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- Gibsons_paradox abstract "Gibson's Paradox is the observation that the rate of interest and the general level of prices are positively correlated. It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke.The term was first used by John Maynard Keynes, in his 1930 work, A Treatise on Money. It was believed to be a paradox because most economic theorists predicted that the correlation would be negative. Keynes commented that the observed correlation was \"one of the most completely established empirical facts in the whole field of quantitative economics.\"The Quantity Theory of Money predicts that a slower money-growth creates slower price-rise. In addition, slower money-growth means slower growth of loanable funds and thus raises interest rates. If both these premises are true, slower money-growth should mean lower prices and higher interest rates. However, Gibson observed that lower prices were accompanied by a drop—rather than a rise—in interest rates. This is the paradox that needs to be explained. For instance, in the 1873-96 depression, prices fell considerably while interest rates remained low. Economist S.B. Saul says that Alfred Marshall explained the paradox by saying that other factors might have been at play: a peace dividend and improving international system of banking and finance.Economists generally thought that interest rates were correlated to the rate of inflation, whereas Keynes' findings contradicted this view. During the period of gold standard, he concluded that interest rates were correlated to the general price level, and not the rate of change in the prices. In fact, he thought that interest rates were highly correlated to the wholesale price index rather than the rate of inflation.".
- Gibsons_paradox wikiPageExternalLink gibson.pdf.
- Gibsons_paradox wikiPageExternalLink gibsonsparadox.asp.
- Gibsons_paradox wikiPageID "2802089".
- Gibsons_paradox wikiPageLength "3188".
- Gibsons_paradox wikiPageOutDegree "19".
- Gibsons_paradox wikiPageRevisionID "628620690".
- Gibsons_paradox wikiPageWikiLink A_Treatise_on_Money.
- Gibsons_paradox wikiPageWikiLink Alfred_Marshall.
- Gibsons_paradox wikiPageWikiLink Category:Economics_paradoxes.
- Gibsons_paradox wikiPageWikiLink Category:Gold_standard.
- Gibsons_paradox wikiPageWikiLink Category:Macroeconomics.
- Gibsons_paradox wikiPageWikiLink Correlation_and_dependence.
- Gibsons_paradox wikiPageWikiLink Gold_standard.
- Gibsons_paradox wikiPageWikiLink Interest.
- Gibsons_paradox wikiPageWikiLink John_Maynard_Keynes.
- Gibsons_paradox wikiPageWikiLink Lawrence_Summers.
- Gibsons_paradox wikiPageWikiLink Loanable_funds.
- Gibsons_paradox wikiPageWikiLink Long_Depression.
- Gibsons_paradox wikiPageWikiLink Macmillan_Publishers.
- Gibsons_paradox wikiPageWikiLink Paradox.
- Gibsons_paradox wikiPageWikiLink Price_level.
- Gibsons_paradox wikiPageWikiLink Quantity_theory_of_money.
- Gibsons_paradox wikiPageWikiLink Thomas_Tooke.
- Gibsons_paradox wikiPageWikiLink Wholesale_price_index.
- Gibsons_paradox wikiPageWikiLinkText "Gibson's paradox".
- Gibsons_paradox wikiPageUsesTemplate Template:Cite_book.
- Gibsons_paradox wikiPageUsesTemplate Template:Cite_journal.
- Gibsons_paradox wikiPageUsesTemplate Template:Economic_paradoxes.
- Gibsons_paradox wikiPageUsesTemplate Template:Macroeconomics-stub.
- Gibsons_paradox wikiPageUsesTemplate Template:Reflist.
- Gibsons_paradox subject Category:Economics_paradoxes.
- Gibsons_paradox subject Category:Gold_standard.
- Gibsons_paradox subject Category:Macroeconomics.
- Gibsons_paradox hypernym Observation.
- Gibsons_paradox type Aircraft.
- Gibsons_paradox type Redirect.
- Gibsons_paradox comment "Gibson's Paradox is the observation that the rate of interest and the general level of prices are positively correlated. It is named for British economist Alfred Herbert Gibson who noted the correlation in a 1923 article for Banker's Magazine. The correlation had been noted earlier by Thomas Tooke.The term was first used by John Maynard Keynes, in his 1930 work, A Treatise on Money.".
- Gibsons_paradox label "Gibson's paradox".
- Gibsons_paradox sameAs Q5559264.
- Gibsons_paradox sameAs Paradoja_de_Gibson.
- Gibsons_paradox sameAs m.083mbx.
- Gibsons_paradox sameAs Q5559264.
- Gibsons_paradox wasDerivedFrom Gibsons_paradox?oldid=628620690.
- Gibsons_paradox isPrimaryTopicOf Gibsons_paradox.