Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis,monetary history and theory and the complexity of stabilization policy. With George Stigler,Friedman was among the intellectual leaders of the Chicago school of economics,a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s,when it turned to new classical macroeconomics heavily based on the concept of rational expectations. Several students,young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists,including Gary Becker,Robert Fogel,and Robert Lucas Jr.
In economics,a recession is a business cycle contraction that occurs when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. This may be triggered by various events,such as a financial crisis,an external trade shock,an adverse supply shock,the bursting of an economic bubble,or a large-scale anthropogenic or natural disaster.
The economy of Singapore is a highly developed mixed market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world,the joint 4th-least corrupt,and the most pro-business. Singapore has low tax-rates and the highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.
Joseph Eugene Stiglitz is an American New Keynesian economist,a public policy analyst,and a full professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979). He is a former senior vice president and chief economist of the World Bank. He is also a former member and chairman of the US Council of Economic Advisers. He is known for his support for the Georgist public finance theory and for his critical view of the management of globalization,of laissez-faire economists,and of international institutions such as the International Monetary Fund and the World Bank.
In economics and political science,fiscal policy is the use of government revenue collection and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s,when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes,whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies,inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally,it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.
Arthur Betz Laffer is an American economist and author who first gained prominence during the Reagan administration as a member of Reagan's Economic Policy Advisory Board (1981–1989). Laffer is best known for the Laffer curve,an illustration of the theory that there exists some tax rate between 0% and 100% that will result in maximum tax revenue for government. In certain circumstances,this would allow governments to cut taxes,and simultaneously increase revenue and economic growth.
David Kenneth Miles is a British economist. Born in Swansea,he has spent his working life in London,in teaching,business and the public sector. He is a professor at Imperial College London,and was Chief UK Economist of Morgan Stanley bank from October 2004 to May 2009. He was appointed to the Bank of England's interest-rate-setting Monetary Policy Committee (MPC) from 1 June 2009 to June 2012 and again from June 2012 to 31 August 2015,before being replaced by Gertjan Vlieghe. According to the Bank of England,"As an economist he has focused on the interaction between financial markets and the wider economy.". In December 2020 he was appointed to the main board of the central Bank of Ireland. He was appointed to the Budget Responsibility Committee of the Office for Budget Responsibility (OBR) in December 2021. He took up that role in January 2022.
Stanley Fischer is an Israeli-American economist who served as the 20th vice chair of the Federal Reserve from 2014 to 2017. Fischer previously served as the 8th governor of the Bank of Israel from 2005 to 2013. Born in Northern Rhodesia,he holds dual citizenship in Israel and the United States. He previously served as First Deputy Managing Director of the International Monetary Fund and as Chief Economist of the World Bank. On January 10,2014,President Barack Obama nominated Fischer to the position of Vice Chair of the Federal Reserve. He is a senior advisor at BlackRock. On September 6,2017,Stanley Fischer announced that he was resigning as Vice-Chair for personal reasons effective October 13,2017,two days before his 74th birthday.
Willem Hendrik Buiter CBE is an American-British economist. He spent most of his career as an academic,teaching at various universities. More recently,he was the Chief Economist at Citigroup.
Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. According to MMT,governments do not need to worry about accumulating debt since they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation,which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone,to reduce the spending capacity of the private sector.
Nasser Saidi is a Lebanese politician and economist who served as the minister of economy and industry and the Vice Governor for the Lebanese central banks for several terms in the last decade of the 20th century.
The Bernacer Prize is awarded annually to European young economists who have made outstanding contributions in the fields of macroeconomics and finance. The prize is named after Germán Bernácer,an early Spanish macroeconomist.
The Great Recession was a period of marked general decline observed in national economies globally,i.e. a recession,that occurred in the late 2000s. The scale and timing of the recession varied from country to country. At the time,the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
Carmen M. Reinhart is a Cuban-American economist and the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Previously,she was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Professor of Economics and Director of the Center for International Economics at the University of Maryland. She is a research associate at the National Bureau of Economic Research,a Research Fellow at the Centre for Economic Policy Research,Founding Contributor of VoxEU,and a member of Council on Foreign Relations. She is also a member of American Economic Association,Latin American and Caribbean Economic Association,and the Association for the Study of the Cuban Economy. She became the subject of general news coverage when mathematical errors were found in a research paper she co-authored.
Arvind Subramanian is an Indian economist and the former Chief Economic Advisor to the Government of India,having served from 16 October 2014 to 20 June 2018. Subramanian is currently a Senior Fellow at the Watson Institute for International and Public Affairs at Brown University. He previously served as Professor of Economics at Ashoka University and a Senior Fellow at the Peterson Institute for International Economics and Center for Global Development.
Emmanuel Farhi was a French economist who served as the Robert C. Waggoner Professor of Economics at Harvard University from 2018 till his death in 2020. A specialist in macroeconomics,taxation and finance,he also served on the Conseil d’Analyse Économique from 2010 to 2010. On July 23,2020,aged 41,Farhi committed suicide.
Karen Dynan is an American economist who is Professor of the Practice of Economics at Harvard University and a Non-resident Senior Fellow at the Peterson Institute for International Economics. She previously served as the Assistant Secretary of the Treasury for Economic Policy and Chief Economist of the United States Department of the Treasury,having been nominated to that position by President Barack Obama in August 2013 and confirmed by the U.S. Senate in June 2014. From 2009 to 2013,Dr. Dynan was the Vice President and Co-director of the Economic Studies program at the Brookings Institution. Prior to joining Brookings,she served on the staff of the Federal Reserve Board for 17 years. Dr. Dynan is an expert on macroeconomic policy,consumer behavior,household finance,and housing policy.
Andreas Georgiou is a Greek economist and former President of the Hellenic Statistical Authority (ELSTAT). In June 2021,he became the European Parliament’s representative at the European Statistical Governance Advisory Board,the body that provides an independent overview of the European Statistical System. Georgiou is a visiting lecturer and visiting scholar at Amherst College where he teaches statistical ethics and macroeconomics. He is also elected member of the Council of the International Statistical Institute and a member of the Committee on Professional Ethics of the American Statistical Association.
Paul James Sheard is an Australian-American economist. Most recently he was Research Fellow and earlier M-RCBG Senior Fellow at Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government,after previously being Vice Chairman of S&P Global. Sheard has held chief economist positions at Lehman Brothers,Nomura Securities,Standard &Poor's Ratings Services,and S&P Global. Prior to entering financial markets in 1995,he was an academic economist based in Australia,Japan and the United States,specializing in the Japanese economy and the economics of firm organization. He was a member of the World Economic Forum's Global Future Council on the New Agenda for Fiscal and Monetary Policy (2020-2022),having been a member of the WEF's Global Future Council on the New Economic Agenda (2018-2020) and of its Global Agenda Council on the International Monetary System (2010-2012). He is a member of the board of the Foreign Policy Association and is a member of the advisory board of the Levy Economics Institute of Bard College. He is a member of the Bretton Woods Committee,the Council on Foreign Relations,the Economic Club of New York and the National Committee on U.S.-China Relations. He attends and speaks regularly at conferences around the world,and his views on the global economy and economic policy are frequently cited in the international press.
The GST distribution dispute is an ongoing political controversy concerning the distribution of goods and services tax (GST) revenue amongst the Australian states and territories and the federal government. The dispute was originally based upon Western Australia's (WA) dissatisfaction with its low returns,which led to reform in 2018. The 2018 reform guarantees all states and territories a minimum return on their contribution.
