{"id":2107,"date":"2019-12-23T13:05:06","date_gmt":"2019-12-23T13:05:06","guid":{"rendered":"http:\/\/tvtinvest.com\/?p=2107"},"modified":"2020-01-03T14:36:36","modified_gmt":"2020-01-03T14:36:36","slug":"nha-kinh-te-hoc-nha-dau-tu-john-maynard-keynes","status":"publish","type":"post","link":"http:\/\/tvtinvest.com\/?p=2107","title":{"rendered":"NH\u00c0 KINH T\u1ebe H\u1eccC -NH\u00c0 \u0110\u1ea6U T\u01af JOHN MAYNARD KEYNES"},"content":{"rendered":"

\"Keynes<\/p>\n

John Maynard Keynes –<\/strong>\u00a0sinh ng\u00e0y 5 th\u00e1ng 6 n\u0103m 1883 t\u1ea1i Cambridge trong m\u1ed9t gia \u0111\u00ecnh c\u00f3 truy\u1ec1n th\u1ed1ng h\u1ecdc thu\u1eadt gi\u00e0u c\u00f3 ( \u00d4ng m\u1ea5t-1946) l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc ng\u01b0\u1eddi Anh v\u00e0 l\u00e0 m\u1ed9t trong nh\u1eefng ng\u01b0\u1eddi c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn nh\u1ea5t trong gi\u1edbi \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc Anh th\u1ebf k\u1ef7 20 th\u1eddi b\u1ea5y gi\u1edd.<\/span><\/p>\n

V\u1edbi Keynes, \u0111\u1ea7u t\u01b0 l\u00e0 h\u00e0nh \u0111\u1ed9ng \u01b0\u1edbc \u0111o\u00e1n l\u1ee3i nhu\u1eadn tr\u00ean t\u00e0i s\u1ea3n, c\u00f2n \u0111\u1ea7u c\u01a1 l\u00e0 h\u00e0nh \u0111\u1ed9ng \u01b0\u1edbc \u0111o\u00e1n t\u00e2m l\u00fd c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/em><\/strong>. Tuy nhi\u00ean, tr\u00ean th\u1ef1c t\u1ebf, nh\u1eefng \u0111\u1ed3ng l\u00e3i \u0111\u1ea7u ti\u00ean Keynes ki\u1ebfm \u0111\u01b0\u1ee3c l\u00e0 nh\u1edd v\u00e0o \u0111\u1ea7u c\u01a1. Keynes cho r\u1eb1ng \u0111\u1ea7u c\u01a1 “v\u00f4 h\u1ea1i nh\u01b0 bong b\u00f3ng trong d\u00f2ng ch\u1ea3y kinh doanh li\u00ean t\u1ee5c” nh\u01b0ng s\u1ebd r\u1ea5t tai h\u1ea1i khi “kinh doanh tr\u1edf th\u00e0nh bong b\u00f3ng trong v\u00f2ng xo\u00e1y c\u1ee7a \u0111\u1ea7u c\u01a1”<\/span><\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, ch\u00ednh \u00f4ng c\u0169ng l\u00e0 ng\u01b0\u1eddi x\u00f3a nh\u00f2a ranh gi\u1edbi gi\u1eefa \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ea7u c\u01a1 b\u1edfi \u00f4ng cho r\u1eb1ng \u0111\u1ecbnh ngh\u0129a ranh gi\u1edbi gi\u1eefa \u0111\u1ea7u t\u01b0 v\u00e0 \u0111\u1ea7u c\u01a1 l\u00e0 r\u1ea5t mong manh<\/em>. C\u00f3 nhi\u1ec1u ng\u01b0\u1eddi lu\u00f4n cho r\u1eb1ng m\u00ecnh \u0111ang “\u0111\u1ea7u t\u01b0 th\u1eadt s\u1ef1”, c\u00f3 th\u1ec3 b\u1ea3n ch\u1ea5t c\u1ee7a h\u00e0nh \u0111\u1ed9ng l\u00e0 \u0111\u1ea7u t\u01b0, nh\u01b0ng c\u00e1ch t\u01b0 duy v\u00e0 t\u00ednh to\u00e1n l\u1ea1i l\u00e0 \u0111\u1ea7u c\u01a1. Tr\u00ean th\u1ef1c t\u1ebf, \u0111\u1ed1i v\u1edbi \u00f4ng, d\u00f9 \u0111i theo b\u1ea5t c\u1ee9 ph\u01b0\u01a1ng ph\u00e1p n\u00e0o, th\u00ec ng\u01b0\u1eddi th\u00e0nh c\u00f4ng nh\u1ea5t v\u1eabn ph\u1ea3i l\u00e0 ng\u01b0\u1eddi ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n t\u1eeb “ng\u00e0i th\u1ecb tr\u01b0\u1eddng”<\/em>.<\/strong> Sau n\u00e0y khi \u0111\u00e3 tr\u1ea3i qua nhi\u1ec1u th\u0103ng tr\u1ea7m trong \u0111\u1ea7u t\u01b0 v\u00e0 t\u00ecm ra m\u1ed9t ph\u01b0\u01a1ng ph\u00e1p c\u1ee7a b\u1ea3n th\u00e2n, \u00f4ng c\u00f3 \u0111\u00fac k\u1ebft l\u1ea1i m\u1ed9t c\u00e2u ch\u00e2m ng\u00f4n trong cu\u1ed1n h\u1ed3i k\u00ed c\u1ee7a b\u1ea3n th\u00e2n “D\u00f9 l\u00e0 \u0111\u1ea7u t\u01b0 hay \u0111\u1ea7u c\u01a1, h\u00e3y tranh th\u1ee7 ch\u1edbp c\u01a1 h\u1ed9i mua khi th\u1ecb tr\u01b0\u1eddng \u0111ang \u1edf c\u1ef1c \u0111i\u1ec3m bi quan v\u00e0 b\u00e1n ra khi th\u1ecb tr\u01b0\u1eddng \u0111ang \u1edf c\u1ef1c \u0111i\u1ec3m l\u1ea1c quan.”<\/em><\/strong><\/span><\/p>\n

