IFS

At the IFS, they laboured in vain to bring the nation’s attention back to the real economic news, which wasn’t the budget so much as the tax and benefit changes set to kick in next month: […]

2017 March 13, Zoe Williams, “Cuts are a feminist issue. So what would a suffragette do?”, in The Guardian:

Institute for Fiscal Studies
w:Institute for Fiscal Studies

(UK politics, economics) Initialism of Institute for Fiscal Studies: an economic research institute based in London, United Kingdom, which specialises in UK taxation and public policy.


developed country

en-noun

developed country (plural developed countries)

Near-synonym: HIC

We can't imagine what life would be like without all of these critical pieces of the nation's infrastructure. Without them, both economic growth and personal mobility would have been grievously affected, and the UK would be condemned to slide down towards "less developed country" status.

2023 October 4, Sir Michael Holden, “Comment: High noon for Sunak”, in RAIL, number 993, page 3:

(economics) A country with an advanced, high-income, industrialized economy.


Homo reciprocans

(economics) The "reciprocating human": the concept, in some economic theories, of humans as cooperative actors who are motivated by improving their environment.


glide path

(economics, by extension) The pattern of systematic withdrawal of money from a retirement portfolio.


multiportfolio

The equivalence between multiportfolio time consistency of a dynamic multivariate risk measure and a supermartingale property is proven.

2015, Zachary Feinstein, Birgit Rudloff, “A Supermartingale Relation for Multivariate Risk Measures”, in arXiv:

(economics) Involving multiple portfolios


Coase theorem

(economics) A theorem stating that, if trade in an externality is possible and there are sufficiently low transaction costs, bargaining will lead to a Pareto efficient outcome regardless of the initial allocation of property.


EAEU

Eurasian Economic Union
Eurasian Economic Union#English


paradox of thrift

paradox of thrift (plural paradoxes of thrift)

The worse things get, meanwhile, the greater the tendency even for those who still feel secure in their jobs to hoard their cash for fear of what lies around the corner. This is the so-called paradox of thrift: that in a recession, people instinctively try to save their money instead of spending it, and thus inadvertently make things worse.

2020 April 9, Gaby Hinsliff, “We used to moan about normal life, now our fear is we'll never get it back”, in The Guardian:

(economics) A paradox of economics, in which an increase in autonomous saving leads to a decrease in aggregate demand and thus a decrease in gross output which will in turn lower total saving.


marginal analysis

(economics) A theory that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility.


Phillips curve

Named after New Zealand economist William Phillips (1914–1975).

named-after

An explanation of stagflation is not an explanation at all unless it includes a general explanation of why a Phillips curve should have this or that slope, and why the curve shifts if it is alleged to shift.

1982, Mancur Olson, The Rise and Decline of Nations, Yale University Press, →ISBN, page 192:

(economics) A single-equation empirical model describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy.


consumption function

en-noun

consumption function (plural consumption functions)

(economics) A function that describes the relationship between consumption and disposable income.


New Keynesian

new Keynesian (alternative)
new-Keynesian (alternative)
New-Keynesian (alternative)

(economics) Advocating or pertaining to a macroeconomic synthesis between Keynesianism and neoclassical economics; often involving or preferring countercyclical stabilisation through monetary policy but favouring fiscal intervention at the zero lower bound.

neokeynesiano

pertaining to or advocating a macroeconomic synthesis between Keynesianism and neoclassical economics


prime the pump

en-verb

prime the pump (third-person singular simple present primes the pump, present participle priming the pump, simple past and past participle primed the pump)

primes the pump (present singular third-person)
priming the pump (participle present)
primed the pump (participle past)
primed the pump (past)

As an idiomatic term, from the 1930s. From the metaphor of filling (priming) a liquid pump in order to prepare it for operation.

[…] by supplying, through the Federal Treasury, a sufficient flow of finance and currency that will prime the pump and keep it going until it can start its flow from the well or fountain of national resources.

(economics) To engage in deficit spending .


Laffer curve

(economics) A theoretical curve that demonstrates the optimum rate of taxation.


pagatoric

Possibly from Italian pagatore (“related to payment or paying”) + -ic.


service economy

en-noun

service economy (plural service economies)

An economy based on service sector, such as: financial services, hospitality, retail, health, human services, information technology and education.


mediamacro

Coined in 2014 by Simon Wren-Lewis. Compound of media + macro (“macroeconomics”).

Politicians who appeared to deviate from the new ‘mediamacro consensus’ of deficit fetishism suffered as a consequence.

2014 November 24, Simon Wren-Lewis, “Why We Need Our Fiscal Policy Instrument Back”, in Social Europe:

Mediamacro has a number of general features. It puts much more emphasis than conventional macroeconomics does on the financial markets, and on the views of participants in those markets. It prefers simple stories to more complex analysis. As part of this, it is fond of analogies between governments and individuals, even when those analogies are generally seen to be false by macroeconomists.

2015 February 19, Simon Wren-Lewis, “The Austerity Con”, in London Review of Books:

Simon Wren-Lewis has been on a lonely crusade against “mediamacro”, a narrative about the British economy that is untrue — or at the very least easily challenged and at odds with textbook economics — yet is stated in the news media not as a hypothesis but as a fact.

