scholarly journals Israel's Stabilization Program of 1985, Or Some Simple Truths of Monetary Theory

1993 ◽  
Vol 7 (2) ◽  
pp. 103-128 ◽  
Author(s):  
Don Patinkin
Keyword(s):  
Adverse Effects ◽  
Social Contract ◽  
Annual Rate ◽  
Monetary Theory ◽  
Major Purpose ◽  
The Real ◽  
Price Controls

Within a period of two months, and with minimal adverse effects on employment and the real functioning of the economy, Israel's 1985 stabilization program reduced the annual rate of inflation from close to 500 percent to less than 20 percent (corresponding, respectively, to average compounded monthly rates of 16.1 and 1.5 percent) and has maintained that situation until now (1992). The major purpose of this paper is to use this inflationary experience as an illustration of some of the simple truths of traditional monetary theory. At the same time, this experience also illustrates the advantages of a heterodox policy (that is, one that, in addition to restrictive monetary and fiscal measures, makes temporary use of wage and price controls, often within the context of a "social contract") in bringing an inflationary process to an end. A second purpose is to explain the unique political circumstances that—despite the aforementioned earlier failures—created the credibility that enabled the 1985 program to succeed.

scholarly journals ADAM SMITH’S THEORY OF MONEY AND BANKING

2017 ◽  
Vol 39 (3) ◽  
pp. 323-347 ◽  
Author(s):  
Nicholas A. Curott
Keyword(s):  
Flow Theory ◽  
Monetary Theory ◽  
Demand For Money ◽  
Excess Supply ◽  
The Real ◽  
Economics Literature ◽  
Nominal Income ◽  
Income Stream

This paper addresses a long-running debate in the economics literature—the debate over Adam Smith’s theory of money and banking—and argues that recent reinterpretations of Smith’s monetary theory have erroneously diverted historians of monetary thought from the correct, but briefly articulated, initial interpretations of Henry Thornton (1802) and Jacob Viner (1937). Smith did not present either the real-bills theory or a price-specie-flow theory of banknote regulation, as is now generally presumed, but rather a reflux theory based upon the premise that the demand for money is fixed at a particular nominal quantity. Smith’s theory denies that an excess supply of money can ordinarily make it into the domestic nominal income stream or influence prices or employment.

Art and Love in the Confessions of Jean-Jacques Rousseau

PMLA ◽  
1958 ◽  
Vol 73 (3) ◽  
pp. 215-220
Author(s):  
Mark J. Temmer
Keyword(s):  
Social Contract ◽  
Fundamental Question ◽  
The Real ◽  
The Family ◽  
Unbiased Manner

There are few scholars who have not despaired of settling the controversies that relate to Jean-Jacques Rousseau. Well known during his lifetime, these disputes have become legends which obscure the real ambiguities of his existence and achievement. In this respect, Rousseau belongs to the family of Montaigne and Gide, whose lengthy confessions have rarely been judged in an unbiased manner. It is, to be sure, the very purpose of such avowals to preclude indifference, and, in the case of Rousseau, there is little sense in trying to evade the haunting and problematical implications of his autobiography. The man and artist must first be approached not only for the sake of their respective importance, but also because the Discourses, the Social Contract, and the Emile are transpositions and solutions of their inner conflicts. At present, there is agreement on at least this one point, and many philosophers and critics have sought to find the principle which would reveal the true motives of a man who swore to tell the truth. However, few of their commentaries on the Confessions and the Rêveries du promeneur solitaire envisage the fundamental question of the autobiographical genre itself, namely: How does the great autobiographer succeed in making credible and convincing the story of his life, and what are the stylistic means by which he imposes this vision on others?

scholarly journals Liquidity Squeeze on SMEs during the Great Recession in Europe

2018 ◽  
Author(s):  
Fabrizio Coricelli ◽  
Marco Frigerio
Keyword(s):  
Adverse Effects ◽  
Great Recession ◽  
Bargaining Power ◽  
Trade Credit ◽  
Bank Loans ◽  
The Real ◽  
The Great Recession ◽  
Real Performance ◽  
European Economies

We find that European SMEs significantly increased their net trade credit to sales ratio during the Great Recession. For the aggregate of SMEs, trade credit did not provide any buffer to the contraction in bank loans. In fact, through increased net trade credit, SMEs suffered a squeeze in their liquidity and this phenomenon reflects the weak bargaining power of SMEs in their trade credit relationship with larger firms. Therefore, increased net trade credit by SMEs does not reflect an efficient reallocation of credit, and it calls for policy actions. These policy actions are highly relevant, given that the liquidity squeeze had significant adverse effects on the real performance of SMEs, contributing to the recession and to the subsequent timid recovery of European economies. We explore various policies that could be implemented to relieve SMEs from the liquidity squeeze induced by the increase in their receivables.

