The document summarizes key aspects of Keynesian economics. It describes that:
1) Keynesian economics advocates for a mixed economy with an active role of government fiscal and monetary policies to manage aggregate demand and prevent inefficient macroeconomic outcomes from private sector decisions.
2) Some of the major theories of Keynesian economics include the IS-LM model developed by John Hicks for determining policy, and the Phillips curve relationship between inflation and unemployment.
3) Keynes argued that deficit spending by the government during recessions could help stimulate the overall economy through a multiplier effect of increased consumption.
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Basic principles underlying both the Classical and the Keynesian schools of thought within Economics.
Work I produced whilst studying Monetary Economics in my second year of study at the University of Brighton.
Ryan Reardon Finance and Investment student.
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Myassignmenthelp.net helps to complete your assignments with the complete solution of assignment.The assignments are completely plagarism free. We provide the full solutrion of the assignments which reduce the overhead of the students
Basic principles underlying both the Classical and the Keynesian schools of thought within Economics.
Work I produced whilst studying Monetary Economics in my second year of study at the University of Brighton.
Ryan Reardon Finance and Investment student.
The theory of multiplier and acceleration principle chapter 3Nayan Vaghela
The theory of multiplier and acceleration principle chapter 3, functioning of investment multiplier, the process of income generation through multiplier, acceleration principle, limitations of multiplier and acceleration.
"Keynesians in the White House" Economics Case studyNikhil Gupta
This case study is a part of cirriculum of Macro economics. This Presentation will give the idea of John Maynard Keynes General Theory which is to use the Fiscal Policy to control the Aggregate Demand of the Economy. The case deals about President Kennedy's proposal of Tax Cuts.
Consumption function and investment function chapter 2Nayan Vaghela
Consumption function and investment function chapter 2 SYBcom, Investment Function, Marginal efficiency of capital, marginal propensity to consume, Psychological law of consumption
The theory of multiplier and acceleration principle chapter 3Nayan Vaghela
The theory of multiplier and acceleration principle chapter 3, functioning of investment multiplier, the process of income generation through multiplier, acceleration principle, limitations of multiplier and acceleration.
"Keynesians in the White House" Economics Case studyNikhil Gupta
This case study is a part of cirriculum of Macro economics. This Presentation will give the idea of John Maynard Keynes General Theory which is to use the Fiscal Policy to control the Aggregate Demand of the Economy. The case deals about President Kennedy's proposal of Tax Cuts.
Consumption function and investment function chapter 2Nayan Vaghela
Consumption function and investment function chapter 2 SYBcom, Investment Function, Marginal efficiency of capital, marginal propensity to consume, Psychological law of consumption
Marketing Automation jest najszybciej rozwijającym się rozwiązaniem marketingowym w ostatnich pięciu latach. Sprawdź najnowsze statystyki dotyczące tego rozwiązania (źródło: Regalix State of Marketing Automation Report 2014).
Co to jest Content Marketing? Jakie przynosi korzyści? Dlaczego staje się coraz popularniejszą formą marketingu na całym świecie? Zapraszamy do obejrzenia naszej prezentacji.
The Expenditure ApproachIn Week #5, we discussed how severe down.docxmehek4
The Expenditure Approach
In Week #5, we discussed how severe downturns in the economy can eventually be destructive and end up as an economic depression, such as that of the 1930's called the Great Depression.
· Severe drops in output, relative high real unemployment, economic contraction, and apathy occur during severe recessions and periods of economic depression.
One famous economist who was called upon to address the economic malaise of the 1930's period was JohnMaynardKeynes. Published in 1933, The Means to Prosperity was Keynes' economic theories and ideas about government responsibility and authority on how to revive a sluggish economy.
The Expenditure Approach derives GDP by taking consumption (C) and adding business investment (I) and adding government expenditures of goods and services (G) and adding net exports (exports - imports). To Keynes, C + I is equal to aggregate demand, and equilibrium is the result of aggregate spending (C + I + G + NX) being equal to total economic output. If total spending is less than it would be if there were full employment (no cyclical unemployment), then there will be economic recessionary pressures.