2015 May 4, Paul Krugman, “Mediamacro Crosses the Atlantic”, in New York Times:

2016, Felix R. FitzRoy, Elissaios Papyrakis, An Introduction to Climate Change Economics and Policy, Routledge (2nd revised ed., 1st ed. from 2009), →ISBN.
This has been particularly striking since 2010, when most left-of-centre parties such as Labour in the UK and the Social Democratic Party (SPD) in Germany have embraced the conservative-populist arguments for deficit reduction and austerity of the mainstream media, or ‘mediamacro’, which are rejected by almost all academic macroeconomists (at least in the UK and US, though not in Germany).

A key element of mediamacro is the naive assumption that higher government borrowing is inherently dangerous and that lower borrowing is always praiseworthy.

2018 November 4, Ben Chu, “We need to learn that the real economic gamble is sometimes too little government borrowing – not too much”, in The Independent:

(politics, economics, media) A narrative or set of beliefs promulgated as factual by news media that distorts macroeconomic consensus, e.g. often presenting the (total) government deficit as a prime economic indicator and invoking analogies between governments and households on debt.


market segmentation

market segmentation (countable and uncountable, plural market segmentations)

(economics, marketing) The process of dividing a market into sub-groups of potential customers based on particular shared characteristics.


intrinsic value

intrinsic value (countable and uncountable, plural intrinsic values)

(finance, economics) The real value of something, calculated with regard to an inherent, objective measure, which may not take into account its market value or face value.


GPT

(economics) Initialism of general-purpose technology.


postfederal

No other major industrialized democracy puts its cities in the circumstance that American cities face in the postfederal era of needing to attract investment through local entrepreneurial activity.

2001, Matthew Burbank, Gregory Andranovich, Charles H. Heying, Olympic Dreams: The Impact of Mega-events on Local Politics, page 8:

(US, economics) Of or relating to a period when cities in the United States can no longer rely on federal funding and must seek local sources.


TFP

total factor productivity
w:total factor productivity

(economics) Initialism of total factor productivity.


living wage

The RMT union is claiming a "massive victory" after outsourcing company Mitie agreed to pay the living wage to employees working at Network Rail stations. It follows a campaign by the union to improve pay, with RMT General Secretary Mick Cash commenting: "This is a massive victory in the fight to eliminate the evil of low pay on the railway, [...]."

(economics) The minimum income necessary for a worker to meet their basic needs.


Törnqvist index

(economics) A price or quantity index, a discrete approximation to a continuous Divisia index.


reverse import

(economics) A product of a multinational corporation which is produced abroad, and then imported to the country where the company's head office is located.


pluriverse

(economics) The plurality of economic systems in the world, and the reaction between them.


social welfare

The provision of a minimal level of well-being and support for citizens and other eligible residents who lack current means to support basic needs.


revealed preference

revealed preference (countable and uncountable, plural revealed preferences)

Coined by American economist Paul Samuelson in the title of his 1948 paper expounding a theory for inferring consumer preference from purchasing habits. Samuelson first published a version of his theory ten years earlier, in a 1938 paper, but did not use the term revealed preference in the 1938 paper.

coin

1948, Paul A. Samuelson (November 1948), "Consumption theory in terms of revealed preference", Economica, New Series, 15(60):243–253, DOI:10.2307/2549561, JSTOR:2549561, page 243 (article title)

Thus, we observe the elderly’s revealed preference for health plan combinations with different features.

1998, Katherine M. Harris and Michael P. Keane (26 November 1998 [the printed version gives the date incorrectly as 1999]), A model of health plan choice: inferring preferences and perceptions from a combination of revealed preference and attitudinal data, Journal of Econometrics, 89(1–2):131–157, DOI:10.1016/S0304-4076(98)00058-X, page 132

Knowledge of expansion paths is shown to improve the power of nonparametric tests of revealed preference.

2003, Richard W. Blundell, Martin Browning, and Ian A. Crawford (January 2003), "Nonparametric Engel curves and revealed preference", Econometrica, 71(1):205–240, DOI:10.1111/1468-0262.00394, page 205

And how do you think about the arguably revealed preference of wealth leading to separation that might suggest this isn’t actually what people want, maybe sometimes what they’re forced to accept.

2023 June 9, Ezra Klein, “The Ezra Klein Show: What Communes and Other Radical Experiments in Living Together Reveal”, in The New York Times, →ISSN:

A consumer preference as inferred from purchasing habits according to a theory invented by American economist Paul A. Samuelson.

This paper reports on an attempt to apply revealed preference to the activities of the federal government to determine the weights it attached to various macro policy goals during the Eisenhower and Kennedy-Johnson administrations.

1973, Ann F. Friedlaender (February 1973), "Macro policy goals in the postwar period: a study in revealed preference", Quarterly Journal of Economics, 87(1):25–43, page 25

We follow a revealed preference approach, and obtain two nested models of rational choice that allow phenomena like the status quo bias and the endowment effect, and that are applicable in any choice situation to which the standard (static) choice model applies.

2005, Yusufcan Masatlioglu and Efe A. Ok (March 2005), "Rational choice with status quo bias", Journal of Economic Theory, 121(1):1–29 (DOI:10.1016/j.jet.2004.03.007), page 1

Most economists, however, are firmly rooted in the revealed preference paradigm to estimate the use values of environmental resources.

