Theory of fructification

Actuarial science | Mathematical finance | Exponentials

In economics, the theory of fructification is a theory of the interest rate which was proposed by French economist and finance minister Anne Robert Jacques Turgot. The term theory of fructification is due to Eugen von Böhm-Bawerk who considered Turgot as the first economist who tried to develop a scientific explanation of the interest rate. According to Turgot, a capitalist can either lend his money, or employ it in the purchase of a plot of land. Because fruitful land yields an annual rent forever, its price is given by the formula of a perpetual annuity: If A denotes the land's annual rent and r denotes the interest rate, the land price is simply A/r. From this formula, Turgot concluded that "the lower the interest rate, the more valuable is the land." Specifically, if the interest rate approached zero, the land price would become infinite. Because land prices must be finite, it follows that the interest rate is strictly positive. Turgot also argued that the mechanism which keeps interest rates above zero crowds out inefficient capital formation. Böhm-Bawerk, who sponsored a different interest theory, considered Turgot's approach as circular. However, according to Joseph Schumpeter, the eminent economic historian, "Turgot's contribution is not only by far the greatest performance in the field of interest theory the eighteenth century produced but it clearly foreshadowed much of the best thought of the last decades of the nineteenth." Much later, economists demonstrated that the theory of fructification can be stated rigorously in a general equilibrium model. They also generalized Turgot's proposition in two respects. First, land which is useful for residential or industrial purposes can be substituted for agricultural land. Second, in a growing economy, the existence of land implies that the interest rate exceeds the growth rate if the land's income share is bounded away from zero. The latter result is notable because it states that land ensures dynamic efficiency. (Wikipedia).

Chemical Reactions (4 of 11) Decomposition Reactions, An Explanation

Describes the basics of decomposition reactions, how to identify them, predict the products and balance the chemical equation. Two examples are also shown, decomposition of sugar and hydrogen peroxide. A chemical reaction is a process that leads to the chemical change of one set of chemic

From playlist Chemical Reactions and Stoichiometry

Introduction to additive combinatorics lecture 10.8 --- A weak form of Freiman's theorem

In this short video I explain how the proof of Freiman's theorem for subsets of Z differs from the proof given earlier for subsets of F_p^N. The answer is not very much: the main differences are due to the fact that cyclic groups of prime order do not have lots of subgroups, so one has to

From playlist Introduction to Additive Combinatorics (Cambridge Part III course)

Chemical Reactions (3 of 11) Combustion Reactions, An Explanation

Describes the basics of combustion reactions, how to identify them, predict the products and balance the chemical equation. Three explosions are included, methane mamba, whoosh bottle and hydrogen gas balloon. A chemical reaction is a process that leads to the chemical change of one set o

From playlist Chemical Reactions and Stoichiometry

Galois theory: Discriminants

This lecture is part of an online graduate course on Galois theory. We define the discriminant of a finite field extension, ans show that it is essentially the same as the discriminant of a minimal polynomial of a generator. We then give some applications to algebraic number fields. Corr

From playlist Galois theory

Math 139 Fourier Analysis Lecture 05: Convolutions and Approximation of the Identity

Convolutions and Good Kernels. Definition of convolution. Convolution with the n-th Dirichlet kernel yields the n-th partial sum of the Fourier series. Basic properties of convolution; continuity of the convolution of integrable functions.

From playlist Course 8: Fourier Analysis

What is Reductionism?

There are two different types of reductionism. One is called methodological reductionism, the other one theory reductionism. Methodological reductionism is about the properties of the real world. It’s about taking things apart into smaller things and finding that the smaller things determ

From playlist Philosophy of Science

Chemical Reaction (5 of 11) Synthesis Reactions, an Explanation

Describes the basics of synthesis reactions, how to identify them, predict the product and balance the chemical equation. Two examples are also shown, synthesis of MgO and ZnS. A chemical reaction is a process that leads to the chemical change of one set of chemical substances to another

From playlist Chemical Reactions and Stoichiometry

Convolution Theorem: Fourier Transforms

Free ebook https://bookboon.com/en/partial-differential-equations-ebook Statement and proof of the convolution theorem for Fourier transforms. Such ideas are very important in the solution of partial differential equations.

From playlist Partial differential equations

First Order Linear Recurrence Relations

From playlist N. Proofs and Recurrence Relations

Anna Marie Bohmann: Assembly in the Algebraic K-theory of Lawvere Theories

Talk by Anna Marie Bohmann in Global Noncommutative Geometry Seminar (Americas), https://globalncgseminar.org/talks/tba-30/, on April 29, 2022.

