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
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From playlist Introduction to Additive Combinatorics (Cambridge Part III course)
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From playlist Chemical Reactions and Stoichiometry
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Math 139 Fourier Analysis Lecture 05: Convolutions and Approximation of the Identity
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From playlist Course 8: Fourier Analysis
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From playlist Chemical Reactions and Stoichiometry
Convolution Theorem: Fourier Transforms
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From playlist Partial differential equations
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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
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From playlist Quantum Field Theory
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Seok Kim - 6 dimensional superconformal field theories (1)
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From playlist NUMSTRING 2022
Michio Kaku on The God Equation | Closer To Truth Chats
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Chemical Reactions (2 of 11) Single Replacement Reactions, An Explanation
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From playlist Chemical Reactions and Stoichiometry