2011, John C. Whitehead, Timothy C. Haab, and Ju-Chin Huang, chapter 1: "Introduction" (pages 1–9), in John C. Whitehead, Timothy C. Haab, and Ju-Chin Huang, editors (2011), Preference data for environmental valuation: combining revealed and stated approaches, Routledge Explorations in Environmental Economics (New York: Routledge), page 1

(uncountable) Samuelson's theory for inferring consumer preference from purchasing habits.


labour value theory

labor theory of value
labor theory of value#English

(economics, political science) Alternative form of labor theory of value.


labor theory of value

labour theory of value (alternative)
labor value theory (alternative)
labor-value theory (alternative)
labour value theory (alternative)
labour-value theory (alternative)

socially necessary human labor time
socially necessary labour time

(economics, political science) The theory, usually associated with Marxian economics, that freely reproducible goods obtain their value from socially necessary human labor time.


postautistic

From post- + autistic, derived from the French autisme-économie (“autism economics”), itself from an older sense of French autisme to mean "abnormal subjectivity" or "acceptance of fantasy rather than reality."

uder

(economics) Of or relating to a political movement that criticises neoclassical economics and advocates a pluralistic approach.


Tullock paradox

(economics) The apparent paradox that a rent seeker wanting political favours can bribe politicians at a cost much lower than the value of the favour to the rent seeker.


decentralized planning

(economics) A mechanism for allocating resources decentrally; economic planning that does not rely on any authorities.


Brazilianization

en-noun

Brazilianization (countable and uncountable, plural Brazilianizations)

Brazilianizations (plural)
brazilianization (alternative)
Brazilianisation (alternative)
brazilianisation (alternative)

What is going on in my opinion is the "Brazilianization of India". You have high levels of inequality, a spectacular film and culture industry, the proliferation of television, and for the first time in the history of India, you have the legitimization of inequality among the elite.

2004, Geert Lovink, Uncanny Networks: Dialogues with the Virtual Intelligentsia, →ISBN:

Neo-liberal globalization has created a great disruption of previously stable employment patterns, (re)introducing temporary, insecure, and "informal" employment in the North and even social marginality in the great cities. Brazilianization, over and beyond the slightly pejorative and Eurocentric it might have in Beck's usage, can be seen to reflect the globalization of the uneven development that once seemed to be confined to the Third World.

2005, Ronaldo Munck, Globalization and Social Exclusion: A Transformationalist Perspective, →ISBN:

Figures as diverse as the Americans Michael Lind and Mike Davis, the Frenchman Alain Lipietz, the German Ulrich Beck, and the Indian Ravi Sundaram have all spoken of Brazilianization as the imminent condition of the entire world as a “planet of slums” (Davis).

2012, Robert Stam, Ella Shohat, Race in Translation: Culture Wars Around the Postcolonial Atlantic, →ISBN:

Social change characterized by classism, economic disparity, and a large underclass that suffers from unemployment and underemployment.


brazilianization

brazilianization (countable and uncountable, plural brazilianizations)

Corrêa has voiced the need to be aware of derivative cultural forms and has called for the "brazilianization" of Brazilian crime fiction.

1992, Amelia S. Simpson, New Tales of Mystery and Crime from Latin America, →ISBN, page 17:

Alternative letter-case form of Brazilianization.


Brazilianisation

Brazilianisation (countable and uncountable, plural Brazilianisations)

The whole effort is at present directed to nothing more than the prevention of the Brazilianisation of the Germans in Brazil. It is all quite natural ; but it is also quite natural that the Brazilian Government, which has to look on at this systematic effort to prevent a large portion of its subjects from feeling themselves to be first and foremost- Brazilians, should entertain ' suspicions.'

1908, William Thomas Arnold -, German Ambitions as They Affect Britain and the United States of America:

The President-elect's very strong sense of nationalism and his all-pervading idea of Brazilianisation alone would insist that any political system established in Brazil must conform to Brazilian realities.

1950, Charles Dunlop, The South American Journal - Volumes 147-148, page 193:

Thereafter, the process of 'Brazilianisation' went ahead, marked by curiously similar phases of autochthonous adaptation and recreation, and each time there was a reaffirmation of that simple gracefulness and delicate sensualism which became eventually the distinctive characteristic of the country's best architecture.

1976, Art and Artists - Volume 11, page 36:

Alternative spelling of Brazilianization.

An increased percentage of Brazilian people or culture.

In Chapter 5 the narrative and analysis shift to the global South, that part of the globe once known as the Third World. This is the main site of "informalisation' (or Brazilianisation) whereby 'non-standard' forms of employment become prevalent.

2002, Ronaldo Munck, Globalization and Labour: The New 'Great Transformation', →ISBN, page xii:

National governments can try to resist Brazilianisation by regulating their labour markets and closing their borders, but the most likely end result in today's global conditions is economic stagnation or even decline.

2008, Ken Roberts, Youth in Transition: In Eastern Europe and the West, →ISBN, page 210:

The ramifications of Brazilianisation are countless: In the USA, according to some observers, Latinisation and the diminishing relevance of the old communitarian model will make social reality similar to that of Brazil.

2014, Johannes Fiedler, Urbanisation, unlimited: A Thematic Journey, →ISBN, page 18:

A social change toward economic disparity.


brazilianisation

brazilianisation (countable and uncountable, plural brazilianisations)

Invoking the examples of Japan and the United States, he weighs the dangers of economic dualism and the creeping 'brazilianisation' of job markets.

1986, Socialist Affairs - Issue 2, page 48:

In his eagerness to show how erroneous the Brazilian modernists were, Holston fails to discuss the desire for modernisation among the Brazilian people. Even if the people demand "brazilianisation", such a process might include elements of modernisation.

