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George C. Peden (born 1943) is an emeritus professor of history at Stirling University, Scotland.
Peden was born in Dundee and educated at Grove Academy, Broughty Ferry.
He has written about the British Treasury; [1] Keynesian economics; economic aspects of defence and foreign policy; the welfare state, and some recent Scottish economic history.
He worked for eight years as a sub-editor of the Dundee Evening Telegraph before becoming a mature student at Dundee University, graduating MA with first class honours in modern history in 1972. He was a postgraduate at Brasenose College, Oxford, completing his thesis under the supervision of Professor N. H. Gibbs and graduating with a D.Phil. in 1976. He was a research fellow at the Institute of Historical Research in London; a temporary lecturer in history, Leeds University, 1976–1977; lecturer in economic and social history, and then reader in economic history, Bristol University, 1977–1990; and professor of history, Stirling University, 1990–2008. He was a British Academy research reader, 1987–1989, and visiting fellow, All Souls College, Oxford, 1988–1989, and St Catherine's College, Oxford, 2002. He is a fellow of the Royal Society of Edinburgh.
Peden lives in Callander, on the edge of the Scottish Highlands, and divides his time between hillwalking and research and writing.[ citation needed ]
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Keynesian economics are the various macroeconomic theories and models of how aggregate demand strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation.
John Maynard Keynes, 1st Baron Keynes,, was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics".
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics.
Nicholas Kaldor, Baron Kaldor, born Káldor Miklós, was a Hungarian economist. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated.
Sir John Richard Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.
Appeasement, in an international context, is a diplomatic negotiation policy of making political, material, or territorial concessions to an aggressive power to avoid conflict. The term is most often applied to the foreign policy of the British governments of Prime Ministers Ramsay MacDonald, Stanley Baldwin and Neville Chamberlain towards Nazi Germany and Fascist Italy between 1935 and 1939. Under British pressure, appeasement of Nazism and Fascism also played a role in French foreign policy of the period but was always much less popular there than in the United Kingdom.
Edward Hugh John Neale Dalton, Baron Dalton, was a British Labour Party economist and politician who served as Chancellor of the Exchequer from 1945 to 1947. He shaped Labour Party foreign policy in the 1930s, opposing pacifism; promoting rearmament against the German threat; and strongly opposed the appeasement policy of Prime Minister Neville Chamberlain in 1938. Dalton served in Winston Churchill's wartime coalition cabinet; after the Dunkirk evacuation he was Minister of Economic Warfare, and established Special Operations Executive. As Chancellor, he pushed his policy of cheap money too hard, and mishandled the sterling crisis of 1947. His political position was already in jeopardy in 1947 when he, seemingly inadvertently, revealed a sentence of the budget to a reporter minutes before delivering his budget speech. Prime Minister Clement Attlee accepted his resignation; Dalton later returned to the cabinet in relatively minor positions.
Sir Howard Kingsley Wood was a British Conservative politician. The son of a Wesleyan Methodist minister, he qualified as a solicitor, and successfully specialised in industrial insurance. He became a member of the London County Council and then a Member of Parliament.
John Leonard Eatwell, Baron Eatwell, is a British economist who was President of Queens' College, Cambridge, from 1996 to 2020. A former senior advisor to the Labour Party, Lord Eatwell sat in the House of Lords as a non-affiliated peer from 2014 to 2020, before returning to the Labour bench.
Abraham "Abba" Ptachya Lerner was a Russian-born American-British economist.
Alvin Harvey Hansen was an American economist who taught at the University of Minnesota and was later a chair professor of economics at Harvard University. Often referred to as "the American Keynes", he was a widely read popular author on economic issues, and an influential advisor to the government on economic policy. Hansen helped create the Council of Economic Advisors and the Social Security system. He is best remembered today for introducing Keynesian economics in the United States in the 1930s and 40s.
British re-armament was a period in British history, between 1934 and 1939, when a substantial programme of re-arming the United Kingdom was undertaken. Re-armament was deemed necessary, because defence spending had gone down from £766 million in 1919–20, to £189 million in 1921–22, to £102 million in 1932.
Sir Ralph George Hawtrey was a British economist, and a close friend of John Maynard Keynes. He was a member of the Cambridge Apostles, the University of Cambridge intellectual secret society.
The neoclassical synthesis (NCS), neoclassical–Keynesian synthesis, or just neo-Keynesianism was a neoclassical economics academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936). It was formulated most notably by John Hicks (1937), Franco Modigliani (1944), and Paul Samuelson (1948), who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s.
Paul Davidson is an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He has actively intervened in important debates on economic policy from a position critical of mainstream economics.
The Keynesian Revolution was a fundamental reworking of economic theory concerning the factors determining employment levels in the overall economy. The revolution was set against the then orthodox economic framework, namely neoclassical economics.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
Athanasios "Tom" Asimakopulos was a Canadian economist, who was the "William Dow Professor of Political Economy" in the Department of Economics, McGill University, Montreal, Quebec, Canada. His monograph, Keynes's General Theory and Accumulation, reviews important areas of Keynes's General Theory and the theories of accumulation of two of his most distinguished followers, Roy Harrod and Joan Robinson.
The Macmillan Committee, officially known as the Committee on Finance and Industry, was a committee, composed mostly of economists, formed by the British government after the 1929 stock market crash to determine the root causes of the depressed economy of the United Kingdom. The Macmillan Committee was formed in 1929 by Royal Command 3897, and it was tasked with determining whether the contemporary banking and financial system was helping or hindering British trade and industry. Scottish lawyer Hugh Pattison Macmillan was named as its chairman, although due to his lack of economic or financial expertise, he largely "remained in the background". Other members of the committee included Ernest Bevin, Lord Bradbury, R. H. Brand, Theodore Gregory, John Maynard Keynes, and Reginald McKenna.
Geoffrey Colin Harcourt was an Australian academic economist and leading member of the post-Keynesian school. He studied at the University of Melbourne and then at King's College, Cambridge.
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