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reserve assets (E5, G2)<br />Cash and highly liquid monetary assets required to be held by financial institutions, especially banks, under the rules of a CENTRAL BANK. In the UK these have been defined as balances with the BANK oF ENGLAND (other than SPECIAL DEPOSITS), TREASURY BILLS, company tax reserve certificates, some local authority and commercial bills and UK government stocks with less than
Marshallian short period (D2)<br />The period of time in which output can only be increased by using existing factor supplies more intensively.
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century. He was educated at Trinity College, Cambridge, where he held a fellowship almost continuously from 1916, interrupted by a chair at the London School of Economics from 1939 to 1944. He succeeded PIGou as professor of economics at Cambridge from 1944 to 1957. His most famous works are A Study in Industrial Fluctuations (1915), Money (1922) and Banking and the Price Level (1926).<br /> Until 1929 he worked closely with KEYNES but the rupture of their friendship led to Robertson's severe criticisms of him after 1936. Robertson disputed the use made of the MULTIPLIER concept and favoured a dynamic method, rather than Keynesian COMPARATIVE STATICS. In the post-war period he championed traditional monetary policy and was suspicious of the use of fiscal policy to maintain FULL EMPLOYMENT. He was one of the trio constituting the Cohen Council on Productivity Prices and Incomes (1957-9), a body which attempted to restrain INFLATION by exhortation. Keynes was his supervisor.<br /> He was a literary economist with an excellent writing style: not surprisingly he won the Chancellor's Medal for English Verse three times. He rarely used mathematics. Banking and the Price Level was his turning point, changing from the QUANTITY THEORY OF MONEY approach to saving and investment, on the road to Keynes's EFFECTIVE DEMAND. His wartime work for the Civil Service on the balance of payments led to collaboration with Keynes at BRETTON WOODS. Robertson thought that in the post-war world KEYNESIANISM would be as rigid as the earlier tradition. The difference between Robertson and Keynes was, according to HICKS, 'a difference in point of view'; Robertson was interested in stabilizing the cycle and so wanted judicious encouragement at the right time. Hicks, assessing Robertson's life for the Dictionary of National Biography, concluded: 'what Robertson feared was that Keynes's teaching would lead, in practice, to the over-use of encouragement and, in order to make that possible, at the same time to the over-use of restraint - an outcome which many people have felt that he was right to fear.' <br /><em>Reference</em><br />Presley, J.R. (1979) Rnbertsonian Economics: An Examination of the Work of Sir D.H. Robertson on Industrial Fluctuation, London: Macmillan.
Soviet Material Product System (EO, P3) The distinctive system of NATIONAL INCOME accounting used in the USSR. Government services and many private services were excluded. This attitude to national income accounting, so different from that used by Western countries, is founded on the distinction between PRODUCTIVE and UNPRODUCTIVE LABOUR used by CLASSICAL ECONOMISTS.
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