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larsfredriksvedberg · 2 years
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#johnmaynardkeynes #duncangrant https://www.instagram.com/p/CiAFwh2qM7C/?igshid=NGJjMDIxMWI=
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bidotorg · 1 year
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John Maynard Keynes was an English economist whose ideas have reshaped both macroeconomics and economic policy. Keynes was one of the most influential economists of the 20th century, and his work formed the school of thought known as Keynesian economics.
What is known of Keynes's early relationships indicates that they were exclusively homosexual. His lovers included artist Duncan Grant and the scholar Dilly Knox. Keynes was open about his sexuality and kept a diary detailing his encounters. He was a member of the freethinking Bloomsbury Group, a loose association of artists and thinkers, most of whom were bi.
Keynes's friends were surprised when he fell in love with a Russian ballerina Lydia Lopokva in 1921. He eventually dropped all of his other lovers and married her, with Duncan Grant serving as best man. To the surprise of many of his friends, the marriage seems to have been a happy one and the two remained together until his death in 1946.
https://bi.org/en/famous/john-maynard-keyne
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onesownwill · 2 years
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#onesownwill #motivation #motivationalquotes #inspiration #inspirationalquotes #quotes #dailyquotes #johnmaynardkeynes https://www.instagram.com/p/CgZomTSgyQr/?igshid=NGJjMDIxMWI=
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trishajanson-blog · 3 years
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Theories of Entrepreneurship
Want to learn more about Entrepreneurship? Interested? Check this blog cause we made it much easier to understand Entrepreneurship!
But before we proceed. Make sure to like, comment, and share with your friends! Also, don’t forget to follow for more Entrepreneurship studies! Let’s begin!
These are some Theories of Entrepreneurship that we’ve hand-picked to teach you so that you have an idea about Theories of Entrepreneurship! Let’s start with…
Innovation Theory
The Innovation Theory by Joseph Schumpeter, an Austrian economist & political scientist, believed that an entrepreneur could earn economic profits by introducing successful innovations. To gain more information, watch this video down below!
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Innovation theory of profit posits that the main function of an entrepreneur is to introduce innovations and the profit in the form of reward is given for his performance. According to Schumpeter, innovation refers to any new policy that an entrepreneur undertakes to reduce the overall cost of production or increase the demand for his products.
Thus, innovation can be classified into two categories; The first category includes all those activities which reduce the overall cost of production such as the introduction of a new method or technique of production, the introduction of new machinery, innovative methods of organizing the industry, etc.
The second category of innovation includes all such activities which increase the demand for a product. Such as the introduction of a new commodity or new quality goods, the emergence or opening of a new market, finding new sources of raw material, a new variety, or a design of the product, etc.
The innovation theory of profit posits that the entrepreneur gains profit if his innovation is successful either in reducing the overall cost of production or increasing the demand for his product. Often, the profits earned are for a shorter duration as the competitors imitate the innovation, thereby ceasing the innovation to be new or novice. Earlier, the entrepreneur was enjoying a monopoly position in the market as innovation was confined to himself and was earning larger profits. But after some time, with the others imitating the innovation, the profits started disappearing.
An entrepreneur can earn larger profits for a longer duration if the law allows him to patent his innovation. Such as a design of a product is patented to discourage others to imitate it. Over the time, the supply of factors remaining the same, the factor prices tend to rise because of which the cost of production also increases. On the other hand, with the firms adopting innovations the supply of goods and services increases and their prices fall. Thus, on one hand the output per unit cost increases while on the other hand the per unit revenue decreases.
There is a point of time when the difference between the costs and receipts gets disappear. Thus, the profit more than the normal profit disappears. This innovation process continues, and the profits continue to appear or disappear.
Keynesian Theory
Keynesian economics by John Maynard Keynes, a British economist, is a macroeconomic economic theory of total spending in the economy and its effects on output, employment, and inflation. ... Based on his theory, Keynes advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression.
For me, the Keynesian cross theory is a graph of expenditure and output level also a graph of different levels of equilibrium aggregate expenditure at different interest rate levels.