Sau n\u00e0y khi \u0111\u00e3 v\u1ec1 h\u01b0u, \u00f4ng \u0111\u00e3 d\u00e0nh nhi\u1ec1u th\u1eddi gian \u0111i chia s\u1ebb v\u1ec1 ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ea7u t\u01b0 v\u01b0\u1ee3t l\u00ean m\u1ecdi ngh\u1ecbch c\u1ea3nh trong c\u00e1c tr\u01b0\u1eddng \u0111\u1ea1i h\u1ecdc t\u1ea1i Anh Qu\u1ed1c. B\u00ean c\u1ea1nh \u0111\u00f3, \u00f4ng c\u0169ng d\u00e0nh m\u1ed9t ph\u1ea7n th\u1eddi gian \u0111\u1ec3 vi\u1ebft n\u00ean t\u00e1c ph\u1ea9m n\u1ed5i ti\u1ebfng nh\u1ea5t c\u1ee7a Keynes \u2013 cu\u1ed1n “L\u00fd thuy\u1ebft chung v\u1ec1 Vi\u1ec7c l\u00e0m, L\u00e3i su\u1ea5t v\u00e0 Ti\u1ec1n t\u1ec7<\/em>” (The General Theory of Employment, Interest and Money) \u2013 \u0111\u01b0\u1ee3c xu\u1ea5t b\u1ea3n n\u0103m 1936 v\u00e0 tr\u1edf th\u00e0nh chu\u1ea9n m\u1ef1c cho c\u00e1c t\u01b0 t\u01b0\u1edfng kinh t\u1ebf tr\u00ean th\u1ebf gi\u1edbi v\u1ec1 sau. T\u00e1c ph\u1ea9m n\u00e0y c\u0169ng kh\u1eb3ng \u0111\u1ecbnh v\u1ecb tr\u00ed nh\u00e0 kinh t\u1ebf h\u1ecdc c\u00f3 \u1ea3nh h\u01b0\u1edfng nh\u1ea5t \u1edf Anh c\u1ee7a \u00f4ng.<\/span><\/p>\n

