511 relations: Absolute advantage, Academic degree, Achaemenid Empire, Adam Smith, Adverse selection, Advocacy group, Agent (economics), Agent-based computational economics, Aggregate demand, Aggregation problem, Agricultural subsidy, Alfred Marshall, Allocative efficiency, American Economic Association, Amos Tversky, An Essay on the Nature and Significance of Economic Science, An Essay on the Principle of Population, Ancient Greece, Ancient Greek, Ancient Rome, Applied economics, Applied mathematics, Arab world, Aristotle, Artificial Life (journal), Auburn University, Austrian School, Émile Durkheim, Balanced budget, Bank, Bankruptcy, Barter, Behavioral economics, Behaviorism, Ben Bernanke, Boeotia, Budget, Budget constraint, Business cycle, Business economics, Business ethics, Calculus, Capital (economics), Capital formation, Capital market, Capital structure, Capitalism, Carbon tax, Central bank, Ceteris paribus, ..., Chanakya, China, Choice, Circular flow of income, Circulating capital, Classical antiquity, Classical economics, Cognitive bias, Coincidence of wants, Communication, Comparative advantage, Comparative economic systems, Competition (economics), Complex adaptive system, Computer science, Constitutional economics, Consumer choice, Consumption (economics), Contract theory, Convergence (economics), Corporation, Cost–benefit analysis, Crowding out (economics), Daniel Kahneman, Das Kapital, Data set, David Ricardo, Decision theory, Decision-making, Deficit spending, Definitions of economics, Deirdre McCloskey, Dependency theory, Developing country, Development economics, Diminishing returns, Discouraged worker, Distortion (economics), Distribution (economics), Division of labour, Duopoly, Dynamic network analysis, East Coast of the United States, Ecological economics, Ecological Economics (journal), Econ Journal Watch, Econometrics, Economic cost, Economic data, Economic development, Economic efficiency, Economic equilibrium, Economic geography, Economic growth, Economic history, Economic ideology, Economic model, Economic nationalism, Economic policy, Economic sociology, Economic union, Economica, Economics, Economics (textbook), Economics of religion, Economics of science, Economics terminology that differs from common usage, Economies of agglomeration, Economies of scale, Economy, Economy of Cuba, Economy of Laos, Economy of North Korea, Econophysics, Education economics, Effective demand, Efficient-market hypothesis, Emissions trading, Empirical evidence, Encyclopædia Britannica, Endogenous growth theory, Energy economics, Energy supply, Entropy, Environmental economics, Equity (economics), Evolutionary biology, Evolutionary economics, Exchange rate, Exchange-rate flexibility, Exogeny, Experiment, Experimental economics, Externality, Factors of production, Falsifiability, Family economics, Federal government of the United States, Feminist economics, Finance, Financial crisis, Financial crisis of 2007–2008, Financial economics, Financial instrument, Financial market, Financial regulation, Fiscal multiplier, Fiscal policy, Fixed capital, Floating exchange rate, Foundations of Economic Analysis, Four Asian Tigers, Francis Amasa Walker, Fraser's Magazine, Free market, Free trade, Freiburg school, Full employment, Futures exchange, Gains from trade, Game theory, Gary Becker, General equilibrium theory, Genetically modified crops, Georg Simmel, George Akerlof, Globalization, Glossary of economics, Goods, Goods and services, Government budget balance, Great Depression, Green economy, Gross National Happiness, Growth accounting, Guns versus butter model, Health economics, Herman Daly, Hesiod, Heterodox economics, Heuristics in judgment and decision-making, Historian, History of India, Homo economicus, Household, Human behavior, Human capital, Ibn Khaldun, If Women Counted, Imperfect competition, Import quota, Income distribution, Income–consumption curve, Incomplete markets, Index of economics articles, Individual, Industrial organization, Inflation, Information asymmetry, Information economics, Input–output model, Institution, Institutional economics, Insurance, Intermediate good, International Encyclopedia of the Social & Behavioral Sciences, International finance, International Monetary Fund, International monetary systems, Investment (macroeconomics), Invisible hand, IS–LM model, Jean-Baptiste Say, Joan Robinson, John Hicks, John Maynard Keynes, John McMurtry, John Stuart Mill, John von Neumann, Joseph Schumpeter, Joseph Stiglitz, Journal of Economic Education, Journal of Economic Perspectives, Journal of Economic Theory, Julian Simon, Julie A. 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In economics, the principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.
An academic degree is a qualification awarded to students upon successful completion of a course of study in higher education, normally at a college or university.
The Achaemenid Empire, also called the First Persian Empire, was an empire based in Western Asia, founded by Cyrus the Great.
Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment era.
Adverse selection is a term commonly used in economics, insurance, and risk management that describes a situation where market participation is affected by asymmetric information.
Advocacy groups (also known as pressure groups, lobby groups, campaign groups, interest groups, or special interest groups) use various forms of advocacy in order to influence public opinion and/or policy.
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.
Agent-based computational economics (ACE) is the area of computational economics that studies economic processes, including whole economies, as dynamic systems of interacting agents.
In macroeconomics, aggregate demand (AD) or domestic final demand (DFD) is the total demand for final goods and services in an economy at a given time.
An aggregate in economics is a summary measure describing a market or economy.
An agricultural subsidy is a governmental subsidy paid to agribusinesses, agricultural organizations and farms to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities.
Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time.
Allocative efficiency is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.
The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee.
Amos Nathan Tversky (עמוס טברסקי; March 16, 1937 – June 2, 1996) was a cognitive and mathematical psychologist, a student of cognitive science, a collaborator of Daniel Kahneman, and a figure in the discovery of systematic human cognitive bias and handling of risk.
Lionel Robbins' Essay (1932, 1935, 2nd ed., 158 pp.) sought to define more precisely economics as a science and to derive substantive implications.
The book An Essay on the Principle of Population was first published anonymously in 1798, but the author was soon identified as Thomas Robert Malthus.
Ancient Greece was a civilization belonging to a period of Greek history from the Greek Dark Ages of the 13th–9th centuries BC to the end of antiquity (AD 600).
The Ancient Greek language includes the forms of Greek used in ancient Greece and the ancient world from around the 9th century BC to the 6th century AD.
In historiography, ancient Rome is Roman civilization from the founding of the city of Rome in the 8th century BC to the collapse of the Western Roman Empire in the 5th century AD, encompassing the Roman Kingdom, Roman Republic and Roman Empire until the fall of the western empire.
Applied economics is the application of economic theory and econometrics in specific settings.
Applied mathematics is the application of mathematical methods by different fields such as science, engineering, business, computer science, and industry.
The Arab world (العالم العربي; formally: Arab homeland, الوطن العربي), also known as the Arab nation (الأمة العربية) or the Arab states, currently consists of the 22 Arab countries of the Arab League.
