, contend that â€Å"[h]is radical idea that governments should spend money they dont have may have saved capitalism† (Reich, no date). As an economist, his first share of international fame was when he was selected as a delegate of the Paris Peace Conference of 1918–1919. It was during this conference that the victors of the World War 1 (specifically, Woodrow Wilson, Georges Clemenceau, and David Lloyd George) imposed war reparations on Germany. Keynes held his tongue during the conference but let out a roar as soon as he returned to England (Reich, no date). He wrote a book entitled The Economic Consequences of Peace. He wrote that the Germans would not be able to pay the victors. He called Wilson a â€Å"blind, deaf Don Quixote†, Clemenceau a xenophobe with â€Å"one illusion — France, and one disillusion — mankind†, and Lloyd George a â€Å"goat-footed bard, this half-human visitor to our age from the hag-ridden magic and enchanted woods of Celtic antiquity. † Keynes predicted that the reparations demanded by the victors would keep Germany impoverished and might ultimately threaten the neighboring countries if not all of Europe (Reich, no date). And we know that he is indeed right as if it was a prophecy. The book sold almost a hundred thousand copies on that period. But it was only later on after three decades that the real effect of his treatise was felt. After the end of World War II, both US and Britain (as victors of the war) remembered Keynes admonition. The best way to attain a lasting peace is by helping the vanquished start all over again – public investing to create trading partners and building solid democracies (like n the case of Germany, Italy, and Japan during that war; Reich, no date). Keynes founded that branch of economics that is termed â€Å"macroeconomics† today. This is his greatest influence in the history of economics. This actually came from a book he wrote during the depths of the Great Depression. The book was called â€Å"The general theory of employment, interest and money† (published on 1936). The idea is pretty much easy to understand: Governments should not leave the market alone when, and especially, the economy is running slow (interventionist policy of the government). It is during periods of dull economy or recession that markets are saturated and businesses either do not invest or reduce their investment. Such situation, according to Keynes, is a prologue for a very dangerous cycle: â€Å"less investment, fewer jobs, less consumption and even less reason for business to invest† (Keynes, in Wikipedia, The Free Encyclopedia). In 1942, John Maynard Keynes was raised to the House of Lords and was accord the title Baron Keynes of Tilton, County of Sussex. Keynes played a crucial role in the negotiations that transpired in the creation of the Bretton Woods system (the system/conference that created the World Bank, International Monetary Fund, and the World Trade Organization, as we know it today). He was the head of the British Commission and the chairman of the World Bank Commission. He was the brainchild behind the management of currencies between and among countries. He advocated the creation of a world central bank, the International Clearing Union, that will be responsible for the common world currency unit (Reich, no date; Keynes, in Wikipedia, The Free Encyclopedia).

The Silent Nature of Barry Lopez Essay -- Barry Lopez Essays

The Silent Nature of Barry Lopez In southern California, below Interstate 8 and west along the Mexican border, in the middle of the desert just beyond an arroyo, rests an ancient intaglio, a horse carved out of stone ("Horse" 401). If by chance you were to come across such a natural relic, perhaps you would first take a picture. Perhaps you would initially approach to get a closer look. Perhaps you would immediately run your fingers over the coarse, intricate indentations of the nose, the ears, the hooves. However, when writer Barry Lopez first came upon the stone horse, he did nothing. He simply stood in his place. Still. Silent. And he did not just happen upon the horse; he had been looking for it. Yet, at the sight of it, Lopez recalls being "startled, and that I held my breath" (401). This is not the only instance in which nature inspires awe in the writer. It occurs again in "Orchids on the Volcanoes" as he watches sleeping Flamingos drift on a lagoon in Isla Rabida, an island of the Galapagos. It occurs again in "Learning to See" as he witnesses a vivid "fleeting pattern of light falling at dusk on a windbreak of trees in Mitchell, Oregon" (236). In every encounter, Lopez observes nature with passionate reverence and spirituality that renders him speechless. But he does not write merely to relay his reaction. Barry Lopez wants us to replenish our dwindling respect for nature by sharing in the experience that nature affords us. Through his naturalist essays, Lopez restrains that immediate urge we have to pet the horsey, take a Polaroid, and move on. He persuades us to appreciate the urge. He strives to teach us about the inherently liberating spirit of nature, about how in just experiencing one moment with nature "ever... ...ea lion pup, rudely shunned by the other adults, waits with resolute cheer for a mother who clearly will never return from the sea. You extend your fingers here to the damp, soft rims of orchids, blooming white on the flanks of dark volcanoes. (53) Lopez invites us to partake in the spiritual connection we share with nature and history, which awards us both independence in our world and compelling attachment to it. He bids us to notice the "complexity of [nature's] beauty" (54), and-like the effect it continues to have on Barry Lopez time and time again-to let it render us speechless. Works Cited Grice, Gordon G. "The Black Widow." Encounters: Essays for Exploration and Inquiry. Ed. Pat C. Hoy II and Robert DiYanni. Boston: McGraw-Hill, 2000. 313-317. Lopez, Barry. "The Stone Horse." Hoy II. 399-406. Lopez, Barry. About This Life. New York: Vintage, 1998.

