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Index

A
abatement
- conflicts of interest
- expenditure
- mutual gains
- value of
abatement costs
- feasible set
- least-cost
- marginal
- measure of
abatement policies
- cost-benefit analysis
- difference between countries
- efficiency
- see also environmental policies
ability differences
absolute advantage
accelerator, financial
accidents of birth
Acconcia, Antonio
administrative feasibility
administrative infeasibility
Admati, Anat
Adobe
adverse selection
advertising
agglomeration
aggregate demand
- and deflation
- fluctuations
- GDP
- in multiplier model
- and unemployment
AIDS
air miles
Airbnb
Akerlof, George
Allen, Robert
Allende, Salvador
allocation
- definition
- imposed
- Pareto dominant
- Pareto efficient
- and surplus
altruism
- definition
- and indifference curves
- and prisoners’ dilemma
Annan, Kofi
anti-globalization
antibiotics
antitrust policy
Apple
arbitrage
Arctic sea ice
Argentina
Ariely, Daniel
Arrow, Kenneth
- ‘A cautious case for socialism’
asset prices
- bubbles
- momentum
assets
- definition
- fire sales
- firm-specific
- international holdings
- market
Auerbach, Alan
austerity
Australia
- abatement policies
- capital flows
- and climate change
- currency depreciation
- earnings and unemployment
- golden age
- indigenous people
- zinc mining
Austria
- postwar accord
- trade unions
- unemployment
Ausubel, Lawrence
automatic stabilization
automatic teller machines (ATMs)
automation
- see also innovation; technology
average product of labour
- see also labour productivity
B
Bacon, Francis, New Atlantis
bads, private and public
balance of payments
balance sheet
Baltic Dry Index
Bank for International Settlements in Basel
bank lending rate
banking crisis
banks
- assets
- bailout
- balance sheet
- bankruptcy
- borrowing
- confidence in
- definition
- deposits
- failure
- government rescue
- leverage
- liabilities
- liquidity
- money creation
- net worth
- reserves
- reform
- role in crisis
- run on
- solvency
- too big to fail
- see also central banks
bargaining
- externalities
- gains from
- gap
bargaining power
- definition
- and differentiated goods
- in exchange
- and inflation
- and pollution
- and surplus
- see also trade unions
Barro, Robert
base money
bathtub model
behavioural experiments
- see also experiments
Belgium
- economic performance
- postwar accord
- US investment
- working hours
benefits, private
benevolence
Berners-Lee, Tim
Besley, Tim
Beveridge, William
Beveridge curve
Bewley, Truman
biodiversity loss
biosphere dynamics
Bitcoin
board of directors
Boigny, Felix Houphouet
Bolivia
bonds
- corporate
- government
- prices and yields
borrowers
- and inflation
- wealth of
borrowing
- abroad
- for consumption
- and consumption smoothing
- price of
- see also debt
Botswana
Bowley, A. L.
Brandt, Willy
Brazil
- elections
- shrimpers
- unemployment
- US investment
Bretton Woods system
broad money
Brockman, David
Brunnermeier, Markus
Brynjolfsson, Erik
bubbles
- causes
- definition
- modelled
- questioned
- see also prices
budget
- constraint
- government
Bush, George H. W.
Bush, George W.
business confidence
business cycles
- definition
- government role
- private sector role
- see also fluctuations
C
Canada
- abatement policies
- capital flows
- economic performance
- golden age
- US investment
Cantillon, Richard
cap and trade
capacity utilization
capacity-constrained
capital
- controls on
- goods
- human
- intensity
- and labour
- marginal returns to
- natural
- net flows
- stock
capital markets
- international
- price gaps
capitalism
- as an economic system
- definition
- economic conditions
- and innovation
- Keynes on
- political conditions
- and specialization
- see also golden age of capitalism
capitalist revolution
carbon dioxide
- in fossil fuel reserves
- and GDP
- and temperature increase
- see also greenhouse gases
carbon emissions
carbon tax
Cardenas, Juan Camilo
cartel
Case, Anne
cash payments
Cassidy, John
Castro, Fidel
Castro, Raul
causality
- and correlation
- definition
- reverse
Ceausescu, Nicolae
central banks
- independent
- indifference curves
- inflation target
- interest rate
- Phillips curve
- stabilization
- see also banks; monetary policy
central planning
ceteris paribus
Chamberlin, Edward
child healthcare policies
child mortality
Chile
- economic feasibility
- rights
- special interests
- stock market prices
China
- abatement policies
- Foxconn
- GDP decomposed
- hockey stick
- independence
- inequality
- manufacturing
- opening to trade
- productivity
- specialization
- US investment
- village elections
choice, modelled
civil liberties
civil rights
Clark, Andrew
Clark, Gregory
climate change
- conflicts of interest
- and economic activity
- irreversibility
- positive feedback
- problems of assessing
- scientific knowledge
- and technological progress
- tipping point
- unrepresented generations
- see also abatement; abatement costs; abatement policies; environmental policies
Clinton, Bill
co-insurance
coal
Coase, Ronald
coercive power
Cohen, Jack
collateral
collateralized debt obligations (CDOs)
collective action
colonists
commodities
- global prices
common currency area
common-pool resource
comparative advantage
- definition
- and specialization
- theory
comparative static approach
compensation, enforced
competition
- and the dictator
- as discipline
- electoral
- firms
- and globalization
- perfect
- political
- and the price-setting curve
- and the ultimatum game
- winner-take-all
- see also electoral competition; political competition
competition policy
competitions
competitive equilibrium tests
competitive goods and labour markets
computation/computers
concave function
confidence
conflict, model of