Aristotle (Ἀριστοτέλης Aristotélēs,; 384–322 BC) was an ancient Greek philosopher and scientist born in the city of Stagira, Chalkidiki, in the north of Classical Greece.
Artificial Life is a peer-reviewed scientific journal that covers the study of man-made systems that exhibit the behavioral characteristics of natural living systems.
Auburn University (AU or Auburn) is a public research university in Auburn, Alabama, United States.
The Austrian School is a school of economic thought that is based on methodological individualism—the concept that social phenomena result from the motivations and actions of individuals.
David Émile Durkheim (or; April 15, 1858 – November 15, 1917) was a French sociologist.
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures.
A bank is a financial institution that accepts deposits from the public and creates credit.
Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors.
In trade, barter is a system of exchange where participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money.
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.
Behaviorism (or behaviourism) is a systematic approach to understanding the behavior of humans and other animals.
Ben Shalom Bernanke (born December 13, 1953) is an American economist at the Brookings Institution who served two terms as Chairman of the Federal Reserve, the central bank of the United States, from 2006 to 2014.
Boeotia, sometimes alternatively Latinised as Boiotia, or Beotia (Βοιωτία,,; modern transliteration Voiotía, also Viotía, formerly Cadmeis), is one of the regional units of Greece.
A budget is a financial plan for a defined period of time, usually a year.It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.
A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income.
The business cycle, also known as the economic cycle or trade cycle, is the downward and upward movement of gross domestic product (GDP) around its long-term growth trend.
Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets.
Business ethics (also known as corporate ethics) is a form of applied ethics or professional ethics, that examines ethical principles and moral or ethical problems that can arise in a business environment.
Calculus (from Latin calculus, literally 'small pebble', used for counting and calculations, as on an abacus), is the mathematical study of continuous change, in the same way that geometry is the study of shape and algebra is the study of generalizations of arithmetic operations.
In economics, capital consists of an asset that can enhance one's power to perform economically useful work.
Capital formation is a concept used in macroeconomics, national accounts and financial economics.
A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold.
In finance, particularly corporate finance capital structure is the way a corporation finances its assets through some combination of equity, debt, or hybrid securities.
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.
A carbon tax is a tax levied on the carbon content of fuels.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
Ceteris paribus or caeteris paribus is a Latin phrase meaning "other things equal".
Chanakya (IAST:,; fl. c. 4th century BCE) was an Indian teacher, philosopher, economist, jurist and royal advisor.
China, officially the People's Republic of China (PRC), is a unitary one-party sovereign state in East Asia and the world's most populous country, with a population of around /1e9 round 3 billion.
Choice involves decision making.
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc.
Circulating capital includes intermediate goods and operating expenses, i.e., short-lived items that are used in production and used up in the process of creating other goods or services.
Classical antiquity (also the classical era, classical period or classical age) is the period of cultural history between the 8th century BC and the 5th or 6th century AD centered on the Mediterranean Sea, comprising the interlocking civilizations of ancient Greece and ancient Rome, collectively known as the Greco-Roman world.
Classical economics or classical political economy (also known as liberal economics) is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century.
A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment.
The coincidence of wants (often known as double coincidence of wants) is the situation where the supplier of good A wants good B and the supplier of good B wants good A. It is an important category of transaction costs that impose severe limitations on economies lacking a medium of exchange (such as money), which have to rely on barter or other in-kind transactions.
Communication (from Latin commūnicāre, meaning "to share") is the act of conveying intended meanings from one entity or group to another through the use of mutually understood signs and semiotic rules.
The law or principle of comparative advantage holds that under free trade, an agent will produce more of and consume less of a good for which they have a comparative advantage.
Comparative economic systems is the subfield of economics dealing with the comparative study of different systems of economic organization, such as capitalism, socialism, feudalism and the mixed economy.
In economics, competition is a condition where different economic firmsThis article follows the general economic convention of referring to all actors as firms; examples in include individuals and brands or divisions within the same (legal) firm.
A complex adaptive system is a system in which a perfect understanding of the individual parts does not automatically convey a perfect understanding of the whole system's behavior.
Computer science deals with the theoretical foundations of information and computation, together with practical techniques for the implementation and application of these foundations.
Constitutional economics is a research program in economics and constitutionalism that has been described as explaining the choice "of alternative sets of legal-institutional-constitutional rules that constrain the choices and activities of economic and political agents".
The theory of consumer and choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.
Consumption is the process in which consumers (customers or buyers) purchase items on the market.
In economics, contract theory studies how economic actors can and do construct contractual arrangements, generally in the presence of asymmetric information.
The idea of convergence in economics (also sometimes known as the catch-up effect) is the hypothesis that poorer economies' per capita incomes will tend to grow at faster rates than richer economies.
A corporation is a company or group of people or an organisation authorized to act as a single entity (legally a person) and recognized as such in law.
Cost–benefit analysis (CBA), sometimes called benefit costs analysis (BCA), is a systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects investments); it is used to determine options that provide the best approach to achieve benefits while preserving savings.
In economics, crowding out is argued by some economists to be a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market.
Daniel Kahneman (דניאל כהנמן; born March 5, 1934) is an Israeli-American psychologist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences (shared with Vernon L. Smith).
Das Kapital, also known as Capital.
A data set (or dataset) is a collection of data.
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.
Decision theory (or the theory of choice) is the study of the reasoning underlying an agent's choices.
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.
Deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit; the opposite of budget surplus.
There are a variety of modern definitions of economics.
Deirdre Nansen McCloskey (born September 11, 1942), born Donald N. McCloskey, is the Distinguished Professor of Economics, History, English, and Communication at the University of Illinois at Chicago (UIC).
Dependency theory is the notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former.
A developing country (or a low and middle income country (LMIC), less developed country, less economically developed country (LEDC), underdeveloped country) is a country with a less developed industrial base and a low Human Development Index (HDI) relative to other countries.
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries.
In economics, diminishing returns is the decrease in the marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.
In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment or who does not find employment after long-term unemployment.
A distortion is "any departure from the ideal of perfect competition that therefore interferes with economic agents maximizing social welfare when they maximize their own".
In economics, distribution is the way total output, income, or wealth is distributed among individuals or among the factors of production (such as labour, land, and capital).
The division of labour is the separation of tasks in any system so that participants may specialize.
A duopoly (from Greek δύο, duo (two) + πωλεῖν, polein (to sell)) is a form of oligopoly where only two sellers exist in one market.
Dynamic network analysis (DNA) is an emergent scientific field that brings together traditional social network analysis (SNA), link analysis (LA), social simulation and multi-agent systems (MAS) within network science and network theory.
The East Coast of the United States is the coastline along which the Eastern United States meets the North Atlantic Ocean.
