Ben Bernanke is an American economist who served as Chairman of the Federal Reserve from 2006 to 2014. He was a professor at Princeton University and chaired the economics department there. Bernanke also served on the Council of Economic Advisers under President George W. Bush before being appointed Fed Chairman. As Chairman, he helped steer the US economy through the late-2000s financial crisis and Great Recession.
Had a presentation today for the subject: History of Economic Thought.
The requirements were to present a theory with its historical background, its definition and practicality and implementation.
So, I researched for some historical theories and found out about this paradox presented by William Stanley Jevons. Go on, have a look, use it and increase the overall pleasure !
Based on the idea of the need for state regulation of the economy. No more self-adjustments
For the prosperity of the economy:
All have to spend as much money as possible;
The state should stimulate aggregate demand growth even by the budget deficit, debt and unsecured issue of money.
Had a presentation today for the subject: History of Economic Thought.
The requirements were to present a theory with its historical background, its definition and practicality and implementation.
So, I researched for some historical theories and found out about this paradox presented by William Stanley Jevons. Go on, have a look, use it and increase the overall pleasure !
Based on the idea of the need for state regulation of the economy. No more self-adjustments
For the prosperity of the economy:
All have to spend as much money as possible;
The state should stimulate aggregate demand growth even by the budget deficit, debt and unsecured issue of money.
Global Political Economy: How The World Works?Jeffrey Harrod
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These are the slides which are displayed by the lecturer Jeffrey Harrod in the on-line Lecture Course "Global Political Economy: How the World Works" which is available free on his website http://www.jeffreyharrod.eu/avcourse.html.
The purpose it to make the slides available to download which at the moment cannot be done from the on-line lecture. Many of the slides provide data which may be useful in presentations and research papers. Other slides are the points addressed in the lecture.
The course covers all the material conventionally found in courses on international political economy. The approach is critical and realist and seeks to understand or explain
power rather than functions which surround the world economy.
The lectures and slides cover investment, trade, finance , migration and labour paying special attention to the multinational corporation and the agencies of states as the central power players in the global economy.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
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Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
DevOps and Testing slides at DASA ConnectKari Kakkonen
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My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
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In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Dev Dives: Train smarter, not harder â active learning and UiPath LLMs for do...UiPathCommunity
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đĽ Speed, accuracy, and scaling â discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Miningâ˘:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing â with little to no training required
Get an exclusive demo of the new family of UiPath LLMs â GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
đ¨âđŤ Andras Palfi, Senior Product Manager, UiPath
đŠâđŤ Lenka Dulovicova, Product Program Manager, UiPath
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
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After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more âmechanicalâ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
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Clients donât know what they donât know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clientsâ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
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As AI technology is pushing into IT I was wondering myself, as an âinfrastructure container kubernetes guyâ, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefitâs both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
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The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. Whatâs changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
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Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
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Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But thereâs more:
In a second workflow supporting the same use case, youâll see:
Your campaign sent to target colleagues for approval
If the âApproveâ button is clicked, a Jira/Zendesk ticket is created for the marketing design team
Butâif the âRejectâ button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
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In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
⢠The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
⢠Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
⢠Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
⢠Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
Knowledge engineering: from people to machines and back
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Famous economists presentation
1.
2. * Ben Shalom Bernanke (born December 13, 1953)
* He is an American economist, attended Harvard, and is a tenured
professor at Princeton University, where he was chair of the Department
of Economics from 1996 until December 2002
* Heserved as Chairman of President George W. Bushâs Council of
Economic Advisers before President Bush appointed him to be
Chairman of the Fed on February 1, 2006.
* Bernanke was confirmed for a second term as Chairman on January 28,
2010, after being nominated by President Barak Obama.
* Studies the political and economic causes of the Great Depression
* One of the 50 most published economists
* He is a new monetarist, follower of Milton Friedman
*
3. â The father of the rational expectations in economicsâ
* September, 27 1930 - October 23, 2005
- Went to Carnegie Mellon University
- 1954 Won Alexander Henderson Award
- 1961 published his theory âRational Expectations and the Theory of
Price Movements.â
- This theory states that in many economic situations the outcome
depends partly of what people expect to happen.
* Example: The price of a stock or bond, depends partly on what
prospective buyers and sellers believe it will be in the future.
