Portal:Business

The General Theory of Employment, Interest and Money was written by the British economist John Maynard Keynes.

Although The General Theory was written in the aftermath of the Great Depression and was taken by many to justify the assumption by government of the responsibility for the achievement and maintenance of full employment, it is for the most part a highly abstract work of theory and by no means a tract on policy. Its full meaning and significance continues to be debated even today. As a book, it is a difficult read for a modern student of economics, although it is enlivened by some brilliant rhetorical passages, including the description of the stock market in Chapter 12 and the concluding chapter 24 on the (rather tentative) policy implications Keynes derived from his theory.

Zuidas in Amsterdam

The economy of the Netherlands is a highly developed market economy focused on trade and logistics, manufacturing, services, innovation and technology and sustainable and renewable energy. It is the world's 18th largest economy by nominal GDP and the 28th largest by purchasing power parity (PPP) and is the fifth largest economy in European Union by nominal GDP. It has the world's 11th highest per capita GDP (nominal) and the 13th highest per capita GDP (PPP) as of 2023 making it one of the highest earning nations in the world. Many of the world's largest tech companies are based in its capital Amsterdam or have established their European headquarters in the city, such as IBM, Microsoft, Google, Oracle, Cisco, Uber and Netflix. Its second largest city Rotterdam is a major trade, logistics and economic center of the world and is Europe's largest seaport. Netherlands is ranked fifth on global innovation index and fourth on the Global Competitiveness Report. Among OECD nations, Netherlands has a highly efficient and strong social security system; social expenditure stood at roughly 25.3% of GDP.

The Netherlands has a prosperous and open economy, which depends heavily on foreign trade. The economy is noted for stable industrial relations, fairly low unemployment and inflation, a sizable current account surplus (which, compared to the size of the country, is even more than Germany) and an important role as a European transportation hub; Rotterdam is the biggest port in Europe; and Amsterdam has one of the biggest airports in the world. Industrial activity is predominantly in food processing, chemicals, petroleum refining, high-tech, financial services, the creative sector and electrical machinery. Its highly mechanized agricultural sector employs no more than 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. (Full article...)

"Gresham's law has made a modified reappearance. For most cars traded will be the "lemon", and good cars may not be traded at all. The"bad" cars tend to drive out the good (in much the same way that bad money drives out the good). But the analogy with Gresham's law is not quite complete: bad cars drive out the good because they sell at the same price as good can; similarly, bad money drives out good because the exchange rate is even. But the bad cars sell at the same price as good cars since it is impossible for a buyer to tell the difference between a good and a bad car; only the seller knows. In Gresham's law, however, presumably both buyer and seller can tell the difference between good and bad money. So the analogy is instructive, but not complete."

—George Akerlof, The Market for Lemons, 1970

• ... that developmental economist Michael Lipton showed that poor farmers were more resource efficient than rich farmers?
• ... that the Chicago Community Bond Fund sought to put itself out of business by eliminating cash bail?
• ... that environmental economist V. Kerry Smith has been described as a "Renaissance Man of Economics"?
• ... that the Sam Kee Building, recognized by Guinness World Records as the narrowest commercial building in the world, was built on a bet between two businessmen?
• ... that the British political theorist Chris Armstrong has called for a "blue new deal" to secure ecological resilience for the ocean and a just blue economy?
• ... that American lumber businessman and politician John Barber White funded a scholarship at Williams College in memory of his son?

May 4:

• 1925 - Maurice R. Greenberg, an American business executive and former chairman and CEO of AIG, was born on this day.

• ...that Robert Solow, a Nobel Laureate American economist, was awarded the National Medal of Science in 1989 for "his creation of the modern framework for analyzing the effects of investment and technological progress on economic growth"?

• ... that David Ricardo formulated the principle of comparative advantage in his "On the Principles of Political Economy and Taxation" book?

• ... that the Heckscher–Ohlin model was developed by Bertil Ohlin in 1933?

• ... that the term lean manufacturing was coined in the book The Machine that Changed the World?

• ... that the Nobel Memorial Prize in Economic Sciences was not created by the will of Alfred Nobel?

• ... that the Federal Reserve System was created in the aftermath of the panic of 1907?

• ... that Manufacturing resource planning was developed at IBM?

• July 21: Technological University Dublin senior lecturer Dr Lorcan Sirr speaks to Wikinews on housing market in Ireland
• July 15: California governor signs new state budget, eligible Californians to get stimulus payments
• July 4: 130 OECD countries agree to back global corporate tax rate
• June 30: 'Each makes the other more difficult to recover from': University of Sussex professor L. Alan Winters speaks to Wikinews on trade, COVID-19, Brexit
• June 16: Wikinews interviews Victor Kline, leader of newly registered The New Liberals party in Australia
• April 23: Irish Finance Minister Donohoe criticises OECD's global minimum corporate tax rate
• April 17: People protest in Berlin against German Court overturning five-year rent cap
• March 5: Chancellor Rishi Sunak announces UK budget 2021
• February 10: Disney to shut down Blue Sky Studios, animation studio behind 'Ice Age'
• January 24: World Trade Organization declares US tariff hike illegal, rules in South Korea's favour