2001, Post proceedings of the World Conference on Cultural Design/Digital Condition Design, →ISBN:

Due to the early 1990s crisis, but also to the transition from a work society to a knowledge society, the increasing unemployment rate and the growing incidence of part-time, flexible and 'precarious' employment in westem countries have been documented and described as a 'brazilianisation of the west' (Beck, 2000).

2005 -, SEER South-east Europe Review for Labour and Social Affairs:

They talked about brazilianisation by infection, of Brazil as an immense hospital, and these ideas percolated into literature, reinforced, perhaps, by the memory of those flu-themed parades in the 1919 Rio Carnival, when groups calling themselves 'Midnight Tea' and 'Holy House' sang bawdy songs about a 'Spanish lady'.

2017, Laura Spinney, Pale Rider: The Spanish Flu of 1918 and How it Changed the World:


NAEI

(UK, economics) National Average Earnings Index, a measure of inflation based on the change in population salaries.


efficient market hypothesis

efficient market hypothesis (uncountable)

efficient markets hypothesis (alternative)

(economics) The idea that the prices generated by a financial market represent the best possible estimate of any investment’s value.


dynamic stochastic general equilibrium

dynamic stochastic general equilibrium (uncountable)

(economics) The proposal that macroeconomic analysis be concerned with the theoretical consequences of optimizing behaviour by rational consumers, firms, and labourers, rather than with observable phenomena such as booms or slumps.


DSGE

dynamic stochastic general equilibrium#English

(economics) Initialism of dynamic stochastic general equilibrium.


Herfindahl index

Named after the economist Orris C. Herfindahl.

(economics) A measure of the size of firms in relation to the industries they operate in, serving to indicate the amount of competition among them.


price signal

(economics) A sign, attached to a commodity and concerning its price, that is intended to increase demand for it


wage premium

(economics) The average amount that the wages of members of a certain group are greater than those of the population as a whole


college wage premium

college wage premium (plural college wage premiums)

(economics) The wage premium due to having a college/university degree.


union wage premium

union wage premium (plural union wage premiums)

(economics) The wage premium due to being in a trades union


ultimatum game

(economics) An experiment, concerning the sharing of wealth, designed to show the absence of rationality in economic thinking.


antideflationary

(economics) Preventing or countering deflation.


call rate

(economics) The interest rate on a call loan.


call loan

(economics) A loan, typically secured by shares, that is repayable on demand.


hydraulic Keynesianism

Coined by Alan Coddington in 1976. In reference to Alban William Phillips' hydraulic MONIAC computer, which he used for modelling the economy.

(economics, derogatory) A type of Keynesianism that assumes homogeneous macroeconomic aggregates and uses that assumption in relation to the Phillips curve to exploit a trade-off between inflation and unemployment, typically prioritising low unemployment at the expense of higher inflation.


war communism

Calque of Russian вое́нный коммуни́зм (vojénnyj kommunízm).

cal

вое́нный коммуни́зм

(economics, history) The economic policy of the Soviet Russia from 1918 to 1921 during the Russian Civil War (1917‒23) and the Allied intervention (1918‒25).


income group

(economics, sociology) A group in a given population having an income within a specified range.


jam today

Analogous to jam tomorrow, substituting tomorrow for today.

The consumption-possibilities curve illustrates the choice which must be made: more jam today means less jam tomorrow; less jam today means more jam tomorrow.

1974, Lawrence H. Officer, Lawrence Berk Smith, Issues in Canadian Economics, McGraw-Hill Ryerson, page 336:

A basic human characteristic is the preference for consumption today over consumption tomorrow. Jam today is always better than jam tomorrow, unless sufficient incentive is offered to forgo the immediate enjoyment of today's jam. This is not because of uncertainty about the likely receipt of tomorrow's jam, but merely a property of the passage of time.

1985, Phillip Crowson, Economics for Managers: A Professionals’ Guide, 3rd edition, Macmillan Press, page 26:

For one-period optimization, the obvious course of action to maximize consumption is to consume the whole of output by “eating up” the capital stock. The inapplicability of this tactic to an industrializing nation is transparent—it gets a lot of jam for today but leaves little for tomorrow. Jam today has therefore to be balanced against jam tomorrow.

1985, Joel Mokyr, The Economics of the Industrial Revolution, Rowman & Littlefield Publishers, page 216:

(idiomatic, economics) The availability of a resource at the present date.


boom-and-bust

en-adj

boom-and-bust (comparative more boom-and-bust, superlative most boom-and-bust)

more boom-and-bust (comparative)
most boom-and-bust (superlative)

The continued boom‐and‐bust cycles in support of education and research constitute a costly waste of the nation's human resources.

1973 October 15, “Boom‐and‐Bust Science”, in The New York Times, →ISSN:

Florida was one of the most boom-and-bust states for home prices in the 2000s. The median price of a home in the Orlando area, for example, doubled from around $125,000 in 2002 to around $250,000 in 2006, before dropping just as fast.

2013 April 6, Matt Olberding, “Waverly business owner renting houses to Disney visitors”, in Lincoln Star Journal:

Caplan's concerns include the Williams and Oakervee Reviews, the boom-and-bust culture for rail funding, and the hiatus on major projects.

