611 relations: Adam Smith, Adam Tooze, Age of Enlightenment, Agent (economics), Aggregate demand, Aggregate supply, Agricultural policy, Alfred Marshall, American Economic Association, American Institute for Economic Research, American Law and Economics Association, American School (economics), Anarchist economics, Ancient economic thought, Anglo-Saxon model, Angus Maddison, Anna Schwartz, Anne Robert Jacques Turgot, Arbitrage, Aristotle, Association for Comparative Economic Studies, Association for Evolutionary Economics, Association for Social Economics, Attention economy, Austrian School, Autarky, Balance of trade, Barry Eichengreen, Behavioral economics, Ben Bernanke, Big Mac Index, Big push model, Bioeconomics (fisheries), Black market, Bond market, Branches of science, Business, Business cycle, Cambridge capital controversy, Canadian Economics Association, Capital (economics), Capital asset, Capital intensity, Capitalism, Carl Menger, Carlo M. Cipolla, Cartel, Cash crop, Center for Popular Economics, Central bank, ..., Centre for Economic Policy Research, Charles Feinstein, Charles P. Kindleberger, Chicago school of economics, China Center for Economic Research, Christina Romer, Classical economics, Claudia Goldin, Collective action, Collusion, Commerce, Commodity, Commodity market, Communist society, Community currency, Comparative advantage, Comparative economic systems, Competition, Competition law, Competitive advantage, Complementary good, Computational economics, Constitutional economics, Consumer choice, Consumer economy, Consumer price index, Consumerism, Consumption (economics), Contract theory, Convergence (economics), Coordination good, Cormac Ó Gráda, Corporatism, Correlli Barnett, Cost, Cost-of-living index, Cost-of-production theory of value, Cost–benefit analysis, Currency, David Hume, David Laidler, David Landes, David Ricardo, Debt, Decentralization, Deflation, Deirdre McCloskey, Depression (economics), Devaluation, Development economics, Discipline (academia), Disinflation, Disposable and discretionary income, Distribution (economics), Dominance (economics), Douglass North, Dual economy, Dudley North (economist), Earl J. Hamilton, Eastern Economic Journal, Eberhard Wächtler, Econometric Society, Econometrics, Economic data, Economic geography, Economic growth, Economic history, Economic history of Africa, Economic history of Argentina, Economic history of Australia, Economic history of Brazil, Economic history of Cambodia, Economic history of Canada, Economic history of Chile, Economic history of China, Economic history of China (1912–49), Economic history of China (1949–present), Economic history of China before 1912, Economic history of Colombia, Economic history of Ecuador, Economic history of Europe, Economic history of France, Economic history of Germany, Economic history of Greece and the Greek world, Economic history of Iceland, Economic history of India, Economic history of Indonesia, Economic history of Iran, Economic history of Ireland, Economic history of Italy, Economic history of Japan, Economic history of Malaysia, Economic history of Mexico, Economic history of Morocco, Economic history of Nicaragua, Economic history of Nigeria, Economic history of Pakistan, Economic history of Peru, Economic history of Portugal, Economic history of Scotland, Economic history of Somalia, Economic history of South Africa, Economic history of Spain, Economic history of Sweden, Economic history of Taiwan, Economic history of the Arab world, Economic history of the German reunification, Economic history of the Netherlands (1500–1815), Economic history of the Ottoman Empire, Economic history of the Philippines, Economic history of the Republic of China, Economic history of the Republic of Ireland, Economic history of the Russian Federation, Economic history of the United Kingdom, Economic history of the United States, Economic history of the world, Economic history of Turkey, Economic history of Venice, Economic history of Vietnam, Economic history of World War I, Economic history of Zimbabwe, Economic ideology, Economic indicator, Economic model, Economic policy, Economic sociology, Economic surplus, Economic system, Economics, Economics of fascism, Economies of agglomeration, Economies of scale, Economies of scope, Economy, Economy of Canada, Econophysics, Ecosystem services, Education economics, Efficiency wage, Efficient-market hypothesis, Elasticity (economics), Eli Heckscher, Ellen McArthur, Emmanuel Le Roy Ladurie, Employment, Energy economics, Engineering economics, Entrepreneurial economics, Entrepreneurship, Environmental economics, Environmental finance, Eric Hobsbawm, Erik S. 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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.
Adam Tooze (born 1967) is a British historian who is a professor at Columbia University.
The Enlightenment (also known as the Age of Enlightenment or the Age of Reason; in lit in Aufklärung, "Enlightenment", in L’Illuminismo, “Enlightenment” and in Spanish: La Ilustración, "Enlightenment") was an intellectual and philosophical movement that dominated the world of ideas in Europe during the 18th century, "The Century of Philosophy".
In economics, an agent is an actor and more specifically a decision maker in a model of some aspect of the economy.
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.
In economics, aggregate supply (AS) or domestic final supply (DFS) is the total supply of goods and services that firms in a national economy plan on selling during a specific time period.
Agricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products.
Alfred Marshall, FBA (26 July 1842 – 13 July 1924) was one of the most influential economists of his time.
The American Economic Association (AEA) is a learned society in the field of economics, headquartered in Nashville, Tennessee.
The American Institute for Economic Research (AIER), located in Great Barrington, Massachusetts, is an independent 501(c)(3) economic research institute that represents no fund, concentration of wealth, or other special interests.
The American Law and Economics Association (ALEA), a United States organization founded in 1991, is focused on the advancement of economic understanding of law, and related areas of public policy and regulation.
The American School, also known as the National System, represents three different yet related constructs in politics, policy and philosophy.
Anarchist economics is the set of theories and practices of economic activity within the political philosophy of anarchism.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages.
The Anglo-Saxon model or Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as the United Kingdom, the United States, Canada, New Zealand, Australia and Ireland) is a capitalist model that emerged in the 1970s, based on the Chicago school of economics.
Angus Maddison (6 December 1926 – 24 April 2010) was a British economist specialising in quantitative macroeconomic history, including the measurement and analysis of economic growth and development.
Anna Jacobson Schwartz (/ʃwɔːrts/; November 11, 1915 – June 21, 2012) was an American economist who worked at the National Bureau of Economic Research in New York City and a writer for the New York Times.
Anne Robert Jacques Turgot, Baron de l'Aulne (10 May 172718 March 1781), commonly known as Turgot, was a French economist and statesman.
In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.
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.
The Association for Comparative Economic Studies (ACES) is the leading scholarly organization for the support of studies on comparative economic systems.
The Association for Evolutionary Economics (AFEE) is an international organization of economists working in the institutionalist and evolutionary traditions of Thorstein Veblen, John R. Commons and Wesley Mitchell.