Ecological economics (also called eco-economics, ecolonomy or bioeconomics of Georgescu-Roegen) is both a transdisciplinary and an interdisciplinary field of academic research addressing the interdependence and coevolution of human economies and natural ecosystems, both intertemporally and spatially.
Ecological Economics is a peer-reviewed academic journal published by Elsevier on behalf of the International Society for Ecological Economics.
Econ Journal Watch is a triannual peer-reviewed electronic journal established in 2004.
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.
Economic cost is the combination of gains and losses of any goods that have a value attached to them by any one individual.
Economic data or economic statistics are data (quantitative measures) describing an actual economy, past or present.
economic development wikipedia Economic development is the process by which a nation improves the economic, political, and social well-being of its people.
Economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt.
In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Economic geography is the study of the location, distribution and spatial organization of economic activities across the world.
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
Economic history is the study of economies or economic phenomena of the past.
An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach.
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.
Economic nationalism, or economic patriotism, refers to an ideology that favors state interventionism in the economy, with policies that emphasize domestic control of the economy, labor, and capital formation, even if this requires the imposition of tariffs and other restrictions on the movement of labor, goods and capital.
The economic policy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy.
Economic sociology is the study of the social cause and effect of various economic phenomena.
An economic union is a type of trade bloc which is composed of a common market with a customs union.
Economica is a peer-reviewed academic journal of generalist economics published on behalf of the London School of Economics by Wiley-Blackwell.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Economics is an introductory textbook by American economists Paul Samuelson and William Nordhaus.
The Economics of Religion concerns both the application of economic techniques to the study of religion and the relationship between economic and religious behaviours.
The economics of science aims to understand the impact of science on the advance of technology, to explain the behavior of scientists, and to understand the efficiency or inefficiency of scientific institutions and markets.
In any technical subject, words commonly used in everyday life acquire very specific technical meanings, and confusion can arise when someone is uncertain of the intended meaning of a word.
Economies of agglomeration considers the effects of urban agglomeration, it is a topic of urban economics.
In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation (typically measured by amount of output produced), with cost per unit of output decreasing with increasing scale.
An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents.
Cuba has a planned economy dominated by state-run enterprises.
The economy of the Lao People's Democratic Republic is rapidly growing, as a result of decentralized government control and encouragement of private enterprise since 1986.
The economy of North Korea is a centrally planned system, where the role of market allocation schemes is limited, though increasing.
Econophysics is an interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics.
Education economics or the economics of education is the study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies.
In economics, effective demand (ED) in a market is the demand for a product or service which occurs when purchasers are constrained in a different market.
The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information.
Emissions trading, or cap and trade, is a government, market-based approach to controlling pollution by providing economic incentives for achieving reductions in the emissions of pollutants.
Empirical evidence, also known as sensory experience, is the information received by means of the senses, particularly by observation and documentation of patterns and behavior through experimentation.
The Encyclopædia Britannica (Latin for "British Encyclopaedia"), published by Encyclopædia Britannica, Inc., is a general knowledge English-language encyclopaedia.
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces.
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies.
Energy supply is the delivery of fuels or transformed fuels to point of consumption.
In statistical mechanics, entropy is an extensive property of a thermodynamic system.
Environmental economics is a sub-field of economics that is concerned with environmental issues.
Equity or economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
Evolutionary biology is the subfield of biology that studies the evolutionary processes that produced the diversity of life on Earth, starting from a single common ancestor.
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology.
In finance, an exchange rate is the rate at which one currency will be exchanged for another.
A flexible exchange-rate system is a monetary system that allows the exchange rate to be determined by supply and demand.
In a variety of contexts, exogeny or exogeneity is the fact of an action or object originating externally.
An experiment is a procedure carried out to support, refute, or validate a hypothesis.
Experimental economics is the application of experimental methods to study economic questions.
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.
In economics, factors of production, resources, or inputs are which is used in the production process to produce output—that is, finished goods and services.
A statement, hypothesis, or theory has falsifiability (or is falsifiable) if it can logically be proven false by contradicting it with a basic statement.
Family economics applies basic economic concepts such as production, division of labor, distribution, and decision making to the study of the family.
The federal government of the United States (U.S. federal government) is the national government of the United States, a constitutional republic in North America, composed of 50 states, one district, Washington, D.C. (the nation's capital), and several territories.
Feminist economics is the critical study of economics including its methodology, epistemology, history and empirical research, attempting to overcome alleged androcentric (male and patriarchal) biases.
Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty.
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value.
The financial crisis of 2007–2008, also known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.
Financial economics is the branch of economics characterized by a "concentration on monetary activities", in which "money of one type or another is likely to appear on both sides of a trade".
Financial instruments are monetary contracts between parties.
A financial market is a market in which people trade financial securities and derivatives such as futures and options at low transaction costs.
Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system.
In economics, the fiscal multiplier (not to be confused with monetary multiplier) is the ratio of a change in national income to the change in government spending that causes it.
In economics and political science, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy.
Fixed capital is a concept in economics and accounting, first theoretically analyzed in some depth by the economist David Ricardo.
A floating exchange rate (also called a fluctuating or flexible exchange rate) is a type of exchange-rate regime in which a currency's value is allowed to fluctuate in response to foreign-exchange market mechanisms.
Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 (Enlarged ed., 1983) by Harvard University Press.
The Four Asian Tigers, Four Asian Dragons or Four Little Dragons, are the economies of Hong Kong, Singapore, South Korea and Taiwan, which underwent rapid industrialization and maintained exceptionally high growth rates (in excess of 7 percent a year) between the early 1960s (mid-1950s for Hong Kong) and 1990s.
Francis Amasa Walker (July 2, 1840 – January 5, 1897) was an American economist, statistician, journalist, educator, academic administrator, and military officer in the Union Army.
Fraser's Magazine for Town and Country was a general and literary journal published in London from 1830 to 1882, which initially took a strong Tory line in politics.
In economics, a free market is an idealized system in which the prices for goods and services are determined by the open market and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
Free trade is a free market policy followed by some international markets in which countries' governments do not restrict imports from, or exports to, other countries.
__notoc__ The Freiburg School (Freiburger Schule) is a school of economic thought founded in the 1930s at the University of Freiburg.
Full employment means that everyone who wants a job have all the hours of work they need on "fair wages".
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future.
In economics, gains from trade are the net benefits to economic agents from being allowed an increase in voluntary trading with each other.
Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".
Gary Stanley Becker (December 2, 1930 – May 3, 2014) was an American economist and empiricist.
In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium.
Genetically modified crops (GMCs, GM crops, or biotech crops) are plants used in agriculture, the DNA of which has been modified using genetic engineering methods.
Georg Simmel (1 March 1858 – 28 September 1918) was a German sociologist, philosopher, and critic.