2020 January 2, “North demands Johnson delivers on promises”, in Rail, page 15:

(economics, finance, business) Featuring or characterized by a boom and bust cycle in a market or an economy, in which rapid price increase is followed by falling prices or recession.


impossible trinity

(economics) A fixed foreign exchange rate, free capital movement, and an independent monetary policy: three things that are said to be impossible to have at the same time.


tripartism

(economics) A corporatist system in which trade unions, employers and government collaborate on the development of economic policy.


circulationism

In such a situation, Steyerl advocates, echoing Benjamin, an updated form of critical-cultural barbarism in the guise of a strategy of 'circulationism' – an emphasis on 'postproducing, launching, and accelerating' an image.

2018, Andrew McNamara, Surpassing Modernity: Ambivalence in Art, Politics and Society:

Here, for Steyerl, “circulationism” is an appropriate descriptor: What the Soviet avant‐garde of the twentieth century called productivism – the claim that art should enter production and the factory – could now be replaced by circulationism.

2019, Brad Buckley, A Companion to Curation, page 407:

(economics, art) An emphasis on circulating goods as opposed to producing them.


Say's law

After Jean-Baptiste Say (1767-1832), a French economist and businessman.

In accordance with Say's law, if only Mexican wages are paid for products, then these products must eventually and inescapably be sold at Mexican prices, not American prices.

(economics) A principle whereby those who produce anything must be paid sufficiently to buy the products they make, whether it be in a local economy or the world economy.


spillover effect

en-noun

spillover effect (plural spillover effects)

(economics) The phenomenon in which an economic event in one context occurs because of something else in a seemingly unrelated context.


Kondratiev wave

Kondratiev wave (plural Kondratiev waves)

Kondratiev waves (plural)
Kondratieff wave (alternative)

Named after Soviet economist Nikolai Kondratiev (1892–1938), who was the first to bring the idea to international attention in his book The Major Economic Cycles (1925).

named-after

Each such wave, known as Kondratiev Wave, has all the four characteristics of a business cycle. It rises on the back of new technologies and new forms of enterprise; the expansion leads to a peak, then topples over into a crash and reaches the trough. […] The first Kondratiev wave of the Industrial revolution rode on the technologies of the cotton and wrought-iron industries; […]

1992, Jyotiprasad Medhi, Statistical Methods: An Introductory Text, New Age International, →ISBN, page 335:

(economics) A hypothesized cycle-like phenomenon in the modern world economy, said to range from 40 to 60 years and to consist of alternating intervals of high sectoral growth and relatively slow growth.


genoeconomics

(genetics, economics) The study of the effects of genetics on a person's finances


genoeconomic

(genetics, economics) Relating to genoeconomics


longage

A shortage of supply is a longage of demand.

(economics, informal) The opposite of a shortage; an excessive amount.


pakodanomics

From pakoda + -nomics, referencing Narendra Modi's comment in January 2018 that street food vendors should be included in employment statistics.

(India, economics, neologism) The economic policies of Narendra Modi


ACSI

American Customer Satisfaction Index
w:American Customer Satisfaction Index

(economics) Initialism of American Customer Satisfaction Index.


Modern Monetary Theory

A heterodox economic school of thought that posits that fiscal policy, set to constrain inflation and enable full employment, should be the primary economic stabiliser and prioritises reflection on the nature of money from a chartalist perspective.


Nafta

From the acronym NAFTA, used in British press, not used in North America.

Lance Fritz, the president and C.E.O. of Union Pacific Railroad, said pulling out of Nafta would harm trade, which would in turn weigh on his business.

2017 November 15, Ana Swanson, “Trump’s Trade Approach Diverges Sharply from Free Trade Republicans”, in The New York Times, retrieved 2018-01-09:

(economics, UK) Alternative letter-case form of NAFTA (“North American Free Trade Agreement”).


autoconsumption

(economics, agriculture) The consumption by oneself of the goods that one has produced.


macoute

The second example is found among the savages upon the African coast of Angola, where there is no real money known. The inhabitants there reckon by macoutes; and in some places this denomination is subdivided into decimals, called pieces. One macoute is equal to ten pieces. This is just a scale of equal parts for estimating the trucks they make.

1796, James Steuart, An Inquiry Into the Principles of Political Economy:

The macoute, or unit of valuation, is neither actual nor visible, because it is entirely abstract and ideal, like all units. It is a method of measuring the value of one commodity by comparing it with another, through the instrumentality of an abstract unit which has neither length nor breadth.

1878, John Badlam Howe, The Political Economy of Great Britain, the United States, and France, in the Use of Money:

The Negroes on the coast of Africa have a sign of value without money. It is a sign merely ideal, founded on the degree of esteem which they fix in their minds for all merchandise, in proportion to the need they have of it. A certain commodity or merchandise is worth three macoutes; another, six macoutes; another, ten macoutes; that is, as if they said simply three, six, and ten. The price is formed by a comparison of all merchandise with each other.

Money in the sense in which it is here employed is simply the medium of exchange for the transfer of capital. Its form is unimportant. It may be gold or silver, bank notes, or bank credits. lt may be the leather and wood of the Romans, or the cowry shells of the Indian, or even the macoute of the African, which was but a sign of value having no substantial existence.

1909, “The Probable Future of the Interest Rate”, in The Independent, volume 67, page 1107:

(obsolete, economics) An abstract measure of value, said to be used by various peoples of Africa.


NNP

net national product
net national product#English

(economics) Initialism of net national product.


FANG

The FANG stocks (Facebook, Amazon, Netflix, and Google) today are leading the charge, and many of them boast P/Es in the hundreds!