scholarly journals EFEITOS REAIS DA POLÍTICA MONETÁRIA: UMA DISCUSSÃO SOBRE OS MECANISMOS DE TRANSMISSÃO

2003 ◽  
Vol 29 ◽  
Author(s):  
Marcos Wagner Da Fonseca ◽  
Marcos Roberto Vasconcelos
Keyword(s):  
Monetary Policy ◽  
General Theory ◽  
Monetary Theory ◽  
General View ◽  
Postwar Period ◽  
The Real ◽  
Transmission Mechanisms ◽  
Monetary Economy

Este trabalho busca apresentar uma visão geral sobre os mecanismos de transmissão da política monetária. O início da discussão obrigatoriamente passa pela controvérsia dentro da teoria monetária sobre o papel da moeda na economia e sua capacidade em afetar as variáveis reais. Sintetiza-se o debate ocorrido entre as correntes da economia monetária no período pós-guerra, entre os keynesianos da síntese neoclássica e os monetaristas. A evolução das idéias fez surgir outras correntes de pensamento, como os novos-clássicos, os novoskeynesianos e os pós-keynesianos, mas o ponto de destaque é que Keynes, na Teoria Geral, já havia realizado um tratamento dos mecanismos de transmissão de forma mais clara que muitos de seus seguidores e adversários. Respeitando esta controvérsia, o trabalho apresenta os mecanismos de transmissão da política monetária, baseado nas discussões realizadas durante a década de 1990. Abstract This work search to present a general view on the transmission mechanisms of the monetary policy. The beginning of the discussion obligatorily raisin for the controversy inside of the monetary theory on the paper of the coin in the economy and its capacity in affecting the real variables. The debate is synthesized happened among the currents of the monetary economy in the postwar period, between the keynesians of the neoclassical synthesis and the monetarists. The evolution of the ideas made to appear other thought currents, as the new-classic ones, the new-keynesians and the post-keynesians, but the prominence point is that Keynes, in the General Theory, had already accomplished a treatment of the transmission mechanisms in a clearer way than many of his followers and opponents. Respecting this controversy, the work presents the transmission mechanisms of the monetary policy, based on the discussions accomplished during the decade of 1990.

Early origins of money

2021 ◽  
pp. 23-34
Author(s):  
Michael Peneder ◽  
Andreas Resch
Keyword(s):  
Social Institution ◽  
Historical Record ◽  
Early History ◽  
Historical Background ◽  
Monetary Theory ◽  
Real Economy ◽  
Historical Account ◽  
Financial History ◽  
The Real ◽  
History Of

Part I provides a synopsis of the ongoing stream of innovation in monetary and financial history, as well as the scholarly struggle to understand and assimilate it in the history of monetary thought. It serves as an introduction to the non-specialist, providing the general historical background. In the first of three chapters, the focus is on the early origins of money as a social institution. It is of significance to the later discussion of Schumpeter’s monetary theory for two reasons: first, the historical account illustrates the perpetual stream of new monetary arrangements and their importance to the real economy; second, the modern historical record puts into perspective the traditional preoccupation with metallism and the coinage of money as a means of exchange, which dominated the monetary orthodoxy at Schumpeter’s time. In other words, the early history of money highlights the modernity of Schumpeter’s later vision.

scholarly journals FRI0266 THE REAL-WORLD EFFICACY OF THE 2015 EULAR/ACR RECOMMENDATIONS FOR THE MANAGEMENT OF POLYMYALGIA RHEUMATICA WITH ADDITIONAL TOCILIZUMAB THERAPY

2020 ◽  
Vol 79 (Suppl 1) ◽  
pp. 717.2-718
Author(s):  
M. Yamamura
Keyword(s):  
Adverse Effects ◽  
Real World ◽  
Polymyalgia Rheumatica ◽  
Demographic Data ◽  
Age At Onset ◽  
Disease Recurrence ◽  
The Real ◽  
The Mean ◽  
One Year ◽  
Drug Free