George Arthur Akerlof (born June 17, 1940) is an American economist who is a University Professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley.
Globalization or globalisation is the process of interaction and integration between people, companies, and governments worldwide.
Most of the terms listed in Wikipedia glossaries are already defined and explained within Wikipedia itself.
In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.
Goods are items that are tangible, such as pens, salt, apples, oganesson, and hats.
A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year.
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.
The green economy is defined as an economy that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.
Gross National Happiness (also known by the acronym: GNH) is a philosophy that guides the government of Bhutan.
Growth accounting is a procedure used in economics to measure the contribution of different factors to economic growth and to indirectly compute the rate of technological progress, measured as a residual, in an economy.
In macroeconomics, the guns versus butter model is an example of a simple production–possibility frontier.
Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare.
Herman Edward Daly (born July 21, 1938) is an American ecological and Georgist economist and emeritus professor at the School of Public Policy of University of Maryland, College Park in the United States.
Hesiod (or; Ἡσίοδος Hēsíodos) was a Greek poet generally thought by scholars to have been active between 750 and 650 BC, around the same time as Homer.
Heterodoxy is a term that may be used in contrast with orthodoxy in schools of economic thought or methodologies, that may be beyond neoclassical economics.
In psychology, heuristics are simple, efficient rules which people often use to form judgments and make decisions.
A historian is a person who studies and writes about the past, and is regarded as an authority on it.
The history of India includes the prehistoric settlements and societies in the Indian subcontinent; the advancement of civilisation from the Indus Valley Civilisation to the eventual blending of the Indo-Aryan culture to form the Vedic Civilisation; the rise of Hinduism, Jainism and Buddhism;Sanderson, Alexis (2009), "The Śaiva Age: The Rise and Dominance of Śaivism during the Early Medieval Period." In: Genesis and Development of Tantrism, edited by Shingo Einoo, Tokyo: Institute of Oriental Culture, University of Tokyo, 2009.
The term homo economicus, or economic man, is a caricature of economic theory framed as a "mythical species" or word play on homo sapiens, and used in pedagogy.
A household consists of one or more people who live in the same dwelling and also share meals or living accommodation, and may consist of a single family or some other grouping of people.
Human behavior is the responses of individuals or groups of humans to internal and external stimuli.
Human capital is a term popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, and Jacob Mincer.
Ibn Khaldun (أبو زيد عبد الرحمن بن محمد بن خلدون الحضرمي.,; 27 May 1332 – 17 March 1406) was a fourteenth-century Arab historiographer and historian.
If Women Counted (1988) by Marilyn Waring, former New Zealand Member of Parliament, is a book in academic feminism, political economy and feminist economics.
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets.
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time.
In economics, income distribution is how a nation’s total GDP is distributed amongst its population.
In economics and particularly in consumer choice theory, the income-consumption curve is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
In economics, incomplete markets are markets in which the number of Arrow–Debreu securities is less than the number of states of nature.
This aims to be a complete article list of economics topics.
An individual is that which exists as a distinct entity.
In economics, industrial organization or industrial economy is a field that builds on the theory of the firm by examining the structure of (and, therefore, the boundaries between) firms and markets.
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.
Information economics or the economics of information is a branch of microeconomic theory that studies how information and information systems affect an economy and economic decisions.
In economics, an input–output model is a quantitative economic technique that represents the interdependencies between different branches of a national economy or different regional economies.
Institutions are "stable, valued, recurring patterns of behavior".
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour.
Insurance is a means of protection from financial loss.
Intermediate goods or producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods.
The International Encyclopedia of the Social & Behavioral Sciences, originally edited by Neil J. Smelser and Paul B. Baltes, is a 26-volume work published by Elsevier.
International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries.
The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1945 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states.
In macroeconomics, investment is the amount of goods purchased per unit time which are not consumed at the present time.
The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.
The IS–LM model, or Hicks–Hansen model, is a macroeconomic tool that shows the relationship between interest rates (ordinate) and assets market (also known as real output in goods and services market plus money market, as abscissa).
Jean-Baptiste Say (5 January 1767 – 15 November 1832) was a French economist and businessman who had classically liberal views and argued in favor of competition, free trade and lifting restraints on business.
Joan Violet Robinson FBA (31 October 1903 – 5 August 1983), previously Joan Violet Maurice, was a British economist well known for her wide-ranging contributions to economic theory.
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist.
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
John McMurtry, FRSC is University Professor Emeritus of Philosophy at the University of Guelph, Canada.
John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.
John von Neumann (Neumann János Lajos,; December 28, 1903 – February 8, 1957) was a Hungarian-American mathematician, physicist, computer scientist, and polymath.
Joseph Alois Schumpeter (8 February 1883 – 8 January 1950) was an Austrian political economist.
Joseph Eugene Stiglitz (born February 9, 1943) is an American economist and a professor at Columbia University.
The Journal of Economic Education (JEE) offers original peer-reviewed articles on teaching economics.
The Journal of Economic Perspectives (JEP) is an economic journal published by the American Economic Association.
The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics.
Julian Lincoln Simon (February 12, 1932 – February 8, 1998) was an American professor of business administration at the University of Maryland and a Senior Fellow at the Cato Institute at the time of his death, after previously serving as a longtime economics and business professor at the University of Illinois at Urbana-Champaign.
Julie A. Nelson (born 1956) is an American feminist economist and professor of economics at the University of Massachusetts Boston, most known for her application of feminist theory to questions of the definition of the discipline of economics, and its models and methodology.
Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.
Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).
Labor or worker mobility is the geographical and occupational movement of workers.
The labor theory of value (LTV) is a theory of value that argues that the economic value of a good or service is determined by the total amount of "socially necessary labor" required to produce it, rather than by the use or pleasure its owner gets from it (demand) and its scarcity value (supply).
Labour economics seeks to understand the functioning and dynamics of the markets for wage labour.
Laissez-faire (from) is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.
In economics, land comprises all naturally occurring resources as well as geographic land.
The Lausanne School of economics, sometimes referred to as the Mathematical School, refers to the neoclassical economics school of thought surrounding Léon Walras and Vilfredo Pareto.
Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the Chicago school of economics.
In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)".
Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.
Leisure has often been defined as a quality of experience or as free time. Free time is time spent away from business, work, job hunting, domestic chores, and education, as well as necessary activities such as eating and sleeping.
Liberal arts education (from Latin "free" and "art or principled practice") can claim to be the oldest programme of higher education in Western history.
Linear algebra is the branch of mathematics concerning linear equations such as linear functions such as and their representations through matrices and vector spaces.
Linear programming (LP, also called linear optimization) is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships.
Lionel Charles Robbins, Baron Robbins, (22 November 1898 – 15 May 1984) was a British economist, and prominent member of the economics department at the London School of Economics.