The Association for Social Economics (ASE), founded in New York City in 1941, is a learned society in the broadly defined area of social economics, and is part of the Allied Social Sciences Association.
Attention economics is an approach to the management of information that treats human attention as a scarce commodity, and applies economic theory to solve various information management problems.
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.
Autarky is the quality of being self-sufficient.
The balance of trade, commercial balance, or net exports (sometimes symbolized as NX), is the difference between the monetary value of a nation's exports and imports over a certain period.
Barry Julian Eichengreen (born 1952) is an American economist who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, where he has taught since 1987.
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.
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.
The Big Mac Index is published by The Economist as an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries.
The big push model is a concept in development economics or welfare economics that emphasizes that a firm's decision whether to industrialize or not depends on its expectation of what other firms will do.
Bioeconomics is closely related to the early development of theories in fisheries economics, initially in the mid-1950s by Canadian economists Scott Gordon (in 1954) and Anthony Scott (1955).
A black market, underground economy, or shadow economy is a clandestine market or transaction that has some aspect of illegality or is characterized by some form of noncompliant behavior with an institutional set of rules.
The bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market.
The branches of science, also referred to as sciences, "scientific fields", or "scientific disciplines" are commonly divided into three major groups.
Business is the activity of making one's living or making money by producing or buying and selling products (goods and services).
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.
The Cambridge capital controversy – sometimes called "the capital controversy"Brems (1975) pp.
The Canadian Economics Association (CEA) is the academic association of Canadian economists.
In economics, capital consists of an asset that can enhance one's power to perform economically useful work.
A capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession.
Capital intensity is the amount of fixed or real capital present in relation to other factors of production, especially labor.
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit.
Carl Menger (February 23, 1840 – February 26, 1921) was an Austrian economist and the founder of the Austrian School of economics.
Carlo M. Cipolla (15 August 1922 – 5 September 2000) was an Italian economic historian.
A cartel is a group of apparently independent producers whose goal is to increase their collective profits by means of price fixing, limiting supply, or other restrictive practices.
A cash crop or profit crop is an agricultural crop which is grown for sale to return a profit.
The Center for Popular Economics (CPE) is an American non-profit collective of progressive economists.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
The Centre for Economic Policy Research (CEPR) is a network of over 1100 researchers who are based mainly in universities throughout Europe and collaborate through CEPR in research and its dissemination.
Charles Hilliard Feinstein (18 March 1932 – 27 November 2004) was a noted South African and British economic historian.
Charles Poor "Charlie" Kindleberger (October 12, 1910 – July 7, 2003) was an economic historian and author of over 30 books.
The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles.
The China Center for Economic Research (CCER) is an economics think tank in Peking University, China.
Christina Duckworth Romer (née Duckworth; born December 25, 1958) is the Class of 1957 Garff B. Wilson Professor of Economics at the University of California, Berkeley and a former Chair of the Council of Economic Advisers in the Obama administration.
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.
Claudia Goldin (born May 14, 1946) is the Henry Lee Professor of Economics at Harvard University and director of the Development of the American Economy program at the National Bureau of Economic Research.
Collective action refers to action taken together by a group of people whose goal is to enhance their status and achieve a common objective.
Collusion is an agreement between two or more parties, sometimes illegal–but always secretive–to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage.
Commerce relates to "the exchange of goods and services, especially on a large scale.” Commerce includes legal, economic, political, social, cultural and technological systems that operate in any country or internationally.
In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
A commodity market is a market that trades in primary economic sector rather than manufactured products.
In Marxist thought, communist society or the communist system is the type of society and economic system postulated to emerge from technological advances in the productive forces, representing the ultimate goal of the political ideology of Communism.
A community currency is a type of complementary currency that is used by groups with a common bond, like members of a locality, or association, and designed to meet their needs.
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.
Competition is, in general, a contest or rivalry between two or more entities, organisms, animals, individuals, economic groups or social groups, etc., for territory, a niche, for scarce resources, goods, for mates, for prestige, recognition, for awards, for group or social status, or for leadership and profit.
Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies.
In business, a competitive advantage is the attribute that allows an organization to outperform its competitors.
In economics, a complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.
Computational economics is a research discipline at the interface of computer science, economics, and management science.
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.
A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP (gross private domestic investment, government spending, and imports netted against exports).
A consumer price index (CPI) measures changes in the price level of of and purchased by households.
Consumerism is a social and economic order and ideology that encourages the acquisition of goods and services in ever-increasing amounts.
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.
In economics, coordination goods are a form of good created by the coordination of people within civil society.
Cormac Ó Gráda or Cormac O'Grada (born 1945) is an Irish economic historian and professor emeritus of economics at University College Dublin.
Corporatism is the organization of a society by corporate groups and agricultural, labour, military or scientific syndicates and guilds on the basis of their common interests.
Correlli Douglas Barnett CBE FRHistS FRSL FRSA (born 28 June 1927) is an English military historian, who has also written works of economic history, particularly on the United Kingdom's post-war "industrial decline".
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.
A cost-of-living index is a theoretical price index that measures relative cost of living over time or regions.
In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it.
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.
A currency (from curraunt, "in circulation", from currens, -entis), in the most specific use of the word, refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.
David Hume (born David Home; 7 May 1711 NS (26 April 1711 OS) – 25 August 1776) was a Scottish philosopher, historian, economist, and essayist, who is best known today for his highly influential system of philosophical empiricism, skepticism, and naturalism.
David Ernest William Laidler (born 12 August 1938, England) is an economist who has been one of the foremost scholars of monetarism.
David Saul Landes (usually cited as David S. Landes; April 29, 1924 – August 17, 2013) was a professor of economics and of history at Harvard University.
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.
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.
Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision-making, are distributed or delegated away from a central, authoritative location or group.
In economics, deflation is a decrease in the general price level of goods and services.
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).
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies.
In modern monetary policy, a devaluation is an official lowering of the value of a country's currency within a fixed exchange rate system, by which the monetary authority formally sets a new fixed rate with respect to a foreign reference currency or currency basket.
Development economics is a branch of economics which deals with economic aspects of the development process in low income countries.
An academic discipline or academic field is a branch of knowledge.
Disinflation is a decrease in the rate of inflation – a slowdown in the rate of increase of the general price level of goods and services in a nation's gross domestic product over time.
Disposable income is total personal income minus personal current taxes.
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).
Market dominance is a measure of the strength of a brand, product, service, or firm, relative to competitive offerings.
Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history.
A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
Sir Dudley North (16 May 1641 in Westminster31 December 1691 in London) was an English merchant, politician and economist, a writer on free trade.
Earl Jefferson Hamilton (1899 – 7 May 1989) was an American historian, one of the founders of economic history, and a prominent hispanist.