2017, Young Kim, chapter 3, in Surviving the Buy Now, Pay Never Society, Lulu Press, Inc, →ISBN:

(economics) Four large technology companies, or (metonymically) their stock: Facebook, Amazon, Netflix, and Google.


FAANG

en-noun

FAANG (countable and uncountable, plural FAANGs)

But a deeper reason is that the media-tech frontier has closed, and many investors are looking for the next mountain to scale. In the past two years, the so-called FAANGs— Facebook, Apple, Amazon, Netflix, and Google—have seen their price-earnings ratios collapse by more than 60 percent; big tech companies are now trading near their lowest multiples in history.

2019 September 20, Derek Thompson, “WeWork and the Great Unicorn Delusion”, in The Atlantic:

(economics) The stock of one or more of these technology companies.


economic moat

competitive advantage
competitive advantage

(economics) The durability of the competitive advantage that a business has thanks to protections of brand, technology, legal status, etc.


dual earner

(economics) person of a couple with two jobs and thus two incomes; they may or may not have children.


shadow work

(economics) Unpaid labor in the form of self-service.


Schumpeter's gale

From Joseph Schumpeter's Capitalism, Socialism and Democracy.

creative destruction
creative destruction

(economics) The principle of creative destruction; the obsolescence of existing products due to the introduction of new products.

Capitalism, Socialism and Democracy
Joseph Schumpeter


wage drift

(economics) The tendency of real-world wages to rise faster than they would if kept in line with wage increases periodically recommended by government.


wage-push inflation

(economics) The situation where rising wages lead to an increase in the cost of goods.


wage stop

(economics) A limit on the state benefits an unemployed person can receive, preventing these benefits from exceeding the amount that the person would be expected to earn if employed.


macroshock

(geology, economics) A large-scale shock.


Chimerica

Blend of China + America, coined by British historian Niall Ferguson and German economist Moritz Schularick, with reference to chimera.

As in all good marriages, the differences between the two halves of Chimerica are complementary. He concluded by saying "Chimerica, despite its name, is no chimera." In conclusion, shouldn't we view China's ascendancy as an opportunity […]

2007, Sheng-Wei Wang, China's Ascendancy: An Opportunity Or a Threat? : what Every American Should Know about China, →ISBN:

The losers were countries like Indonesia and Brazil, whose real trade-weighted exchange rates appreciated between January 2008 and November 2010 by, respectively, 18 per cent and 17 per cent. No doubt, Chimerica has passed its prime […]

2011, Niall Ferguson, Civilization: The West and the Rest, Penguin UK, →ISBN:

G-2 suggests that China and the United States are deeply intertwined in their strategic interests, and should work out solutions to global problems together. The term Chimerica was invented by historian Niall Ferguson and economist Moritz […]

2014, Janet Hoskins, Viet Thanh Nguyen, Transpacific Studies: Framing an Emerging Field, Asian and Pacific American Tra:

(neologism, economics) The symbiotic relationship between China and the United States.


circulating medium

circulating medium (plural circulating mediums or circulating media)

circulating mediums (plural)
circulating media (plural)

(economics) Forms of money that pass from hand to hand, such as coins and banknotes.


MPC

marginal propensity to consume
w:marginal propensity to consume

(economics) Initialism of marginal propensity to consume.


slowbalization

(economics) The slowing of globalization, characterized by the slowing of global trade.


neoliberalization

neoliberalization (countable and uncountable, plural neoliberalizations)

neoliberalizations (plural)
neo-liberalisation (alternative)
neo-liberalization (alternative)
neoliberalisation (alternative)

(economics) The process of neoliberalizing something.


chartalism

(economics) A theory of money that views money as a unit of account designated by an authority.


Corbynomics

The trouble is, the choice is a dismal one. If you think Corbynomics is wacky, take a look at Trumponomics.

2015 December 15, Matthew Lynn, "Whoever wins the US presidency, the economy is going to be the loser", The Daily Telegraph

Piecing together Corbynomics is difficult, not least because it has evolved during Mr Corbyn’s time in charge of Labour. The gulf between the Labour leadership’s past positions and the milder proposals in the manifesto means that enormous uncertainty hangs over what a Corbyn-led government would do in office.

2018 May 17, “Corbynomics would change Britain—but not in the way most people think”, in The Economist:

The Labour leadership’s calculation is that Corbynomics couched in these terms – as a fiscal remedy to social ills - is a proposition the public agrees with. May’s faltering performance will only boost their confidence.

2019 March 6, Patrick Maguire, “The Conservatives are losing on knife crime, and three other lessons from this week’s PMQs”, in New Statesman:

(UK politics) The economic ideas and policies of British politician Jeremy Corbyn.


Big Three

the Big Three (canonical)
big three (alternative)

(economics) China, Japan, and Korea, three major Asian economies.


Markowitz bullet

Markowitz bullet (plural Markowitz bullets)

Named after economist Harry Markowitz, and from its bullet-like shape.

(economics) In a graph of expected return versus standard deviation, a hyperbola representing the efficient frontier if no risk-free asset is available.


second best

(economics) Characterized by one or more optimality conditions not being satisfiable.


second best

second bests (plural)
second-best (alternative)

(economics) A situation where one or more optimality conditions cannot be satisfied.


time-space compression

(psychology, economics) The process in which time taken to travel is accelerated and the significance of space between distant places is reduced.


gross national income

gross national income (usually uncountable, plural gross national incomes)

The key issue has been that a nation's income, as measured by gross national income (GNI), does not account for all the resource costs that are attributable to the production of goods and services during a given accounting period, […]

2004, Ahmed M. Hussen, Principles of Environmental Economics, Psychology Press, →ISBN, page 280:

gross national product
gross national product

(economics) A more recent designation for gross national product, the total market value of all the goods and services produced by a nation.

