Nicole Oresme (1320–1382)

2014 ◽  
Vol 20 (1) ◽  
Author(s):  
Laurence S. Moss
Keyword(s):  
Fourteenth Century ◽  
Rational Expectations ◽  
Distribution Of Wealth ◽  
Classical Liberal ◽  
Brilliant Mathematician ◽  
Superstitious Beliefs

AbstractThe pantheon of classical liberal thinkers must honor the memory of one brilliant mathematician, scientist, and debunker of superstitious beliefs, the sound-money advocate Nicole Oresme. Although his opposition to the recoinage practices of the French monarchy was not unprecedented in the fourteenth century, Oresme must be credited with anticipating the “rational expectations” in economics when he distinguished quite forcefully between “preannounced debasement” and “secret debasement” and their effects on the distribution of wealth. Oresme explains that the king should not practice secret debasement, and can appear as a pioneer for modern ideas on monetary surprises.

A fourteenth century crown

1989 ◽  
Vol 21 (7) ◽  
pp. 431-432
Author(s):  
Amanda Gray
Keyword(s):  
Fourteenth Century

Lokan?ti: Method of Adaption and New Vocabulary

2017 ◽  
Vol 34 (1) ◽  
pp. 85-114
Author(s):  
Ujjwal Kumar
Keyword(s):  
Fourteenth Century ◽  
Adaptation Method

In this paper I have made an attempt to discuss the adaptation method and new vocabulary employed and introduced by the Lokan?ti (Ln). This text was composed in Burma most probably by Catru?gabala around the fourteenth century CE. In premodern Burma Ln was used in monasteries to inculcate guidance on worldly affairs and everyday morality to the Burmese householders in general and to the Buddhist monks in particular.

Rational Expectations and Inflation

2017 ◽  
Author(s):  
Thomas J. Sargent
Keyword(s):  
World War I ◽  
French Revolution ◽  
Rational Expectations ◽  
Ronald Reagan ◽  
Fiscal Policies ◽  
Economic Policies ◽  
Budget Deficits ◽  
Nobel Lecture ◽  
Economic Decisions ◽  
The French Revolution

This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which the author was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. This book engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. It focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, the book finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition includes the author's 2011 Nobel lecture, “United States Then, Europe Now.” It also features new articles on the macroeconomics of the French Revolution and government budget deficits.

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