Once an economy moves out of long-run equilibrium in which long-run aggregate supply, short-run aggregate supply, and aggregate demand are in equilibrium, what happens and should happen? Keynes believed that prices and wages were sticky in the short run, but as long as aggregate spending was below full employment, there will be economic instability and supply won't change.
· Thus, the key would be to concentrate on shiftingaggregatedemand rightward back into long-run equilibrium instead of waiting for prices and wages to fall and the short-run aggregate supply curve to shift rightward to bring about long-run equilibrium.
· Although Keynes did believe that some savings was necessary for capital accumulation in the economy, savings for the most part undercuts aggregate demand and isn't channeled into the economy.
So, to Keynes, how can aggregate demand be increased to bring about long-run equilibrium? Fiscal policy. Fiscal policy is spending and taxation by the government. Keynes believed that government spending and taxation should follow business cycles.
· If, for example, the economy is recessionary and experiencing less-than-full employment, proper fiscal policy actions should be to increase spending, even going into a budget deficit, and even lowering taxes.
· Because C and I are down in a recession, raising G will help shift aggregate demand rightward, with the "right amount" of government expenditures leading to full employment and long-run equilibrium.
· If, on the other hand, for example, the economy is at full employment and aggregate expenditures are rising, then proper fiscal policy is to reduce spending, even incurring a budget surplus, and raising taxes.
In summary, John Maynard Keynes was considered an authority of economics, sought after by President FDR especially during the Great Depress ...
Here is a recording on key aspects of Keynesian economics applied to current policy issues for the UK and other countries.
An understanding of Keynesian ideas can be helpful in evaluating macroeconomic stability in terms of prices, jobs and incomes.
Keynesians believe that free markets are volatile and not always self-correcting in the event of an external shock
The free-market system is prone to lengthy periods of recession & depression
Economies can remain stuck in an “underemployment” equilibrium
In a world of stagnation or depression, direct state intervention may be essential to restore confidence and lift demand.
Keynes was one of the first economists to criticise the profession for adhering to unrealistic assumptions
Work I produced whilst studying Monetary Economics at the University of Brighton second year. This work underlines the basic principles of Classical and Keynesian schools of thought within Economics. I was awarded a first for this particular essay.
Irving Fisher was first economist to make use of concept MEC
in 1920.
He gave it a name Rate of return over cost.
Simply MEC means “expected rate of profitability of new investment”.
It’s calculation depends upon two factors mainly
amount of profit
cost of capital asset
key Points Chapter 11· The English economist John Maynard Keynes.docxcroysierkathey
key Points Chapter 11
· The English economist John Maynard Keynes developed a model that provided an explanation for the high and prolonged rate of unemployment of the Great Depression.
· In the Keynesian model, equilibrium occurs when the spending on consumption, investment, government purchases, and net exports is equal to total output. Firms will produce only the quantity of goods and services they believe consumers, investors, governments, and foreigners plan to buy. If this spending level is less than full-employment output, firms will not alter their production levels and the less than full-employment rate of output will persist. Keynes believed this was the situation during the Great Depression.
· According to the Keynesian view, fluctuations in total spending (aggregate demand) are the major source of economic instability. Keynesians believe that market economies have a tendency to fluctuate between economic booms driven by excessive demand and recessions resulting from insufficient demand. The multiplier concept magnifies these fluctuations.
· When an economy is in a recession, Keynesians do not believe that reductions in either resource prices or interest rates will promote recovery. As a result, market economies are likely to experience recessions that are both severe and lengthy.
· The federal budget is the primary tool of fiscal policy. The Keynesian model highlights the use of fiscal policy as a tool with which to maintain demand at a level consistent with full employment and price stability.