The Eastern Economic Journal is a quarterly peer-reviewed academic journal covering all aspects of economics.
Eberhard Wächtler (10 May 1929 – 22 September 2010) was a German economic historian.
The Econometric Society is an international society of academic economists interested in applying statistical tools to their field.
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 data or economic statistics are data (quantitative measures) describing an actual economy, past or present.
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.
The earliest humans were hunter gatherers who were living in small, family groupings.
The economic history of Argentina is one of the most studied, owing to the "Argentine paradox", its unique condition as a country that had achieved advanced development in the early 20th century but experienced a reversal, which inspired an enormous wealth of literature and diverse analysis on the causes of this decline.
The economic history of Australia traces the economic history of Australia since European settlement in 1788.
The economic history of Brazil covers various economic events and traces the changes in the Brazilian economy over the course of the history of Brazil.
Cambodia was a farming area in the first and second millennia BC.
Canadian historians until the 1980s tended to focus on economic history, including labour history.
The economy of Chile has shifted substantially over time from the heterogeneous economies of the diverse indigenous peoples to an early husbandry-oriented economy and finally to one of raw material export and a large service sector.
The economic history of China is covered in the following articles.
After the fall of the Qing Dynasty in 1912, China underwent a period of instability and disrupted economic activity.
China's economic system before the late-1990s, with state ownership of certain industries and central control over planning and the financial system, has enabled the government to mobilize whatever surplus was available and greatly increase the proportion of the national economic output devoted to investment.
The economic history of China covers thousands of years and the region has undergone alternating cycles of prosperity and decline.
This article is about the economic history of Colombia and its evolution from precolonial to modern times.
This article is about the economic history of Ecuador and its evolution from colonial to modern times.
This article covers the Economic history of Europe from about 1000 AD to the present.
This is a history of the economy of France.
Germany before 1800 was heavily rural, with some urban trade centers.
The economic history of the Greek World spans several millennia and encompasses many modern-day nation states.
The economy history of Iceland covers the development of its economy from the Settlement of Iceland in the late 9th century until the present.
The economic history of India is the story of India's evolution from a largely agricultural and trading society to a mixed economy of manufacturing and services while the majority still survives on agriculture.
The economic history of Indonesia is shaped by its geographic location, its natural resources, as well as its people that inhabited the archipelagic realm that today formed the modern nation of the Republic of Indonesia.
Prior to 1979, Iran's economic development was rapid.
Ireland's economic history starts at the end of the Ice Age when the first humans arrived there.
This is a history of the economy of Italy.
The economic history of Japan is most studied for the spectacular social and economic growth in the 1800s after the Meiji Restoration, when it became the first non-European great power, and for its expansion after the Second World War, when Japan recovered from devastation to become the world's second largest economy behind the United States, and from 2013 behind China as well.
Since its formation in 1963, Malaysia's economic performance has been one of Asia's best.
Mexico's economic history has been characterized since the colonial era by resource extraction, agriculture, and a relatively underdeveloped industrial sector.
The economic history of Morocco has largely been charted by the national government through a series of five-year plans.
The first Spanish explorers of Nicaragua found a well-developed agrarian society in the central highlands and Pacific lowlands.
Colonialism is a major feature of the economic history of Nigeria.
Since the country's independence in 1947, the economy of Pakistan has emerged as a semi-industrialised one, based heavily on textiles, agriculture and food production, though recent years have seen a surge towards technological diversification.
The economic history of Peru has its traditional roots in natural resources such as mining, farming, fishing, and agriculture.
The economic history of Portugal covers the development of the economy throughout the course of Portuguese history.
The economic history of Scotland charts economic development in the history of Scotland from earliest times, through seven centuries as an independent state and following Union with England, three centuries as a country of the United Kingdom.
Economic history of Somalia is related to the development of Somalia's economy in the last two centuries.
Prior to the arrival of European settlers in the 15th century the economy of what was to become South Africa was dominated by subsistence agriculture and hunting.
This article covers the development of Spain's economy over the course of its history.
During the period 1790-1815 Sweden experienced two parallel economic movements: an agricultural revolution with larger agricultural estates (land reclamation - Enclosure Act of Sweden), the crown transferring areas to private farmers, new crops and farming tools and a commercialization of farming, and a protoindustrialisation, with small industries being established in the countryside and with workers switching between agricultural work in the summer season and industrial production in the winter season.
The recordkeeping and development of the economic history of Taiwan started in the Age of Discovery.
Economic history of the Arab world addresses the history of economic activity in the Arabic-speaking countries stretching from the Atlantic Ocean in the west to the Arabian Sea in the east, and from the Mediterranean Sea in the north to the Horn of Africa and the Indian Ocean in the southeast from the time of its origins in the Arabian peninsula and spread in the 7th century CE Muslim conquests and since.
On July 1, 1990, the economies of the two German states became one.
The economic history of the Netherlands (1500–1815) is the history of an economy that scholar Jan de Vries calls the first "modern" economy.
Economic history of the Ottoman Empire covers the period 1299–1923.
After experiencing years of positive growth, the Philippine economy between 1973 and 1986 suffered a downturn due to a mixture of domestic and international problems.
Economic history of the Republic of China is covered in the following articles.
The economic history of the Republic of Ireland effectively began in 1922, when the then Irish Free State won independence from the United Kingdom.
After the collapse of the Soviet Union in 1991 and collapse of Russia's controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991.
The economic history of the United Kingdom deals with the economic history of England and Great Britain from 1500 to the early 21st century.
The economic history of the United States is about characteristics of and important developments in the U.S. economy from colonial times to the present.
The economic history of the world is a record of the economic activities (i.e. the production, distribution and consumption of goods and services) of all humans, spanning both recorded history and evidenced prehistory.
The economic history of Republic of Turkey may be studied according to sub-periods signified with major changes in economic policy: i) 1923-1929, when development policy emphasised private accumulation; ii) 1929-1945 when development policy emphasised state accumulation in a period of global crises; iii) 1950-1980, a period of state guided industrialisation based on import substituting protectionism; iv) 1980 onwards, opening of the Turkish economy to liberal trade in goods, services and financial market transactions. However one distinct characteristic between 1923–1985, in large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets the economy grew at an average annual rate of six percent.
Venice, which is situated at the far end of the Adriatic Sea, gained large scale profit of the adjacent middle European markets.
Until French colonization in the middle of the 19th century, Vietnam's economy was mainly agrarian and village-oriented.
The economic history of World War I covers the methods used by the First World War (1914–1918), as well as related postwar issues such as war debts and reparations.
The Economic History of Zimbabwe began with the transition to majority rule in 1980 and Britain's ceremonial granting of independence.
An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach.
An economic indicator is a statistic about an economic activity.