conflicts of interest
- abatement
- climate change
- resolution
constrained choice problem
constrained optimization
Consumer Price Index (CPI)
consumer surplus
consumption
- aggregate function
- autonomous
- borrowing for
- in circular flow model
- conspicuous
- definition
- diminishing marginal returns to
- and expectations
- and free time
- and interest rate
- and investing
- measuring
- and taxation
- and working hours
consumption goods
consumption smoothing
- and borrowing
- lessons from
- lifetime
- limits to
contingent valuation
contracts
- complete
- definition
- employment
- incomplete
- for labour
- and market failure
- non-compete
- for products
control and ownership
cooperation
- definition
- international
cooperatives
coordination game
- definition
- investment
copyright
copyright laws
CORE Project
- Dilbert law of firm hierarchy
corporate bonds
correlation and causality
Corsetti, Giancarlo
cost-benefit analysis
- discount rate
costs
- average
- external
- first copy
- innovation
- private
- of production
- of trade
- transaction
cotton
countercyclical
Cournot, Augustin, Researches into the Mathematical Principles of the Theory of Wealth
crashes
Creative Commons copyright
creative destruction
- definition
- lessons from
credit
- constraints on
- crunch
- rationing
credit market
- failure
- and inequality
- principal–agent problem
- remedies
credit ratings agencies
credit-excluded
Crockett, Andrew
crowding out
culture
currency depreciation
current account
cyclically adjusted price-to-earnings (CAPE) ratio
D
Davenant, Charles
Davis, Mike
deadweight loss
Deaton, Angus
debt
- government
- private sector peak
- rising
- see also borrowing
decision-making and scarcity
default risk
deflation
- and aggregate demand
- definition
deforestation
deglobalization
demand
- aggregate
- autonomous
- and equilibrium
- excess
- expectations
- price elasticity
- shocks
- short-run
- and unemployment
demand curve
- definition
- and marginal rate of transformation (MRT)
- and profits
- and willingness to pay (WTP)
demand side
- crisis
- definition
- model
democracy
- the advance of
- definition
- discipline
- elections
- and equality
- and globalization
- and government failure
- as a political institution
- and unfairness
- varieties of
democratic accountability
- of elected officials
- and transfers of power
democratic bias
Denmark
- equality
- fat tax
- government size
- inequality
depreciation
deregulation
derivatives
developmental state
- dictator
- and competition
- duration curve
- reasons for removing
- rent-seeking
- tax decisions
diffusion gap
diffusion-invention trade-off
digital rights management (DRM) technology
discipline model
discount rate
discrimination
diseconomies
- external
- of scale
disequilibrium process
disequilibrium rent
disinflation
distribution
- effect of tax level
- and external effect
- see also redistribution
diversification
division of labour
- firms and markets
- and market exchange
- see also labour
Dixit, Avinash
dominant strategy equilibrium
dominated
Druckenmiller, Stanley
drugs, new
Dube, Arin
Durand, Peter
Durkheim, Emile
Durlauf, Steven
dynamic model
E
earnings
- definition
- high
- inequality
- versus free time
- see also wages
East Germany
economic accountability
economic cost
economic differences, intergenerational transmission
economic epochs
- lessons from
- see also global financial crisis; golden age of capitalism; Great Depression; great moderation
economic fluctuations see fluctuations
economic growth see growth
economic models
- culture and politics
- dynamic
- Malthusian
- technology and costs
- trial and error
- use of
economic performance
- determinants of
- and government policies
- and institutions
economic rents
- definition
- role of
- see also rent
economic systems
economics, definition
economies, external see externalities
economies of agglomeration
economies of scale
- definition
- and innovation
- networks
- of a pipe
- see also returns to scale
economies of scope
economy
- and environment
- model of
Edgeworth, Francis, Mathematical Psychics
education
- and inequality
- primary
- and training
- see also schooling
Edward, King
efficiency and fairness
efficient market hypothesis
effort, isocost line
Egypt
Ehrlich, Paul
El Salvador
elasticity
- long-run
- short-run
- of supply
elasticity of demand
- and marginal revenue
- relative
- and taxation
elected officials, accountability
elections
electoral competition
emigration see immigration; migration
emissions trading
employees, best response function
employers
- associations
- incentives
- indifference curves
- MRS and MRT
- relationship with trade unions
employment
- contract
- and fiscal policy
- and government policy
- and incomplete contracts
- measuring
- rate
- and real wages
- rent
- see also unemployment
employment protection legislation
employment rent
- calculation of
- determinants of
endogenous
endowments
- and income
- and inequality
- and labour markets
- and principal–agent models
Engels, Friedrich, The Communist Manifesto
entrepreneur, definition
environment, and economy
environment-consumption
- indifference curves
- marginal rate of transformation (MRT)
- trade-offs
environmental behaviours
environmental collapse
environmental cost
environmental degradation
environmental dynamics
environmental effects
Environmental Performance Index (EPI)
environmental policies
- legal
- price-based
- quantity-based
- win-win
- see also abatement policies
environmental spillovers
environmental sustainability
equality, and democracy
equilibrium
- competitive
- definition
- and demand increase
- dominant strategy
- invisible hand game
- long-run
- perfectly competitive
- price
- rent
- rent-seeking
- short-run
- stable