國民收入 /国民收入

total market value of all the goods and services produced by a nation — see also gross national product


GNI

In considering the low per capita income adjustment, the Committee recalled that, according to the current scale methodology, the threshold below which the adjustment was applied was the average per capita GNI of all the Member States.

2005, United Nations, Report of the Committee on Contributions: Sixty-fifth Session (6-24 June 2005), United Nations Publications, →ISBN, page 9:

gross national income
gross national income#English

(economics) Initialism of gross national income.


clinicoeconomics

(economics) economic aspects of clinical, surgical and pharmacological intervention


Yp

(economics) Abbreviation of permanent income.


economic determinism

(economics) A socioeconomic theory stating that economic relationships (such as being an owner or capitalist, or being a worker or proletarian) are the foundation upon which all other societal and political arrangements are based


thermoeconomics

Environomic analysis is an extension of thermoeconomics [1,2], which takes into consideration not only energy, exergy and costs, but also pollution and degradation of the environment.

2012, P.A. Pilavachi, Energy Efficiency in Process Technology, page 141:

(economics) A branch of economics that incorporates theories from thermodynamics


deadweight loss

deadweight loss (countable and uncountable, plural deadweight losses)

(economics) A loss of economic efficiency due to failure to achieve a free market equilibrium.


indicative planning

(economics) A form of economic planning based on imperfect information, employing grants, subsidies and other influences but not imposing mandatory quotas.


wage-fund doctrine

(economics) The theory that there is at any given time in a country a determinate amount of capital available for the payment of labour, therefore the average wage depends on the proportion of this fund to the number of persons who have to share in it.


income-elastic

en-adj

income-elastic (comparative more income-elastic, superlative most income-elastic)

more income-elastic (comparative)
most income-elastic (superlative)

(economics) Of a good or service: such that consumer demand increases in line with the amount of money that consumers have available to spend.


post-Fordism

On the level of production, the move from Fordism to post-Fordism involves a shift from mass production of homogeneous goods to small batch customization, that is, from uniformity and standardization to flexible, variable production for niche markets.

2003, Chris Barker, Cultural Studies: Theory and Practice, SAGE, →ISBN, page 158:

According to Marxist economist Christian Marazzi, the switch from Fordism to post-Fordism can be given a very specific date: October 6, 1979. It was on that date that the Federal Reserve increased interest rates by 20 points, preparing the way for the ‘supply-side economics’ that would constitute the ‘economic reality’ in which we are now enmeshed.

2009, Mark Fisher, “October 6, 1979: ‘Don’t let yourself get attached to anything’”, in Capitalist Realism: Is There No Alternative?, Ropley, Hampshire: O Books, John Hunt Publishing, →ISBN, page 33:

The dominant economic system following Fordism in most industrialized countries.


trickle-down hypothesis

The trickle-down hypothesis assumes society is composed of homogenous people with equal chances of participating in the market and finding jobs.

2013, Santosh Mehrotra, Enrique Delamonica, Eliminating Human Poverty […] , Zed Books Ltd., →ISBN:

(economics, pseudoscience) The idea that policies benefiting the wealthy shall ultimately benefit everybody else.

hipótesis del goteo / derrame / derramamiento hacia abajo


dishoard

en-verb

dishoard (third-person singular simple present dishoards, present participle dishoarding, simple past and past participle dishoarded)

dishoards (present singular third-person)
dishoarding (participle present)
dishoarded (participle past)
dishoarded (past)

(economics) To spend or reinvest money or goods previously hoarded, thus bringing them back into the economy.


market power

(economics) The ability of a firm to profitably raise the market price of a good or service over marginal cost; also, the ability to raise it even further above marginal cost than it already is, even despite competitors' attempts to undersell.


private good

(economics) A good that is rivalrous and excludable.


club good

(economics) A good that is nonrivalrous and excludable.


threshold effect

en-noun

threshold effect (plural threshold effects)

(sciences, economics) Something that occurs only once a critical threshold has been reached.


bear raid

(economics) The deliberate lowering of the price of a stock by concerted short selling


middle income trap

middle income trap (plural middle income traps)

middle income traps (plural)
middle-income trap (alternative)

Coined by Indian economist Indermit Gill and economist Homi Kharas in 2007 in their book An East Asian Renaissance: Ideas for Economic Growth.

coinage

Thailand and Malaysia are hemmed in by the so-called "middle-income trap", which suggests that while countries can move up from the ranks of the very poor, moving further forward is more complex, as competitiveness falls off and costs for investors increase.

2010 December 23, Simon Roughneen, “Vietnam: a development success story?”, in The Guardian:

Chinese economists have for many years also worried about the “middle-income trap”, a situation where a country that has reached a certain level of income gets stuck for a long time.

2021 July 1, Vincent Ni, “‘Poverty divides us’: gap between rich and poor poses threat to China”, in The Guardian:

(economics) The situation where a country that attains a certain income gets stuck at that level, being unable to compete with other more developed economies in the high-value-added market.


microeconometrics

(economics) Very small-scale econometrics, typically of individuals


Slutskian

en-adj

Slutskian (comparative more Slutskian, superlative most Slutskian)

more Slutskian (comparative)
most Slutskian (superlative)

Named after Russian mathematical statistician and economist Eugen E. Slutsky.

named-after

(economics) Of or relating to the economist Eugen Slutsky (1880–1948).


