Routledge Dictionary of Economics Second edition phần 10 pot

... samelevel of output, neither expanding norcontracting as any spending of entre-preneurs’ profits leads to an equalcreation of other profits elsewhere inthe economy.2 The money-creating process of ... costs of regulationBureau of Economic AnalysisBureau of the BudgetChancellor of the Exchequer© 2002 Donald RutherfordSubject classificationsA General economics and teachingA1 General economics A2 ... economics A2 Teaching of economics B Methodology and history of economicthoughtB0 GeneralB1 History of economic thought to1925B2 History of economic thoughtsince 1925B3 History of economic thought:individualsB4...

... Development© 2002 Donald Rutherford Routledge Dictionary of Economics Second edition The most informative dictionary of economics available, the Routledge Dictionary of Economics avoids the tendency ... Rutherford Routledge Dictionary of Economics Second edition Donald RutherfordLondon and New York© 2002 Donald RutherfordintheChinesecurrency,therenminbi.2Usuallyanon-votingshareoftheequitycapitalofaUKcompany.Theseshareshavebeencreatedtoenablethefoundersofacompanytoretaincon-trol.AsharestradeatlowerpricesthanBsharesastheyareuselesstoothercompaniesattemptingtogaincontrolofthecompany.GraduallytheseshareshavebeenaccordedvotingrightsastheLondonStockExchangeregardsthemasunfair.AsianDevelopmentBank(G2)Bankfoundedin1966withcapitalprovidedbyAsiancountries,theUSA,Canada,theUKandWestGermanyontherecommendationoftheUnitedNationsEconomicCommissionforAsiaandtheFarEast.Itcovershalfoftheworld’spopulation.ItisbasedinManilla,thePhilippines,andisdominatedbytheJapanese,thelargestcontributorofitscapital.Itsconserva-tivelendingpolicyhaschieflyfavouredloansforspecificprojects,e.g.tobuildports,roadsandbridges,ratherthansectorallendingtorestructuretroubledeconomies.Ithasincreaseditslendingtotheprivatesectorandhasajointventurewithcommercialbanks,theAsianFinanceandInvestmentCor-poration(AFIC).Asianoption(G1)ADERIVATIVEsettledincashwhosepay-offisrelatedtotheaveragepriceoftheunderlyingassetinacertaintimeperiod.Alsoknownasanaverageoption.Asiaticmodeofproduction(P0)Themostprimitiveformofproduction,accordingtoMARX,inwhichself-sufficientagriculturalcommunitiesaredespoticallygoverned.Thestate,throughtaxation,appropriatestheeconomicsurplusoftheagriculturalsectortofinancethebuildingofthecountry’sinfrastructure.Thecon-ceptwasdevelopedinthe1950sand1960stoexaminemoreaspectsofstateforma-tionandtheformationofclassesinprimitivecommunities.ReferencesKrader,L.(1975)TheAsiaticModeofProduction,Assen,TheNetherlands:VanGorcum.Marx,K.(1964)Pre-capitalistEconomicFormations,ed.E.Hobsbawm,London:Lawrence&Wishart.O’Leary,B.(1989)TheAsiaticModeofProduction:OrientalDespotism,Histor-icalMaterialismandIndianHistory,Oxford:BasilBlackwell.askprice(G0)ThesellingpriceofaSECURITYsetbyafinancialinstitution.Seealso:bidpriceasset(D0,G0)1Aresourcewithamarketvalue.2Aunitofwealthcapableofearninganincome.3Alargeenoughestatetodischargetheburdenonanheirorexecutor.Real(ortangible)assetsincludelandandmachinery;intangibleassetsincludegood-willandpatents;financialassetsincludecashandstockmarketsecurities.Seealso:nationalwealth;wealthassetcard(G1)ADEBITCARD.assetmotive(E4)Amotiveforholdingmoney.Toavoidriskyinvestments,peoplearepreparedtosacrificehighreturnsbykeepingtheirportfoliosinaliquidornear-liquidform.Seealso:speculativedemandformoneyassetspecificity(G0)Theuniquecharacterofadurableasset,e.g.amachine,askilledworkeroraproductionsite,whichmeansthatithasalowreturninotheruses.FormanyspecificassetsthecostofemployingthemisinthenatureofaSUNKCOST.Seealso:economicrent;transferearnings© ... proportion of the Londontrading volume.© 2002 Donald Rutherford OF Office of a UK regulator (e.g. OFGAS, of gas)OFT Office of Fair Trading (UK)OID original issue discountOLG overlapping generations...