Since the investment spending is a function of interest rate when there is a change in interest rate which in turn results in a change in total output corresponding to the new equilibrium. Keynesian theorists argue that economies do not stabilize themselves very quickly and require active intervention that boosts short-term demand in the economy.
X-efficiency theory of entrepreneurship
What is the x-efficiency theory of entrepreneurship?
Harvey Leibenstein, the American economist, developed the X-efficiency theory in the 1960s. He views entrepreneurs as gap-fillers and input complementors. Gaps (X-inefficiency) emerge when there are inefficiencies in markets, such as when incumbents do not utilize their resources efficiently (Leibenstein, 1966;1978) because of political, normative, cognitive, and structural factors.
A classic example is a startup without a union that enters a market where all the incumbents have strong unions. The cost advantage of disorganized labor may help firms with low-cost business models to thrive at the bottom of the market at margins that are uneconomical for incumbent firms to pursue within the target ranges given to them by their shareholders.
If the maximum possible productive use of a resource is greater than the actual use by incumbents, an arbitrage opportunity emerges that an entrepreneur can exploit for profit. Entrepreneurs can also improve inputs by putting to use new resources, thus making existing products more efficient.
Incumbents can ignore, waste, or misuse resources due to inertia, incompetence, or ignorance. Thus, the entrepreneur is seen as correcting market inefficiencies by improving the information flow in a market.
X-efficiency theory seems to align well with Kirzner's view of entrepreneurship as alertness to opportunities caused by the lack of insight of incumbents.
Leibenstein’s thoughts focus mainly on two things: suggesting a theory of entrepreneurial economics and using this theory to explain the value of entrepreneurship within the economy. Rather than taking sides with a certain type of entrepreneurial activity, Leibenstein considers two sides, what he calls routine entrepreneurship (well-defined markets) and N-entrepreneurship (Schumpeterian-like). He introduces ways and possibilities of how both can exist within the economy, illustrating characteristics of the entrepreneur such as risk bearer, taking ultimate responsibility, gap-filler, input-completer, and the ability to evaluate economic opportunities.
Leibenstein’s procedure to both theories rests upon inputs and outputs of entrepreneurship (an example of the input would be a motivational factor) and the fact that entrepreneurship is a resource, a scarce one to be specific. Since his theory describes entrepreneurship as a resource, Leibenstein implies that entrepreneurship has value in the economy in the sense that the creation and fruition of tools and technology expand the economy and its features. But he states that because entrepreneurship is not predictable, controllable, or undetermined, it becomes scarce because the “up-and-coming” entrepreneurs have a lack of input-completing capacities. Thus, in some cases a well-defined market is impossible and that is his reason for considering both routine and N-entrepreneurship.
Leibenstein’s work is very credible in the sense that it outlines what an entrepreneur should do to be successful, and why we need entrepreneurship to exist. This passage would be helpful to a relatively new entrepreneur because Leibenstein is merely giving advice on how to be an input-completer and gap-filler, which he says makes for a successful entrepreneur.
Kirzner’s Learning-Alertness Theory
The basic concept in Kirzner's theory of entrepreneurship is alertness. ... The role of entrepreneurs lies in their alertness to hitherto unnoticed opportunities. Through their alertness, entrepreneurs can discover and exploit situations in which they can sell for high prices that which they can buy for low prices.
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The book Competition and Entrepreneurship by Israel Kirzner, published in 1973, was a watershed moment in the revival of Austrian economics. While prices are the medium through which knowledge spreads in an economy, entrepreneurial activity–people recognizing previously unimagined opportunities to combine inputs into more valuable outputs–is the cause of that spread, according to Kirzner. Entrepreneurship is a discovery procedure, not a maximization exercise under given constraints. Markets are competitive, according to Kirzner, when the discovery procedure is unconstrained, rather than when markets match the assumed conditions of the textbook "perfect competition" model.
Alfred Marshall Theory
This theory was created by Alfred Marshall who was an English Economist. Marshall made a book called Principles of Economics published in 1890. So, if you what more information, watch this video down below!
