79 relations: Adam Smith, Aggregate demand, Aggregate supply, Austrian School, Bracket creep, Bretton Woods system, Business cycle, Central bank, Chronic inflation, Classical dichotomy, Conservative Party (UK), Cost-push inflation, Deflation, Demand-pull inflation, Differential accumulation, Disinflation, Douglas Harper, Economic growth, Economic policy, Economic stagnation, Economics, Edmund Phelps, Employment, Ex nihilo, Gross domestic product, Hansard, House of Commons of the United Kingdom, Hyperinflation, Iain Macleod, Incomes policy, Inflation, Inflationism, Irving Fisher, Jane Jacobs, John Maynard Keynes, John Stuart Mill, Jonathan Nitzan, Karl Marx, Keynesian economics, Lucas aggregate supply function, Milton Friedman, Monetarism, Money creation, Natural capital, Natural rate of unemployment, Neutrality of money, New classical macroeconomics, New Keynesian economics, Newsweek, Nominal rigidity, ..., Online Etymology Dictionary, OPEC, Parliament of the United Kingdom, Paul Volcker, Petroleum, Phillips curve, Portmanteau, Price of oil, Price/wage spiral, Real business-cycle theory, Real versus nominal value (economics), Richard Nixon, Robert Barro, Robert Lucas Jr., Rutgers University Press, Shimshon Bichler, Shrinkflation, Supply and demand, Supply shock, Supply-side economics, The Economic Consequences of the Peace, The Economist, Thomas J. Sargent, Unemployment, Workforce productivity, Zero interest-rate policy, 1970s energy crisis, 1973 oil crisis, 1973–75 recession. Expand index (29 more) » « Shrink index
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.
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.
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.
Bracket creep describes the process by which inflation pushes wages and salaries into higher tax brackets, leading to a fiscal drag situation.
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia, and Japan after the 1944 Bretton-Woods Agreement.
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.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.
Chronic inflation is an economic phenomenon occurring when a country experiences high inflation for a prolonged period of time (several years or decades) due to undue expansion or increase of the money supply.
In macroeconomics, the classical dichotomy is the idea, attributed to classical and pre-Keynesian economics, that real and nominal variables can be analyzed separately.
The Conservative Party, officially the Conservative and Unionist Party, is a centre-right political party in the United Kingdom.
Cost-push inflation is a type of inflation caused by substantial increases in the cost of important goods or services where no suitable alternative is available.
In economics, deflation is a decrease in the general price level of goods and services.
Demand-pull inflation is asserted to arise when aggregate demand in an economy outpaces aggregate supply.
Differential accumulation is an approach for analysing capitalist development and crisis, tying together mergers and acquisitions, stagflation and globalization as integral facets of accumulation.
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.
Douglas A. Harper (born 1948) is an American sociologist and photographer.
Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.
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 stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment.
Economics is the social science that studies the production, distribution, and consumption of goods and services.
Edmund Strother Phelps, (born July 26, 1933) is an American economist and the winner of the 2006 Nobel Memorial Prize in Economic Sciences.
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.
Ex nihilo is a Latin phrase meaning "out of nothing".
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.
Hansard is the traditional name of the transcripts of Parliamentary Debates in Britain and many Commonwealth countries.
The House of Commons is the lower house of the Parliament of the United Kingdom.
In economics, hyperinflation is very high and typically accelerating inflation.
Iain Norman Macleod (11 November 1913 – 20 July 1970) was a British Conservative Party politician and government minister.
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.
In economics, inflation is a sustained increase in price level of goods and services in an economy over a period of time.
Inflationism is a heterodox economic, fiscal, or monetary policy, that predicts that a substantial level of inflation is harmless, desirable or even advantageous.
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, and Progressive social campaigner.
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.
John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.
John Stuart Mill, also known as J.S. Mill, (20 May 1806 – 8 May 1873) was a British philosopher, political economist, and civil servant.
Jonathan Nitzan is Professor of Political Economy at York University, Toronto, Canada.
Karl MarxThe name "Karl Heinrich Marx", used in various lexicons, is based on an error.
Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).
The Lucas aggregate supply function or Lucas "surprise" supply function, based on the Lucas imperfect information model, is a representation of aggregate supply based on the work of new classical economist Robert Lucas.
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.
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation.
Money creation is the process by which the money supply of a country, or of an economic or monetary region,Such as the Eurozone or ECCAS is increased.
Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms.
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity.
Neutrality of money is the idea that a change in the stock of money affects only nominal variables in the economy such as prices, wages, and exchange rates, with no effect on real variables, like employment, real GDP, and real consumption.
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.
Newsweek is an American weekly magazine founded in 1933.
Nominal rigidity, also known as price-stickiness or wage-stickiness, describes a situation in which the nominal price is resistant to change.
The Online Etymology Dictionary is a free online dictionary written and compiled by Douglas Harper that describes the origins of English-language words.
The Organization of the Petroleum Exporting Countries (OPEC,, or OPEP in several other languages) is an intergovernmental organization of nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
The Parliament of the United Kingdom, commonly known as the UK Parliament or British Parliament, is the supreme legislative body of the United Kingdom, the Crown dependencies and overseas territories.
Paul Adolph Volcker Jr. (born September 5, 1927) is an American economist.
Petroleum is a naturally occurring, yellow-to-black liquid found in geological formations beneath the Earth's surface.
The Phillips curve is a single-equation empirical model, named after William Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of rises in wages that result within an economy.
A portmanteau or portmanteau word is a linguistic blend of words,, p. 644 in which parts of multiple words or their phones (sounds) are combined into a new word, as in smog, coined by blending smoke and fog, or motel, from motor and hotel.
The price of oil, or the oil price, (generally) refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).
In macroeconomics, the price/wage spiral (also called the wage/price spiral or wage-price spiral) represents a vicious circle process in which wage increases cause price increases which in turn cause wage increases, possibly with no answer to which came first.
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.
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.
Richard Milhous Nixon (January 9, 1913 – April 22, 1994) was an American politician who served as the 37th President of the United States, serving from 1969 until 1974, when he resigned from office, the only U.S. president to do so.
Robert Joseph Barro (born September 28, 1944) is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University.
Robert Emerson Lucas Jr. (born September 15, 1937) is an American economist at the University of Chicago.
Rutgers University Press is a nonprofit academic publishing house, operating in New Brunswick, New Jersey under the auspices of Rutgers University.
Shimshon Bichler is an educator who teaches political economy at colleges and universities in Israel.
In economics, shrinkflation is the process of items shrinking in size or quantity while their prices remain the same or increase.
In microeconomics, supply and demand is an economic model of price determination in a market.
A supply shock is an event that suddenly increases or decreases the supply of a commodity or service, or of commodities and services in general.
Supply-side economics is a macroeconomic theory arguing that economic growth can be most effectively created by lowering taxes and decreasing regulation.
The Economic Consequences of the Peace (1919) is a book written and published by the British economist John Maynard Keynes.
The Economist is an English-language weekly magazine-format newspaper owned by the Economist Group and edited at offices in London.
Thomas John "Tom" Sargent (born July 19, 1943) is an American economist, who is currently the W.R. Berkley Professor of Economics and Business at New York University.
Unemployment is the situation of actively looking for employment but not being currently employed.
Workforce productivity is the amount of goods and services that a worker produces in a given amount of time.
Zero interest-rate policy (ZIRP) is a macroeconomic concept describing conditions with a very low nominal interest rate, such as those in contemporary Japan and December 2008 through December 2015 in the United States.
The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices.
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo.
The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall Post–World War II economic expansion.