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.
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.
In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities.
An economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
The economics of fascism refers to the economic policies implemented by fascist governments.
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.
Economies of scope are "efficiencies formed by variety, not volume" (the latter concept is "economies of 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.
The economy of Canada is a highly developed mixed economy with 10th largest GDP by nominal and 17th largest GDP by PPP in the world.
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.
Ecosystem services are the many and varied benefits that humans freely gain from the natural environment and from properly-functioning ecosystems.
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 labor economics, the efficiency wage hypothesis argues that wages, at least in some markets, form in a way that is not market-clearing.
The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information.
In economics, elasticity is the measurement of how an economic variable responds to a change in another.
Eli Filip Heckscher (24 November 1879 – 23 December 1952) was a Swedish political economist and economic historian.
Ellen Annette McArthur (1862–1927) was a British economic historian.
Emmanuel Bernard Le Roy Ladurie (born 19 July 1929) is a French historian whose work is mainly focused upon Languedoc in the Ancien Régime, particularly the history of the peasantry.
Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.
Energy economics is a broad scientific subject area which includes topics related to supply and use of energy in societies.
Engineering Economics, previously known as engineering economy, is a subset of economics concerned with the use and "...application of economic principles" Dharmaraj, E..
Entrepreneurial economics is the study of the entrepreneur and entrepreneurship within the economy.
Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business.
Environmental economics is a sub-field of economics that is concerned with environmental issues.
Environmental finance is the use of various financial instruments (usually land trusts and emissions trading) to protect the environment.
Eric John Ernest Hobsbawm (9 June 1917 – 1 October 2012) was a British historian of the rise of industrial capitalism, socialism and nationalism.
Erik Steenfeldt Reinert (born 15 February 1949) is a Norwegian economist, with development economics and economic history as his specialties.
Ethical consumerism (alternatively called ethical consumption, ethical purchasing, moral purchasing, ethical sourcing, ethical shopping or green consumerism) is a type of consumer activism that is based on the concept of dollar voting.
The euro (sign: €; code: EUR) is the official currency of the European Union.
The European Economic Association (EEA) is a professional academic body which links European economists.
An event study is a statistical method to assess the impact of an event on the value of a firm.
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology.
In economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses that society suffers as the result of taxes or subsidies.
Experimental economics is the application of experimental methods to study economic questions.
The term export means sending of goods or services produced in one country to another country.
In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.
Factor price equalization is an economic theory, by Paul A. Samuelson (1948), which states that the prices of identical factors of production, such as the wage rate, or the rent of capital, will be equalized across countries as a result of international trade in commodities.
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.
Fair trade is a social movement whose stated goal is to help producers in developing countries achieve better trading conditions.
The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.
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.
Fernand Braudel (24 August 1902 – 27 November 1985) was a French historian and a leader of the Annales School.
Feudalism was a combination of legal and military customs in medieval Europe that flourished between the 9th and 15th centuries.
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.
Financial capital is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, i.e. retail, corporate, investment banking, etc.
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.
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.
In economics and political science, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy.
Fourth market trading is direct institution-to-institution trading without using the service of broker-dealers, thus avoiding both commissions, and the bid-ask spread.
François Quesnay (4 June 1694 – 16 December 1774) was a French economist and physician of the Physiocratic school.
A free good is a good that is not scarce, and therefore is available without limit.
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.
Friedrich August von Hayek (8 May 189923 March 1992), often referred to by his initials F. A. Hayek, was an Austrian-British economist and philosopher best known for his defense of classical liberalism.
Georg Friedrich List (6 August 1789 – 30 November 1846) was a German economist with dual American citizenship who developed the "National System", also known as the National System of Innovation.
Full-reserve banking (also known as 100% reserve banking) is a proposed alternative to fractional-reserve banking in which banks would be required to keep the full amount of each depositor's funds in cash, ready for immediate withdrawal on demand.
Game theory is "the study of mathematical models of conflict and cooperation between intelligent rational decision-makers".
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.
Geographical pricing, in marketing, is the practice of modifying a basic list price based on the geographical location of the buyer.
Georgism, also called geoism and single tax (archaic), is an economic philosophy holding that, while people should own the value they produce themselves, economic value derived from land (including natural resources and natural opportunities) should belong equally to all members of society.
A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards.
Globalization or globalisation is the process of interaction and integration between people, companies, and governments worldwide.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold.
In economics, goods are materials that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying product.
Government debt (also known as public interest, public debt, national debt and sovereign debt) is the debt owed by a government.
Government spending or expenditure includes all government consumption, investment, and transfer payments.
In economics, a government-granted monopoly (also called a "de jure monopoly") is a form of coercive monopoly by which a government grants exclusive privilege to a private individual or firm to be the sole provider of a good or service; potential competitors are excluded from the market by law, regulation, or other mechanisms of government enforcement.
Graeme Donald Snooks (born 1944 in Perth, Western Australia) is a systems theorist and stratologist who has developed a general dynamic theory to explain complex living systems.
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.
Gregory Clark (born 19 September 1957 in Bellshill, Scotland) is an economic historian at the University of California, Davis.
Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.
Gross national product (GNP) is the market value of all the goods and services produced in one year by labor and property supplied by the citizens of a country.
Harold James (born 19 January 1956 in Bedford, United Kingdom) is an economic historian specializing in the history of Germany and European economic history.
Harry Max Markowitz (born August 24, 1927) is an American economist, and a recipient of the 1989 John von Neumann Theory Prize and the 1990 Nobel Memorial Prize in Economic Sciences.
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.
Henri Pirenne (23 December 1862 – 24 October 1935) was a Belgian historian.
The history of banking began with the first prototype banks were the merchants of the world, who made grain loans to farmers and traders who carried goods between cities.
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century.
The history of money concerns the development of means of carrying out transactions involving a medium of exchange.
Home economics, domestic science or home science is a field of study that deals with home and economics.
Human capital is a term popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, and Jacob Mincer.
Human development is the science that seeks to understand how and why the people of all ages and circumstances change or remain the same over time.
The Human Development Index (HDI) is a composite statistic (composite index) of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.
A hunter-gatherer is a human living in a society in which most or all food is obtained by foraging (collecting wild plants and pursuing wild animals), in contrast to agricultural societies, which rely mainly on domesticated species.
Huw David Dixon (/hju: devəd dɪksən/), born 1958, is a British economist. He has been a professor at Cardiff Business School since 2006, having previously been Head of Economics at the University of York (2003–2006) after being a Professor of economics there (1992–2003), and the University of Swansea (1991–1992), a Reader at Essex University (1987–1991) and a lecturer at Birkbeck College (University of London) 1983–1987.