· Rather than balancing the budget annually, Keynesians believe that fiscal policy should reflect business cycle conditions. During a recession, fiscal policy should become more expansionary (a larger deficit should be run). During an inflationary boom, fiscal policy should become more restrictive (shift toward a budget surplus).
· Changes in fiscal policy must be timed properly if they are going to exert a stabilizing influence on an economy. The ability of policy-makers to time fiscal policy changes in a countercyclical manner is reduced by
· (1)
the inability of the political process to act rapidly,
· (2)
the time lag between when a policy change is instituted and when it affects the economy, and
· (3)
the inability to forecast accurately the future direction of the economy.
· Automatic stabilizers help promote stability because they are able to add demand stimulus during a recession and restraint during an economic boom without legislative action.
· Although an abrupt increase in saving may exert an adverse impact on the economy in the short run, saving provides the financing for investment that powers long-term growth. Moreover, a healthy economy is dependent on households saving regularly and avoiding excessive debt.
Key Points chapter 12
· The crowding-out model indicates that expansionary fiscal policy will lead to higher real interest rates and less private spending, particularly for investment. In an open economy, the higher in ...
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
"Impact of front-end architecture on development cost", Viktor TurskyiFwdays
I have heard many times that architecture is not important for the front-end. Also, many times I have seen how developers implement features on the front-end just following the standard rules for a framework and think that this is enough to successfully launch the project, and then the project fails. How to prevent this and what approach to choose? I have launched dozens of complex projects and during the talk we will analyze which approaches have worked for me and which have not.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
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Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
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.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
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 – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – 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.
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UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
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Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
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PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
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Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
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https://arxiv.org/abs/2306.08302
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https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
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Empowering NextGen Mobility via Large Action Model Infrastructure (LAMI): pav...
Macro eco
1. Presented by :
Ajinkya Badwe PH 0901
Alok Kalgi PH 0902
Amit Palande PH 0903
Aniket Kulkarni PH 0904
Anoop Kr. Singh PH 0905
Tushar Paul PH 0949
2. Introduction
Keynesian Economics is a macroeconomic theory based on
the ideas of the 20th century economist John Maynard
Keynes
He provided the framework for synthesizing a host of
economic ideas present between 1900 and 1940
The theories forming the basis of Keynesian Economics
were first presented in “The General Theory of
Employment, Interest and Money”, in 1936
3. Advocacies
Keynesian Economics advocates a mixed economy –
predominantly private sector, but with a large role of the
government and the public sector
It argues that private sector decisions, sometimes, lead to
inefficient macroeconomic outcomes
Therefore, the Government and the Central Bank must
exercise control with effective monetary and fiscal policies
4. Milestones
Keynesian Economics served as the economic model
during the latter part of the Great Depression, at the end of
World War II, and during Capitalism (1945 – 1973)
This theory is somewhat of a middle way between laissez-
faire, capitalism and socialism
During the recent economic crisis, this theory provided the
underpinnings for the plans to rescue the world economy
5. Overview
In Keynes’ theory, some micro-level actions of individuals
and firms can lead to aggregate macroeconomic outcomes,
where the economy operates below its potential output and
growth
Keynes contented that the aggregate demand for goods
might be insufficient during economic downturns
This may lead to unnecessarily high unemployment and
loss of potential output
6. Solution
According to Keynes, the solution to depression is to
stimulate the economy
Induce investments through a reduction in interest rates
and government investment in infrastructure
These steps would, in general, result in more liquidity in
the system, leading to increased demand and production
( the initial investment leads to a cascade effect )
7. Neo-Keynesian Economics
Neo-classical theory supports that the two main costs that
determine the demand and supply are – labour and money
Through the distribution of monetary policy, demand and
supply can be adjusted
If labour is more than the demand, then wages would fall
until hiring began again
If there is too much saving, then the interest rates would
fall until people cut their savings rate or started borrowing
8. Wages and Spending
The high unemployment during the Great Depression was
due to high and rigid real wages
Keynes argued that – it is the nominal wages that are
negotiated between the employers and employees
People will resist any nominal wage reductions, until they
see other wages falling and a general reduction in prices
9. Wages and Spending
Real wages can be reduced in two ways :
- Nominal wages can be reduced
- Price level can rise
However, reduced wages can lead to reduced aggregate
demand, making the situation worse
Similarly, when prices are falling, people would expect
them to fall further
10. Say’s Law
If the expansion of
aggregate demand leads to P
AD AS
higher employment, then
prior to the expansion
involuntary
unemployment must have
prevailed.