- and supply
- sustainable environment
- tipping point
- unemployment
- unstable
- see also Nash equilibrium
equity
ethics
Ethiopia
European Commission
European Union
- Common Agricultural Policy
European Union Emissions Trading Scheme (EU ETS)
Eurozone
- crisis
- GDP decomposed
evolutionary economics
exchange, gains from
exchange rates
exchange-traded note (ETN)
exit
exogenous
expectations
- inflation
- and the multiplier
- profits
expenditure
- bathtub analogy
- government
- and taxation
experiments
- behavioural
- causality
- forest-commons management
- laboratory
- natural
- saving behaviour
exporters
exports
external benefit
external cost
external effects
- and bargaining
- definition
- and distribution
- innovation
- recap
externalities
- market failure
- negative
- networks
- positive
F
Facebook
factor endowments
factors of production
fairness
- definition
- and efficiency
- evaluating
- indifference curve
- policies
- polluter pays principle
- preference for
- procedural judgements of
- substantive judgements of
- see also unfairness
fallacy of composition
fallback (reservation) option
Fama, Eugene
family businesses
Farnie, Douglas
feasibility
- administrative
- economic
feasible allocations
- biological
- technical
feasible combinations
feasible consumption set
feasible frontier
feasible invention
feasible set
- definition
- government
- and opportunity cost
FedEx
feedback
- negative
- positive
Fehr, Ernst
Fiji
film production company
financial accelerator
financial assets
financial crisis
financial deregulation
financial innovation
Finland
- economic performance
- equality
- expenditure
- government size
- inequality
- manufacturing wages
firm-specific asset
firms
- competition
- decision-making
- definition
- division of labour
- exit and entry
- hiring decisions
- and markets
- and power
- price-setting
- price-taking
- size
- see also market
first adopters
fiscal capacity
fiscal multiplier
fiscal policy
- definition
- and employment
- and fluctuations
- Great Depression
- in periods of crisis
- and trade
- see also government policies
fiscal stimulus
Fisher, Irving
Fisher equation
flow
fluctuations
- and austerity
- and fiscal policy
- and growth
- and unemployment
- households reaction to
- investment
- see also business cycles
Fogel, Robert
Fong, Christina
Bullit Motor Company
foreign direct investment (FDI)
foreign exchange market
foreign portfolio investment
France
- abatement policies
- BNP Paribas
- capital flows
- coercive power
- construction
- creative destruction
- elections
- hours of work
- inequality
- Physiocrats
- postwar accord
- relative prices
- revolution
- sugar tax
- unemployment
- US investment
- working hours
free rider
- definition
- and game theory
- and public goods
- and punishment
free time
- and air miles
- and consumption
- versus earnings
Freeman, Richard
Friedman, Milton
Friedman, Milton, Essays in Positive Economics
G
gains
- from exchange
- from trade
Galbraith, John Kenneth
Gallegati, Mauro
Galton, Francis
game theory
- definition
- dominant strategy equilibrium
game tree
games
- definition
- invisible hand
- labour discipline
- prisoners’ dilemma
- public goods
- repeated
- rules of
- sequential and simultaneous
- ultimatum
- zero sum
Gandhi, Mahatma
garment manufacturing
Garnier, Jean-Pierre
GDP (gross domestic product)
- circular flow model
- and carbon dioxide
- deflator
- global distribution
- growth
- measuring
- nominal
- poor measure of
- real
General Mills
Germany
- abatement policies
- banks
- Berlin Wall
- Beveridge curve
- capital flows
- chemical industry
- economic performance
- employment
- EPI
- government size
- inequality
- Infineon
- innovation system
- a natural experiment
- postwar accord
- protectionism
- revolution
- textiles
- unemployment
- US investment
Gini, Corrado
Gini coefficient
- borrowers and lenders
- see also inequality, Lorenz curve
global warming see climate change
globalization
- indicator
- and inequality
- and investment
- of labour
- measuring
- and migration
- trilemma of the world economy
Globalization I
Globalization II
gold standard
golden age of capitalism
- end of
- industrial relations
- policies
good luck
goods
- artificially scarce or club
- common-pool resource
- complements
- differentiated
- knowledge-intensive
- market equilibrium
- merit
- non-rival
- private
- rationed
- substitutes
Gordon, Robert, The Rise and Fall of American Growth
Gore, Al
Gorodnichenko, Yuriy
governing elites
government
- bank rescue
- budget
- debt
- definition
- economic role
- expenditure
- feasible sets
- and innovation
- as monopolist
- preferences
- redistribution
- revenue
- role
- size
- transfers
- valuing goods and services
- see also developmental state
government bonds
government failure
- and democracy
government policies
- change
- and demand elasticities
- and economic performance
- and employment
- golden age
- and inequality
- and inflation
- and innovation
- and labour productivity
- and labour supply
- and market failure
- predistribution
- response to recession
- and unemployment
- and wage adjustment gap
- see also fiscal policy; monetary policy
government spending
- on goods and services
- response to
- volatility
government-owned entities
Graddy, Kathryn
Graham, Andrew
Grand Banks cod fishery
Great Depression
- deglobalization
- fiscal policy
- monetary policy
- policy during
- positive feedbacks
great moderation
great recession
Greece
green adjustment, accounting
greenhouse gases
- abatement policies
- see also carbon dioxide
Greenspan, Alan
gross domestic income
growth
- catch-up
- and fluctuations
- green
- and hours of work
- ratio scale
- and technology
- and trade
- and unemployment
Guadeloupe
guard labour