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Modern research on the economics of education began in the 1950s with research by T. W. Schultz, Jacob Mincer, Sherwin Rosen and some others, although there are earlier precedents, including analyses by Adam Smith, Alfred Marshall, and Milton Friedman. This new literature treats education as an investment that has both costs and returns. The returns analyzed are principally the increase in earnings because of greater amounts of schooling. The costs included tuition, fees, and other direct expenses from schooling, and the earnings foregone by being in school rather than at work. Higher education has boomed throughout the world during the past three decades in much poorer and in all rich nations. An important part of the explanation for this development is that new technologies, such as computers and the Internet, increased the demand for persons with college education because college graduates more easily utilize and adapt to these technologies. Other important developments explaining the greater incentives to get a higher education are the shift to high-skilled services, such as the education and health sectors, and away from manufacturing and increased globalization that helped spread the demand for these new technologies throughout the world.
And that's it! Thank you so much for reading until the end. Don't forget to like, comment on some suggestions, or even your learnings from this blog post. Also, share it with your friends! Hope you learn something! Stay tuned for more Entrepreneurship lessons!
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jerrykalman · 2 years
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This is the birthday of economist #johnmaynardkeynes who we #quote and back with a picture of a recent sunset here in Fallbrook. If this #quotograph speaks to you please repost it (at Fallbrook, California) https://www.instagram.com/p/CebV8ucroGN/?igshid=NGJjMDIxMWI=
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idealismo-italia · 2 years
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Perché restiamo estremamente perplessi? Non credo sia molto difficile arrivare a comprendere che nella nostra società attuale non vengono rispettati i diritti base dell’essere umano, e non soltanto quelli, purtroppo: Non vengono rispettate le altre creature che con noi convivono su questo pianeta, e non viene rispettato neanche il pianeta stesso. Qual’è il problema allora? Perché non riusciamo ad attuare un cambiamento, perché non riusciamo a risolvere le aberrazioni del nostro sistema tutti insieme? Cosa ci rende davvero perplessi? Le possibili soluzioni sono soltanto teorie applicative, ma sugli ideali che dovrebbero trovarsi alla base della formulazione di tali teorie siamo poi così diversi, in fondo? Possiamo continuare ad aspettare di essere tutti d’accordo sulla medesima teoria applicativa prima di agire in modo concreto? Possiamo continuare a nascondere le nostre responsabilità collettive dietro l’alibi della nostra diversità di pensiero? Come facciamo ad essere certi che l’ideologia o il sistema economico che scegliamo di sostenere in toto rappresentino la soluzione migliore? Abbiamo davvero le competenze per fare questa scelta in modo realmente consapevole? Non potremmo unirci semplicemente sulla base di ciò che ci mette tutti d’accordo, ovvero sugli ideali fondamentali, e poi cercare, sulla base di questi, di costruire un dibattito moderato ed ordinato collettivo sulla migliore teoria applicativa per raggiungerli? Abbiamo la tecnologia per poterlo fare, oggi? Noi pensiamo di sì. #keynes #johnmaynardkeynes #economia #capitalismo #società #alternativa #idea #ideali #idealismo #idealista #economista #jmkeynes #soluzioni #pianeta #diritti #idea https://www.instagram.com/p/Ca__GGhtbbL/?utm_medium=tumblr
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quotesofthedaycom · 3 years
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Quote of the day for Sunday, September 19, 2021