- The theory is based on the assumption that people behave rationally.
- ( Maximize their utility)
*
4. ⢠Born July 26, 1933 in the United States.
⢠Won the 2006 Nobel Memorial Prize in Economic Sciences
⢠Did a demonstration of the Golden Rule savings rate which consisted
on how much to spend on present consumption rather than save and
invest for future generations.
⢠Argued that labor market equilibrium is independent of the rate of
inflation, therefore there is no long-run tradeoff between
unemployment and inflation.
⢠Started a program with Calvo and John Taylor to rebuild Keynesian
economics with rational expectations by employing sticky wages and
prices.
⢠Created a new non-monetary theory of employment in which business
asset values drive the natural rate.
⢠Published a book called âRewarding Workâ about the causes and
cures of the joblessness and low wages among disadvantaged
workers.
*
5. *
* Most influential socialist thinker that emerged during the 19th
century.
* His ideas where largely ignored by scholars in his own lifetime, but
he gained acceptance in the socialist movement after his death in
1883.
* His original ideas have been modified.
* Revolutionary communist whoâs work inspired the
foundation of many communist regimes.
* Marx criticized utopian socialist, arguing that their preferred small
scale socialistic communities would be bound to poverty, and that
only a large change in the economic system can bring about real
change.
* Engels's book, The Condition of the Working Class in England in
1884, led Marx to conceive that the modern working class is the
most progressive force for revolution.
6. *
* Born in November 18, 1914 and died in March 4, 1975.
* Focused his work on the years the Britain had high unemployment
and stable/falling wages.
* Designed and built the MONIAC hydraulic economic computer in
1949.
* On 1958 he published his work of unemployment and inflation on
the Phillips Curve.
* He made other contributions on stabilization policy.
* Inspired Paul Samuelson and Robert Solow.
* In 1969 he had a stroke and returned to New Zealand to teach.
* He died in New Zealand.
* http://en.wikipedia.org/wiki/William_Phillips_(economist)
7. *
⢠Australian- Hungarian American Economist and politiccal scientist.
⢠Born in 1883 and attended University of Vienna.
⢠It is thought that he was influenced by the Nazis.
⢠He popularized the term âCreative destructionâ
⢠Became an economist professor in Harvard.
⢠Australian minister of France
⢠President of Bidermann Bank
⢠His views were unlike those of Keynesianism
⢠President of Econonometric Society (1940-41)
⢠Tried to intergrate sociological understanding to his theories.
⢠Claimed to have 3 goals in life:
1.Become the best economist in the world.
2.Best horseman in Austria
3.Best lover in Vienna.
8. * âNobel Prizeâ in Economics for explaining the patterns of international
trade and geographical concentration of wealth.
* Known of International Economics (trade theory, economic geography,
international finance, liquidity traps, and currency crisis).
* Influenced by Keynes
* Favors Free Trade
* Applies New Keynesian theory but has criticized its lack of predictive
power (households and firms have rational expectations, assumes
there is Imperfect competition in price and wage setting/explain why
sticky)
* Politically: liberal
* Professor of Economics and International Affairs at Princeton and a
Centenary professor at London School of Economics
*
9. * 1881-1973; Austria-Hungarian; University of Vienna
* Considered the father of the Austrian School of Economics
* Ideas:
* Unrestricted laissez-faire: expansion of free markets, division of
labor, private capital investment
* Socialism would be disastrous became absence of private
ownership of goods prevents rational pricing
* Mises Business Cycle Theory
* Self-interest drives the economy
*
10. *
* A steady growth in the money supply
* Avoid inflation and deflation
* Monetary policy
* Inflation is stable only at NRU
Keyneâs flaws
⢠Time lag
⢠Crowding out
â Investment is crowded out when AD is increased and interest
rate increased
Monetary Policy Rule
⢠Money supply has a direct relationship to the price level
⢠MV = PY (M â money supply, V â velocity, P â aggregate price level,
Y â Real GDP)
11. * Earned Ph.D at the Tepper School of Business of Carnegie Mellon
University.
* Was a co-recipient of the 2004 Nobel Memorial Prize in Economics.
* Currently the Henry Professor of Economics at the University of
California, Santa Barbara.