H
Hardin, Garrett, ‘The Tragedy of the Commons’
Harding, Matthew
Harford, Tim
Hargreaves, James
Harris, Seymour
Harrison, John
Hausman, Jerry
Hayek, Friedrich
- The Road to Serfdom
Heckman, James
- Giving kids a fair chance
Heckscher, Eli
hedge finance
hedonic pricing
Helpman, Elhanan
hidden actions problem
hidden attributes problem
Hirschman, Harold Albert
- Exit, Voice and Loyalty
Hobbes, Thomas
hockey stick of history
- causes of
- income growth
- other
homo economicus
Hotelling, Harold
house prices
- modelling bubbles
household reactions to fluctuations
household wealth
housing rents
human capital
human rights
hyperglobalization
I
Ibn Battuta
immigration
- opposition to
- policies
- see also migration
impatience
- pure
importers
imports
incentives
- definition
- employers
- investment
- managers
- work
- workers
- see also motivation
income
- aggregate
- before tax
- definition
- disposable
- and endowments
- final
- great divergence
- historical trends
- intergenerational elasticity
- intergenerational mobility
- market
- net
- and productivity
- share of the richest
- time and country comparisons
income distribution
- across and within countries
- across the world
- and external effects
- feasible
- and the labour market
- the missing middle
- worldwide
income effects
- definition
- and substitution effects
income elasticity of demand
income growth, hockey stick
income inequality
- 90/10 ratio
- and technology
- see also inequality
income mobility
incomplete contracts
- and employment
- recap
India
- abatement policies
- agrarian economy
- bargadars
- capital intensity
- caste
- cotton
- democracy
- elections
- fishing
- government
- hockey stick
- independence
- inequality
- productivity
- rights
indifference curves
- and altruism
- central banks
- employer
- environment-consumption
- fairness
- isoprofit curves
- and opportunity cost
- policymakers’
- reservation
indigenous people
Indonesia
- growth
- productivity
industrial relations
Industrial Revolution
- causes
- definition
- and relative prices
industry
- definition
- employment shares
- see also manufacturing
inequality
- 90/10 ratio
- ‘accident of birth’
- across the world
- aversion
- between countries
- categorical
- cause and effects model
- and credit market exclusion
- cross-sectional
- earnings
- economic
- and educational level
- feasible
- future of
- gender
- global
- and globalization
- and government policies
- group
- growth of
- ideal
- income
- intergenerational
- and labour market model
- market income
- measures of
- Nash equilibrium
- political and economic
- procedural theories
- rising
- and schooling
- South Africa
- and technology
- trends
- and unemployment
- unfair
- wealth
- see also income inequality
infant industries
infeasibility
- administrative
- economic
inflation
- and bargaining gap
- and bargaining power
- basket of goods and services
- and capacity utilization
- conflicting claims on output
- constraints and preferences
- definition
- expected
- and government debt
- and government policy
- measuring
- and monetary policy
- and multiplier model
- and end of the golden age
- and the great moderation
- pros and cons
- and supply shocks
- targeting
- and volatility
- wage
information
- asymmetric
- lack of
- limited
- and market failure
- missing
- unverifiable
- verifiable
information technology
inheritance
innovation
- in capitalist economies
- in centrally planned economies
- and competitions
- complements
- cost-reducing
- costs
- diffusion
- diffusion gap
- and economies of scale
- external effects
- finance
- government role
- incremental
- and inequality
- institutions
- and invention
- nature of
- process
- and profit
- as public good
- and public policy
- radical
- rents
- social norm
- and structural change
- substitutes
- systems
- and tax
- and unemployment
- see also invention; technology
innovation rent
insolvent
institutional change
institutions
- definition
- and economic performance
- and efficiency outcomes
- and fairness outcomes
- innovating
- need for
- and power
- see also government policies, rules of the game insurance
insurance
- adverse selection
- car
- co-
- lemons
- self-
- social
Intel
intellectual property rights
interest rates
- bank lending
- central banks
- and consumption
- definition
- and the Great Depression and the financial crisis
- in the Fisher equation
- and investment decisions
- market
- nominal
- policy
- policy rate
- real
- short-term
- zero lower bound
intergenerational mobility
Intergovernmental Panel on Climate Change (IPCC)
international cooperation
International Labour Organization
International Monetary Fund (IMF)
International Telecommunications Union
Internet
- browsers
invention
- feasible
- and innovation
- see also innovation; technology
inventories
investment
- aggregate function
- and consumption
- coordination game
- decisions
- fluctuations
- and globalization
- incentives
- measuring
- Nash equilibrium
- push
- recession
- savings
- and technology
- vicious circle
- virtuous circle
- volatility
invisible hand game
Ireland
- bank strike
- house prices
- potato famine
isocost lines
- for effort
isoprofit curves
isorent curves
isototal benefits curves
Israel
Italy
- Ancona fish market
- democracy
- economic performance
- guard labour
- Mafia and the multiplier
- postwar accord
Ivory Coast
J
Jackson, Michael, Thriller
Jacobson, Louis
Japan
- capital intensity
- deflation
- economic performance
- golden age
- hockey stick
- inequality
- manufacturing wages
- Sharp
- Toshiba
- trade unions
- unemployment
jobs
- creation and destruction
- matching
- reallocation
John Lewis Partnership
justice see fairness
JVC’s VHS
K
Kalla, Joshua
Kay, John
Kennedy, John F.
