Routledge Dictionary of Economics Second edition phần 4 ppsx

... the value of millions of different types of goods andservices.Seealso:mediumofaccount;mediumofexchange;moneygeneralized system of preferences (F1)A proposal made at the 19 64 meeting of UNITED ... Rutherfordextendedequilibrium(D5)AnexpansionoftheconceptofGENERALEQUILIBRIUMtoincludethenaturalenviron-ment.extendedfundfacility(F3)AtypeofINTERNATIONALMONETARYFUNDloanintroducedin1974whichisgrantedtoacountrywhichagreestoaneconomicadjustmentprogrammeoverathree-yearperiod.Repaymentbeginsfourandahalfyearsaftertheloanisgrantedandisextendedoverasix-yearperiod.Thefacil-itywasusedtotheextentofabout$100millionannuallyinthe1970s,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 ... service.financeconstraint(E4)seecash-in-advanceconstraintfinancial accounting (M4)The recording of the business transactions of a firm in a manner ordered by thelegislation of the country of domicile of that...

... 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.(19 64) 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© ... I hope that this Routledge Dictionary of Economics is all of these.© 2002 Donald RutherfordbySCHUMPETERinthelatter’stheoryofdevelopment.BothMisesandSchumpeterweremembersofBoehm-Bawerk’scele-bratedseminar.AfterthecollapseoftheAustro-Hun-garianEmpireattheendoftheFirstWorldWar,themembersoftheschooldispersedtotheUK,USAandGermany.ProminentnewmembersofitincludedHABERLERandMACHLUP.Inthelatetwenti-ethcenturyHAYEKandLudwigLACHMANNwereleaders.LaterAustrianshaveat-temptedtousethebasicconceptsofradicalsubjectivism,humanpurposeandaspontaneousmarketordertocontributetomoderndebatesaboutexpectations,competitionandeconomicwelfare.Theirpolicyconcernshaveincludedtherelation-shipbetweenMONETARYPOLICYandtheTRADECYCLE,FREEBANKINGandcriticismofsocialism.ReferencesGrassl,W.andSmith,B.(1986)Austrian Economics, London:CroomHelm.Hicks,J.R.andWeber,W.(eds)(1973)CarlMengerandtheAustrianSchoolof Economics, Oxford:OxfordUniversityPress.Lachmann,L.(1976)‘FromMisestoShackle:anessayonAustrianeconom-icsandtheKaleidicSociety’,JournalofEconomicLiterature 14: 54 62.Littlechild,S.(1990)AustrianEconomics,3vols,Aldershot:EdwardElgar.autarky(P0)1Self-sufficiency.2Acompletelyclosedeconomywhichdoesnotengageininternationaltrade.Althoughmanyeconomieshavewantedsuchindependencefromtherestoftheworldtoincreaseemployment,theirenthusiasmhasbeentemperedbyanexaminationoftheothereffectsofprotection.Seealso:utopiaauthoritativecontracting(J2,J3)seeemploymentcontractautocorrelation(C1)Thestateofaneconometricrelationsuchthatsomeoralloftheexplanatoryvari-ablesarehighlycorrelatedwitheachother.Poorspecificationoftherelationshipbe-tweenvariablesintheregressionequationisoftenthecause.auto-economy(G0)Thatpartofaneconomy,accordingtoHICKS,whichfinancesitselffromitsownstockofliquidassets.ReferencesHicks,J.(19 74) TheCrisisinKeynesian Economics, ch.2,Oxford:BasilBlackwell.autogestion(J5)AFrenchapproachtoWORKERS’PARTICIPA-TIONintherunningofenterprises,pro-posedafterthe1968uprisingsinFrance.Thisphilosophyofmanagementholdsthatenterprisesshouldbelesshierarchical,withallemployeesparticipatingdirectlyindecisionmaking,especiallyaboutworkorganization,promotionandotherem-ploymentrules,technologyandmethodsofproduction.Thisdemocratizationwouldincludeanewframeworkfordis-cussionsbetweenenterprises.Seealso:syndicalismReferencesChauvey,D.(1970)Autogestion,Paris:EditionsduSeuil.automatedclearinghouse(G2)Anorganizationfortheelectronicmatch-ingofchequesdrawnondifferentbankssothatinterbankindebtednesscanbesettled.Seealso:CHAPS;CHIPSAutomated...