Hyman Philip Minsky (September 23, 1919 – October 24, 1996) was an American economist, a professor of economics at Washington University in St. Louis, and a distinguished scholar at the Levy Economics Institute of Bard College.
In economics, hyperinflation is very high and typically accelerating inflation.
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.
An import is a good brought into a jurisdiction, especially across a national border, from an external source.
Import substitution industrialization (ISI) is a trade and economic policy which advocates replacing foreign imports with domestic production.
An incentive is something that motivates an individual to perform an action.
Income is the consumption and savings opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.
In economics, income elasticity of demand measures the responsiveness of the quantity demanded for a good or service to a change in the income of the people demanding the good.
An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).
Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish wages and prices below free market level.
This page is an index of accounting topics.
This aims to be a complete article list of economics topics.
This is a list of international trade topics.
Individual capital, the economic view of talent, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership.
Induced demand, or latent demand, is the phenomenon that after supply increases, more of a good is consumed.
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.
The industrial policy of a country, sometimes denoted IP, is its official strategic effort to encourage the development and growth of part or all of the manufacturing sector as well as other sectors of the economy.
The Industrial Revolution was the transition to new manufacturing processes in the period from about 1760 to sometime between 1820 and 1840.
Industrialisation or industrialization is the period of social and economic change that transforms a human group from an agrarian society into an industrial society, involving the extensive re-organisation of an economy for the purpose of manufacturing.
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand rises when consumer income decreases), unlike normal goods, for which the opposite is observed.
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
Inflation targeting is a monetary policy regime in which a central bank has an explicit target inflation rate for the medium term and announces this inflation target to the public.
The informal sector, informal economy, or grey economy is the part of an economy that is neither taxed nor monitored by any form of government.
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.
Information economy is an economy with an increased emphasis on informational activities and information industry.
Infrastructure is the fundamental facilities and systems serving a country, city, or other area, including the services and facilities necessary for its economy to function.
Infrastructure-based economic development also called infrastructure-driven development combines key policy characteristics inherited from the Rooseveltian progressivist tradition and Neo-Keynesian economics in the United States, France's Gaullist and Neo-Colbertist centralized economic planning, Scandinavian social democracy as well as Singaporean and Chinese state capitalism: it holds that a substantial proportion of a nation’s resources must be systematically directed towards long term assets such as transportation, energy and social infrastructure (schools, universities, hospitals…) in the name of long term economic efficiency (stimulating growth in economically lagging regions and fostering technological innovation) and social equity (providing free education and affordable healthcare).
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.
Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour.
Interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (i.e., the amount borrowed), at a particular rate.
The International Association for Feminist Economics (IAFFE) is a non-profit international association dedicated to raising awareness and inquiry of feminist economics.
The International Economic Association (IEA) is a Non-Governmental Organization that was founded in 1950, at the instigation of the Social Sciences Department of UNESCO.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them.
International trade is the exchange of capital, goods, and services across international borders or territories.
In economics, internationalization is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization.
In general, to invest is to allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future – for example, investment in durable goods, in real estate by the service industry, in factories for manufacturing, in product development, and in research and development.
An investment policy is any government regulation or law that encourages or discourages foreign investment in the local economy, e.g. currency exchange limits.
The invisible hand is a term used by Adam Smith to describe the unintended social benefits of an individual's self-interested actions.
Islamic economics (الاقتصاد الإسلامي) is a term used to refer to Islamic commercial jurisprudence (فقه المعاملات, fiqh al-mu'āmalāt).
James Bradford "Brad" DeLong (born June 24, 1960) is an economic historian who is professor of Economics at the University of California, Berkeley.
Jane Jacobs (née Butzner; May 4, 1916 – April 25, 2006) was an American-Canadian journalist, author, and activist who influenced urban studies, sociology, and economics.
The is the official currency of Japan.
Jörg Baten (born 24 June 1965 in Hamburg) is a German economic historian.
Jeffrey Gale Williamson (born 1935) is the Laird Bell Professor of Economics (Emeritus), Harvard University; an Honorary Fellow in the Department of Economics at the University of Wisconsin (Madison); Research Associate at the National Bureau of Economic Research; and Research Fellow for the Center for Economic and Policy Research.
Articles in economics journals are usually classified according to the JEL classification codes, a system originated by the Journal of Economic Literature.
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.
Joel Mokyr (born 26 July 1946) is a Netherlands-born American-Israeli economic historian.
John Bates Clark (January 26, 1847 – March 21, 1938) was an American neoclassical economist.
Sir Hrothgar John Habakkuk (13 May 1915 – 3 November 2002) was a British economic historian.
Sir John Richard Hicks (8 April 1904 – 20 May 1989) was a British economist.
John Komlos (born December 28, 1944) is an American economic historian of Hungarian descent and former holder of the Chair of Economic History at the University of Munich for eighteen years.
John Locke (29 August 1632 – 28 October 1704) was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "Father of Liberalism".
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.
Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.
Karl Paul Polanyi (Polányi Károly; October 25, 1886 – April 23, 1964) was an Austro-Hungarian economic historian, economic anthropologist, economic sociologist, political economist, historical sociologist and social philosopher.
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).
The knowledge economy is the use of knowledge (savoir, savoir-faire, savoir-être) to generate tangible and intangible values.
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.
A land/location value tax (LVT), also called a site valuation tax, split rate tax, or site-value rating, is an ad valorem levy on the unimproved value of land.
Larry Earl Schweikart (born April 21, 1951 in Mesa, Arizona) is an American historian and retired professor of history at the University of Dayton.
The Latin American and Caribbean Economic Association (LACEA) is an international association of economists with common research interests in Latin America.
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.
Marie-Esprit-Léon Walras (16 December 1834 – 5 January 1910) was a French mathematical economist and Georgist.
Leo Huberman (October 17, 1903 in Newark, New Jersey – November 9, 1968) was an American socialist economist.
This is an annotated list of important business writers.
The following reports on economic indicators are reported by United States government agencies.
This is a list of economics films.
The following is a list of scholarly journals in economics containing most of the prominent academic journals in economics.
This is an incomplete alphabetical list by surname of notable economists, experts in the social science of economics, past and present.
The List of free-trade agreements has been split into.
This is a list of important publications in economics, organized by field.
This is a list of multilateral free-trade agreements, between several countries all treated equally.
The following articles contain lists of recessions.
A living wage is the minimum income necessary for a worker to meet their basic needs.
In economics, a local currency is a currency that can be spent in a particular geographical locality at participating organisations.
Local purchasing is a preference to buy locally produced goods and services over those produced farther away.
In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth.
Louis Michael Cullen (born 1932) is an Irish diplomat, academic, historian, author and Japanologist.