Kenya
Keynes, John Maynard
- ‘Economic Possibilities for our Grandchildren’
- The Economic Consequences of the Peace
- The End of Laissez-Faire
- The General Theory
- Tract on Monetary Reform
Kindleberger, Charles
King, Gregory
Kirman, Alan
knowledge
- codified and tacit
Korean War
Koshal, Manjulika
Koshal, Rajindar
Krugman, Paul
Kyoto Protocol
L
laboratory experiments see experiments
labour
- and capital
- diminishing product
- division of
- globalization
- increased supply
- measures of
- and production
- wage
- working environment
- see also division of labour; workers
labour discipline model
- equilibrium, rent, power
- using
- wages, effort and profits
- work and wages
labour market
- compared to goods market
- definition
- and endowments
- equilibrium, Nash
- and income distribution
- matching
- model
- Pareto efficient
- participation rate
- power
- primary
- secondary
- segmented
labour productivity
- definition
- and government policy
- light
- and price-setting curve
- retail
- and trade unions
labour-intensity
Lalonde, Robert
land-intensity
Landes, David
languages
Lasswell, Harold, Politics: Who gets what, when and how
Latin America, independence
law, tort
Law of Demand
law of one price
laws and traditions
Lazear, Edward
learning by doing
LED bulbs
legal framework
legal tender
Lehman Brothers
Leibbrandt, Andreas
lenders, and inflation
lending
lending abroad
Leontief, Wassily
Leontief paradox
Lesotho
leverage ratio
liability, definition
Liberia
life expectancy
lifestyles, long-term changes
light, and labour productivity
lighting technology
limit order
Lincoln, Abraham
linear regression line
liquidity
- risk
living standards
- and population
- and technological progress
lock-in
logarithmic scale
- see also ratio scale
long run model
Lorenz, Max
Lorenz curve
- borrowers and lenders
- see also inequality
Louis XIV
Lovenheim, Michael
loyalty
Lucas, Robert
Ludd, Ned
M
McAfee, Andrew
macroeconomic policy
Maddison, Angus
Madison, James
Mafia
Maginot, André
Malaysia
Malthus, Thomas Robert
- An Essay on the Principle of Population
Malthus’ Law
Malthusian economics
- diminishing product of labour
- population growth
Malthusian trap
- and economic stagnation
- escape from
- and technology
managers, incentives
Mandela, Nelson
manufacturing
- productivity
- wages
- see also industry
marginal change
marginal cost
- and market price
- private cost
- and profit maximization
- supply curve
marginal product
- of capital
marginal productivity of abatement expenditure
marginal propensity to consume
marginal propensity to import
marginal rate of substitution (MRS)
- and choice
- definition
- employer
- and feasibility
- isoprofit curve
marginal rate of transformation (MRT)
- definition
- and demand curve
- employer
- environment-consumption
- future to present
marginal returns to capital
marginal revenue
- definition
- and elasticity of demand
- and profit maximization
marine chronometer
market capitalization rate
market exchange, and division of labour
market failure
- and contracts
- externalities
- and government policy
- and information problems
- and property rights
- reasons for
- remedies
market income
market organization
markets
- competitive
- definition
- division of labour and firms
- entry
- and equilibrium price
- and firms
- foreign exchange
- limits to
- matching (two-sided)
- missing
- non-clearing
- politics and sociology of
- and power
- and private property
- repugnant
- secondary
- short side
- size of
- tipping point
- used bicycles
- see also firms
markup
- price-setting
Marshall, Alfred
- Principles of Economics
Martinique
Marx, Karl
- Capital
- The Communist Manifesto
matching (two-sided) markets
- failure
- model
mathematics
maturity transformation
Mauroy, Pierre
Mazzucato, Mariana
Mbeki, Thabo
median
median voter model
medium run model
Meidner, Rudolph
Mencken, H. L.
menu costs
merchandise trade
merit good
Mexico
- democracy
- free time
- volatility of components of GDP
- Oportunidades
- PRI
- redistribution policy
- sugar tax
- working hours
Microsoft
migration
- and globalization
- see also immigration
Mill, John Stuart, The Principles of Political Economy
Miller, Grant
minimum acceptable offer, definition
Minsky, Hyman
- Can ‘It’ Happen Again?