From playlist Global Noncommutative Geometry Seminar (Americas)

Have We Really Found The Theory Of Everything?

Start using AnyDesk, the blazing-fast Remote Desktop Software, today at https://anydesk.com/en/downloads/windows?utm_source=brand&utm_medium=youtube&utm_campaign=hotu&utm_content=yt-sponsoring&utm_term=en -------------------------------------------------- Written by Joseph

From playlist The Entire History of the Universe

David Gross: Quantum Field Theory - Past Present Future

Invited talk at the Conference in Honour of the 90th Birthday of Freeman Dyson, Institute of Advanced Studies, Nanyang Technological University, Singapore, 26-29 August 2013 http://www.ntu.edu.sg/ias/upcomingevents/FMDS/Pages/default.aspx

From playlist Quantum Field Theory

SQCD and Pairs of Pants by Shlomo Razamat

PROGRAM QUANTUM FIELDS, GEOMETRY AND REPRESENTATION THEORY 2021 (ONLINE) ORGANIZERS: Aswin Balasubramanian (Rutgers University, USA), Indranil Biswas (TIFR, india), Jacques Distler (The University of Texas at Austin, USA), Chris Elliott (University of Massachusetts, USA) and Pranav Pan

From playlist Quantum Fields, Geometry and Representation Theory 2021 (ONLINE)

1. Introduction to Effective Field Theory (EFT)

MIT 8.851 Effective Field Theory, Spring 2013 View the complete course: http://ocw.mit.edu/8-851S13 Instructor: Iain Stewart In this lecture, the professor discussed EFT of Hydrogen, top-down and bottom-up, and renormalizable EFT. License: Creative Commons BY-NC-SA More information at ht

From playlist MIT 8.851 Effective Field Theory, Spring 2013

Simplifying String Theory by Rajesh Gopakumar, ICTS

Science at ICTS URL: https://www.icts.res.in/science-at-icts Date: 20 June 2015 Venue: ICTS-TIFR Campus DESCRIPTION : - This event marks the inauguration of the Campus of the International Centre for Theoretical Sciences of TIFR. The academic program will consist of lectures in tradit

From playlist Science at ICTS

The Role of Theory in Science - David Gross

Speaker : David Gross (KITP, Santa Barbara) Date and Time : 28 Dec 2009, 05:30 PM Venue : J. N. Tata Auditorium, IISc, Bangalore On the occasion of the inauguration of the International Centre for Theoretical Sciences, TIFR, I shall share some of my observations and conclusions as to the

From playlist Public Lectures

Seok Kim - 6 dimensional superconformal field theories (1)

PROGRAM: THE 8TH ASIAN WINTER SCHOOL ON STRINGS, PARTICLES AND COSMOLOGY DATES: Thursday 09 Jan, 2014 - Saturday 18 Jan, 2014 VENUE: Blue Lily Hotel, Puri PROGRAM LINK: http://www.icts.res.in/program/asian8 The 8th Asian Winter School on Strings, Particles and Cosmology is part of a seri

From playlist The 8th Asian Winter School on Strings, Particles and Cosmology

Matrix Models, Gauge-Gravity Duality and Simulations on the Lattice by Georg Bergner

PROGRAM NONPERTURBATIVE AND NUMERICAL APPROACHES TO QUANTUM GRAVITY, STRING THEORY AND HOLOGRAPHY (HYBRID) ORGANIZERS: David Berenstein (University of California, Santa Barbara, USA), Simon Catterall (Syracuse University, USA), Masanori Hanada (University of Surrey, UK), Anosh Joseph (II

From playlist NUMSTRING 2022

Michio Kaku on The God Equation | Closer To Truth Chats

Are there other universes and dimensions? Is time travel possible? Why are we here? What if there was a single theory that could answer these profound questions? I recently sat down with renowned theoretical physicist Michio Kaku to discuss his new book The God Equation: The Quest for a

From playlist Closer To Truth Chats

Chemical Reactions (2 of 11) Single Replacement Reactions, An Explanation

Describes the basics of single replacement reactions, how to identify them, predict the product and balance the chemical equation. Two examples are also shown, Mg + AgNO3 and Al + CuCl2 You can see a listing of all my videos at my website, http://www.stepbystepscience.com A chemical reac

From playlist Chemical Reactions and Stoichiometry

Theory of fructification

Related pages