Ludwig Heinrich Edler von Mises (29 September 1881 – 10 October 1973) was an Austrian-American theoretical Austrian School economist.
A macroeconomic model is an analytical tool designed to describe the operation of the economy of a country or a region.
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.
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".
Manorialism was an essential element of feudal society.
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.
A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.
A market analysis studies the attractiveness and the dynamics of a special market within a special industry.
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.
Market intelligence is the information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining strategy in areas such as market opportunity, market penetration strategy, and market development.
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 research (also in some contexts known as industrial research) is any organized effort to gather information about target markets or customers.
Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.
Market share is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
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.
A market trend is a perceived tendency of financial markets to move in a particular direction over time.
Marketing is the study and management of exchange relationships.
Marxian economics, or the Marxian school of economics, refers to a school of economic thought tracing its foundations to the critique of classical political economy first expounded upon by Karl Marx and Friedrich Engels.
Mass market is a market for goods produced on a large scale for a group of significant number of end consumers.
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.
Maxine Louise Berg, (born 22 February 1950) is a British historian and academic.
In economics and sociology, the means of production (also called capital goods) are physical non-human and non-financial inputs used in the production of economic value.
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).
A media market, broadcast market, media region, designated market area (DMA), television market area, or simply market is a region where the population can receive the same (or similar) television and radio station offerings, and may also include other types of media including newspapers and Internet content.
A concept first named by Richard Thaler, mental accounting (or psychological accounting) attempts to describe the process whereby people code, categorize and evaluate economic outcomes.
In economics, a menu cost is the cost to a firm resulting from changing its prices.
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).
Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities.
Merton Howard Miller (May 16, 1923 – June 3, 2000) was an American economist, and the co-author of the Modigliani–Miller theorem (1958), which proposed the irrelevance of debt-equity structure.
Michał Kalecki (22 June 1899 – 18 April 1970) was a Polish economist.
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 the history of Europe, the Middle Ages (or Medieval Period) lasted from the 5th to the 15th century.
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 missing market is a situation in microeconomics where a competitive market allowing the exchange of a commodity would be Pareto-efficient, but no such market exists.
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.
Modern portfolio theory (MPT), or mean-variance analysis, is a mathematical framework for assembling a portfolio of assets such that the expected return is maximized for a given level of risk.
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.
A monetary hawk, or hawk for short, is someone who advocates keeping inflation low as the top priority in monetary policy.
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.
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.
A monetary system is the set of institutions by which a government provides money in a country's economy.
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.
As money became a commodity, the money market became a component of the financial markets for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less.
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 monopoly is a firm that lacks any viable competition, and is the sole producer of the industry's product.
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.
Moses Abramovitz (January 1, 1912 – December 1, 2000) was a 20th-century American economist and professor.
In macroeconomics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in some exogenous variable.
Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an American heterodox economist of the Austrian School, a historian and a political theorist whose writings and personal influence played a seminal role in the development of modern right-libertarianism.
The National Association for Business Economics (NABE) is the largest international association of applied economists, strategists, academics, and policy-makers committed to the application of economics.
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end dates for recessions in the United States.
The national debt of the United States is the public debt carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies.
Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms.
Natural Capitalism: Creating the Next Industrial Revolution is a 1999 book co-authored by Paul Hawken, Amory Lovins and Hunter Lovins.
Natural economy refers to a type of economy in which money is not used in the transfer of resources among people.
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 resources are resources that exist without actions of humankind.
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources.
Natural resource management refers to the management of natural resources such as land, water, soil, plants and animals, with a particular focus on how management affects the quality of life for both present and future generations (stewardship).
Neo-Keynesian economics is a school of macroeconomic thought that was developed in the post-war period from the writings of John Maynard Keynes.
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.
Net national income (NNI) is an economics term used in national income accounting.
A network effect (also called network externality or demand-side economies of scale) is the positive effect described in economics and business that an additional user of a good or service has on the value of that product to others.
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.
The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists.
Niall Campbell Ferguson (born 18 April 1964) Niall Ferguson is a conservative British historian and political commentator.
Nicholas Francis Robert Crafts CBE (born 9 March 1949 in Nottingham, England) is Professor of Economics and Economic History at the University of Warwick, a post he has held since 2005.
The Nicomachean Ethics (Ἠθικὰ Νικομάχεια) is the name normally given to Aristotle's best-known work on ethics.
The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct international convertibility of the United States dollar to gold.
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.
In economics, a normal good is any good for which demand increases when income increases, i.e. with a positive income elasticity of demand.
An oligopoly (from Ancient Greek ὀλίγος (olígos) "few" + πωλεῖν (polein) "to sell") is a market form wherein a market or industry is dominated by a small number of large sellers (oligopolists).
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.
An open economy is an economy in which there are economic activities between the domestic community and outside.
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.
An outline, also called a hierarchical outline, is a list arranged to show hierarchical relationships and is a type of tree structure.
The following outline is provided as an overview of and topical guide to management: Business management – management of a business.
The following outline is provided as an overview of and topical guide to commercial law: Commercial law – body of law that governs business and commercial transactions.
The following outline is provided as an overview of topics relating to community.
The following outline is provided as an overview of and topical guide to finance: Finance – addresses the ways in which individuals and organizations raise and allocate monetary resources over time, taking into account the risks entailed in their projects.
The following outline is provided as an overview of and topical guide to industrial organization: Industrial organization – describes the behavior of firms in the marketplace with regard to production, pricing, employment and other decisions.
The following outline is provided as an overview of and topical guide to marketing: Marketing – social and managerial processes by which products, services, and value are exchanged in order to fulfill individuals' or groups' needs and wants.
The following outline is provided as an overview of and topical guide to production: Production – act of creating 'use' value or 'utility' that can satisfy a want or need.
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.
A palace economy or redistribution economy is a system of economic organization in which a substantial share of the wealth flows into the control of a centralized administration, the palace, and out from there to the general population, which may be allowed its own sources of income but relies heavily on the wealth redistributed by the palace.
The parable of the broken window was introduced by French economist Frédéric Bastiat in his 1850 essay Ce qu'on voit et ce qu'on ne voit pas (That Which We See and That Which We Do Not See) to illustrate why destruction, and the money spent to recover from destruction, is not actually a net benefit to society.
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.
Participatory economics, often abbreviated parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society.
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.
In economics, specifically general equilibrium theory, a perfect market is defined by several idealizing conditions, collectively called perfect competition.
Peter N. Davies (born 14 July 1927) is a British economic historian with interests in the port of Liverpool, sea-based trade with West Africa, the Canary Islands and Japan, the international fruit trade and the military history of the River Kwai campaign in World War II.
Peter Mathias, CBE (10 January 1928 – 1 March 2016) was a British economic historian.