Mitterrand, François
mobile phones
model of choice and conflict
Mokyr, Joel
monetary policy
- definition
- exchange rate channel
- Great Depression
- and inflation
- inflation targeting
- limits to
- in periods of crisis
- quantitative easing
- in a recession
- transmission
- and zero lower bound
- see also central banks
money
- base
- broad
- definition
- supply and demand
- types of
monopoly
- definition
- and intellectual property rights
- natural
monopoly rents
Montreal Protocol
moral hazard
mortgage
mortgage-backed securities (MBSs)
Moser, Petra
motivation see incentives
MP3 format
multinational companies
multiplier
- calculation
- and expectations
- fiscal
- and imports
- and Mafia
- and policymaking
- process
- and recession
- and taxation
multiplier model
- assumptions
- with consumption and investment
- with government and trade
- and inflation
myopia
- see also short-termism
N
Naidu, Suresh
Nasdaq index
Nash, John
Nash equilibrium
- choice of
- definition
- inequality
- investment
- in the labour discipline model
- in the labour market model
- in the median voter model
- shifting
- wage-setting curve
national accounts
natural resources
negotiation
nepotism
net worth
Netherlands
- equality
- free time
- government size
- hours of work
- inequality
- postwar accord
- trade unions
- unemployment
- US investment
- Wassenaar Accord
- working hours
networks
- economies of scale
- external effects
- social
New Zealand
- democracy
- golden age
- inflation targeting
News Corp
Newton, Isaac
Niger
Nigeria
non-excludable public goods
non-profit organizations
Nordhaus, William
North Korea
Norton, Michael
Norway
- abatement policies
- economic performance
- equality
- government size
- labour market
- sugar tax
- unemployment
O
O’Brien, James Bronterre
Obama, Barack
offshoring
Ohlin, Bertil
oil
- income elasticity of demand
- world market
oil prices
- and the Phillips curve
oil shocks
- causes of
- supply-side nature
Okun, Arthur
Okun’s coefficient
Okun’s law
oligopoly, definition
online platforms
OPEC
openness
opportunity cost
- of capital
- and feasible set
- and indifference curve
order book
Ostrom, Elinor
Oswald, Andrew
output
- aggregate
- determination
- and government size
- see also production function
outsourcing
- ownership
- and control
P
pairwise trading
Pakistan
paradox of thrift
Pareto, Vilfredo, Manual of Political Economy
Pareto criterion
Pareto efficiency
- allocation
- and bargaining
- and competitive equilibrium
- definition
- and market failure
- and surplus
Pareto efficiency curve
- definition
- and surplus distribution
Pareto improvement, definition
Pareto inefficiency
Parker Brothers
patents
- cliff
- codified knowledge
- expires
- optimal
- and R&D
payoff
pensions
perfect competition model
Peru
pessimism
pesticides
pharmaceutical companies
Phillips, A. W. (‘Bill’), MONIAC
Phillips curve
- central banks
- and expected inflation
- and oil prices
- shifting
- unstable
physiocrats
Pigou, Arthur
- The Economics of Welfare
- The Theory of Unemployment
- Wealth and Welfare
Piketty, Thomas
Pinochet, Augusto
piracy
Pitt, William
planetary boundaries
planned economies
Poland
policymaker
- indifference curves
- see also government policies
political accountability
political competition
political institutions
political preferences
political rent
political systems
politics
- see also power
polluter pays principle
pollution
- and bargaining power
- see also pesticides
Pomeranz, Kenneth
population
- inactive
- and living standards
- and Malthus
- of working age
Porter, Michael
Porter Hypothesis
Portugal
postwar accord
- breakdown
poverty
- see also inequality
power
- bargaining
- coercive
- concentration of, in the firm
- definition
- employers’
- and inflation
- and institutions
- market
- monopoly
- political
- transfers of
predistribution policy
preferences
- central bank
- government
- pro-social
- revealed
- social
- stated
present value calculation
price bubbles see bubbles
price dynamics curve (PDC)
price elasticity of demand
- calculation
- definition
- use of in government policy
price gaps
- capital market
price setting
- and competition
- definition
- firm
- golden age
- hedonic
- with imported materials
- labour market
- and labour productivity
- markup
- and specialization
- whole economy
price shock, and unemployment
- see also oil shocks
price taking
price-based environmental policy
prices
- commodity
- constant
- controlled
- discrimination
- equilibrium
- house
- inflation-adjusted
- law of one
- and marginal costs
- and market organization
- market-clearing
- relative
- and rent-seeking
- reservation
- see also oil prices; oil shocks
pricing winners
Prince, Charles
principal–agent models
principal–agent problems
- credit market
- definition
- in democracy
- in employment relationship
- in insurance
principal–agent relationship
prisoners’ dilemma
- and altruism
- repeated
private benefits
private cost
prizes
procedural theories of justice
procyclical
producer surplus
product
- average
- differentiation
production
- in circular flow model
- cost function
- and labour
- large-scale
- in periods of crisis
production function
productivity
- and education
- growth trends
- and income
- labour
- and supply increase
- and unemployment
profit maximization
- and marginal cost
- and marginal revenue
profits
- and cost minimization
- economic
- effective tax rate
- expected
- function
- and innovation
- margin
- normal
- whole economy
property
- common
- open-access
- private
property rights
- community
- definition
- and market failure
protectionism
prudence
prudential policy
public goods
- definition
- and free rider
- innovation as
- non-excludable
public opinion
public ownership
public policy see government policies
punishment for free riding
purchasing power parity (PPP)
Putin, Vladimir
Q
quantitative easing (QE)
quinoa
quotas
R
race to the bottom
railways
Ramaphosa, Cyril
Rasul, Imran
ratio scale
- see also logarithmic scale
rationed goods
Rawls, John
Read, Daniel
Reagan, Ronald
recession
- definition
- investment model
- policy response
reciprocity
redistribution policy
- distributionally neutral
- progressive
- regressive
- see also distribution
regional differences
reglobalization
regulation
- golden age
Rehn, Gösta
remittances
rent
- disequilibrium
- employment
- equilibrium
- housing
- innovation
- political
- see also economic rents; innovation rent
rent-seeking
- dictator
- equilibrium
- laboratory experiments
- and price
Repetto, Robert
research and development (R&D)
reservation indifference curve
reservation option
- definition
- and institutional change
residual claimant
retail, labour productivity in
returns to scale
- constant
- diminishing
- increasing
- see also economies of scale
revenue see marginal revenue
Ricardo, David
- An Essay on Profits
- On the Principles of Political Economy and Taxation
Rifkin, Jeremy
risk
- correlated
- default
- expropriation
- idiosyncratic
- liquidity
- systematic
- systemic
- undiversifiable
Robbins, Lionel
robots
Rodrik, Dani
Rogger, Daniel
Romania
Roosevelt, F. D.
