Routledge Dictionary of Economics Second edition phần 5 potx

... ‘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: 54 9 52 .Kaldor, ... re-mained a fellow from 1929 to his death;professor of economics from 1 951 to 1972.His Making of Keynes’ General Theory(1984) illuminated the development of Keynes’s thought from 1923 to 1936. Hewas ... 1937. At the OxfordInstitute of Statistics, from 1940 to 1 955 ,he worked on wartime rationing schemesand refined his study of economic dy-namics and cycles. From 1 955 to 1970 hewas economic adviser...

... 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-ceptwasdevelopedinthe1 950 sand1960stoexaminemoreaspectsofstateforma-tionandtheformationofclassesinprimitivecommunities.ReferencesKrader,L.(19 75) 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© ... RutherfordInthecaseofacurrencymarket,arbitragecontinuesuntilthecrossexchangeratesareconsistent.Forexample,ifinitiallyUS$1=DM4,DM1=2guildersandUS$1=6guilders,thecorrectcross-rateshouldbeDM1=1.5guilders.Thearbitrageurssellspotandbuyforwardiftheybelievethatthevalueofacurrencyisfalling:theybenefitfromthedifferencebetweentwoprices,withtheforwardcontractprotectingthemfromafallintheexchangerate.arbitration(J5)Settlementofadisputebyreferraltoathirdparty,usedinindustrialrelationsandinmanycommercialdisagreements.Thearbitratormaybeacourtoflaw,anindependentarbitratorchosenbythepar-tiesindisputeorapermanentgovernmentbody,e.g.theADVISORY,CONCILIATIONANDARBITRATIONSERVICE(UK).Asarbitrationiseithervoluntaryorimposed,itcanbebinding,compulsory,mandatoryoruni-lateral.Landlordandtenant,shippingandbuildingcontractsoftenusethismethodofresolvingconflicts.Privatearbitration,whichmaybeinstitutedinadvancebyacontractualterm,ischeaperandquickerthanresorttolitigation.Seealso:pendulumarbitrationarcelasticity(C1,D0,D1)Theelasticityofdemandoveraportionofademandcurveortheelasticityofsupplyoverasectionofasupplycurve.Itiscalculatedfromthemidpointbetweenoldandnewpricesandquantitiesonthecurve,usingtheratioofthepercentagechangeinquantitytothepercentagechangeinprice,i.e.elasticity=DQ=ðQ1þQ2ÞDP=ðP1þP2ÞwhereP1andQ1arethepriceandquan-tityoriginallyandP2andQ2arethepriceandquantityafterthechange.ItprovidesanaverageofPOINTELASTICITIES.Aristotle,384–22BC(B3)Oneoftheearliestwritersoneconomicswhoanticipatedmanylaterdebatesonvalue,moneyandeconomicsystems.IntheNichomacheanEthics,BookV,hediscussedthenatureofvalueinthecon-textofadiscussionofjustice;inTopica,heanticipatedsubsequentideasofvaluebasedonutility.Hesupportedtheideaofprivatepropertyonthegroundsthatitleadstoincreasedproductionandclearlysawthatmoneyhastheimportantfunc-tionsofservingasaunitofaccount,amediumofexchangeandastoreofvalue.ReferencesGordon,B.(19 75) EconomicAnalysisbe-foreAdamSmith,London:Macmillan.Soudek,J.(1 952 )‘Aristotle’stheoryofex-change:aninquiryintotheoriginofeco-nomicanalysis’,ProceedingsoftheAmer-icanPhilosophicalSociety96: 45 75. arithmeticmean(C1)Thesumofasetofvaluesdividedbythenumberofvaluesinthatset.Seealso:geometricmean;harmonicmeanarithmeticprogression(C6)Aseriesofnumbersincreasingbyacon-stantincrementcalledacommondiffer-ence,e.g.2,4,6,8.MALTHUSassertedthatthemeansofsubsistenceincreasesarith-metically.Seealso:geometricprogressionARMA...