Peter Temin (born 17 December 1937) is an economist and economic historian, currently Gray Professor Emeritus of Economics, MIT and former head of the Economics Department.
Petrocurrency, is a neologism used with three distinct meanings, often confused.
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 plantation economy is an economy based on agricultural mass production, usually of a few commodity crops grown on large farms called plantations.
The policy mix is the combination of a country's monetary policy and fiscal policy.
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.
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.
The poverty threshold, poverty limit or poverty line is the minimum level of income deemed adequate in a particular country.
Praxeology or praxiology is the study of human action, based on the notion that humans engage in purposeful behavior, as opposed to reflexive behavior like sneezing and unintentional behavior.
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.
A price ceiling is a government-imposed price control, or limit, on how high a price is charged for a product.
Price controls are governmental restrictions on the prices that can be charged for goods and services in a market.
Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets.
Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price when nothing but the price changes.
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product.
Price points are prices at which demand for a given product is supposed to stay relatively high.
Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan.
Primitive communism is a concept originating from Karl Marx and Friedrich Engels who argued that hunter-gatherer societies were traditionally based on egalitarian social relations and common ownership.
Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).
In economics, a production function relates quantities of physical output of a production process to quantities of physical inputs or production function refers as the expression of the technological relation between physical inputs and outputs of the goods.
Productivism or growthism is the belief that measurable economic productivity and growth are the purpose of human organization (e.g., work), and that "more production is necessarily good".
Productivity describes various measures of the efficiency of production.
In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.
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 economics, the profit motive is the motivation of firms that operate so as to maximize their profits.
Prospect theory is a behavioral economic theory that describes the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known (.
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.
Public finance is the study of the role of the government in the economy.
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.
Purchasing power parity (PPP) is a neoclassical economic theory that states that the exchange rate between two countries is equal to the ratio of the currencies' respective purchasing power.
Quality of life (QOL) is the general well-being of individuals and societies, outlining negative and positive features of life.
Quantitative easing (QE), also known as large-scale asset purchases, is an expansionary monetary policy whereby a central bank buys predetermined amounts of government bonds or other financial assets in order to stimulate the economy and increase liquidity.
Richard Henry "R.
The Rahn curve is a graph used to illustrate an economic theory, proposed in 1996 by American economist Richard W. Rahn, which indicates that there is a level of government spending that maximises economic growth.
Ram Sharan Sharma (26 November 1919 – 20 August 2011), commonly referred to as R. S. Sharma, was an eminent historian and academic of Ancient and early Medieval India.
Target rate of return pricing is a pricing method used almost exclusively by market leaders or monopolists.
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.
Rational pricing is the assumption in financial economics that asset prices (and hence asset pricing models) will reflect the arbitrage-free price of the asset as any deviation from this price will be "arbitraged away".
Reaganomics (a portmanteau of Reagan and economics attributed to Paul Harvey) refers to the economic policies promoted by U.S. President Ronald Reagan during the 1980s.
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 estate economics is the application of economic techniques to real estate markets.
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.
Reflation is the act of stimulating the economy by increasing the money supply or by reducing taxes, seeking to bring the economy (specifically price level) back up to the long-term trend, following a dip in the business cycle.
Regional science is a field of the social sciences concerned with analytical approaches to problems that are specifically urban, rural, or regional.
In statistical modeling, regression analysis is a set of statistical processes for estimating the relationships among variables.
A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.
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.
Reproductive labor work often associated with care giving and domestic roles including cleaning, cooking, child care, and the paid domestic labor force.
A reserve currency (or anchor currency) is a currency that is held in significant quantities by governments and institutions as part of their foreign exchange reserves.
In economics, resource allocation is the assignment of available resources to various uses.
In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed.
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).
Richard H. Timberlake, Jr. (born June 24, 1922) is an American economist who was Professor of Economics at the University of Georgia for much of his career.
For an individual, a risk premium is the minimum amount of money by which the expected return on a risky asset must exceed the known return on a risk-free asset in order to induce an individual to hold the risky asset rather than the risk-free asset.
Robert William Fogel (July 1, 1926 – June 11, 2013) was an American economic historian and scientist, and winner (with Douglass North) of the 1993 Nobel Memorial Prize in Economic Sciences.
Robert Sabatino Lopez (October 8, 1910 – July 6, 1986), also known as Robert S. Lopez, was a Jewish-Italian-American historian of medieval European economic history.
Robert Jacob Alexander, Baron Skidelsky, FBA (born 25 April 1939) is a British economic historian of Russian origin and the author of a major, award-winning, three-volume biography of British economist John Maynard Keynes (1883–1946).
Sir Roderick Castle Floud FBA (born 1 April 1942) is an economic historian and a leader in the field of anthropometric history.
Roger E. Backhouse, FBA (born 1951) is a British economist and Professor of the History and Philosophy of Economics at the University of Birmingham.
Ronald Edsel Findlay (born 1935) is the Professor of Economics at Columbia University, New York.
Rondo Emmett Cameron (February 20, 1925 – January 1, 2001) was an American professor of economic history.
The Royal Economic Society (RES) is a professional association that promotes the study of economic science in academia, government service, banking, industry, and public affairs.
Safe trade is a slogan advocated by Greenpeace in its desire to "green" the World Trade Organisation and the Doha Development Round.
A sales tax is a tax paid to a governing body for the sales of certain goods and services.
Saving is income not spent, or deferred consumption.
Scarcity refers to the limited availability of a commodity, which may be in demand in the market.
The secondary market, also called the aftermarket and follow on public offering is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold.
In economics, a service is a transaction in which no physical goods are transferred from the seller to the buyer.
Seven generation stewardship is a concept that urges the current generation of humans to live and work for the benefit of the seventh generation into the future.
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.
Social capital is a form of economic and cultural capital in which social networks are central; transactions are marked by reciprocity, trust, and cooperation; and market agents produce goods and services not mainly for themselves, but for a common good.
Social cost in economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the md's transaction for which they are not compensated or charged.
Social credit is an interdisciplinary distributive philosophy developed by C. H. Douglas (1879–1952), a British engineer who published a book by that name in 1924.
The social market economy (SOME; soziale Marktwirtschaft), also called Rhine capitalism, is a socioeconomic model combining a free market capitalist economic system alongside social policies which establish both fair competition within the market and a welfare state.
Social psychology is the study of how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.
Social science is a major category of academic disciplines, concerned with society and the relationships among individuals within a society.
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.
Socialist economics refers to the economic theories, practices, and norms of hypothetical and existing socialist economic systems.
Socioeconomics (also known as social economics) is the social science that studies how economic activity affects and is shaped by social processes.
The Solow–Swan model is an economic model of long-run economic growth set within the framework of neoclassical economics.