Background:A Part of patients with polymyalgia rheumatica (PMR) are refractory to the 2015 EULAR/ACR algorism for the management of PMR. Recent reports have demonstrated that tocilizumab (TCZ) may be efficacious for refractory and relapsing PMR.Objectives:To determine the real-world efficacy of the 2015 EULAR/ACR algorism for the management of PMR plus introduction of TCZ for refractory and relapsing PMR.Methods:Patients who had been diagnosed with PMR according to the 2012 EULAR/ACR provisional classification criteria for PMR were recruited in the study. Registered variables included demographic data, disease characteristics, prednisolone (PSL) dosage and duration, addition of methotrexate (MTX) and TCZ, adverse effects, and clinical outcomes.Results:There were 101 patients who had originally diagnosed as PMR (50 males and 65 females) and followed up for at least one year; the mean ± SD age at onset was 73 ±11 years at onset, with the mean observational period being 44 ± 26 months. Their treatments were initiated with PSL of 15.5 ± 4.3 mg/day. 41 patients experienced disease recurrence after 9.6 ± 6.7 months (median 9 month) of GC therapy, while receiving PSL at 5 ± 4.5 mg/day (3.7 mg/day). Baseline factors that were associated with relapse in our cohort were higher-grade thrombocytosis and higher-dose of initial GC by multivariate analysis. In 30 of the 41 patients who failed GC monotherapy, MTX was added. Five patients reached GC-free remission, but 25 patients failed GC tapering. In such refractory patients to a combination of GC plus MTX, 8 patients agreed to add TCZ therapy, and 5 of them reached drug-free remission. At present, 67 of the total 101 patients maintained drug-free remission, but most others were still receiving low-dose GC and/or MTX (n=17). No significant adverse effects did not occur during therapy, except for GC-related adverse effects such as diabetes, dyslipidemia and osteoprotic fractures.Conclusion:Our experience indicated that there is notable heterogeneity across PMR patients in terms of drug response, and the patients with severe inflammation, e.g. thrombocytosis, may need higher-dose of initial GC and addition of biologics such as TCZ on the 2015 EULAR/ACR algorism.Acknowledgments:NoneDisclosure of Interests:None declared

scholarly journals Normatywność w Hobbesa koncepcji prawa

Etyka ◽  
2004 ◽  
Vol 37 ◽  
pp. 249-267
Author(s):  
Sebastian Szymański
Keyword(s):  
Social Contract ◽  
The State ◽  
The Real ◽  
Law Of Nature ◽  
Binding Force ◽  
The Social ◽  
Ultimate Source ◽  
The Law

The paper concerns conception of law presented in Hobbes’ Leviathan. The author argues that for Hobbes the ultimate source of the binding force (normativity) of law is the sovereign’s will, and reasons for that are „technical”. The sovereign creates laws, because he is a representative of the estate (“moral” or “artificial” person) which is the real author of the law. However, the existence of the state is dependent on its members’ will expressed in the social contract which Hobbes describes in terms of laws. The contract, however, needs background norms to bind its parties. Thus the social contract also cannot be the basis of normativity of the law, although it could be the cause of its being in force. Instead. the source of the binding force of the law is, on Hobbes’ view, the law of nature. This law is unchangeable, eternal, autonomous, and rationally knowable.

scholarly journals The side effect profile of Clozapine in real world data of three large mental health hospitals

PLoS ONE ◽  
2020 ◽  
Vol 15 (12) ◽  
pp. e0243437
Author(s):  
Ehtesham Iqbal ◽  
Risha Govind ◽  
Alvin Romero ◽  
Olubanke Dzahini ◽  
Matthew Broadbent ◽  
...  
Keyword(s):  
Mental Health ◽  
Side Effects ◽  
Adverse Effects ◽  
Hospital Admission ◽  
Real World ◽  
Smoking Status ◽  
Monthly Interval ◽  
Real World Data ◽  
Significance Level ◽  
The Real

Objective Mining the data contained within Electronic Health Records (EHRs) can potentially generate a greater understanding of medication effects in the real world, complementing what we know from Randomised control trials (RCTs). We Propose a text mining approach to detect adverse events and medication episodes from the clinical text to enhance our understanding of adverse effects related to Clozapine, the most effective antipsychotic drug for the management of treatment-resistant schizophrenia, but underutilised due to concerns over its side effects. Material and methods We used data from de-identified EHRs of three mental health trusts in the UK (>50 million documents, over 500,000 patients, 2835 of which were prescribed Clozapine). We explored the prevalence of 33 adverse effects by age, gender, ethnicity, smoking status and admission type three months before and after the patients started Clozapine treatment. Where possible, we compared the prevalence of adverse effects with those reported in the Side Effects Resource (SIDER). Results Sedation, fatigue, agitation, dizziness, hypersalivation, weight gain, tachycardia, headache, constipation and confusion were amongst the highest recorded Clozapine adverse effect in the three months following the start of treatment. Higher percentages of all adverse effects were found in the first month of Clozapine therapy. Using a significance level of (p< 0.05) our chi-square tests show a significant association between most of the ADRs and smoking status and hospital admission, and some in gender, ethnicity and age groups in all trusts hospitals. Later we combined the data from the three trusts hospitals to estimate the average effect of ADRs in each monthly interval. In gender and ethnicity, the results show significant association in 7 out of 33 ADRs, smoking status shows significant association in 21 out of 33 ADRs and hospital admission shows the significant association in 30 out of 33 ADRs. Conclusion A better understanding of how drugs work in the real world can complement clinical trials.

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