* His main areas of teaching are: business cycles, monetary and fiscal
policy and labor economics.
* He is a Research Associate for the Federal Reserve Banks of Dallas,
Cleveland,and St.Louis
* Heâs a Senior Research Fellow at the IC2 Institute at the University of
Texas.
* Contributions:
* Real Business Cycle Theory: macroeconomic models in which
business cycle fluctuations to a large extent can be accounted for by
real shocks.
* Time consistency in economic policy
*
12. *
â˘Born November 11th, 1915 (age 96)
â˘Field: Monetarism
â˘Contributions: analysis of money and analysis of banking
â˘She is more technical, does research, finds data, providing
essential economical information.
â˘Best known for her collaboration with Milton Friedman on âA
monetary history of the United States, 1867-1960.â In this book it
is noted the importance of monetary policy.
â˘Paul Krugman said she is âone of the worldâs greatest monetary
scholars.â
â˘Sheâs past president of the Western Economic Association
â˘Changed minds over financial regulation as she emphasized
that price level stability is essential for financial system stability
â˘Economist at the National Bureau of Economic Research
(NBER), which is the largest economics research organization.
13. *
Born: September 15 1937
Won a Nobel prize in economics in 1995
Top ten economist in the research paper
Challenged the Keynesian macroeconomic theory
CONTRIBUTIONS:
Lucas Critique is an apparent relationship between inflation and unemployment could
changed in response to changes in economic policy.
Rational Expectations: Agents predictions of the future value of economically relevant
variables are not symmetrically wrong in that all errors are random.
Theory of Supply: People can be tricked by unsystematic monetary policy.
Lucas Paradox: Capital does not flow from developed countries to developing
countries.
Lucas-Uzawa Model: Model of human capital accumulation
Y= Ka(uH)^(1-a) K physical captial, H Human Capital u (Human Capital devoted to Y)
14. *
ď§ (1867 â 1947)
ď§ Laid the foundations of Monetarism
ď§ Tuberculosis at age 32
ď§ Inventor and health activist
ď§ Founder of many associations
ď§ Set up successful business and later lost a lot of fortune during the Great
Depression
ď§ Debt-Deflation Theory:
ď§ During deflation lenders win and borrowers lose
ď§ Borrowers cut their spending sharply because their debt burden increased, but
lenders do no increase their spending sharply because the value of their loans
increase
ď§ Overall consumption decreases. Aggregate demand shifts to the right and lowers
GDP
ď§ Fisher equation: real interest rate = nominal interest rate â inflation
ď§ Quantity Theory of Money: MV=PT (M= supply of money V=money velocity
P=aggregate price level T= volume of goods)
15. *
â˘Born July 26, 1842 in London. Died July 13, 1924 in Cambridge
⢠Went to St. Johnâs College in Cambridge
⢠Founder of Neoclasical Economics
⢠He studied human behavior rather than his classical focus on the
market economy
⢠He popularized the use of supply and demand functions of price
determination
⢠Took an important role in the idea that consumers attempt to adjust
consumption until marginal utility equals the price
⢠Was part of the idea of the price elasticity of demand
16. *
ď§ Born June 16th, 1723 â Died July 17th, 1790
ď§ Classical Economist (Modern Economics)
ď§ Notable ideas â free market, division of labor,
the invisible hand.
ď§ Scottish social philosopher
ď§ Author of The Wealth of Nations
ď§ Described as a prototypical absent-minded
professor.
ď§ Studied at the University of Glasgow and the
University of Oxford
ď§ Father of modern economics and capitalism
17. ď§ Canadian-American economist born in 1908.
ď§ He was a Keynesian and an institutionalist
ď§ He began to teach at Harvard in his early twenties.
ď§ In 1938 he left Harvard to work in New Deal Washington, he became FDRâs
âprice czarâ during the war.
ď§ Served in the administration of Franklin D. Roosevelt, Harry S. Truman, John F.
Kennedy & Lyndon B. Johnson.
ď§ Wrote four dozen books and over a thousand articles. In his writing he
introduced the work of John Maynard Keynes to a wide audience.
ď§ He was the proponent of 20th century American Liberalism.
ď§ In 1985 named Humanist of the year.