... in the form of a promise to paybased on the debt of a firm or anindividual. Much of this money is in thefor m of bank deposits.Seealso:billofexchange;commercialpaperiron law of wages (B1, ... themselves.ReferencesHicks, J.R. (1939) ‘Foundations of welfare economics , Economic Journal 49: 696–712.Kaldor, N. (1939) ‘Welfare propositions of economics and interpersonal compari-sons of utility’, Economic Journal ... than by the amount of time supplied. Many sales staff have a highproportion of their pay in the form of commission. Managerial staff in manyorganizations are offered a profit-sharingscheme....

... Department of Labor, he wasassistant professor of economics at YaleUniversity (1954–62) before becomingProfessor of the Economics of Educationat the University of London Institute of Education; ... UTILITY theories of value in favour of a price theory whichhe also applied to his study of theRATE OF INTEREST. He relied on the QUANTITY THEORY OF MONEYin his monetary economics andwas ... Rutherfordofproduction;totheAUSTRIANSCHOOLtimewascrucialtotheconcept;toFISHERcapitalwasastockwhichproducedastreamofincomewithitsvaluedeter-minedbyrelativepreferenceforfutureratherthanpresentgoods.Importantde-batesincludetherelationshipbetweentheRATEOFINTERESTandthevalueofcapital,aswellasdiscussionofthenotionofaggregatecapital.Astherearemanyimportantsub-speciesofcapital,includingHUMANCAPITALandEQUITYcapital,specia-listtheoriesofcapitalarealsopro-pounded.Capitaltheoryexpandeditsconcernsinthe1960swithinthecontextofgrowththeory.Amajorissuediscussedthenwasthemethodofmeasuringaggre-gateorsocialcapitaltoachieveavalueindependentofdistributionandprices.JoanROBINSONsuggestedusinglabourtimeasameasure;ChampernowneintroducedaCHAININDEXMETHOD.Seealso:CambridgecontroversiesReferencesHarcourt,G.C.(1972)SomeCambridgeCon-troversiesintheTheoryofCapital,Cam-bridge:CambridgeUniversityPress.Kregel,J.A.(1976)TheoryofCapital,London:Macmillan.capitaltransfertax(H2)UKtaxintroducedin1975ontransfersofwealthpayablebythedonororrecipientduringlifeoratdeath.Estateduty,inforcefrom1894to1975,wastheprede-cessorofthistax.capitalutilization(D2,E2)1Theproportionoffixedcapital(build-ingsandmachinery)inuse.Ifmachin-eryisworkedforonlyhalfofatimeperiod,thecapitalutilizationrateis50percent.2Actualoutputasapercentageofpoten-tialoutputatareferencedate.Seealso:capacityutilizationcapitalvalue(E2,M2)Avaluationofanassetbroadlymeasuredeitherbydiscountingthetotalfutureincomeexpectedfromtheassetorbycapitalizingtheexpectedincome.Seealso:discounting;netpresentvaluecapitalwidening(E2)AnincreaseintherealcapitalstockleavingtheCAPITAL–LABOURRATIOun-changedasthecapitalstockandthelabourforcegrowatthesamerate.Seealso:capitaldeepeningcapitationtax(H2)seepolltaxcappinganinterestrate(G1)Separatingthepartofinterestpaymentsinexcessofrealinterestpaymentsandthencapitalizingitbyaddingittothelong-termdebt.captiveinsurance(G2)Aninsurancecompanywhosebusinessismainlysuppliedandcontrolledbyitsowners.Theprincipalbeneficiariesarethoseoriginallyinsured.capturetheory(K2,L4)seeregulatorycapturecarbonsequestration(Q2)Storingcarbondioxidebyplantingtreesorpumpingintoundergroundreservoirs:anapproachtoreducingglobalwarming.carbonsink(Q2)Anareawithtreesandplantswhichhasbeencreatedtoabsorbcarbondioxide.Thishasbeenproposedtoreduceglobalwarming.carbontax(H2,Q2)Ataxrelatedtothecarboncontentofcoal,naturalgasoroil,whichisimposedtoimprovethenaturalenvironment.Thetaxcantaketheformofafixedamountpertonofcarbonembodiedineachfuelorbeantaxisrelatedtotheemissionreductiontargetchosen.Seealso:effluentfee;environmentaltax;marketabledischargepermitcardinal...