... Department of Labor, he wasassistant professor of economics at YaleUniversity (1 954 –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,wasspentchieflyatMichiganfrom1949to1977andsubsequentlyatColorado.HiswritingbeganwithanarticleintheEco-nomicJournalin1932ondisplacementcostandresultedintheproductionofover300articlesandtwelvebooks.Hismajortextbook,EconomicAnalysis,blendedto-getherKEYNESIANISMandNEOCLASSICALECO-NOMICS.In1 950 ,inAReconstructionof Economics, heurgedatheoreticalswitchfromflowstostocks,fromincomestoassets,andfromthepricesoflabourandcapitaltotheirnationalincomeshares.Hiscloseexaminationofequilibriumlinkedpriceandecologicalequilibria.Hisstudyofsocialorganizationcontrastedtheex-changesystemanditsthreatsystemofwarwiththeintegrativesystemofagrantseconomy.Seealso:grantseconomicsReferencesBoulding,K.E.(19 45) EconomicsofPeace,NewYork:PrenticeHall.——(1 950 )AReconstructionofEconom-ics,NewYork:Wiley.——(1966)EconomicAnalysis,4thedn,NewYork:Wiley.——(1978)Ecodynamics,BeverlyHills,CA,andLondon:Sage.——(1981)APrefacetoGrantEconomics:TheEconomyofLoveandFear,NewYork:Praeger.Kernan,C.E.(1974)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, ... 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,inforcefrom1894to19 75, 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(19 95) 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-lumbiaLawReview 85: 899–1116,19 85. Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(19 75) ‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy83:27 56 .Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:14 65 96.economicsofthearts(Z1)seecultural economics economic ... Rutherford(19 95) 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-lumbiaLawReview 85: 899–1116,19 85. Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(19 75) ‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy83:27 56 .Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:14 65 96.economicsofthearts(Z1)seecultural economics economic...

... 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.(1 951 )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. ... how much’, Bulletin of Eco-nomic Research 51 : 1 25 50 .Sloane, P. (1971) ‘The economics of pro-fessional football: the football club as autility maximiser’, Scottish Journal of Political Economy...

... 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 (1 957 –67). He wasawarded theNOBEL PRIZE FOR ECONOMICS ... deviation is [(3 À 5) + (4 À 5) + (5 À 5) + (6 À 5) + (7 À 5) ] divided by 5, i.e.1.2, ignoring signs after the differenceshave been calculated.means of payment (E4)A general function of money enabling ... devel-opment of media of exchange’, Journal of Political Economy 84: 757 – 75. Laidler, D. (1969) ‘The definition of money.Theoretical and empirical problems’,Journal of Money, Credit and Banking1: 50 8– 25. Newlyn,...

... 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 ... inflation-unemploymenttrade-off: a critique of the literature’,Journal of Economic Literature 15: 499– 54 4.Sawyer, M.C. (1991) The Political Econ-omy of the Phillips Curve, Aldershot:Edward Elgar.physical quality of...

... ‘Relational wealth andthe quality of life’, Journal of Socio- economics 29: 3 05 40.relative concentration (L1)A measure of the distribution of economicactivity, or of values of an economicvariable, ... 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, ... 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...

... before returning toCambridge to be Director of the Depart-ment of Applied Economics, from 19 45 to1 955 , and Professor of Financial Account-ing, from 1 955 to 1980. His first work, anarticle on ... Bureaufrom 19 45 to 1 955 , Professor of Develop-ment Planning at Erasmus University,Rotterdam, from 1 955 to 1973, and Pro-fessor of International Co-operation atLeiden from 1973 to 19 75. WithFRISCH,he ... ‘Robert Torrens: Colo-nel of Marines and political economist’,Economica New Series, 29: 152 – 65. Robbins, L. (1 958 ) Robert Torrens and theEvolution of Classical Economics, Lon-don: Macmillan.total...

... economics A2 Teaching of economics B Methodology and history of economicthoughtB0 GeneralB1 History of economic thought to19 25 B2 History of economic thoughtsince 19 25 B3 History of economic thought:individualsB4 ... 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...