Liquidationism denotes the heterodox Austrian school belief in economics that no actions to mitigate the effects of recessions should be taken by the government or the central bank, but, rather, that the "temporary pain" of companies being liquidated, on account of crises, is a solution in itself.
This is a list of economics films.
The List of free-trade agreements has been split into.
This is a list of multilateral free-trade agreements, between several countries all treated equally.
The following is a list of national and international statistical services.
A local government is a form of public administration which, in a majority of contexts, exists as the lowest tier of administration within a given state.
In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry.
Macroeconomics (from the Greek prefix makro- meaning "large" and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.
Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.
Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body.
Managerial economics deals with the application of the economic concepts,theories,tools and methodologies to solve practical problems in a business.it helps the manager in decision making and acts as a link between practice and theory".
In economics, marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
In microeconomics, marginal revenue (R') is the additional revenue that will be generated by increasing product sales by one unit.
In economics, utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a good or service is the change in the utility from an increase in the consumption of that good or service.
Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility.
Marilyn Joy Waring (born 7 October 1952) is a New Zealand feminist, politician, activist for female human rights and environmental issues, development consultant and United Nations expert, and author and academic, known as a principal founder of the discipline of feminist economics.
Mark Granovetter (born October 20, 1943) is an American sociologist and professor at Stanford University.
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand, so that there is no leftover supply or demand.
A market economy is an economic system in which the decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss.
In economics and particularly in industrial organization, market power is the ability of a firm to profitably raise the market price of a good or service over marginal cost.
Market structure has historically emerged in two separate types of discussions in economics, that of Adam Smith on the one hand, and that of Karl Marx on the other hand.
A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals.
In mathematics, computer science and operations research, mathematical optimization or mathematical programming, alternatively spelled optimisation, is the selection of a best element (with regard to some criterion) from some set of available alternatives.
Maximilian Karl Emil "Max" Weber (21 April 1864 – 14 June 1920) was a German sociologist, philosopher, jurist, and political economist.
The McCloskey critique refers to a critique of post-1940s "official modernist" methodology in economics, inherited from logical positivism in philosophy.
A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), net national income (NNI), and adjusted national income also called as NNI at factor cost (NNI* adjusted for natural resource depletion).
Mechanism design is a field in economics and game theory that takes an engineering approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally.
A medium of exchange is a tradeable entity used to avoid the inconveniences of a pure barter system.
Mercantilism is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver (as well as crops).
Mesopotamia is a historical region in West Asia situated within the Tigris–Euphrates river system, in modern days roughly corresponding to most of Iraq, Kuwait, parts of Northern Saudi Arabia, the eastern parts of Syria, Southeastern Turkey, and regions along the Turkish–Syrian and Iran–Iraq borders.
Michael Perelman (born October 1, 1939) is an American economist and economic historian, currently professor of economics at California State University, Chico.
Microeconomics (from Greek prefix mikro- meaning "small") is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
In economics, the term microfoundations refers to the microeconomic analysis of the behavior of individual agents such as households or firms that underpins a macroeconomic theory (Barro, 1993, Glossary, p. 594).
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.
A minimum wage is the lowest remuneration that employers can legally pay their workers.
A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.
Modernity, a topic in the humanities and social sciences, is both a historical period (the modern era), as well as the ensemble of particular socio-cultural norms, attitudes and practices that arose in the wake of Renaissance, in the "Age of Reason" of 17th-century thought and the 18th-century "Enlightenment".
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.
Monetary economics is a branch of economics that provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account.
Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.
In economics, the money supply (or money stock) is the total value of monetary assets available in an economy at a specific time.
Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes.
A monopoly (from Greek μόνος mónos and πωλεῖν pōleîn) exists when a specific person or enterprise is the only supplier of a particular commodity.
In economics, a monopsony (from Ancient Greek μόνος (mónos) "single" + ὀψωνία (opsōnía) "purchase") is a market structure in which only one buyer interacts with many would-be sellers of a particular product.
In economics, moral hazard occurs when someone increases their exposure to risk when insured.
In logic and probability theory, two events (or propositions) are mutually exclusive or disjoint if they cannot both occur (be true).
Nassim Nicholas Taleb (نسيم نقولا طالب., alternatively Nessim or Nissim, born 1960) is a Lebanese–American essayist, scholar, statistician, former trader, and risk analyst, whose work focuses on problems of randomness, probability, and uncertainty.
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation.
A natural experiment is an empirical study in which individuals (or clusters of individuals) exposed to the experimental and control conditions are determined by nature or by other factors outside the control of the investigators, but the process governing the exposures arguably resembles random assignment.
Natural law (ius naturale, lex naturalis) is a philosophy asserting that certain rights are inherent by virtue of human nature, endowed by nature—traditionally by God or a transcendent source—and that these can be understood universally through human reason.
A natural monopoly is a monopoly in an industry in which high infrastructural costs and other barriers to entry relative to the size of the market give the largest supplier in an industry, often the first supplier in a market, an overwhelming advantage over potential competitors.
Natural science is a branch of science concerned with the description, prediction, and understanding of natural phenomena, based on empirical evidence from observation and experimentation.
Nature, in the broadest sense, is the natural, physical, or material world or universe.
Nature is a British multidisciplinary scientific journal, first published on 4 November 1869.
In economics, a negative income tax (NIT) is a progressive income tax system where people earning below a certain amount receive supplemental pay from the government instead of paying taxes to the government.
In statistics, there is a negative relationship or inverse relationship between two variables if higher values of one variable tend to be associated with lower values of the other.
Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.
The neoclassical synthesis was a post-World War II academic movement in economics that worked towards absorbing the macroeconomic thought of John Maynard Keynes into neoclassical economics.
Neuroeconomics and Economic Psychology is an interdisciplinary field that seeks to explain human decision making, the ability to process multiple alternatives and to follow a course of action.
New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework.
New Keynesian economics is a school of contemporary macroeconomics that strives to provide microeconomic foundations for Keynesian economics.
Nicholas Barr FRSA is a British economist, currently serving as professor of public economics at the London School of Economics (LSE).
Nicholas Georgescu-Roegen (born Nicolae Georgescu, 4 February 1906 – 30 October 1994) was a Romanian American mathematician, statistician and economist.
The Nobel Memorial Prize in Economic Sciences (officially Sveriges riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne, or the Swedish National Bank's Prize in Economic Sciences in Memory of Alfred Nobel), commonly referred to as the Nobel Prize in Economics, is an award for outstanding contributions to the field of economics, and generally regarded as the most prestigious award for that field.
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change.
In economics, a normal good is any good for which demand increases when income increases, i.e. with a positive income elasticity of demand.
Normative economics (as opposed to positive economics) is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be.
Nuclear strategy involves the development of doctrines and strategies for the production and use of nuclear weapons.
