Economics

Early retirement scheme To economics as rhetoric (Economics)

early retirement scheme A modern proposal to reduce unemployment, or make space in a firm for younger workers, by lowering, or making more flexible, the statutory retiring age. The principal aim of these schemes, to redistribute jobs from older to younger workers, can be frustrated if the rising productivity of the firm’s labour force reduces […]

economics of crime To effective demand (Economics)

economics of crime 1 A branch of neoclassical economics which analyses the decision making of criminals in terms of a comparison of the marginal benefit of succeeding and the marginal cost of being detected and sentenced. This celebrated analysis of becker’s is mainly applicable to the study of property offences. 2 A study of the […]

effective exchange rate To entrepot (Economics)

effective exchange rate An index of a currency’s international value in terms of a basket of currencies, weighted by the relative importance of each foreign country in the trade of the currency concerned. For sterling, the basket of currencies included the US dollar, the Japanese yen and the Deutschmark, and the weights reflected the UK’s […]

entrepreneur To European Community (Economics)

entrepreneur The fourth factor of production, after land, labour and capital, which organizes production and undertakes the risk of an enterprise. In joint stock companies, the risk bearing is undertaken by the shareholders; in small businesses, usually by the manager-proprietor. The idea of entrepreneurship was introduced into economics by cantillon, literally to mean the ‘undertaker’, […]

Fabian Society To financial crisis (Economics)

Fabian Society Founded in 1883 by Edith Nesbit and Hubert Bland to promote socialism. It contributed to the ideological development of the UK Labour Party and had as its earliest members Beatrice and sidney Webb and George Bernard shaw. in its many pamphlets on economic and related issues it has advocated gradualist, rather than revolutionary, […]

Financial deepening To forced saving (Economics)

Financial deepening An increase in the ratio of financial assets to real assets. This will depend on the number and range of financial institutions and household savings. Financial economy An economy using a variety of financial assets and services, other than money, for the purposes of exchange and storing value; a ‘post-money’ economy. ‘financial engineering’ […]

gains from trade To golden age (Economics)

gains from trade The increase in output or welfare received by a country, or the world as a whole, through international trade making possible specialization of production. The theory of comparative advantage demonstrates how this is possible. Galbraith, John Kenneth, 1908 A Canadian-American liberal economist who has achieved astounding publishing success in his topics on […]

Fordism To futures market (Economics)

Fordism A late, and successful, stage of capitalism characterized by large-scale production, semi-skilled labour, easy credit and mass consumption. This concept is based upon the production methods of the Ford Motor Company, particularly its use of assembly lines for automobile production. foreign aid Grants, loans on favourable terms or the supply of services by governments […]

golden handcuffs To gunslinger (Economics)

golden handcuffs A gratuity or deferred benefit given to an employee to discourage him or her from moving to another employer. golden handshake A gratuity given to an employee on retiring from a firm. golden hello A gratuity of a substantial amount offered to a potential employee to induce him or her to join a […]

Haavelmo, Trygve, 1911 To Hirschman, Albert Otto, 1915 (Economics)

Haavelmo, Trygve, 1911 A major founder of econometrics who was awarded the nobel prize for economics in 1989. He was educated at the University of oslo where he was professor of economics from 1948 to 1979. In 1946-7 he was at the cowles commission. His important contributions to quantitative economics include the formulation of economic […]

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