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Also known as: antitrust policy. See also: substitutes. See also: purchasing power parity. See also: increasing returns to scale , decreasing returns to scale. See also: constrained optimization problem. For example, in the multiplier model, the other variables are current disposable income and autonomous consumption. See also: disposable income , autonomous consumption.

Also known as: stated-preference model. Also known as: assurance game. A value of 1 or —1 indicates that knowing the value of one of the variables would allow you to perfectly predict the value of the other. A value of 0 indicates that knowing one of the variables provides no information about the value of the other. See also: correlation , causality. It can be positive or negative it is negative when high values of one variable are observed with low values of the other. It does not mean that there is a causal relationship between the variables. See also: causality , correlation coefficient.

These would usually include the cost of acquiring and equipping new premises, research and development, the necessary patents, and the cost of finding and hiring staff. In his view, the failure of unprofitable firms is creative because it releases labour and capital goods for use in new combinations. See also: credit-excluded. See also: credit-constrained.

In studies of individual behaviour, incentives may have a crowding out effect on social preferences. A second use of the term is to refer to the effect of an increase in government spending in reducing private spending, as would be expected for example in an economy working at full capacity utilization, or when a fiscal expansion is associated with a rise in the interest rate. See also: current account deficit , current account surplus. See also: current account , current account surplus. See also: current account , current account deficit.

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Also known as: demand-deficient unemployment. See also: equilibrium unemployment. Also known as: diseconomies of scale. See also: increasing returns to scale. See also: inflation. See also: supply shock. It uses the multiplier model. See also: supply side aggregate economy. See also: supply side. See also: accountability , political accountability. See also: collateralized debt obligation.

Filling the CAP's Core Information Gap

See also: diffusion. See also: diffusion gap.

Also known as: diminishing marginal utility. Also known as: diminishing marginal returns to consumption. Also known as: subjective discount rate. Also known as: decreasing returns to scale. See also: economies of scale. The latter process applies when the economy moves towards a stable equilibrium or away from a tipping point an unstable equilibrium. In contrast, rents that arise in equilibrium are called equilibrium rents.

See also: inflation , deflation. See also: progressive policy , regressive policy. Also known as: specialization. It is capable of producing the same amount of output as the alternative technology with less of at least one input, and not more of any input.

In short: an outcome is dominated if there is a win-win alternative. See also: reservation option. Also known as: increasing returns to scale. See also: diseconomies of scale.

Book Review : Farm Incomes, Wealth and Agricultural Policy: Filling the CAP's Core Information Gap

This fraction is usually multiplied by and reported as a percentage. See also: labour discipline model , employment rent. See also: population of working age. Also known as: cost of job loss. See also: exogenous endowment The facts about an individual that may affect his or her income, such as the physical wealth a person has, either land, housing, or a portfolio of shares stocks. See also: human capital. The slope of the indifference curve is the ratio of the marginal disutility of lost consumption due to the cost of abating and of the marginal utility of environmental quality a public good shared by all.

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Also known as: stationary or persistent rents. This is the Nash equilibrium of the labour market where neither employers nor workers could do better by changing their behaviour. See also: involuntary unemployment , cyclical unemployment , wage-setting curve , price-setting curve , inflation-stabilizing rate of unemployment. See also: net worth. An entirely different use of the term is synonymous with fairness. See also: excess supply. See also: excess demand. See also: endogenous. Also known as: external economy.

See also: external effect. Also known as: external diseconomy. Also known as: external cost , negative externality. Also known as: external benefit, positive externality. It is called an external effect because the effect in question is outside the contract. Also known as: externality.

See also: incomplete contract , market failure , external benefit , external cost. See also: feasible set. See also: feasible frontier. This is equal to disposable income minus VAT paid, plus the value of public services received. One measure of this is the amount collected divided by the cost of administering the tax system. See also: fiscal stimulus , fiscal policy , aggregate demand. See also: fiscal stimulus , fiscal multiplier , aggregate demand.

See also: fiscal multiplier , fiscal policy , aggregate demand. See also: foreign portfolio investment. Foreign direct investment FDI , by contrast, entails ownership and substantial control over the owned assets. See also: foreign direct investment. Also known as: gains from trade. See also: economic rent. See also: game. See also: game theory. GDP deflator A measure of the level of prices for domestically produced output.

Information and communications technology ICT , and electricity are two common examples. Gini coefficient A measure of inequality of any quantity such as income or wealth, varying from a value of zero if there is no inequality to one if a single individual receives all of it. The ramifications were felt around the world, as global trade was cut back sharply. Goverments and central banks responded aggressively with stabilization policies. Globalization I and II Two separate periods of increasing global economic integration: the first extended from before until the outbreak of the First World War in , and the second extended from the end of the Second World War into the twenty-first century.

See also: globalization. The term is sometimes applied more broadly to include ideas, culture, and even the spread of epidemic diseases. See also: Great Depression. The economy will continue producing at this output level unless something changes spending behaviour. See also: aggregate demand. See also: government budget deficit , government budget surplus. See also: government budget balance , government budget surplus. See also: government budget balance , government budget deficit. This term is widely used in a variety of ways, none of them strictly analogous to market failure, for which the criterion is simply Pareto inefficiency.


When used as a component of aggregate demand, this does not include spending on transfers such as pensions and unemployment benefits. See also: government transfers government transfers Spending by the government in the form of payments to households or individuals. Unemployment benefits and pensions are examples. Transfers are not included in government spending G in the national accounts.

Also known as: state. Great Depression The period of a sharp fall in output and employment in many countries in the s. Includes depreciation. See also: income , net income. See also: speculative finance. It allows a researcher to put a price on hard-to-quantify characteristics. For example, the employer cannot know or cannot verify how hard the worker she has employed is actually working.

