John Weeks (economist) facts for kids
John Weeks (1941 – 26 July 2020) was an American economist. He was known for his work in understanding how economies grow and change. He taught at the University of London and wrote many books and papers about economics.
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About John Weeks
John Weeks was born in Austin, Texas, in 1941. He became a very respected economist. He was a Professor Emeritus at the School of Oriental and African Studies at the University of London. Being a "Professor Emeritus" means he was a retired professor who still kept his important title because of his great work.
His Economic Ideas
John Weeks was very interested in two main areas of economics:
- Macroeconomics: This is the study of how a whole country's economy works. It looks at big things like jobs, prices, and how much money people earn.
- Economic Development: This area focuses on how countries can become richer and improve the lives of their people. It looks at ways to help countries grow their economies.
He wrote many academic papers and books on these topics. He also helped governments with their economic plans.
The "Quantity Theory of Competition"
John Weeks came up with a special phrase: "quantity theory of competition." This idea suggests that when there is more competition, an economy works better.
- Producers (companies making things) compete to offer the best products.
- Consumers (people buying things) compete to find the best deals.
- Workers compete for jobs.
When everyone competes fairly, it can make the economy more efficient and helpful for everyone.
His Political Views
In 2015, John Weeks showed his support for Jeremy Corbyn. Jeremy Corbyn was a politician who was running to become the leader of the Labour Party (UK) in the United Kingdom. This showed that Weeks was interested in how economic ideas could connect with political leadership.
His Passing
John Weeks passed away on July 26, 2020. He left behind a lot of important work that continues to help people understand economies better.
Books by John Weeks
John Weeks wrote several important books about economics. Here are a few of them:
- Economics of the 1% (2014)
- Capital, Exploitation and Economic Crisis (2011)