ď§ He believed that the market power weakened the widely accepted principle of
consumer sovereignty, allowing corporations to be price makers rather than
price takers.
ď§ He believed that market power played a major role in inflation.
ď§ Argued that corporations and trade unions could only increase prices to the
extent that their market power allowed them to.
ď§ Noted that the power of the US firms played a part in the success of the US
economy.
18. ď§ Born in August 5, 1874
ď§ Study field- Political economics
ď§ Contributions: he had contributed the empirical research on business
cycle, and he also founded the business cycle in 1920 in the National
Bureau of Economics Research.
ď§ He announced the beginnings of recession and expansion (Peak,
Trough)
ď§ He served as chief of the price section of the War Industry Board during
World War I, he was a chairman of president Herbert Hoover's
Research committee on Social Trends, and also as member of the
National Planning Board, and of the National Resource Board.
ď§ His work had greatly influenced the development of quantitative studies
of economic behavior in USA.
ď§ Mitchell also had publications such as Business cycle (1913), The
Problem and Its Setting(1927), The Backward Art of Spending
Money(1937), Measuring business cycle (1946).
19. *
⢠Thomas Robert Malthus was born in Surrey, England
⢠Widely known for his various theories about population and how it affects
various factors.
⢠Observed how population is, sooner or later, affected by disease or famine
(An Essay on the Principle of Population)
⢠He believed that an on-going growth in population would eventually harm
the economy because there are insufficient resources to sustain it forever.
⢠He proposed 2 types of Checks to hold population within its resource
limits:
1. Positive Checks: These checks raise the death rate and involve situations
such as war, famine, disease, etc.
2. Preventive Checks: These checks lower the birth rate and involve
situations such as an increase in abortion, prostitution, an increase in the
use of contraception, etc.
20. ⢠Born 1883 in Cambridge, died in 1946
⢠âIn the long run weâre all deadâ. Although changes in the money supply
affect aggregate output and prices in the short run, classical economists
used to disregard it and focus in the long run. Keynes focused more on the
short run effects.
⢠âThe General Theory of Employment, Interest, and Moneyâ (1936).
Emphasized short run effects of AD in output instead of long run price level.
Upward sloping SRAS and shifts in the AD curve affect output, employment
and prices.
â˘Animal spirits: Giving money to the people wonât have the expected effects
all the time. Subjective behavior and consumer decisions control the turns in
the business cycle.
â˘His views legitimized the macroeconomic policy activism, and supported
fiscal and monetary policy.
21. *
ď§ Systemized economics
ď§ Major contribution is the law of comparative advantage; e.g. two countries should trade even if one is richer
in every possible aspect as long as the two have comparative advantage to trade⌠THIS IS HIS MAJOR
CONTRIBUTION TO "FREE TRADE" ECONOMY.
ď§ VALUE THEORY
ď§ "Labor theory of value": Price â represent value.
ď§ the relative price of two goods is determined by the ratio of the quantities of labor required in their
production.
ď§ 3 conditions for this to happen:
1. both sectors have the same wage rate and the same profit rate
2. production periods may differ
3. the two production processes may employ instruments and equipment as capital and not just wages, and
in very different proportions.
ď§ -⼠Value of exchange â value in use
ď§ sum world total of value in exchange is a fixed constant
ď§ due to its effect on value, the growth of wealth of the poor beyond subsistence levels is likely to take from
the overall wealth of the society.
ď§ All economists (neoliberal through progressive) still worry about that and so they weaken the wealth of the
poor to maintain economic growth.
ď§ Ricardo shows this as unnecessary when we measure value in exchange together with the growth of
value-in-riches, rather than by the monopolization value.
ď§ Ricardo is responsible for developing theories of rent, wages, and profits. He defined rent as "the difference
between the produce obtained by the employment of two equal quantities of capital and labor."
22. * He was born March 6, 1926 in the United States.
* He is Jewish.
* He served as Chairman of the Federal Reserve for 19 years.
* He was also appointed chairman of the United States by
Ronald Reagan.
* As Chairman, he was responsible for directing monetary policy
and other duties.
* He is known for directing a speech in 1996 that questions the
stock market's "irrational exuberance on asset values".
* He won many awards, including the Presidential Medal of
Freedom in 2005
* He describes himself as a libertarian republican.
*