Also known as: moral hazard. See also: hidden attributes problem of. An example is that the individual purchasing health insurance knows her own health status, but the insurance company does not. Also known as: adverse selection. See also: hidden actions problem of. Investment in this through education, training, and socialization can increase the stock, and such investment is one of the sources of economic growth.

See also: endowment. Also known as: diversifiable risk. This preference may be derived either from pure impatience or diminishing marginal returns to consumption. Those working in the home raising children, for example, are not considered as being in the labour force and therefore are classified this way.

The maximum amount that you could consume and leave your wealth unchanged. Also known as: disposable income. See also: gross income. Also known as: economies of scale. See also: decreasing returns to scale , constant returns to scale. It is common to set its value at in the reference period.

Industrial Revolution A wave of technological advances and organizational changes starting in Britain in the eighteenth century, which transformed an agrarian and craft-based economy into a commercial and industrial economy. Manufacturing is the most important component. Temporary tariff protection of this sector or other support may increase productivity in an economy in the long run. Also known as: non-accelerating rate of unemployment, stable inflation rate of unemployment. Usually measured over a year. See also: deflation , disinflation. Also known as: Schumpeterian rents. See also: solvent.

See also: patent , trademark , copyright. See also: nominal interest rate , real interest rate. See also: intergenerational inequality , intergenerational mobility , intergenerational transmission of economic differences. See also: intergenerational elasticity , intergenerational mobility , intergenerational transmission of economic differences. Upward mobility occurs when the status of a child surpasses that of the parents. Downward mobility is the converse. A widely used measure of intergenerational mobility is the correlation between the positions of parents and children for example, in their years of schooling or income.

Another is the intergenerational elasticity. See also: intergenerational elasticity , intergenerational transmission of economic differences. See also: intergenerational elasticity , intergenerational mobility. See also: interest rate , profit. It was popularized as an economic concept by the economist Robert Shiller. Also known as: total gains from exchange or trade.

Joule A unit of energy or work, originally defined as the amount of energy necessary to lift a small apple vertically 1 metre. See also: employment rent , efficiency wages. They are either employed including self-employed or unemployed. See also: unemployment rate , employment rate , participation rate. See also: capital-intensive. This is the Nash equilibrium of the labour market because neither employers nor workers could do better by changing their behaviour. See also: equilibrium unemployment , inflation-stabilizing rate of unemployment.

Economists say that employers are on the demand side of this market, while employees are on the supply side. See also: labour force. If a good were sold at different prices in different places, a trader could buy it cheaply in one place and sell it at a higher price in another. See also: arbitrage. This rate will typically be above the policy interest rate: the difference is the markup or spread on commercial lending.

Also known as: market interest rate. See also: interest rate , policy rate. Leontief paradox The unexpected finding by Wassily Leontief that exports from the US were labour-intensive and its imports capital-intensive, a result that contradicts what the economic theories predicted: namely that a country abundant in capital like the US would export goods that used a large quantity of capital in their production. See also: balance sheet , asset. The competitive process results in an outcome that is difficult to change, even if users of the technology consider an alternative innovation superior.

This is very useful for working with growth rates. See also: technology , institutions , short run model , medium run model. Lorenz curve A graphical representation of inequality of some quantity such as wealth or income. Individuals are arranged in ascending order by how much of this quantity they have, and the cumulative share of the total is then plotted against the cumulative share of the population.

For complete equality of income, for example, it would be a straight line with a slope of one. The extent to which the curve falls below this perfect equality line is a measure of inequality. See also: Gini coefficient. It corresponds to the slope of the total cost function at each point. See also: marginal private cost , marginal social cost. See also: marginal external cost , marginal social cost. It is the slope of the feasible frontier. See also: marginal rate of transformation , feasible frontier.

At any point, this is the slope of the indifference curve. See also: marginal rate of transformation. At any point, it is the slope of the feasible frontier. See also: marginal rate of substitution. Marginal social cost is the sum of the marginal private cost and the marginal external cost. See also: equilibrium. Each person in the market would benefit from being connected to the right member of the other group. Also known as: two-sided market. For example, a bank accepts deposits, which it promises to repay at short notice or no notice, and makes long-term loans which can be repaid over many years.

Also known as: liquidity transformation median voter model An economic model of the location of businesses applied to the positions taken in electoral platforms when two parties compete that provides conditions under which, in order to maximize the number of votes they will receive, the parties will adopt positions that appeal to the median voter. See also: median voter. See also: median voter model. In this case capital stock, technology, and institutions are exogenous. Output, employment, prices, and wages are endogenous. See also: capital goods , technology , institution , short run model , long run model.

Generally applied in bargaining situations to mean the least favourable offer that would be accepted. This does not occur due to asymmetric or non-verifiable information.

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See also: quantitative easing. Also known as: nominal wage. See also: monopoly. See also: economic profit. Also refers to a market with only one seller. See also: monopoly power , natural monopoly. This term now refers to any situation in which one party to an interaction is deciding on an action that affects the profits or wellbeing of the other but which the affected party cannot control by means of a contract, often because the affected party does not have adequate information on the action.

See also: hidden actions problems of , incomplete contract , too big to fail. Investors receive payments derived from the interest and principal of the underlying mortgages. See also: collateral. Over a period of many years, the borrower repays the loan, plus interest. The debt is secured by the property itself, referred to as collateral. See also: fiscal multiplier , multiplier process.

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  • See also: fiscal multiplier , multiplier model. Instead, differences in law, policy, weather, or other events can offer the opportunity to analyse populations as if they had been part of an experiment. Volume 12 , Issue 3 December Pages Related Information. Close Figure Viewer. Browse All Figures Return to Figure.

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