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Robert Skidelsky, John Maynard Keynes: Sebuah Pengantar Singkat, Yogyakarta, Penerbit Basabasi, Des 2020, 262 hlm, 75.000 . . John Maynard Keynes (1883-1946) adalah pemikir sentral abad dua puluh. Tidak hanya seorang ahli teori ekonomi dan negarawan, ia juga adalah tokoh penting dalam bidang ekonomi, filsafat, politik, dan budaya. Dalam Pengantar Singkat ini, Lord Skidelsky, seorang penulis biografi terkenal Keynes, mengeksplorasi filsafat etis dan praktis Keynes, pemikiran-pemikiran moneternya, kritik atas teori-teorinya, serta relevansi teori-teori tersebut sejak Perang Dunia Pertama hingga krisis yang terjadi tahun 2007-2008. Dalam buku ini diceritakan bagaimana Keynes mengusulkan solusi untuk membiayai Inggris dalam Perang Dunia Pertama, lalu mencetuskan teori umum tentang ketenagakerjaan pada tahun-tahun damai antara kedua Perang Dunia. Bagaimana kemudian dia bernegosiasi dengan Federal Reserve Board Amerika Serikat untuk mendapatkan pinjaman guna membiayai Inggris dalam Perang Dunia Kedua, juga diceritakan dengan sangat menarik dalam buku ini. . . #robertskidelsky #johnmaynardkeynes #johnmaynardkeynessebuahpengantarsingkat #tokoh #peberbitbasabasi #katalogjbs (di Kedai JBS) https://www.instagram.com/p/CJUqj5NHyTQ/?igshid=1ffqwjqxxb8de
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btcmemes · 4 years
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John Maynard Keynes was a pedophile. He admits it in his personal letters. The current monetary system is setup to serve those who play this game. It’s a way to control the people in power. Inflatable fiat keeps this cycle of abuse alive. 🤓 These types of memes aren’t well received. I don’t fucking care. It’s the truth and anyone who reads knows it. #btc #bitcoins #bitcoin #cryptocurrency #crypto #iplaws #keynesian #johnmaynardkeynes #economics #econ #economy #vote3rdparty #speakup #staysafe (at Santa Monica Pier) https://www.instagram.com/p/CEkAdHfg5sz/?igshid=mzfz9k1p7tpa
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lamoral-egmont · 4 years
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«The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse; but to do those things which at present are not done at all». #JohnMaynardKeynes #Cambridge #Cambridgeshire #England #Economist #Perseverance #Freedom #Inspirational #Success #Life #Wisdom #Leadership #Courageous #Selfrealization #SelfDevelopment #Resilience #Greatness #SelfDiscovery #Challenge #Assertiveness #IgersUK #MoveForward #AjToussaint #GreatBritish🧙‍♂️🇬🇧 https://www.instagram.com/p/B-IdNLIHqTY5K31UBb66KUis27IZDS5fe1H8qU0/?igshid=fmaxdgj6rg21
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servermonkey · 5 years
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Ideas, man. Quote and doodle. #qotd #qotdsma #quoteoftheday #doodlesofinstagram #doodle #johnmaynardkeynes #ideas #beenawhile #sma https://www.instagram.com/p/BuZnaTOBvcC/?utm_source=ig_tumblr_share&igshid=1i8hkre2xk7np
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tppanzstop-blog · 6 years
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TIGHTEN BELTS AND SLAM ON THE BRAKES. Fads and fashions in economic policy - Bryan Gould.
TIGHTEN BELTS AND SLAM ON THE BRAKES. Fads and fashions in economic policy – Bryan Gould.
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Austerity, as a response in 2008, to what threatened to be the worst recession for decades, was the very worst step that could have been taken.
Since the “haves” tend to have louder voices and more influence than the “have nots”, it is often the interests of the former that prevail when economic policy is formulated.
The great economist, John Maynard Keynes, had shown in the Great Depression…
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kabbalaart-blog · 6 years
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#johnmaynardkeynes (at Beverlywood, Los Angeles)
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bklyntherapist · 7 years
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Quote from the great John Maynard Keynes. #johnmaynardkeynes #quote #quotes #quotes❤ #quoteaday #quotestags #quotestoliveby #quotesaboutlife #quoteoftheday #quotesandsayings #capitalism #anticapitalism #money #nyc #nyc🗽 #newyork #newyorkny #newyorker #newyork🗽 #newyorkcity #brooklyn #brooklyntherapist #brooklynnyc (at Kensington, Brooklyn)
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aprioriposterous · 7 years
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#rflxn: how are you making the most of IT? "In the long run we'll all be dead. But then for us it is the short run that counts. So why not make the most of it?" #JohnMaynardKeynes #reissue #yolo (at Pearlmont Inn, Lim Ket Kai Drive, Cagayan De Oro City)
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quotesofthedaycom · 4 years
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Quote of the day for Sunday, April 12, 2020
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