... The Rhetoric of Economics, Brighton: Wheatsheaf. economics of crime (K4)1 A branch of NEOCLASSICAL ECONOMICS which analyses the decision making of criminals in terms of a comparison of the marginal ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:213–25.Stiglitz,J.E.(2000)‘Thecontributionoftheeconomicsofinformationtotwen-tiethcenturyeconomics’,QuarterlyJournalofEconomics115November):1441–78.economicsoflaw(K0)1Theeconomicanalysisoflegalissues,especiallyPROPERTYRIGHTS,negligence,contractandcrime,aswellasthemoreobviouslyrelatedareasofregulation,competitionandmonopoly.2Theapplicationofpricetheoryandstatisticalmethodstothestudyoflegislation,legaldecisionsandcourtsoflaw.COMMONSwasoneofthefirsteconomiststouselegalmaterialstofurthereconomicanalysis.COASEpio-neeredtherigorousapplicationofeco-nomicstoalegalproblem–inhiscasethelawofnuisance.STIGLERandothersbroughttheilluminationofeconomicsintodarkareasofREGULATION.Posnerdemonstratedthatmostbranchesofthelawcanbenefitbytheuseofeconomicconcepts.ThevaluationofcostsandbenefitsandtheapplicationofthenotionofOPPORTUNITYCOSTtomanylegalproblemsaretheprincipalwaysinwhicheconomistshaveshownthem-selvestobeinvaluablecolleaguesoflawyers.Suchistheimportanceofthismod-ernbranchofeconomicsthatseveraljournalsspecializeinblendingeconomicandlegalanalysis,notablyJournalofLawandEconomics,JournalofLegalStudies,InternationalReviewofLawandEconomicsandJournalofLaw,Econom-icsandOrganization.Seealso:economicsofcrimeReferencesHirsch,W.Z.(1999)Lawandeconomics:Anintroductoryanalysis,3rdedn,SanDiegoandLondon:AcademicPress.Ogus,A.I.andVeljanovski,C.G.(eds)(1984)ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1989)AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1986)EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–1116,1985.Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(1975)‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy83:27–56.Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:213–25.Stiglitz,J.E.(2000)‘Thecontributionoftheeconomicsofinformationtotwen-tiethcenturyeconomics’,QuarterlyJournalofEconomics115November):1441–78.economicsoflaw(K0)1Theeconomicanalysisoflegalissues,especiallyPROPERTYRIGHTS,negligence,contractandcrime,aswellasthemoreobviouslyrelatedareasofregulation,competitionandmonopoly.2Theapplicationofpricetheoryandstatisticalmethodstothestudyoflegislation,legaldecisionsandcourtsoflaw.COMMONSwasoneofthefirsteconomiststouselegalmaterialstofurthereconomicanalysis.COASEpio-neeredtherigorousapplicationofeco-nomicstoalegalproblem–inhiscasethelawofnuisance.STIGLERandothersbroughttheilluminationofeconomicsintodarkareasofREGULATION.Posnerdemonstratedthatmostbranchesofthelawcanbenefitbytheuseofeconomicconcepts.ThevaluationofcostsandbenefitsandtheapplicationofthenotionofOPPORTUNITYCOSTtomanylegalproblemsaretheprincipalwaysinwhicheconomistshaveshownthem-selvestobeinvaluablecolleaguesoflawyers.Suchistheimportanceofthismod-ernbranchofeconomicsthatseveraljournalsspecializeinblendingeconomicandlegalanalysis,notablyJournalofLawandEconomics,JournalofLegalStudies,InternationalReviewofLawandEconomicsandJournalofLaw,Econom-icsandOrganization.Seealso:economicsofcrimeReferencesHirsch,W.Z.(1999)Lawandeconomics:Anintroductoryanalysis,3rdedn,SanDiegoandLondon:AcademicPress.Ogus,A.I.andVeljanovski,C.G.(eds)(1984)ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1989)AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1986)EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–1116,1985.Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(1975)‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy83:27–56.Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic...

