Who was the father of economics - where you
Quality stocks provide cushion against the market fall. But does that justify their valuations? How to win the US: Alembic Pharma will have to crack the complex-products game. Choose your reason below and click on the Report button. This will alert our moderators to take action. ET NOW. who was the father of economicsThe common currency for the European Union - the Euro - is often regarded as one of the most significant economic experiments of the present century.
It played a vital role in the European Union's economic and political integration. Its advantages are many and can be felt on a number of levels, from individuals, to businesses to entire economies.
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The European Commission aptly describes its advantages as: "more choice and stable prices for consumers and citizens, greater security and more opportunities for businesses and markets, improved economic stability and growth, more integrated financial markets, a stronger presence for the EU in the global economy, a tangible sign of a European identity". Today, the Euro has become the second-largest reserve currency in the world as well as the second-most traded currency, next to USD. So who's idea was the Euro?
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Or more appropriately, who laid fahher theoretical foundation for a currency that can travel across national boundaries? The 27 countries that are a part of the European Union have economies that are vastly different in size, are in different stages of development and operated, at least before the introduction of the common currency, on contradictory regulations. It was no mean task to introduce a common currency in its midst. Robert A. Mundell, who passed away on April 5 at the age of 88 from cholangiocarcinoma, was one of the brightest stars in modern economics who pioneered the who was the father of economics of a uniform currency system across Europe and the theoretical discussions on optimum currency areas. He aided in the formation of the supply-side economics movement, researched the operation of the gold standard, predicted the s inflation, developed the Mundell—Fleming model, and the Mundell—Tobin effect.
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The Nobel Prize-winning economist has been best-described by Miranda Xafa, a senior economifs at the Centre for International Governance Innovation CIGIas "an unorthodox, independent-minded thinker capable of thinking outside the box. History will likely recognise that Robert Mundell was the greatest economist of the 20th century in the post-Keynesian era". Jacob Frenkel, a former governor of the Bank of Israel, wrote a book on professor Mundell where he said: "you have created modern open-economy macroeconomics. My generation of economists owe you all that we know".
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His enormous prestige in the professional field is centered on the creation of the common currency, which earned him the reputation of being a "father of the Euro". Inhe developed a strategy for European currency union and then advised European authorities on how to make it work in practice from time to time. Eventually inhe was awarded the Nobel Prize in Economics for his theory which advanced the idea that a single-currency zone must have flexible markets, together with free movement of labor and capital. His research was instrumental in laying the groundwork for the Euro.]
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