This essay discusses the economic contribution of Bertrand by firstly explaining his model and secondly evaluating the value of it in terms of the economical sciences. Next, it is going to state that a more important economic contribution of Bertrand is that his theory was the base for Edgeworth model and finally it establishes that Bertrand was the first economist that examines an oligopoly where firms set prices and therefore it is a
The Capital Asset Pricing Model is the pioneer model in asset pricing. The model was initially introduced by Jack Treynor (1961, 1962), William Sharpe (1964), John Linter (1965) and Jan Mossin (1966). They developed the model independently on the earlier work of Henry Markowitz (1959) on diversification and modern portfolio management. But Sharpe (1964) Capital Asset Pricing Model is the most important asset pricing equilibrium model that provides the relationship between expected return and risk associated with capital assets. For the contribution in financial economics Sharpe, Markowitz and Miller was awarded Nobel Prize in 1990 jointly.
Adam Smith – Father of Economics Thoughts (1723-1790) – was a social Scottish philosopher, scholar, and political economist. He went to Burgh School where he studied mathematics, Latin, writing and history. At the age of 14, he attended the University of Glasgow, and on 1740, he went to Oxford. In 1748, He started to lecture at the University of Edinburg where he met an economist named David Hume, then they became best friends. Smith’s thoughts and ideas where reflecting the lights of the start of the industrial revolution.
HISTORY: The World Bank was created in the 1994 Bretton Woods Conference along with other institutions including the International Monetary Fund (IMF). It was created to lend money to European countries to rebuild after World War II. John Maynard Keynes and Henry Dexter White were the founding fathers of the World Bank and the IMF. One of Keynes' most significant roles was as chairman of the Bank Commission. Under his leadership, the Bank articles were drafted rapidly and successfully despite the lack of pre-conference groundwork regarding the organization of the World Bank.
Performance management processes that follow a Gaussian distribution (bell curve) and primarily focus on past performance rather than the future promise have come under critical focus in several research papers in recent years. A comprehensive literature review of the same reveals some interesting insights. In the earlier half of twentieth century, Ferguson (1947) suggested that “ratings for a large and representative group of assistant managers should be distributed in accordance with the percentages predicted for a normal distribution.” This concept that was proposed by Ferguson carried on over the years and subsequently also led several management scholars and academicians to assume that normal distribution in the performance of a job is
He was the leading economist of his time and was awarded with the Nobel Memorial Prize in Economic Sciences for his work in the theory of money and economic fluctuation. Though, having obtained two doctorates in political economy and law, he also was a great political
The response to the latter question requires an elaboration of what a firm is entirely about and why it is natural to internalize activities within a firm. Hymer 's contribution has in effect predated most current extant theory. His contribution to the political economy of multinational capital, the focus here, is less known, yet of extraordinary insight and foresight. Hymer predates most important debates on what today is called ‘globalization’ and came upward with an analysis of the most eminent quality and predictions which in the main have stood the test of time. According to Hymer, he said that there are two things that should be consider about why an enterprise in one state should assume control over a society situated in foreign nations.
1. Introduction 1.1 CAPM The Capital Asset Pricing Model which also known as CAPM, developed by William Sharpe (1964, 1965) and John Lintner (1965) along with their partners Jack Treynor (1961, 1962) and Jan Mossin (1966) in the early 1960s, building on the earlier work of another American financial economist Harry Markowitz (1959) on his diversification and modern portfolio theory, hence marks the birth of asset pricing theory. The theory is soon awarded with Nobel Prize for Sharpe in 1990. (French C. W., 2003) In Markowitz’s model, when an investor chooses a portfolio at time t-1 that it will gives a stochastic return at time t. The models made an assumption of investors are risk averse and when choosing among several of portfolios, they
Topic Outline: Sir Thomas Mun (17 June 1571 – 21 July 1641) was an English thinker and writer on economics and is often referred to as the last of the early mercantilists. Mun used mercantilist principles to create a proposed set of "means to enrich a kingdom" which centered on ensuring that exports exceeded imports. In other words, Mun promoted a positive balance of trade that would cause England 's wealth to steadily increase. Thomas Mun is also renowned as a sophisticated thinker and has made significant contributions to the history of economic theory. According to Mun, trade was the only way to increase England 's wealth, and he suggested several courses of action.
Ancient economic thought - Chanakya Abstract: Chanakya (350–283 BCE) also known as Kautilya or Vishnugupta was the advisor to the Maurya Emperor Chandragupta and was the chief designer of the rise of power. The father of economics Adam Smith is regarded as the founder of economics and his famous book “The Wealth of Nations". Economics as always been regarded as a western subject even scholars have always looked up to the western world for economic thoughts and ideas. The Indian ancient treasure relating to the subject economics was untouched until the handwritten manuscript of Arthashastra was discovered after about two thousand years in 1902 of its formulation. Arthashastra literal meaning is Rule of Money or Economics.