The Southern Economic Association (SEA) is a regional-based scholarly economic organization based at the University of Tennessee at Chattanooga.
Specialization (or specialisation) is the separation of tasks within a system.
The spot market or cash market is a public financial market in which financial instruments or commodities are traded for immediate delivery.
A stabilization policy is a package or set of measures introduced to stabilize a financial system or economy.
In economics, stagflation, a portmanteau of stagnation and inflation, is a situation in which the inflation rate is high, the economic growth rate slows, and unemployment remains steadily high.
Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area, usually a country.
Stanley Lewis Engerman (born March 14, 1936) is an economist and economic historian at the University of Rochester.
A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments.
A stock market, equity market or share market is the aggregation of buyers and sellers (a loose network of economic transactions, not a physical facility or discrete entity) of stocks (also called shares), which represent ownership claims on businesses; these may include securities listed on a public stock exchange as well as those only traded privately.
The subjective theory of value is a theory of value which advances the idea that the value of a good is not determined by any inherent property of the good, nor by the amount of labor necessary to produce the good, but instead value is determined by the importance an acting individual places on a good for the achievement of his desired ends.
A subsidy is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.
Subsistence agriculture is a self-sufficiency farming system in which the farmers focus on growing enough food to feed themselves and their entire families.
A subsistence economy is a non-monetary economy which relies on natural resources to provide for basic needs, through hunting, gathering, and subsistence agriculture.
A substitute good is one good that can be used instead of another.
In economics and business decision-making, a sunk cost is a cost that has already been incurred and cannot be recovered (also known as retrospective cost).
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.
Sustainable development is the organizing principle for meeting human development goals while at the same time sustaining the ability of natural systems to provide the natural resources and ecosystem services upon which the economy and society depend.
Sweatshop (or sweat factory) is a pejorative term for a workplace that has very poor, socially unacceptable working conditions.
Sydney George Checkland FRSE (9 October 1916 – 22 March 1986) was a British-Canadian economic historian.
Thomas Southcliffe Ashton (1889–1968) was an English economic historian.
A tariff is a tax on imports or exports between sovereign states.
A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.
Tax policy is the choice by a government as to what taxes to levy, in what amounts, and on whom.
Technostructure is the group of technicians, analytics within an organisation (enterprise, administrative body) with considerable influence and control on its economy.
The terms of trade (TOT) is the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices.
The term "Experience Economy" was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the experience economy as the next economy following the agrarian economy, the industrial economy, and the most recent service economy.
The Theory of Moral Sentiments is a 1759 book by Adam Smith.
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.
Thermoeconomics, also referred to as biophysical economics, is a school of heterodox economics that applies the laws of statistical mechanics to economic theory.
Third market in finance, refers to the trading of exchange-listed securities in the over-the-counter (OTC) market.
Thomas Childs Cochran (April 29, 1902 – May 2, 1999) was an American economic historian.
Thomas MacGillivray Humphrey (born 1935) is an American economist.
Timothy Charles Leunig (born 26 February 1971) is an economist at the London School of Economics's Department of Economic History.
In economics, time preference (or time discounting, delay discounting, temporal discounting) is the current relative valuation placed on receiving a good at an earlier date compared with receiving it at a later date.
The time value of money is the greater benefit of receiving money now rather than later.
In economics, a time-based currency is an alternative currency or exchange system where the unit of account/value is the person-hour or some other time unit.
A token economy is a system of contingency management based on the systematic reinforcement of target behavior.
Sir Edward Anthony Wrigley, FBA (born 17 August 1931), commonly known as Tony Wrigley, is a historical demographer.
Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money.
A trade agreement (also known as trade pact) is a wide ranging taxes, tariff and trade treaty that often includes investment guarantees.
A trade block is a type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating states.
Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy.
In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth (quantity available), what price, and where.
Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer that deals with the allocation of resources within the transport sector.
Triple bottom line (or otherwise noted as TBL or 3BL) is an accounting framework with three parts: social, environmental (or ecological) and financial.
In a social context, trust has several connotations.
Uneconomic growth, in human development theory, welfare economics (the economics of social welfare), and some forms of ecological economics, is economic growth that reflects or creates a decline in the quality of life.
Unemployment is the situation of actively looking for employment but not being currently employed.
The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792.
Utilitarianism is an ethical theory that states that the best action is the one that maximizes utility.
Within economics the concept of utility is used to model worth or value, but its usage has evolved significantly over time.
In microeconomics, the utility maximization problem is the problem consumers face: "how should I spend my money in order to maximize my utility?" It is a type of optimal decision problem.
Economic value is a measure of the benefit provided by a good or service to an economic agent.
In business, the difference between the sale price and the production cost of a product is the unit profit.
The Value of Earth, i.e. the net worth of our planet, is a debated concept both in terms of the definition of value, as well as the scope of "earth".
The value of life is an economic value used to quantify the benefit of avoiding a fatality.
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution.
Similar chart showing the velocity of a broader measure of money that covers M2 plus large institutional deposits, M3. The US no longer publishes official M3 measures, so the chart only runs through 2005. The term "velocity of money" (also "The velocity of circulation of money") refers to how fast money passes from one holder to the next.
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an Internet game.
The terms virtuous circle and vicious circle (also referred to as virtuous cycle and vicious cycle) refer to complex chains of events that reinforce themselves through a feedback loop.
A wage is monetary compensation (or remuneration, personnel expenses, labor) paid by an employer to an employee in exchange for work done.
Walt Whitman Rostow (also known as Walt Rostow or W.W. Rostow) (October 7, 1916 – February 13, 2003) was an American economist and political theorist who served as Special Assistant for National Security Affairs to US President Lyndon B. Johnson from 1966 to 1969.
Wealth is the abundance of valuable resources or valuable material possessions.
Welfare is a government support for the citizens and residents of society.
Welfare economics is a branch of economics that uses microeconomic techniques to evaluate well-being (welfare) at the aggregate (economy-wide) level.
Founded in 1922, Western Economic Association International (WEAI) is a non-profit academic society dedicated to the encouragement and dissemination of economic research and analysis.
William Forsyth Sharpe (born June 16, 1934) is an American economist.
The world economy or global economy is the economy of the world, considered as the international exchange of goods and services that is expressed in monetary units of account (money).
X-inefficiency is the difference between efficient behavior of businesses assumed or implied by economic theory and their observed behavior in practice caused by a lack of competitive pressure.
In finance, the yield on a security is the amount of cash (in percentage terms) that returns to the owners of the security, in the form of interest or dividends received from it.
In game theory and economic theory, a zero-sum game is a mathematical representation of a situation in which each participant's gain or loss of utility is exactly balanced by the losses or gains of the utility of the other participants.
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