Get Booms and Busts: An Encyclopedia of Economic History from PDF

By Mehmet Odekon

This well timed and authoritative set explores 3 centuries of fine instances and difficult instances in significant economies during the international. greater than four hundred signed articles conceal occasions from Tulipmania through the 1630s to the U.S. federal stimulus package deal of 2009, and introduce readers to underlying recommendations, habitual subject matters, significant associations, and extraordinary figures. Written in a transparent, obtainable sort, "Booms and Busts" presents very important perception and point of view for college students, lecturers, librarians, and most of the people - someone drawn to figuring out the old precedents, reasons, and results of the worldwide financial challenge. particular good points contain a chronology of significant booms and busts via background, a thesaurus of financial phrases, a advisor to extra study, an appendix of basic records, a subject matter finder, and a complete index. It positive factors 1,050 pages; 3 volumes; 8-1/2" X 11"; subject finder; photographs; chronology; word list; fundamental records; bibliography; and, index.

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Extra info for Booms and Busts: An Encyclopedia of Economic History from the First Stock Market Crash of 1792 to the Current Global Economic Crisis

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Austrian School Founded in the mid-nineteenth century by financial journalist-turned-economics-professor Carl Menger, the Austrian school of economics—so named because its founder and many of its leading adherents hailed from that Central European country—emphasized ideas that continue to influence economic thinking. Austrian school economists maintained that the value of goods and services depend not on the labor and material that went into producing them, but on the perceived utility they provide to the seller, the purchaser, and the user.

An example can be found in the decision made by an hourly-wage worker who takes a day off and goes to the movies. The value of enjoying the movie, according to the theory of opportunity cost, is not determined solely by the ticket price, but also by amount of his lost wages. In his 1871 book The Principles of Economics, Menger was a contributor to the “marginal revolution,” a new approach that challenged the thinking of classical economists in the British tradition—as well as the Marxist tradition—who maintained that the value of goods and services can be determined objectively, based on the cost of the labor that went into them.

In other words, the value of a potato is not determined by how much work went into sowing it, tending it, reaping it, and bringing it to market, but on how much individual economic agents, at a given point in time, want it. Also critical to Austrian school economic theory is the idea of opportunity cost—the idea that the value a person places on a commodity is determined not just by how much that person desires the commodity, but by the alternative foregone in purchasing that good. An example can be found in the decision made by an hourly-wage worker who takes a day off and goes to the movies.

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