Joseph Mois Schumpeter 1883-1950 Joseph Mois Schumpeter was an Austrian economist, educated in Vienna. He taught at Czernowitz, Graz and Bonn. In 1932, he moved to Harvard where he taught until his death. Among Schumpeter’s writings are Theory of Economic Development (1912), Business Cycles (1939), Capitalism, Socialism and Democracy (1942), and History of Economic Analysis […]

Sir John Richard Hicks (1904-1989) Sir John Richard Hicks was an British economist, educated at Balliol, Oxford. He taught at the University of Manchester, the London School of Economics, and at Oxford. His most important book is Value and Capital (1939), in which he investigated the general equilibrium proceeding from the subjective theory of value. […]

Nickolai D. Kondratieff (1892 – 1938) Nikolai Dmyitriyevich Kondratieff (1892-1938) was a Russian economist. Following the 1917 Russian Revolution, Kondratieff was an economics professor who was called upon by the new government to create the first Soviet Five-Year-Plan. Kondratieff was thus given the opportunity to draw the economic plan for Russia he assumed upon a […]

Alvin Harvey Hansen (1887-1975) Alvin Harvey Hansen was an American economist. Taught at the University of Minnesota from 1919 to 1937 and at Harvard from 1937-1960. He worked for the Economic State Department in Washington from 1934-35, and was special adviser to the Federal Reserve System between 1940 and 1945. His published work includes Cycles […]

Gustav Cassels 1866- 1945 Gustav Cassels was a Swedish economist. Professor of Political Economy at the University of Stockholm. His most important contribution to economics was an analysis of interest rates and trade cycles, dealt with in Grundrisselner Elementaren Preislehre (1900) and The Nature and Necessity of Interest (1903). His main work Theory of Social […]

Modern Capitalism Two developments paved the way for the emergence of modern capitalism; both took place in the latter half of the 18th century. The first was the appearance of the physiocrats in France after 1750; and the second was the devastating impact that the id eas of Adam Smith had on the principles and […]

Monetary History of France   The French Revolution erupted out of a major debt crisis thanks to the government’s reckless borrowing. France was threatened with insurmountable debt that brought the economy to its knees. The people were plunged into starvation and revolts began in the countryside.  King Louis XVI (1754 – 1793) convened the French […]

Part I of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  3000 BC – 500 AD—The Rise and Fall of Babylon – Greece – Rome Credit is usually thought of as a modern invention of perhaps only a few hundred years old. It is true that a few […]

Abscissa – the horizontal baseline of a chart, x-axis. Ad Valorem Tax – A tax levied as a fixed percentage of the value of a particular item. Aggregate Demand – Total planned or desired spending in the economy as a whole in a given period. It is determined by the aggregate price level and by influences such as […]

Copyright Martin Armstrong All Rights Reserved March 25th, 2012 Sometimes I get such hate mail from gold bugs that you really have to wonder what is going on out there. It appears that some of these people are such fanatics that they loath anyone who dares to say there will ever be a correction regardless […]