V\u1edbi Keynes, nh\u1edd c\u00e1ch th\u1ee9c nghi\u00ean c\u1ee9u c\u1ea9n th\u1eadn trong \u0111\u1ea7u t\u01b0 \u0111\u00e3 khi\u1ebfn danh m\u1ee5c c\u1ed5 phi\u1ebfu th\u1eddi \u0111\u00f3 c\u1ee7a \u00f4ng th\u00e0nh c\u00f4ng r\u1ef1c r\u1ee1, t\u1eebng \u0111\u1ea1t t\u1ef7 l\u1ec7 sinh l\u1ee3i g\u1ea5p hai l\u1ea7n ch\u1ec9 s\u1ed1 FTSE 100, b\u1ea5t ch\u1ea5p c\u1ea3 nh\u1eefng giai \u0111o\u1ea1n c\u1ee7a kh\u00f3 kh\u0103n nh\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Anh. V\u00e0 t\u1ea5t nhi\u00ean, nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 c\u1ee7a \u00f4ng ch\u1ec9 g\u00f3i g\u1ecdn trong nh\u1eefng \u0111i\u1ec1u c\u01a1 b\u1ea3n d\u01b0\u1edbi \u0111\u00e2y:<\/span><\/p>\n

–T\u00ecm ki\u1ebfm nh\u1eefng c\u00f4ng ty \u0111ang \u0111\u01b0\u1ee3c b\u00e1n v\u1edbi gi\u00e1 b\u1eb1ng m\u1ed9t n\u1eeda l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t c\u00f4ng ty \u0111ang n\u1eafm gi\u1eef. \u00d4ng c\u00f2n g\u1ecdi \u0111\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c “mua 1 USD v\u1edbi gi\u00e1 50 xu<\/strong><\/em>“.<\/span><\/p>\n

– Kh\u00f4ng bao gi\u1edd mua c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u1edbi gi\u00e1 qu\u00e1 10 l\u1ea7n l\u1ee3i nhu\u1eadn<\/em>.<\/strong><\/span><\/p>\n

– B\u00e1n ra khi l\u1ee3i nhu\u1eadn \u0111\u1ea1t 50%<\/strong>.<\/em><\/span><\/p>\n

– N\u1ebfu sau 2 n\u0103m c\u1ed5 phi\u1ebfu kh\u00f4ng t\u0103ng gi\u00e1 th\u00ec b\u00e1n \u0111i<\/strong> v\u1edbi m\u1ecdi gi\u00e1<\/em>.<\/span><\/p>\n

– Ng\u01b0\u1eddi n\u00e0o kh\u00f4ng l\u00e0m ch\u1ee7 \u0111\u01b0\u1ee3c c\u1ea3m x\u00fac c\u1ee7a m\u00ecnh th\u00ec kh\u00f4ng th\u1ec3 ki\u1ebfm ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0<\/em><\/strong>.<\/span><\/p>\n

– \u0110\u1ec3 gi\u1ea3m thi\u1ec3u t\u1ec9 l\u1ec7 r\u1ee7i ro ph\u00e1 s\u1ea3n c\u1ee7a c\u00e1c c\u00f4ng ty, nh\u00e0 \u0111\u1ea7u t\u01b0 h\u00e3y ti\u1ebfn h\u00e0nh \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/strong> ch\u1ee9ng kho\u00e1n \u0111\u1ec3 tr\u00e1nh t\u00ecnh tr\u1ea1ng “b\u1ecf tr\u1ee9ng v\u00e0o chung m\u1ed9t gi\u1ecf<\/em>“. \u0110\u1ed1i v\u1edbi \u00f4ng, \u0111i\u1ec1u t\u1ed1i k\u1ecb l\u00e0 d\u1ed3n h\u1ebft v\u1ed1n li\u1ebfng v\u00e0o m\u1ed9t c\u1ed5 phi\u1ebfu duy nh\u1ea5t m\u00e0 ch\u01b0a th\u1ef1c s\u1ef1 bi\u1ebft r\u00f5 th\u00f4ng tin hay t\u00ecm hi\u1ec3u c\u1eb7n k\u1ebd v\u1ec1 ch\u00fang.<\/span><\/p>\n