Global economy: trading blows Essay

There has been diplomacy subtle between the US treasury and China over the China’s exchange rate. The issue has dominated the relationship of the two largest economies that would determine and shape the future of the world economy. US has however received occasional support from Europe and other selected emerging markets. The dispute is that, the Chinese currency policy unbalances the world economy and disadvantages the foreign companies. This has caused the white house to face challenges in the management of its trade and investment relationship with Beijing as it has been evident in the way the American businesses are discontented and fuelled by incidents such as the Google China censorship spat. US is however frustrated by the fact that it lacks the instruments to conduct the international trade policy in the modern economy. The tools it has are inadequate to cope with the interlocking web that China has used to distort the global trade and investment patterns whereby it uses state-sponsored policies. The US has in the past used old fashioned architecture of the trade policy of a metal bashing economy that is predictable as it focus on the exchange rate –on its manufacturers competing head on with Chinese companies in the American market. Though America has â€Å"trade defense â€Å"instruments like the antidumping, countervailing duty and safeguard measures , Chinese imports have not been stopped as evident September last year when one such tool was used provoking a storm of protest from free-traders. When China joined the WTO, US and Europe have got to use a lot of efforts to tame China’s dominance in the global market. However China has experienced growth as it becomes increasigingly interested in locating production locally and selling services like the telecommunications, information Technology and media under the rubric of its â€Å"indigenous innovation† policy. China has successful tamed the influence of US in its economy by claiming that she is modernizing her economy while it ascend the value of chain and ease way from dependence on foreign companies for investment and technology. Procurement is used to favor Chinese companies through idiosyncratic technical standards like the homegrown wireless technology which deny licensing to more familiar international standards. This has made the foreign business representatives criticize the policy publicly claiming that they are less and less welcomed in china. The menu of options available to mitigate such problem is limited. The most obvious is the litigation at the WTO. This option is one of the attractive ones that has made Beijing accepts the normal part of trade relations, not a declaration of war. It has drawback from the issue like IPR after it lost a case on the enforcement of IPR. On the issue of revaluing renminbi; that is allowing its currency to increase, China has made a bold step of abandoning its currency peg to the US dollar and adopting a more â€Å"flexible† exchange rate policy. This decision would temporarily cause international criticism as evident at the Canadian G20 summit that almost turned into a bash-China session before Beijing announced that that it was changing the policy. The US administration however notched that this was a victory for behind the scenes diplomacy as there was the risk that the currency dispute that would descend to into a trade war. This dispute had now been solved, the Obama administration claimed The economic impact of the policy has however been limited as renminbi has only appreciated by 0. 3 percent. Chinese officials have ruled out any significant increase in the value of currency given that there is a decline in the current account surplus. However there is some element of politics and Beijing is desperate to avoid an impression that it is giving into the foreign pressure as well as avoid a revive criticism by the US that she is gaming the trading system due to a foreseeable slow appreciation of the Chinese yen against the US dollar. References: Alan Beatie. (2010, July5). Global Economy: Trading Blows. Financial Times 2010. Retrieved July 6, 2010 from

Microsoft Offices Word Program - 1464 Words

Bill Gates, a man with a net worth of $76.4 billion dollars, and the founder of the corporation Microsoft revolutionized the way the modern economy works with his work on the computer. Microsoft would develop software that would be used around the world by billions of people, making Microsoft a cornerstone of the modern economy. However, this large control of the market would put Microsoft as a monopoly with its network effect. The fact that this paper is written of Microsoft office’s word program is a testament to the impact of Bill Gates’ Microsoft. In fact, about 90% of all computers run on a Microsoft operating system called Windows. About 80% of computers use the Microsoft office suite, including word ,Microsoft is everywhere. Before Microsoft, Gates showed great promise as he scored a 1590 out of 1600 on his SAT and went to Harvard in the fall of 1973. There he met Steve Ballmer who later would take over Microsoft. Gates left Harvard to start his company, Micro-S oft, in 1976 with Ballmer. He later dropped the dash to just be Microsoft. One of his first jobs was when IBM asked Microsoft to provide a BASIC interpreter for the IBM PC in 1980, the grandfather of the modern PC. The IMB PC needed an operating system(OS), so Microsoft and Gates licensed the operating system 86-DOS to IBM and later bought it out and changed the name to PC-DOS. This is the first time Microsoft (MS) would outflank a much larger company for its own gain. This also is seen as the shift inShow MoreRelatedEssay On Ipad868 Words   |  4 Pagesprovides the best solutions when it comes to writing documents, making presentations and data sheets on a PC. Microsoft Office fans remain irritated of utilizing the software suite of applications from their Smartphones/tablet seller. Earlier iPad users suffered because of the poor integration and confusing user interface (UI) of Apple in-built apps. 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