History
The tableau économique (Economic Table) of François Quesnay (1759), which lay the foundation of the Physiocrats economic theory, is credited as the "first precise formulation" of interdependent systems in economics and the origin of multiplier theory. In the tableau économique, one sees variables in one period (time t) feeding into variables in the next period (time t+1), and a constant rate of flow yields geometric series, which computes a multiplier.
The modern theory of the multiplier was developed in the 1930s, by Kahn, Keynes, Giblin, and others, following earlier work in the 1890s by the Australian economist Alfred De Lissa, the Danish economist Julius Wulff, and the German-American economist N. A. J. L. Johannsen.
Read more about this topic: Multiplier (economics)
Famous quotes containing the word history:
“The history of work has been, in part, the history of the workers body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
—Shoshana Zuboff (b. 1951)
“All history becomes subjective; in other words there is properly no history, only biography.”
—Ralph Waldo Emerson (18031882)
“False history gets made all day, any day,
the truth of the new is never on the news
False history gets written every day
...
the lesbian archaeologist watches herself
sifting her own life out from the shards shes piecing,
asking the clay all questions but her own.”
—Adrienne Rich (b. 1929)