Roth, Alvin
rule of law
rules of the game
- see also institutions
Russell, Bertrand
Russia
- abatement policies
- Bolshevik Revolution
- capital flows
- EPI
- government size
Rustagi, Devesh
S
salt
Samoa
Samuelson, Paul
savings
- definition
- precautionary
scarcity
Scherer, F. M.
Schlecht, Otto
Schmidt, Helmut
school systems
schooling
- and inequality
- see also education
Schor, Juliet
Schumacher, Ernst F., Small is Beautiful
Schumpeter, Joseph
Second World War
secrecy
self-interest
selfishness
Senior, Nassau
services
- human
- productivity in
shares
Shaw, George Bernard
Shiller, Robert J.
shocks
- demand
- economy-wide
- exogenous
- from abroad
- household
- supply
- time for adjustment
- transmission mechanism
- see also oil shocks
short selling
short-run models
short-termism
Shum, Matthew
Simon, Herbert
Simon, Julian
Simonelli, Saverio
Singapore
- democracy
Sismondi, Jean-Charles-Léonard de
Skidelsky, Robert
skill-intensity
smartphones
Smith, Adam
- ‘invisible hand’
- The Theory of Moral Sentiments
- Wealth of Nations
Smith, Vernon
social benefits
social cost
social dilemmas
social insurance
social interactions
- Nash equilibria
- see also game theory, Nash equilibrium
social networks
social norm
social preferences
social unrest
solar panels
Sony’s Betamax
South Africa
- apartheid
- democracy
- volatility of components of GDP
- HIV
- inequality
- pensions
- rights
- US investment
- women’s suffrage
South Korea
- expenditure
- free time
- labour market
- manufacturing wages
- rights
- Samsung
- trade unions
- unemployment
- working hours
sovereign debt crisis
sovereignty, national
Soviet Union
- collapse
- five-year economic plan
Spain
- abatement policies
- banks
- economic performance
- house prices
- irrigation
- labour market
- trade unions
- unemployment
special interests
specialization
- and capitalism
- and comparative advantage
- disadvantageous
- gains from
- and trade
- winners and losers
speculation
speculative finance
spending
spillover effects
Sri Lanka
stagflation
standards
Star Wars: The Force Awakens
steam engine
Stern, Nicholas
Stigler, George
Stiglitz, Joseph
stock, definition
stock exchange, Nasdaq
stock market, vox populi
stocks, definition
strategic complements
strategy
- best response
- definition
- dominant
Sturges v Bridgman
subprime borrowers
subprime housing crisis
subprime mortgages
subsidies, solar panels
subsistence level
substitutes, definition
substitution effects
- definition
- and income effects
Suez Canal
suffrage
- universal
- women
Sullivan, Daniel
supply
- and equilibrium
- excess
- increase
- shocks
- short-run
supply curve
- definition
- marginal cost curve
supply-side
- crisis
- definition
- model
- policies
supranational governance
surplus
- and allocation
- and bargaining power
- consumer and producer
- distribution
- joint
- origin of concept
- and Pareto efficiency
- and tax
- and WTP
surveys
sustainability, environmental
Sweden
- abatement policies
- capital flows
- and climate change
- economic performance
- EPI
- equality
- government size
- growth
- inequality
- solidarity wage policy
- trade unions
- working hours
swing voter
Switzerland
- democracy
- EPI
- postwar accord
- unemployment
- women’s suffrage
T
Taiwan
tangency, definition
tariffs
Tavernier, Jean Baptiste
tax
- behavioural effects
- on carbon emissions
- collection costs
- and consumption
- and deadweight loss
- dictators decisions
- distribution effect
- effective rate
- effects of
- and elasticity of demand
- expenditure
- incidence
- and innovation
- and multiplier
- pesticides
- Pigouvian
- and political competition
- progressive
- revenues
- and surpluses
- and welfare
Taylorism
technological progress
- and climate change
- definition
- historical
- and living standards
- and working hours
technology
- definition
- diffusion
- dominant
- general-purpose
- and growth
- and inequality
- and investment
- and the Malthusian trap
- permanent revolution
- and production cost
- and unemployment
- and wage adjustment gap
- see also automation; innovation
Tesco
textbooks
textiles
Thailand
Thatcher, Margaret
The Royal Rover’s Articles
tipping point
toxic emissions model
Toyota
trade
- balance
- costs
- and fiscal policy
- gains from
- and growth
- long-run effects
- merchandise trade
- in services
- and specialization
- theory
- winners and losers
trade unions
- declining power
- defensive
- and globalization
- golden age
- inclusive
- and labour productivity
- power
- relationship with employers
- and unemployment
- and wage setting
trade-offs
