ENCYCLOPEDIA OF ECONOMICS PDF
David R. Henderson, The Fortune Encyclopedia of Economics (Concise Facsimile PDF, MB, This is a facsimile or image-based PDF made from scans of. The Concise Encyclopedia of Economics (Editor: David Henderson). Protectionism. The fact that trade protection hurts the economy of the country that . PDF | Johann Peter Murmann and others published Oxford Encyclopedia of Economic History.
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This single tax would be on the unimproved value of land—the value that the land would have if it were in its natural state with no buildings, Fiscal policy is the use of government spending and taxation to influence the economy.
When the government decides on the goods and services it purchases, the transfer payments it distributes, or the taxes it collects, it is engaging in fiscal policy. The primary economic impact of any change in the government budget i When economists such as robert mundell were theorizing about optimal monetary unions in the middle of the twentieth century, most people regarded the exercise as largely hypothetical. But since many European countries established a monetary union at the end of the century, the theory of monetary unions has become much State requirements for high school classes in economics.
The resources arranged here supplement these recommended CEE topics. These free resources are appropriate for teachers of high school College Economics Topics. Economics Reading Lists by Topic. Economics Data and Resources. EconTalk Podcast Listening Guides. Ten Key Ideas: Opening the Door to the Economic Way of Thinking. Monopoly By George J. Stigler A monopoly is an enterprise that is the only seller of a good or service.
Economics A-Z terms beginning with A
George J. Stigler George Stigler was the quintessential empirical economist.
Of Interest Today. Altruism It is often alleged that altruism is inconsistent with economic rationality, which assumes that people behave selfishly.
Certainly, much economic analysis is concerned with how individuals behave, and homo economicus economic man is usually assumed to act in his or her self-interest. However, self-interest does not necessarily mean selfish. Some economic models in the field of behavioural economics assume that self-interested individuals behave altruistically because they get some benefit, or utility , from doing so. For instance, it may make them feel better about themselves, or be a useful insurance policy against social unrest, say.
The Palgrave Encyclopedia of World Economic History
Some economic models go further and relax the traditional assumption of fully rational behaviour by simply assuming that people sometimes behave altruistically, even if this may be against their self-interest. Either way, there is much economic literature about charity, international aid , public spending and redistributive taxation.
Amortisation The running down or payment of a loan by instalments. An example is a repayment mortgage on a house, which is amortised by making monthly payments that over a pre-agreed period of time cover the value of the loan plus interest. With loans that are not amortised, the borrower pays only interest during the period of the loan and then repays the sum borrowed in full. Animal spirits The colourful name that keynes gave to one of the essential ingredients of economic prosperity: confidence.
According to Keynes, animal spirits are a particular sort of confidence, "naive optimism". He meant this in the sense that, for entrepreneurs in particular, "the thought of ultimate loss which often overtakes pioneers, as experience undoubtedly tells us and them, is put aside as a healthy man puts aside the expectation of death".
Where these animal spirits come from is something of a mystery.
Certainly, attempts by politicians and others to talk up confidence by making optimistic noises about economic prospects have rarely done much good. Antitrust government policy for dealing with monopoly. Antitrust laws aim to stop abuses of market power by big companies and, sometimes, to prevent corporate mergers and acquisitions that would create or strengthen a monopolist.
There have been big differences in antitrust policies both among countries and within the same country over time. This has reflected different ideas about what constitutes a monopoly and, where there is one, what sorts of behaviour are abusive. This prohibited contracts or conspiracies to restrain trade or, in the words of a later act, to monopolise commerce.
In the early 20th century this law was used to reduce the economic power wielded by so-called "robber barons", such as JP Morgan and John D. Rockefeller, who dominated much of American industry through huge trusts that controlled companies' voting shares. Du Pont chemicals, the railroad companies and Rockefeller's Standard Oil, among others, were broken up. In the s a more laissez-faire approach was adopted, underpinned by economic theories from the chicago school.
These theories said that the only justification for antitrust intervention should be that a lack of competition harmed consumers, and not that a firm had become, in some ill-defined sense, too big.
Some monopolistic activities previously targeted by antitrust authorities, such as predatory pricing and exclusive marketing agreements, were much less harmful to consumers than had been thought in the past.
They also criticised the traditional method of identifying a monopoly, which was based on looking at what percentage of a market was served by the biggest firm or firms, using a measure known as the herfindahl-hirschman index. Instead, they argued that even a market dominated by one firm need not be a matter of antitrust concern, provided it was a contestable market.
In the s American antitrust policy became somewhat more interventionist. A high-profile lawsuit was launched against Microsoft in The giant software company was found guilty of anti-competitive behaviour, which was said to slow the pace of innovation. However, fears that the firm would be broken up, signalling a far more interventionalist American antitrust policy, proved misplaced.
The firm was not severely punished. In the UK, antitrust policy was long judged according to what policymakers decided was in the public interest. At times this approach was comparatively permissive of mergers and acquisitions; at others it was less so. However, in the mids the UK followed the American lead in basing antitrust policy on whether changes in competition harmed consumers. Within the rest of the european union several big countries pursued policies of building up national champions, allowing chosen firms to enjoy some monopoly power at home which could be used to make them more effective competitors abroad.
However, during the s the European Commission became increasingly active in antitrust policy, mostly seeking to promote competition within the EU. In , the EU controversially blocked a merger between two American firms, GE and Honeywell; the deal had already been approved by America's antitrust regulators. The controversy highlighted an important issue. As globalisation increases, the relevant market for judging whether market power exists or is being abused will increasingly cover far more territory than any one single economy.
Indeed, there may be a need to establish a global antitrust watchdog, perhaps under the auspices of the world trade organisation.
Online Library of Liberty
Appreciation A rise in the value of an asset and the opposite of depreciation. When the value of a currency rises relative to another, it appreciates. Arbitrage Buying an asset in one market and simultaneously selling an identical asset in another market at a higher price.
Sometimes these will be identical assets in different markets, for instance, shares in a company listed on both the London Stock Exchange and New York Stock Exchange. Often the assets being arbitraged will be identical in a more complicated way, for example, they will be different sorts of financial securities that are each exposed to identical risks.
Some kinds of arbitrage are completely risk-free-this is pure arbitrage. Today, a lot of so called arbitrage, much of it done by hedge funds , involves assets that have some similarities but are not identical.
This is not pure arbitrage and can be far from risk free. Arbitrage pricing theory This is one of two influential economic theories of how assets are priced in the financial markets.
The other is the capital asset pricing model. Concise and insightful collection of article on Economics; an exceptional primer with something for everyone from beginnner to "enthusiast". Also, if you ever get a chance to hear the author speak at a lecture or presentation, don't miss it! I bought this during a time when I was enthusiastic about learning about economics.
I read about seven pages before getting bored and falling asleep and it's been on my bookshelf ever since.
To qualify, the boredom was due to reading economics, not because this particular economics book has anything wrong with it. As far as economics books go, this is a great one to have!
It's got everything you could ever want out of an economics book! I know this because one of the seven pages I read was the Table of Contents. The only down side is that it's still an economics book. Let's face it: Otherwise excellent book.
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The Quest for Cosmic Justice. Deep Work: Rules for Focused Success in a Distracted World. Cal Newport. The Law. Frederic Bastiat.
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The second is to guarantee a minimum level of farm prices by buying up surplus supply and storing or destroying it if prices would otherwise fall below the guaranteed levels. Such asymmetric information can make it difficult for the two people to do business together, which is why economists, especially those practising game theory , are interested in it.
The government should finance all of its projects, he argued, with proceeds from only one tax. I bought this during a time when I was enthusiastic about learning about economics.