Objectivity is a central philosophical concept, objective means being independent of the perceptions thus objectivity means the property of being independent from the perceptions, which has been variously defined by sources.
In fields such as epidemiology, social sciences, psychology and statistics, an observational study draws inferences from a sample to a population where the independent variable is not under the control of the researcher because of ethical concerns or logistical constraints.
The essay "Occasional Discourse on the Negro Question" was written by the Scottish essayist Thomas Carlyle about the acceptability of using black slaves and indentured servants.
The Oeconomicus (Οἰκονομικός) by Xenophon is a Socratic dialogue principally about household management and agriculture.
In economics, Okun's law (named after Arthur Melvin Okun, who proposed the relationship in 1962) is an empirically observed relationship between unemployment and losses in a country's production.
An oligopsony (from Ancient Greek ὀλίγοι (oligoi) "few" + ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large.
On the Principles of Political Economy and Taxation (19 April 1817) is a book by David Ricardo on economics.
Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions.
In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision.
In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale.
An organization or organisation is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.
Oskar Morgenstern (January 24, 1902 – July 26, 1977) was a German-born economist.
The following outline is provided as an overview of and topical guide to economics: Economics – analyzes the production, distribution, and consumption of goods and services.
Physical science is a branch of natural science that studies non-living systems, in contrast to life science.
Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country", whether consumed or used for further production.
The GDP gap or the output gap is the difference between actual GDP or actual output and potential GDP.
In business, outsourcing is an agreement in which one company contracts its own internal activity to a different company.
In science and philosophy, a paradigm is a distinct set of concepts or thought patterns, including theories, research methods, postulates, and standards for what constitutes legitimate contributions to a field.
Pareto efficiency or Pareto optimality is a state of allocation of resources from which it is impossible to reallocate so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off.
A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.
Paul Lewis Joskow (born June 30, 1947) is an American economist and professor.
Paul Anthony Samuelson (15 May 1915 – 13 December 2009) was an American economist and the first American to win the Nobel Memorial Prize in Economic Sciences.
Per capita is a Latin prepositional phrase: per (preposition, taking the accusative case, meaning "by means of") and capita (accusative plural of the noun caput, "head").
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
In economics, perfect information is a feature of perfect competition.
The permanent income hypothesis (PIH) is an economic theory attempting to describe how agents spread consumption over their lifetimes.
Peter Hedström is one of the founders of the field of analytical sociology.
Philip Mirowski (born 21 August 1951, Jackson, Michigan) is a historian and philosopher of economic thought at the University of Notre Dame.
Physiocracy (from the Greek for "government of nature") is an economic theory developed by a group of 18th century Enlightenment French economists who believed that the wealth of nations was derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced.
A planned economy is a type of economic system where investment and the allocation of capital goods take place according to economy-wide economic and production plans.
A policy is a deliberate system of principles to guide decisions and achieve rational outcomes.
A political agenda is a list of subjects or problems to which government officials as well as individuals outside the government are paying serious attention at any given time.
Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.
A political faction is a group of individuals within a larger entity, such as a political party, a trade union or other group, or simply a political climate, united by a particular common political purpose that differs in some respect to the rest of the entity.
Political science is a social science which deals with systems of governance, and the analysis of political activities, political thoughts, and political behavior.
Politics (from Politiká, meaning "affairs of the cities") is the process of making decisions that apply to members of a group.
In biology or human geography, population growth is the increase in the number of individuals in a population.
Positive economics (as opposed to normative economics) is the branch of economics that concerns the description and explanation of economic phenomena.
Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa and Jan Kregel.
In economics, potential output (also referred to as "natural gross domestic product") refers to the highest level of real gross domestic product (potential output) that can be sustained over the long term.
Poverty is the scarcity or the lack of a certain (variant) amount of material possessions or money.
In economics and other social sciences, preference is the ordering of alternatives based on their relative utility, a process which results in an optimal "choice" (whether real or theoretical).
In ordinary usage, a price is the quantity of payment or compensation given by one party to another in return for one unit of goods or services.
Price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.
The general price level is a hypothetical daily measure of overall prices for some set of goods and services (the consumer basket), in an economy or monetary union during a given interval (generally one day), normalized relative to some base set.
In economics, a price system is a component of any economic system that uses prices expressed in any form of money for the valuation and distribution of goods and services and the factors of production.
Principles of Economics is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890.
Principles of Political Economy (1848) by John Stuart Mill was one of the most important economics or political economy textbooks of the mid-nineteenth century.
A private good is defined in economics as "an item that yields positive benefits to people" that is excludable, i.e. its owners can exercise private property rights, preventing those who have not paid for it from using the good or consuming its benefits; and rivalrous, i.e. consumption by one necessarily prevents that of another.
In marketing, a product is anything that can be offered to a market that might satisfy a want or need.
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
A production–possibility frontier (PPF) or production possibility curve (PPC) is the possible tradeoff of producing combinations of goods with constant technology and resources per unit time.
Productive efficiency is a situation in which the economy could not produce any more of one good without sacrificing production of another good.
In economics, profit maximization is the short run or long run process by which a firm may determine the price, input, and output levels that lead to the greatest profit.
In mathematics, two variables are proportional if there is always a constant ratio between them.
A public bad, in economics, is the symmetry of a public good.
Public choice or public choice theory is "the use of economic tools to deal with traditional problems of political science".
Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity.
In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.
Public policy is the principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs.
The public sector (also called the state sector) is the part of the economy composed of both public services and public enterprises.
Purchasing power (sometimes retroactively called adjusted for inflation) is the number and quality or value of goods and services that can be purchased with a unit of currency.
Qin Shi Huang (18 February 25910 September 210) was the founder of the Qin dynasty and was the first emperor of a unified China.
Qualitative economics is the representation and analysis of information about the direction of change (+, -, or 0) in some economic variable(s) as related to change of some other economic variable(s).
In monetary economics, the quantity theory of money (QTM) states that the general price level of goods and services is directly proportional to the amount of money in circulation, or money supply.
The Ramsey–Cass–Koopmans model, or Ramsey growth model, is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey, with significant extensions by David Cass and Tjalling Koopmans.
Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.
In economics, "rational expectations" are model-consistent expectations, in that agents inside the model are assumed to "know the model" and on average take the model's predictions as valid.
Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real (in contrast to nominal) shocks.
Real Gross Domestic Product (real GDP) is a macroeconomic measure of the value of economic output adjusted for price changes (i.e., inflation or deflation).
In economics, a real value of a good or other entity has been adjusted for inflation, enabling comparison of quantities as if prices had not changed.
In economics, a recession is a business cycle contraction which results in a general slowdown in economic activity.
Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of a social mechanism such as taxation, charity, welfare, public services, land reform, monetary policies, confiscation, divorce or tort law.
