Routledge Dictionary of Economics Second edition phần 6 doc

... 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 ... Journal of Econo-mic Literature 27 (December): 1583 62 1.Marxian economics (E6, P2)The application of MARX’s theories of VA -LUEand EXPLOITATION to price theory, COM-PETITION and the working of...

... 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; ... Gustav, 1 866 –1945 (B3)After studying mathematics at UppsalaUniversity, Sweden, he became a professor of economics at Stockholm University in1902. He was a founder of modern Swed-ish economics, ... NC:University of North Carolina.—— (1972) Theory of Public Choice:Political Applications of Economics, Ann Arbor, MI: University of MichiganPress.Buchanan, J.M. and Tullock, G. (1 962 )The Calculus of...

... wasProfessor of Economics at the School of Oriental and African Studies, University of London, from 1 964 to 1979. Her mostfamous contribution to economics is hertheory of the growth of the ... inflation.Seealso:inflationarygapoutput–inflation trade off (E3) seePhillips curveoutside lag (E6)The time between the implementation of aneconomic policy and the realization of all of the effects of the use of that policyinstrument. ... 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...

... 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, ... gaininginformation about the profitability of theexisting firms of an industry.ReferencesFudenberg, D. and Tirole, J. (19 86) ‘A‘‘signal jamming’’ theory of predation’,Rand Journal of Economics 18: 211–31.signalling...

... less of another. Trade-offs 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 ... intendant of Limoges, from 1 761 to 1774, andContro1eur General of France, from 1774to 17 76. His celebrated Re´flexions sur laFormation et la Distribution des Richesses(17 76) anticipated many of ... of macro estimates’, Journal of Labor Economics 1: 1–27.Mulvey, C. (1978) The Economic Analysis of Trade Unions, Oxford: Martin Ro-bertson.union wage policy (J3, J5)The course of action of US...

... 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)Bankfoundedin1 966 withcapitalprovidedbyAsiancountries,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-ceptwasdevelopedinthe1950sand1 960 stoexaminemoreaspectsofstateforma-tionandtheformationofclassesinprimitivecommunities.ReferencesKrader,L.(1975)TheAsiaticModeofProduction,Assen,TheNetherlands:VanGorcum.Marx,K.(1 964 )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...

... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1 961 )‘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.(19 86) EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–11 16, 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’,JournalofEconomicLiterature 36: 1 465 – 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.(1 961 )‘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.(19 86) EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–11 16, 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’,JournalofEconomicLiterature 36: 1 465 – 96. economicsofthearts(Z1)seecultural economics economic ... 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...

... 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.(1 963 )‘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. ... lists of the functions of govern-ment in the works of PETTY, SMITH and JohnStuartMILL were slightly longer. Pettyapproved of state financing for clergy anddoctors, Smith of the building of...

... from 1 966 to 1970. Heserved as Special Adviser to the UKChancellor of the Exchequer in 1 964 –8and 1974 6. His clear disapproval of thepolicies of THATCHERISM was evident in hisThe Scourge of ... themselves.ReferencesHicks, J.R. (1939) ‘Foundations of welfare economics , Economic Journal 49: 69 6–712.Kaldor, N. (1939) ‘Welfare propositions of economics and interpersonal compari-sons of utility’, Economic Journal ... interpreta-tion of the Kemp-Wan theorem’, OxfordEconomic Papers 47: 69 6–703.Kennedy Round (F1)A set of tariff reductions arranged underthe auspices of the GATT conducted from1 964 to 1 967 . This...

... 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 ... Apart from a time asassistant professor at Berkeley, University of California, in 1 963 –5, he has been aprofessor at the University of Pennsylva-nia from 1 965 . His work onTRANSACTIONCOSTS, ... costs of regulationBureau of Economic AnalysisBureau of the BudgetChancellor of the Exchequer© 2002 Donald RutherfordSubject classificationsA General economics and teachingA1 General economics A2...