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Category: Article
Giffen good
Giffen’s paradox is an economic term named after the British economist and statistician Robert Giffen. The law of demand states that when the price of a commodity falls, the demand for it rises. However Giffen's Paradox is an exception to this law. This is, Giffen goods are those goods whose demand moves in the same direction as the price variation. In other words, raising the price of the good will increase its demand. Consequently any Giffen good has an upward-sloping demand curve. Alfred Mars...
Giffen’s paradox is an economic term named after the British economist and statistician Robert Giffen. The law of demand states that when the price of a commodity falls, the demand for it rises. Howev...
Robert Giffen
Robert Giffen, 1837-1910, was a Scottish economist and statistician who also had a great reputation in the fields of finance and taxation. He also participated in the editing process in numerous publication, such as the Daily News, The Economist and The Times. However, Robert Giffen is mostly known for giving name to the concept Giffen goods. It was Alfred Marshall who, in the third edition of his “Principles of Economics”,1895, wrote: “As Mr. Giffen has pointed out, a rise in the price of bread...
Robert Giffen, 1837-1910, was a Scottish economist and statistician who also had a great reputation in the fields of finance and taxation. He also participated in the editing process in numerous publi...
Gottfried von Haberler
Gottfried von Haberler, 1900-1995, was an Austrian-American economist that specially known for his original contribution in the fields of international trade and business cycles. He studied at the University of Vienna where he was in contact with other Austrian School economist such as Friedrich von Wieser and Ludwig von Mises and became close friends with other renowned economists in the decades to come: F.A. Hayek, Oskar Morgenstern, and Fritz Machlup. He later went to the United States where ...
Gottfried von Haberler, 1900-1995, was an Austrian-American economist that specially known for his original contribution in the fields of international trade and business cycles. He studied at the Uni...
Abram Bergson
Abram Bergson, 1914-2003, was an American economist that worked for many governmental and federal agencies including the Russian Economic subdivision of the Office of Strategic Services. He was also a professor at Columbia University, Texas and Harvard. His main area of research was welfare economics but he also provided a lot of research and studies of the Soviet Union economy, marked by a combination of encyclopaedic knowledge of Soviet statistics, theoretical analysis and immense industry kno...
Abram Bergson, 1914-2003, was an American economist that worked for many governmental and federal agencies including the Russian Economic subdivision of the Office of Strategic Services. He was also a...
Roy Harrod
Roy Forbes Harrod, 1900-1978, was an English economist, friend and a follower of John Maynard Keynes. He published a wide variety of economic papers, many of which were on economic growth, but he also conducted research on currency and inflation. In addition, he also wrote about memory and the theory of knowledge, reflecting on probability as a limitation to induction. Through his works underlines a dynamic view of the economy, more sophisticated and realistic, therefore, than the static view of...
Roy Forbes Harrod, 1900-1978, was an English economist, friend and a follower of John Maynard Keynes. He published a wide variety of economic papers, many of which were on economic growth, but he also...
Abba Lerner
Abraham (Abba) Ptachya Lerner, 1903-1982, was a Russian-born British economist and professor. He entered the London School of Economics at the age of 26 where he learned from Friedrich Hayek, and where he would later become a professor himself. Later, he went to the United States where he taught at a number of universities such as Virginia, Kansas City, Amherst, the New School for Social Research, Roosevelt, John Hopkins, Michigan State and the University of California, Berkeley. Lerner is regar...
Abraham (Abba) Ptachya Lerner, 1903-1982, was a Russian-born British economist and professor. He entered the London School of Economics at the age of 26 where he learned from Friedrich Hayek, and wher...
Monetary union
A monetary union (also known as currency union) is an exchange rate regime where two or more countries use the same currency. However, in some special cases there may also be a monetary union even if there is more than a single currency, if the currencies have a fixed exchange rate with each other. In that case, total and irreversible convertibility of the currencies of those countries is required. Their parity relationships are fixed irrevocably, without admitting fluctuation of exchange rates....
A monetary union (also known as currency union) is an exchange rate regime where two or more countries use the same currency. However, in some special cases there may also be a monetary union even if ...
Crawling peg
A crawling peg is an exchange rate system mainly defined by two characteristics: a fixed par value of the currency which is frequently revised and adjusted due to market factors such as inflation; and a band of rates within which it is allowed to fluctuate. As the IMF puts it, in crawling pegs “the currency is adjusted periodically in small amounts at a fixed rate or in response to changes in selective quantitative indicators, such as past inflation differentials vis-à-vis major trading partners...
A crawling peg is an exchange rate system mainly defined by two characteristics: a fixed par value of the currency which is frequently revised and adjusted due to market factors such as inflation; and...
Target zone arrangement
A target zone arrangement is an agreed exchange rate system in which certain countries pledge to maintain their currency exchange rate within a specific fluctuation margin or band. This margins can be set vis-à-vis another currency, a cooperative arrangement (such as the ERMII), or a basket of currencies. The spread of this margin can however vary, giving way to two different versions: Strong version: also known as conventional fixed peg arrangements. The exchange rate, fluctuates within margins...
A target zone arrangement is an agreed exchange rate system in which certain countries pledge to maintain their currency exchange rate within a specific fluctuation margin or band. This margins can be...
No separate legal tender
Under a no separate legal tender regime, a country uses another one’s currency and thus gives away its capacity of using monetary policies. As stated by the IMF, under an exchange arrangement with no separate legal tender, “the currency of another country circulates as the sole legal tender, or the member belongs to a monetary or currency union in which the same legal tender is shared by the members of the union”. Following this definition, we could include every country in the Eurozone. However...
Under a no separate legal tender regime, a country uses another one’s currency and thus gives away its capacity of using monetary policies. As stated by the IMF, under an exchange arrangement with no ...
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