yf y
This amounts to a
refutation of Say’s Law
based on asymmetry of
wage and price responses.
11. Some Accounting
Assume a closed economy:
• Output = Aggregate Expenditure = National Product
Y = E = C + I + G = C + Ir + G
• But Y is also income, and from income we purchase
consumer goods (C), save (S), or pay taxes (T), so
Y=C+S+T
• So that
C+S+T=C+I+G
Or
S+T=I+G
• Which means that saving and taxes paid by the public
must finance investment and government spending.
12. Is Consumption related to
Income?
7000
6000
Consumption
5000
4000
3000
2000
1000
0
0 2000 4000 6000 8000 10000
Real GDP
U.S. Annual Data, 1929 - 2001
13. Excessive Saving
Excessive savings (i.e.. savings beyond planned
investments), could encourage recession
Excessive savings are the result of falling investments, over
investments in earlier years, or pessimistic business
expectations
If savings did not fall immediately in step, then the
economy would decline
14. Explanation
Assume that fixed investment falls :
i. Saving does not fall as much as the interest rates fall
ii. Planned fixed investments are made on long-term
expectations, spending does not rise as much as the
interest rates fall
iii. The supply of and demand for the money determines the
interest rates, in the short run
iv. Excessive saving corresponds to unwanted accumulation
of inventories, called “ general glut “
15. Fiscal Policy
Keynes’ theory suggested that active government policy
could be effective in managing the economy
He advocated countercyclical fiscal policy – deficit
spending (fiscal stimulus) when the nation’s economy is in
recession
The argument is that the government should solve
problems in the short run
16. Plus Points
This response should be adopted only when the
unemployment rate is persistently high
Here, “crowding out” is minimal, raising the business
output, cash flow, profitability and business optimism
Government spending on infrastructure would be
beneficial in the long term
17. Multiplier effect
Exogenous increase in spending, such as an increase in
government outlays, increases total spending by a multiple of
that increase
Government could stimulate a great deal of new production if-
i. The people who receive this money spend most on
consumption, and save the rest
ii. This extra spending allows businesses to hire more people, in
turn increase consumer spending
18. Result
This process is continuous
At each step the increase in spending is smaller than in the
previous step, thus reaching equilibrium
The rise in imports and tax payments at each step reduces
the amount of induced consumer spending and the size of
the multiplier effect
19. Interest rates
By this theory, the amount of investments was determined
by long-term profit expectations, and less by the interest
rates
This facilitates the regulation of the economy through the
monetary policy
This approach would be effective during normal times to
stimulate the economy
20. Main Theories
The two key theories of mainstream Keynesian economics are
:
I. The “ IS – LM Model “ of John Hicks
II. The “ Phillips Curve “
21. IS – LM Model
It was with John Hicks, that Keynesian Economics
produced a clear model to determine policy and economic
education
Aggregate demand and employment are related to three
exogenous quantities :
i. The amount of money in circulation
ii. The government budget
iii. The state of business expectations
22. Phillips Curve
Phillips curve indicated that decreased unemployment
implied increased inflation
Keynes had predicted that falling unemployment would
cause a higher price, not a higher inflation rate
The economist could use the IS-LM model to predict that
an increase in money supply would raise output and
employment
Then use the Phillips curve to predict an increase in
inflation