... Department of Labor, he wasassistant professor of economics at YaleUniversity (19 54 62) before becomingProfessor of the Economics of Educationat the University of London Institute of Education; ... Rutherfordboughtdeal(G1)Thepurchaseofastockissueoraportfolioofinvestmentsbyoneormorefinancialinstitutionsforresaleinwholeorpart.Offloadingpartsofanacquiredportfoliohasbecomeeasierastherearenowsomanytypesoffinancialinstru-ment.Asthesedealscutdealingcosts,theyprovideapopularmethodforINVEST-MENTTRUSTStoacquiresecurities.Boulding,KennethEwart,1910–92(B3)ApolymatheconomistbornintheUKwhomadediversecontributionstomanyareasofUSeconomics.HewaseducatedatOxford,ChicagoandHarvardUniver-sities.Hiscareer,whichbeganasanassistantlectureratEdinburghUniversity,wasspentchieflyatMichiganfrom1 949 to1977andsubsequentlyatColorado.HiswritingbeganwithanarticleintheEco-nomicJournalin1932ondisplacementcostandresultedintheproductionofover300articlesandtwelvebooks.Hismajortextbook,EconomicAnalysis,blendedto-getherKEYNESIANISMandNEOCLASSICALECO-NOMICS.In1950,inAReconstructionof Economics, heurgedatheoreticalswitchfromflowstostocks,fromincomestoassets,andfromthepricesoflabourandcapitaltotheirnationalincomeshares.Hiscloseexaminationofequilibriumlinkedpriceandecologicalequilibria.Hisstudyofsocialorganizationcontrastedtheex-changesystemanditsthreatsystemofwarwiththeintegrativesystemofagrantseconomy.Seealso:grantseconomicsReferencesBoulding,K.E.(1 945 )EconomicsofPeace,NewYork:PrenticeHall.——(1950)AReconstructionofEconom-ics,NewYork:Wiley.——(1966)EconomicAnalysis,4thedn,NewYork:Wiley.——(1978)Ecodynamics,BeverlyHills,CA,andLondon:Sage.——(1981)APrefacetoGrantEconomics:TheEconomyofLoveandFear,NewYork:Praeger.Kernan,C.E.(19 74) CreativeTension:TheLifeandThoughtofKennethBoulding,NewYork:BasicBooks.Boulwareism(J5)AsubstituteforcollectiveBARGAINING,namedafterLemuelBoulware,theVice-PresidentforIndustrialRelationsatGen-eralElectric.Itconsistedofacompanymakingaunilateralofferbasedonre-searchintoaunion’sdemands.ItwasheldbytheUSSupremeCourtin1969thatthiswasnotUScollectivebargainingin‘goodfaith’asintendedbytheTAFT–HARTLEYACT.boundaryconstraint(C1)Thelimittothevalueofavariable,e.g.zeroorpositive.Seealso:Tobitmodelboundedrationality(D0)Atheoryofdecisionmakingtakingintoaccountthecapacitiesofthehumanmind,whichhasbecomeacentralthemeofBE-HAVIOURALECONOMICS.Itassertsthattherationalchoiceofadecision-makerissubjecttocognitivelimitsbecausehumanbeingslackknowledgeandhaveonlyalimitedabilitytoforecastthefuture.Seealso:cognitivedissonance ;economics andpsychology;SimonReferencesCyert, ... RutherfordSeealso:economicsandpsychologyReferencesAkerlof,G.andDickens,W.T.(1982)‘Theeconomicconsequencesofcognitivedis-sonance’,AmericanEconomicReview72:307–19.Festinger,L.(1957)ATheoryofCognitiveDissonance,Evanston,IL:Row,Peter-son.CohesionFund(O0)EUROPEANUNIONfundcreatedin1993bytheMAASTRICHTTREATYtoprovidemoneyforenvironmentalandtrans-Europeannetworkprojectsinmemberstateswhosegrossdomesticproductislessthan90percentoftheEUaverage.Thefundcancontributeupto85percentofthepublicexpenditureonaproject.coinage(E4)Piecesofmetalofastandardsizeandweightstampedbyasovereignpowertogivethemthestatusofmoney.CoinswerefirstusedasmoneybytheLydians(GreekinhabitantsofwhatisnowWestTurkey)intheseventhcenturyBC.Thefirstcoinsweremadeofelectrum,anaturalalloyofgoldandsilver.Silver,bronzeandcopperwerelaterusedinAncientGreeceandtheRomanEmpire.Coppercoins,usedforsmalltransactions,wereissuedwithamonetaryvalueinexcessofthevalueofmetalused,establishingtheprincipleoftokenmoney,whichisthenatureofcoin-agetoday.Thefirstproblemsofcoinage,clippingandforgery,weresolvedbyachangeinproductionmethodfromham-meringtomillingtoensureastandardsize.Thesecondproblem,theinconveni-enceoftransportingittocarryoutlargefinancialtransactions,wasremediedbytheuseofbanknotes.coincidentindicators(E3)MeasuresofeconomicactivityusedbyeconomicforecasterstotrackcyclicalmovementsintheECONOMY.Themainonesusedareemploymentinnon-agriculturalenterprises,personalincomelesstransferpayments.andindicesoftotalindustrialproductionandmanufacturingandtradesales.Seealso:economicindicatorsColbertism(H2,L5,N4,N6)Governmentinterventioninindustry,namedaftertheFrenchMERCANTILISTJeanBaptisteColbert(1619–83)whosuccess-fullyreformedtheFrencheconomyafter1 649 .InFrance,thehomeofColbertism,thegovernment’sabilitytosubsidizein-dustryandfollowprotectionistpolicieshasbeenlimitedsinceentrytotheEur-opeanEconomicCommunityin1958.Seealso:dirigismecollaborative...