... Rutherfordextendedequilibrium(D5)AnexpansionoftheconceptofGENERALEQUILIBRIUMtoincludethenaturalenviron-ment.extendedfundfacility(F3)AtypeofINTERNATIONALMONETARYFUNDloanintroducedin1974whichisgrantedtoacountrywhichagreestoaneconomicadjustmentprogrammeoverathree-yearperiod.Repaymentbeginsfourandahalfyearsaftertheloanisgrantedandisextendedoverasix-yearperiod.Thefacil-itywasusedtotheextentofabout $100 millionannuallyinthe1970s,andbythemid-1980shadrisentoover$2billionperyear.ItcanbeusedinconjunctionwithaSUPPLEMENTARYFINANCINGFACILITY.externalaccount(F4,G2)1TheBALANCEOFPAYMENTSaccountsofanation.2Abankaccountofapersonwhoisnotaresidentofthecountry.externalbalance(F4)Thestateofacountry’sBALANCEOFPAY-MENTSsuchthatitisneitherindeficitnorinsurplus.Inaccountingterms,thebal-anceofpaymentsalwaysbalancesbecauseoftheprinciplesofdouble-entrybook-keeping.However,ineconomicterms,foracountrytohaveanexternalbalancetheremustbeanequalitybetweentheflowsofpaymentsandreceiptsbetweenthatcountryandtherestoftheworldinagiventimeperiod.Seealso:internalbalanceReferencesMeade,J.E.(1951)TheTheoryofInterna-tionalEconomicPolicy,Vol.I,TheBalanceofPayments,ch .10, LondonandNewYork:OxfordUniversityPress.Swan,T.W.(1963)‘Longerrunproblemsofthebalanceofpayments’,inH.W.ArndtandW.M.Corden(eds)TheAustralianEconomy,Melbourne:F.W.Cheshire.externalcreditrating(F4,G2)1Theratingaccordedtoabankofitsexposuretorisk.2Thereliabilityofacountryinservicingitsexternaldebttobanksandothercountries.externaldebt(F4,H6)ThedebtacountryowestoforeignbanksandgovernmentswhichaccumulatesthroughitspersistentBALANCEOFPAYMENTSdeficits.Anattempttoachieveeconomicgrowthinashorttimeperiodisoftenthecauseofsuchindebtedness.Inextremecasesofforeignindebtedness,nationalgovernmentswillattempttorescheduletheirdebtsand,inacrisis,applytotheINTERNATIONALMONETARYFUNDforloans.Seealso:internaldebtexternaleconomyofscale(D0)AreductionintheAVERAGECOSTSofafirmasaresultoftheexpansionofthewholeindustryofwhichitispart.Amajorexampleoftheseeconomiesoccursinthecaseofthetrainingoflabour:thegeneralexpansionofanindustryrequiresmoreskilledlabourtoprovideapoolofsuitablelabourforotherfirms.Seealso:internaleconomyofscaleexternality ... committee consists of seven of the board’s governors plus five of thepresidents of the regional Federal ReserveBanks, one of whom is always the Pre-sident of the Federal Reserve Bank of NewYork. ... and the number of houses ineach price range.frequency polygon (C1)A graph of the frequency of classes of adistribution often constructed by joiningthe midpoints of the tops of the rectanglesin...

... League of Nations (1940–7), as professor of com-merce at the London School of Economics (1947–57) and at Cambridge as professor of political economy (1957–67). He wasawarded theNOBEL PRIZE FOR ECONOMICS ... are matters of pricing, distribution,investment,WELFARE ECONOMICS, demandand supply. The school of NEOCLASSICAL ECONOMICS was to emphasize the microeco-nomic character of much of economics; KEYNESIANISM ... Press.marginal rate of transformation (D2)The reduction in the amount of output of good X as a consequence of an additionalunit of a related good Y being produced;the slope of thePRODUCTION...

... wasProfessor of Economics at the School of Oriental and African Studies, University of London, from 1964 to 1979. Her mostfamous contribution to economics is hertheory of the growth of the ... of a firm. When measuringMONOPOLY POWER, normal profit is used asa benchmark: if a firm has profits in excess of normal profit, it is to some extent amonopolist.normative economics (A1) Economics ... choice of a mixture of financial assetsto constitute the holdings of wealth of anindividual or an institution. Available in-formation, attitude towards risk and theincome aims of the holder of...

... rates of return of HUMAN CAPITAL and of majorpublic investments are often calculated.An alternative measure is theINTERNALRATE OF RETURNwhich takes into accountthe timing of earnings.rate of ... MILLdisputed aspects of it. Say’s supply anddemand analysis, incorporating the con-cepts of UTILITY and SCARCITY, make himone of the forerunners of NEOCLASSICAL ECONOMICS . Much of his economics was, ... ‘Relational wealth andthe quality of life’, Journal of Socio- economics 29: 305–40.relative concentration (L1)A measure of the distribution of economicactivity, or of values of an economicvariable,...

... holders of ordinary shares.trading potential (F1)An estimate of the possible volume of exports from one country to another. Thegreater theNATIONAL INCOME of the coun-tries, the higher the potential; ... liberalization of trade.See also: Kennedy Roundtrade-off (D0)The relationship between two inverselyconnected variables such that more of onemeans less of another. Trade-offs occur inmany parts of both ... occur inmany parts of both microeconomics andmacroeconomics, e.g. the trade-off be-tween work and leisure, between consump-tion of one good and of another of aconsumer with a fixed income,...