– H\u00e3y t\u00ecm ki\u1ebfm nh\u1eefng c\u00f4ng ty c\u00f3 b\u1ea3ng c\u00e2n \u0111\u1ed1i thu chi t\u1ed1t ho\u1eb7c nh\u1eefng c\u00f4ng ty m\u1eafc \u00edt n\u1ee3, l\u1ee3i nhu\u1eadn tr\u00ean m\u1ee9c trung b\u00ecnh v\u00e0 c\u00f3 l\u01b0u l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t d\u1ed3i d\u00e0o<\/strong><\/em><\/span><\/p>\n

– Ki\u00ean nh\u1eabn n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu theo \u0111\u00fang l\u1ed9 tr\u00ecnh v\u00e0 quy t\u1eafc v\u1ea1ch ra<\/strong>, \u0111\u1eebng qu\u00e1 lo l\u1eafng tr\u01b0\u1edbc bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n theo gi\u1edd c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u0169ng l\u00e0 m\u1ed9t th\u01b0\u1edbc \u0111o c\u1ee7a th\u00e0nh c\u00f4ng<\/em>.<\/span><\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, Keynes c\u0169ng khuy\u00ean ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu n\u00ean quan ni\u1ec7m tho\u00e1ng ra r\u1eb1ng h\u1ecd \u0111ang n\u1eafm gi\u1eef m\u1ed9t ph\u1ea7n quy\u1ec1n s\u1edf h\u1eefu c\u00f4ng ty. V\u00ec th\u1ebf, h\u1ecd s\u1ebd kh\u00f4ng ph\u1ea3i b\u1eadn t\u00e2m v\u1ec1 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u00f3 l\u01b0\u1eddng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, b\u1edfi v\u00ec trong ng\u1eafn h\u1ea1n, th\u1ecb tr\u01b0\u1eddng l\u00e0 m\u00e1y bi\u1ec3u quy\u1ebft<\/em><\/strong> (ho\u00e0n to\u00e0n ph\u1ee5 thu\u1ed9c v\u00e0o th\u1ecb hi\u1ebfu c\u1ee7a nh\u1eefng ng\u01b0\u1eddi tham gia) c\u00f2n trong d\u00e0i h\u1ea1n, th\u1ecb tr\u01b0\u1eddng lu\u00f4n l\u00e0 b\u00e0n c\u00e2n<\/em> <\/strong>(trong d\u00e0i h\u1ea1n, gi\u00e1 tr\u1ecb th\u1ef1c s\u1ef1 s\u1ebd \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu).<\/span><\/p>\n

S\u01afU T\u1ea6M<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

John Maynard Keynes –\u00a0sinh ng\u00e0y 5 th\u00e1ng 6 n\u0103m 1883 t\u1ea1i Cambridge trong m\u1ed9t gia \u0111\u00ecnh c\u00f3 truy\u1ec1n th\u1ed1ng h\u1ecdc thu\u1eadt gi\u00e0u c\u00f3 ( \u00d4ng m\u1ea5t-1946) l\u00e0 m\u1ed9t nh\u00e0 kinh t\u1ebf h\u1ecdc ng\u01b0\u1eddi Anh v\u00e0 l\u00e0 m\u1ed9t trong nh\u1eefng ng\u01b0\u1eddi c\u00f3 \u1ea3nh h\u01b0\u1edfng l\u1edbn nh\u1ea5t trong gi\u1edbi \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc Anh th\u1ebf k\u1ef7 20 th\u1eddi b\u1ea5y gi\u1edd. V\u1edbi Keynes, \u0111\u1ea7u […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[31],"tags":[],"_links":{"self":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2107"}],"collection":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2107"}],"version-history":[{"count":5,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2107\/revisions"}],"predecessor-version":[{"id":2253,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=\/wp\/v2\/posts\/2107\/revisions\/2253"}],"wp:attachment":[{"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2107"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/tvtinvest.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}