... 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): 144 1–78.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)(19 84) 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: 146 5–96.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): 144 1–78.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)(19 84) 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: 146 5–96.economicsofthearts(Z1)seecultural economics economic...

... ‘Foundations of welfare economics , Economic Journal 49 : 696–712.Kaldor, N. (1939) ‘Welfare propositions of economics and interpersonal compari-sons of utility’, Economic Journal 49 : 549 –52.Kaldor, ... (E4)Money 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 ... asurvey’, Journal of Economic Literature23: 1 144 –75.implicit cost (D0, M2)A cost of production which is not includedin the accounts of a business but never-theless is incurred. This often happenswhen...

... League of Nations (1 940 –7), as professor of com-merce at the London School of Economics (1 947 –57) and at Cambridge as professor of political economy (1957–67). He wasawarded theNOBEL PRIZE FOR ECONOMICS ... A. (19 54) The Economics of Loca-tion, New Haven, CT: Yale UniversityPress.locked-in effect (E4, H2)1 The effect of rising interest rates on theholding of government bonds. Holders of long-term ... 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...

... (1938–70), leader of the SwedishLiberal Party (1 944 –67) and Minister of Trade (1 944 45 ).As a member of theSTOCKHOLM SCHOOL,he in many ways anticipatedKEYNESIANideas by using the concepts of the PROPEN-SITY ... 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 ... critique of the literature’,Journal of Economic Literature 15: 49 9– 544 .Sawyer, M.C. (1991) The Political Econ-omy of the Phillips Curve, Aldershot:Edward Elgar.physical quality of life index...

... 1916,interrupted by a chair at the LondonSchool of Economics from 1939 to 1 944 .He succeededPIGOU as professor of eco-nomics at Cambridge from 1 944 to 1957.His most famous works are A Study inIndustrial ... ‘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, ... in Economics (1 949 ). A lively account of therenaissance of economics in the 1930s isdetailed in The Years of High Theory(1967). The principal questions he exam-ined were the significance of...

... Tiebout hy-pothesis’, Journal of Political Economy77: 957–71.Tiebout, C. (1956) ‘A pure theory of localgovernment expenditures’, Journal of Political Economy 64: 41 6– 24. tied aid (F3, O2)FOREIGN ... marginal value to society of another hour of work in the case of personal income taxes.3 The difference between gross and net,after tax, rates of return in the case of investors. 4 The difference between ... measure of the average number of livebirths throughout a woman’s child-bearingperiod. It is calculated by adding theaverage number of live births of all age-specific groups (15 44 years)...

... effectLombard rateLondon Inter-Bank Offered RateM0M1M2M3M3cM4M5market rate of interestmeans of paymentmedium of accountmedium of exchangemedium of redemptionmetallistminimum lending ... 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...