- diffusion-invention
- environment-consumption
- see also opportunity cost, marginal rate of substitution, marginal rate of transformation
trademarks
trading strategies
- continuous double auction
- Dutch auction
- momentum trading
tragedy of the commons
transaction costs
transatlantic telegraph cable
transfers in-kind
transfers of power
trilemma of the world economy
trust
Turing, Alan
Turkey
U
Uber
ultimatum game
- and competition
- examples
uncertainty
Unconditional Basic Income Grants (UBI or BIG)
unemployment
- by country
- constraints and preferences
- cyclical
- and demand
- equilibrium
- and government policies
- and growth
- and inequality
- inflation-stabilizing rate
- involuntary
- long run
- measuring
- OECD
- and price shock
- and productivity
- rate of
- trends
- and unemployment benefit
- urban
- see also employment
unemployment benefits
- country variations
- definition
- gross replacement rate
unfairness
- and democracy
- see also fairness
unintended consequences
United Kingdom
- agrarian economy
- banks
- Black Death
- capital flows
- capital intensity
- capital market
- carbon price
- coercive power
- creative destruction
- cross-sectional inequality
- currency
- exports
- GDP per capita
- government
- Great Fire of London
- growth
- guard labour
- hockey stick
- industrial relations
- Industrial Revolution
- inequality
- inflation
- innovation funding
- job reallocation
- landfill tax
- Malthusian trap
- productivity
- relative prices
- trade in services
- trade unions
- unemployment
- US investment
- wheat trade
- working hours
- Yeo Valley
United Nations
- data collection
- Rio Declaration
United States
- abatement policies
- American Recovery and Reinvestment Act
- bank credit cards
- banks
- Beveridge curve
- capital intensity
- capital market
- child mortality
- and climate change
- conflicts of interest
- Constitution
- cotton
- cross-sectional inequality
- democracy
- Dow Jones Industrial Average
- elections
- emissions trading
- expenditure
- features of economy
- Federal Reserve
- financial crisis
- firm size
- food purchases
- GDP
- gender
- gold standard
- golden age
- governing elite
- government
- Great Depression
- guard labour
- hours of work
- house prices
- Hurricane Katrina
- immigration
- indigenous people
- inequality
- inflation
- information technology
- innovation funding
- labour market adjustment
- mining
- the missing middle
- money talks
- multiplier
- New Deal
- outsourcing
- payday loans
- Phillips curve
- productivity
- protectionism
- renewable energy
- Silicon Valley
- specialization
- subprime borrowers
- tech bubble
- technological progress
- trade with China
- trade unions
- unemployment
- universities
- volatility of components of GDP
- Voting Rights Act
- wages
- wheat trade
- working hours
universal suffrage
utilities
utility
V
value added
Van Leeuwen, Barbara
Van Reenen, John
Varian, Hal
veil of ignorance
Vespucci, Amerigo
vicious circle
Vickers, John
video formatting war
Vietnam War
virtuous circle
voice
volatility
vox populi
W
wage adjustment gap
- and government policies
- and technology
wage bargaining
- see also wage setting, trade unions
wage inflation
wage labour
wage setting
- definition
- golden age
- Nash equilibrium
- and specialization
wage-price spiral
- see also inflation
wages
- average
- best response function
- cut
- efficiency
- and employment rate
- historical
- index of real
- long run
- manufacturing
- nominal
- real
- reservation
- rural
- statutory minimum
- subsidy
- whole economy
- see also earnings
Waldfogel, Joel
Walmart
Walras, Léon
Warner, Ezra
Watt, James
Waxman, Henry
weakness of will
wealth
- and credit
- definition
- household
- inequality
- intergenerational elasticity
- intergenerational mobility
- richest share of
- target
Weber, Max
welfare, and taxation
welfare state
wellbeing measure
Wells, H. G., War of the Worlds
wheat trade
White, Harry Dexter
Whitlam, Gough
Wikipedia
Williamson, Oliver
willingness to accept (WTA)
willingness to pay (WTP)
- definition
- and demand curve
- and total surplus
winner-take-all competition
women’s suffrage
Woolf, Virginia
work
- costs and benefits
- declining role
- incentives
- organization
- piece-rate
workers
- bargaining power
- incentives
- resistance to wage cut
- see also labour
working hours
- and consumption
- country differences
- and economic growth
- historical trends
- long-term trends
- and technological change
World Trade Organization
WWII see Second World War
Z
zero lower bound
Zimbabwe
Zuckerberg, Mark