In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships among variables.
Regulation is an abstract concept of management of complex systems according to a set of rules and trends.
Regulatory economics is the economics of regulation.
The Renaissance is a period in European history, covering the span between the 14th and 17th centuries.
Rent regulation is a system of laws, administered by a court or a public authority, which aim to ensure the quality and affordability of housing and tenancies on the rental market for land.
In public choice theory and in economics, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth.
In engineering, science, and statistics, replication is the repetition of an experimental condition so that the variability associated with the phenomenon can be estimated.
A research program (UK: research programme) is a professional network of scientists conducting basic research.
In economics, resource allocation is the assignment of available resources to various uses.
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs.
In economics, returns to scale and economies of scale are related but different terms that describe what happens as the scale of production increases in the long run, when all input levels including physical capital usage are variable (chosen by the firm).
Reuters is an international news agency headquartered in London, United Kingdom.
Rhetoric is the art of discourse, wherein a writer or speaker strives to inform, persuade, or motivate particular audiences in specific situations.
The Ricardian equivalence proposition (also known as the Ricardo–de Viti–Barro equivalence theorem) is an economic hypothesis holding that consumers are forward looking and so internalize the government's budget constraint when making their consumption decisions.
Richard Swedberg (born May 18, 1948) is a Swedish sociologist.
In economics and finance, risk aversion is the behavior of humans (especially consumers and investors), when exposed to uncertainty, in attempting to lower that uncertainty.
Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago.
Ronald Harry Coase (29 December 1910 – 2 September 2013) was a British economist and author.
Satire is a genre of literature, and sometimes graphic and performing arts, in which vices, follies, abuses, and shortcomings are held up to ridicule, ideally with the intent of shaming individuals, corporations, government, or society itself into improvement.
Traité d'économie politique or in English "A Treatise on Political Economy; or The Production, Distribution, and Consumption of Wealth" or more commonly, Say's Political Economy was written by Jean-Baptiste Say.
Scarcity refers to the limited availability of a commodity, which may be in demand in the market.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.
R. P. Feynman, The Feynman Lectures on Physics, Vol.1, Chaps.1,2,&3.
Scientific American (informally abbreviated SciAm) is an American popular science magazine.
A scientific control is an experiment or observation designed to minimize the effects of variables other than the independent variable.
The Scottish people (Scots: Scots Fowk, Scottish Gaelic: Albannaich), or Scots, are a nation and ethnic group native to Scotland. Historically, they emerged from an amalgamation of two Celtic-speaking peoples, the Picts and Gaels, who founded the Kingdom of Scotland (or Alba) in the 9th century. Later, the neighbouring Celtic-speaking Cumbrians, as well as Germanic-speaking Anglo-Saxons and Norse, were incorporated into the Scottish nation. In modern usage, "Scottish people" or "Scots" is used to refer to anyone whose linguistic, cultural, family ancestral or genetic origins are from Scotland. The Latin word Scoti originally referred to the Gaels, but came to describe all inhabitants of Scotland. Considered archaic or pejorative, the term Scotch has also been used for Scottish people, primarily outside Scotland. John Kenneth Galbraith in his book The Scotch (Toronto: MacMillan, 1964) documents the descendants of 19th-century Scottish pioneers who settled in Southwestern Ontario and affectionately referred to themselves as 'Scotch'. He states the book was meant to give a true picture of life in the community in the early decades of the 20th century. People of Scottish descent live in many countries other than Scotland. Emigration, influenced by factors such as the Highland and Lowland Clearances, Scottish participation in the British Empire, and latterly industrial decline and unemployment, have resulted in Scottish people being found throughout the world. Scottish emigrants took with them their Scottish languages and culture. Large populations of Scottish people settled the new-world lands of North and South America, Australia and New Zealand. Canada has the highest level of Scottish descendants per capita in the world and the second-largest population of Scottish descendants, after the United States. Scotland has seen migration and settlement of many peoples at different periods in its history. The Gaels, the Picts and the Britons have their respective origin myths, like most medieval European peoples. Germanic peoples, such as the Anglo-Saxons, arrived beginning in the 7th century, while the Norse settled parts of Scotland from the 8th century onwards. In the High Middle Ages, from the reign of David I of Scotland, there was some emigration from France, England and the Low Countries to Scotland. Some famous Scottish family names, including those bearing the names which became Bruce, Balliol, Murray and Stewart came to Scotland at this time. Today Scotland is one of the countries of the United Kingdom, and the majority of people living there are British citizens.
In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer.
Slavery is any system in which principles of property law are applied to people, allowing individuals to own, buy and sell other individuals, as a de jure form of property.
In mathematics, the slope or gradient of a line is a number that describes both the direction and the steepness of the line.
In social science, a social relation or social interaction is any relationship between two or more individuals.
Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.
Socialism is a range of economic and social systems characterised by social ownership and democratic control of the means of production as well as the political theories and movements associated with them.
A society is a group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.
Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes.
Sociology is the scientific study of society, patterns of social relationships, social interaction, and culture.
A state is a compulsory political organization with a centralized government that maintains a monopoly of the legitimate use of force within a certain geographical territory.
A state government is the government of a country subdivision in a federal form of government, which shares political power with the federal or national government.
In statistical hypothesis testing, a result has statistical significance when it is very unlikely to have occurred given the null hypothesis.
Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data.
In economics, stimulus refers to attempts to use monetary or fiscal policy (or stabilization policy in general) to stimulate the economy.
Economics, business, accounting, and related fields often distinguish between quantities that are stocks and those that are flows.
The Stockholm School (Stockholmsskolan), is a school of economic thought.
In economics, structural change is a shift or change in the basic ways a market or economy functions or operates.
Structural unemployment is a form of unemployment caused by a mismatch between the skills that workers in the economy can offer, and the skills demanded of workers by employers (also known as the skills gap).
Structuralist economics is an approach to economics that emphasizes the importance of taking into account structural features (typically) when undertaking economic analysis.
In economics and particularly in consumer choice theory, the substitution effect is one component of the effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.
In microeconomics, supply and demand is an economic model of price determination in a market.
Supply-side economics is a macroeconomic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation.
Surplus value is a central concept in Karl Marx's critique of political economy.
Sustainability is the process of change, in which the exploitation of resources, the direction of investments, the orientation of technological development and institutional change are all in harmony and enhance both current and future potential to meet human needs and aspirations.
A tariff is a tax on imports or exports between sovereign states.
A tax cut is a reduction in the rate of tax charged by a government.
In economics, tax incidence or tax burden is the analysis of the effect of a particular tax on the distribution of economic welfare.
Taylor & Francis Group is an international company originating in England that publishes books and academic journals.
Technical progress (or technological progress) is an economic measure of innovation.
