Economics

histogram To hysteresis (Economics)

histogram A method of presenting a frequency distribution graphically in a number of rectangles varying in size according to the number of observations in each class; see the figure. historic cost The original valuation of an asset. This measure is respected by accountants because of its objectivity and verifiability. However, in periods of inflation, this […]

ideal limit To incomplete contract (Economics)

ideal limit The maximum distance a consumer will travel to purchase goods. identification problem The econometric problem of discovering from data which equation is being estimated. A major example of this is the problem of separating demand from supply curves when attempting to construct a demand curve from raw data. if, over a period of […]

incomplete market To inequality (Economics)

incomplete market A real or financial market with an incomplete structure. Difficulties arise from the conflicting objectives of firms, time and uncertainty. A common example of such markets is an insurance market in which not all individuals are insured against the risk of losing income. increasing opportunity costs law The trade-off between an increasing amount […]

inertial effect To internal labour market (Economics)

inertial effect A government’s passive acceptance of an economic condition inherited from a previous government, e.g. acceptance of wage increases previously negotiated. inertial inflation The expected rate of inflation built into an economy. This rate is based on historical experience and assumed in contracts. infant industry A new industry with a low output and high […]

internal market To invisible hand (Economics)

internal market 1 The market gradually created in the european union from 1992 with no barriers to trade or economic mobility. some would like this increased degree of integration to lead to the creation of a single European bank, issuing a single currency for all member countries. 2 The trading relationships between the parts of […]

invisible handshake To issuing house (Economics)

invisible handshake An informal understanding between an employer and workers, or between a firm and its customers, whose terms are not legally binding because of their implicit nature. Employers make such tacit agreements as part of their pursuit of long-term profitability. This concept was inspired by okun’s study of stagflation in the 1970s. invisible trade […]

Jackson Amendment To just wage (Economics)

Jackson Amendment An amendment to US trade law proposed in 1975 by Senator Jackson: it denies most favoured nation status to countries not permitting free emigration. Jamaica Agreement An agreement made by members of the INTERNATIONAL MONETARY FUND in 1974 whereby the IMF sold one-third of its gold stock, making the profits of the sale […]

Kahn, Richard Ferdinand, 1905-89 To Kyoto Summit (Economics)

Kahn, Richard Ferdinand, 1905-89 Famous in the development of Keynesian economics for his influential article on the employment multiplier. Educated at King’s College, Cambridge, where he remained a fellow from 1929 to his death; professor of economics from 1951 to 1972. His Making of Keynes’ General Theory (1984) illuminated the development of Keynes’s thought from […]

L To life-cycle hypothesis (Economics)

L A measure of the US money supply consisting of M3 + non-bank public holdings of US savings bonds + short-term treasury securities + commercial paper + bankers’ acceptances (net of money mutual market fund holdings of these assets). Labour A factor of production consisting of the effort and time of human beings engaged in […]

lifetime client value To luxury (Economics)

lifetime client value The benefit to a firm from retaining the loyalty of a client. Marketing costs including advertising will be lower and the market will be more stable. light industry An industry using raw materials and components light in weight and noted for a great amount of value added, e.g. the computer assembly industry. […]

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