Class Note for ECON 311 at UMass(6)
Class Note for ECON 311 at UMass(6)
Popular in Course
Popular in Department
This 9 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at University of Massachusetts taught by a professor in Fall. Since its upload, it has received 20 views.
Reviews for Class Note for ECON 311 at UMass(6)
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 02/06/15
History 112 Fall 2003 Handout 3 Professor Ogilvie The humanities an unendino conversation In a memorable analogy the literary critic and philosopher Kenneth Burke described the humanities as the unending conversation of history Imagine that you enter a parlor You come late When you arrive others have long preceded you and they are engaged in a heated discussion a discussion too heated for them to pause and tell you exactly what it is about In fact the discussion had already begun long before any of them got there so that no one present is quali ed to retrace for you all the steps that had gone before You listen for a while until you decide that you have caught the tenor of the argument then you put in your oar Someone answers you answer him another comes to your defense another aligns himself against you to either the embarrassment or gratification ofyour opponent depending upon the quality ofyour ally s assistance However the discussion is interminable The hour grows late you must depart And you do depart with the discussion still vigorously in progress The study of religion is such a conversation In this course you will learn to listen in on this conversation and eventually to participate in it You will listen by reading what scholars of religion have wrote about it along with selected writings from the different religious traditions and selections from modern journalism about religion You will also listen in class to my lectures to discussions among yourselves to guest speakers and to films and recordings By listening you will learn not only what scholars of religion say about it but also how they mlk about religioniwhat technical terms they use among themselves the difference between insider and outsider points ofview and so forth This conversation resembles a lateinight bull session but there are important differences In scholarly disciplines there are rules about what counts as a sound argument and what constitutes valid evidence for that argument Some of those rules are straightforward but others can be learned only through experience As you listen to the different aspects of this course try to pay attention not only to the content but also to the form ofwhat is being said All this listening though is a preparation to your participation As a general education course History 112 is intended to introduce you to the continuing conversation of humanity on is sues of real importance You will have the opportunity and the responsibility to participate in a serious conversation about religion Sometimes this conversation will be informal as in class discussions or response papers Sometimes it will be formal in papers and eXaIns Professor Ogilvie your TA and your fellow students will help you learn how to participate and you will practice in the informal assignments for the course Your success will be assessed through the formal assignments We hope that this will be only the beginning ofyour participation in this unending conversation 1 Kenneth Burke The Philosophy osz39temg Form 2d ed Baton Rouge Louisiana Smte University Press 1967 110711 Manas Pancs and Crashes by Charles P Kindleberger First published in1978 Reprintedin 2000 Kindleberger worked for Federal Reserve Bank and was on Board of Governors of Federal Reserve System 5quot Worked on Marshall Plan 139HISTQRVOFJSINANCI QCEJS S 39 1 I I 39 FIFTH EDlTlON DIGd In 39lROISERTA 11 er ANLWmmrb nnEan l mtcuu39mfu39imimnpf gs39 Overview This work is not concerned with the business cycle only the peak of expansion and subsequent downturn Based on financial crises from 1719 till the 1980 s Historical Economics No mathematical model involved Definitions Mania speculative excess also referred to as a bubble Panic Revulsion Crisis a short brief ultracyclical deterioration of all or most of a group of financial indicators short term interest rates asset stock real estate land prices commercial insolvencies and failures of financial instituions What Happens Kindleberger bases his analysis on the Minsky model Allows for international trade shock to the economic system bumper crop technological advance etc changes profit opportunites Investors seek to move to where new profit occurs Boom occurs This boom is fueled by an expansion of credit both personal and bank credit Urge to speculate drives up prices hot potato What happens Part 2 More investors enter the market all seeking to earn profits Referred to as Euphoria Pure speculation or Excessive Gearing Detached from reality Prices continue to increase What happens Part 3 Interest rates velocity prices all rise Investors begin to leave prices level off Profits never infinite After a few investors begin to leave the market a stampede for liquidity occurs Revulsion Rush for liquidity causes drop in prices of goods and securities increased bankruptcy bank failures etc When does it end 1 Price declines make investment attractive again 2 Trade is shut down 3 Lender of last resort 000000 nap39 nap39 nap39 nap39 nap39 Following Chapters er 3 historical analysis of Minsky er 4 monetary aspects er 5 swindles er 6 Domestic crises er 7 International crises nap39 er 8 Conclusion
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'