Technology ("science of craft", from Greek τέχνη, techne, "art, skill, cunning of hand"; and -λογία, -logia) is first robustly defined by Jacob Bigelow in 1829 as: "...principles, processes, and nomenclatures of the more conspicuous arts, particularly those which involve applications of science, and which may be considered useful, by promoting the benefit of society, together with the emolument of those who pursue them".
The American Economic Review is a peer-reviewed academic journal of economics.
"The dismal science" is a derogatory alternative name for economics coined by the Victorian historian Thomas Carlyle in the 19th century.
The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London.
The Economists' Voice is a publishing forum for professional economists that seeks to fill the gap between op-ed pages of newspapers and scholarly journal articles.
The General Theory of Employment, Interest and Money of 1936 is the last and most important book by the English economist John Maynard Keynes.
The Journal of Law and Economics is an academic journal published by the University of Chicago Press.
"The Market for Lemons: Quality Uncertainty and the Market Mechanism" is a well-known 1970 paper by economist George Akerlof which examines how the quality of goods traded in a market can degrade in the presence of information asymmetry between buyers and sellers, leaving only "lemons" behind.
“The Nature of the Firm” (1937), is an article by Ronald Coase.
The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.
The New York Times (sometimes abbreviated as The NYT or The Times) is an American newspaper based in New York City with worldwide influence and readership.
The New York Times Magazine is a Sunday magazine supplement included with the Sunday edition of The New York Times.
The Philosophy of Money (1900) is a book on economic sociology by the German sociologist and social philosopher, Georg Simmel.
"The Problem of Social Cost" (1960) by Ronald Coase, then a faculty member at the University of Virginia, is an article dealing with the economic problem of externalities.
The Protestant Ethic and the Spirit of Capitalism (Die protestantische Ethik und der Geist des Kapitalismus) is a book written by Max Weber, a German sociologist, economist, and politician.
The Reverend is an honorific style most often placed before the names of Christian clergy and ministers.
The Theory of Wages is a book by the British economist John R. Hicks published in 1932 (2nd ed., 1963).
The Ultimate Resource is a 1981 book written by Julian Lincoln Simon challenging the notion that humanity was running out of natural resources.
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith.
In mathematics, a theorem is a statement that has been proven on the basis of previously established statements, such as other theorems, and generally accepted statements, such as axioms.
The theory of Forms or theory of Ideas is Plato's argument that non-physical (but substantial) forms (or ideas) represent the most accurate reality.
Theory of Games and Economic Behavior, published in 1944 by Princeton University Press, is a book by mathematician John von Neumann and economist Oskar Morgenstern which is considered the groundbreaking text that created the interdisciplinary research field of game theory.
The theory of the firm consists of a number of economic theories that explain and predict the nature of the firm, company, or corporation, including its existence, behaviour, structure, and relationship to the market.
Thermodynamics is the branch of physics concerned with heat and temperature and their relation to energy and work.
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory.
Saint Thomas Aquinas (1225 – 7 March 1274) was an Italian Dominican friar, Catholic priest, and Doctor of the Church.
Thomas Carlyle (4 December 17955 February 1881) was a Scottish philosopher, satirical writer, essayist, translator, historian, mathematician, and teacher.
Thomas Robert Malthus (13 February 1766 – 23 December 1834) was an English cleric and scholar, influential in the fields of political economy and demography.
Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money.
A trade union or trades union, also called a labour union (Canada) or labor union (US), is an organization of workers who have come together to achieve many common goals; such as protecting the integrity of its trade, improving safety standards, and attaining better wages, benefits (such as vacation, health care, and retirement), and working conditions through the increased bargaining power wielded by the creation of a monopoly of the workers.
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income and wealth (payment) made without goods or services being received in return.
A treasury is either.
A trust is a three-party fiduciary relationship in which the first party, the trustor or settlor, transfers ("settles") a property (often but not necessarily a sum of money) upon the second party (the trustee) for the benefit of the third party, the beneficiary.
The ultimatum game is a game that has become a popular instrument of economic experiments.
Uncertainty has been called "an unintelligible expression without a straightforward description".
Unemployment is the situation of actively looking for employment but not being currently employed.
A unit of account in economics is a nominal monetary unit of measure or currency used to represent the real value (or cost) of any economic item; i.e. goods, services, assets, liabilities, income, expenses.
The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.
The United States federal budget comprises the spending and revenues of the U.S. federal government.
A university (universitas, "a whole") is an institution of higher (or tertiary) education and research which awards academic degrees in various academic disciplines.
The University of Cambridge (informally Cambridge University)The corporate title of the university is The Chancellor, Masters, and Scholars of the University of Cambridge.
Unpaid labor is defined as labor that does not receive any direct remuneration.
Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.
In ethics, value denotes the degree of importance of some thing or action, with the aim of determining what actions are best to do or what way is best to live (normative ethics), or to describe the significance of different actions.
Value and Capital is a book by the British economist John Richard Hicks, published in 1939.
In the history of the United Kingdom, the Victorian era was the period of Queen Victoria's reign, from 20 June 1837 until her death on 22 January 1901.
Wealth is the abundance of valuable resources or valuable material possessions.
A web directory or link directory is an online list or catalog of websites.
Welfare is a government support for the citizens and residents of society.
The West Coast or Pacific Coast is the coastline along which the contiguous Western United States meets the North Pacific Ocean.
Women's work or woman's work is a term used to indicate work that is believed to be exclusively the domain of women and associates particular tasks with the female gender.
The workforce or labour force (labor force in American English; see spelling differences) is the labour pool in employment.
Workforce productivity is the amount of goods and services that a worker produces in a given amount of time.
The World Bank Group (WBG) (Groupe de la Banque mondiale) is a family of five international organizations that make leveraged loans to developing countries.
World energy consumption is the total energy used by the entire human civilization.
In demographics, the world population is the total number of humans currently living, and was estimated to have reached 7.6 billion people as of May 2018.
World-systems theory (also known as world-systems analysis or the world-systems perspective)Immanuel Wallerstein, (2004), "World-systems Analysis." In World System History, ed.
Binary Economics, Criticism of economics, Ecomonic, Ecomonics, Econ., Economic Policy Advisory Board, Economic Science, Economic Sciences, Economic activities, Economic activity, Economic doctrine, Economic environment, Economic imperialism (economics), Economic inefficiencies, Economic pattern, Economic science, Economic sciences, Economic theories, Economic theory, EconomicS, Economically, Economically efficient, Economics empiricism, Economics subdisciplines, Economics theory, Economiks, Econs, Econs., Fundamentals of economics, History of modern economics, IG(X-M), IGX-M, LIABILITIES, Liabilities (accounting), Modern Economics, Modern economics, Oeconomics, Oecononomics, Response probability, School of Economics and Business Administration, Theoretical economics, Total liabilities, Œconomics.