Slutsky equation

This correspondence is then used in a derivation of Slutsky equations for assets.

1972, Stanley Fischer, Econometrica, volume 40, number 2, page 371:

(economics) An equation that relates changes in Marshallian (uncompensated) demand to changes in Hicksian (compensated) demand, designed to explore a consumer's response to changes in price.


Hicksian

en-adj

Hicksian (comparative more Hicksian, superlative most Hicksian)

more Hicksian (comparative)
most Hicksian (superlative)

An important property of Hicksian demand is that it satisfies the compensated law of demand: Demand and price move in opposite directions for price changes that are accompanied by Hicksian wealth compensation.

1995, Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green, Microeconomic Theory, Oxford University Press, page 62:

This concept is sometimes referred to as a “Hicksian” measure – hence the H superscript – as a similar notion was discussed by J. R. Hicks in chapter XIV of Value and Capital (1946).

2024, Jeremy B. Rudd, A Practical Guide to Macroeconomics, p. 59

(economics) Of or relating to John Hicks (1904–1989), British economist.


microprudential

(economics) Relating to systemic prudence of individual financial institutions


impact aid

(US, economics) Money provided by the government to school districts that have lost property tax revenue due to the presence of tax-exempt Federal property, or have experienced increased expenditure due to the enrollment of federally connected children, including children living on Native American lands.


impact area

(US, economics) A region that is eligible to receive impact aid funding.


medicoeconomic

(medicine, economics) Relating to economic aspects of medical treatment


macroeconometric

(economics) Relating to measurement of the macroeconomy


Celtic Tiger

A reference to the Four Asian Tigers (Hong Kong, Singapore, South Korea, and Taiwan).

Even aside from the emergence of the “Celtic Tiger,” were the foundations of the Irish manifestation of the global financial crisis laid by deeper structural issues in the Irish economy […] and in Irish political culture[…]?

2017, John Gibney, “Where Historians Disagree: An Epilogue”, in A Short History of Ireland, 1500–2000, New Haven: Yale University Press, →ISBN:

Ireland shook off its reliance on the UK and became a Celtic tiger. While it might be a pity – and a sad comment on England – Scotland could do the same.

2024 February 2, Simon Jenkins, “Northern Ireland will leave the union, and Scotland could too. True devolution is the only way to save it”, in The Guardian, →ISSN:

(economics) The economy of the Republic of Ireland from the mid-1990s to the late-2000s, a period of rapid real economic growth fuelled by foreign direct investment.


financial economics

The branch of economics characterized by a concentration on monetary activities.


Black-Scholes model

en-noun

Black-Scholes model (plural Black-Scholes models)

Named after Fischer Black and Myron Scholes, involved in its development.

(economics) A mathematical model for the dynamics of a financial market containing derivative investment instruments.


dual-sector model

(economics) A model in development economics that explains the growth of a developing economy in terms of a labour transition between the capitalist sector and the subsistence sector.


stagnationist

en-adj

stagnationist (comparative more stagnationist, superlative most stagnationist)

more stagnationist (comparative)
most stagnationist (superlative)

A flat and downward-sloping schedule — the intersection of co-operative and stagnationist regimes — describes a wage-led growth regime, a result which follows immediately from the definition of wage-led growth as one in which a higher rate of accumulation.

1991, Stephen A. Marglin, Juliet B. Schor, The Golden Age of Capitalism, page 172:

In Maxine Berg's recent book, Josef Steindl has argued that his explanation of the stagnationist tendency of the first one-third of the twentieth century could not be straightforwardly applied to that of the last one-third because of the rise in the power of labour and the growth of interneational competition (Steindl 1990).

2004, Tracy Mott, Nina Shapiro, Rethinking Capitalist Development:

Marx and subsequent Marxists have extensively discussed countertendencies to the stagnationist tendencies.

2014, Marco Hauptmeier, Matt Vidal, Comparative Political Economy of Work, page 85:

(economics) Characterized by stagnation.


money illusion

In respect to our present problem, while there is a great field for research, the only perturbing influence of transcendent importance is that of an unstable monetary standard, and, as was seen in Chapter II, even that would make nothing more than a nominal difference in the results if it were not for the “money illusion.”

1930, Irving Fisher, The Theory of Interest: As Determined by Impatience to Spend Income and Opportunity to Invest It, New York: The MacMillan Company, page 322:

(economics) The cognitive bias that leads people to think of money in nominal rather than real terms, mistaking its face value for its purchasing power at some point in time.


microfund

(economics) A small fund, especially a venture capital fund.


crawling peg

→ Spanish: crawling peg

Coined by English economist John Williamson.

coin

Many analysts assume that a floating rate would have the same general tendency over time as a rate devaluing according to a crawling peg, but this is not certain. If the exchange rate is “undervalued,” for example, in the sense that foreign exchange is in excess supply, a crawling-peg policy would preserve the undervaluation; a floating exchange rate would appreciate and therefore be less inflationary.

1991, Paul Beckerman, The Economics of High Inflation, Springer, →ISBN, page 144:

“Many emerging-market economies have tried a number of technical devices: the fixed rate peg, varieties of crawling peg, currency boards and even dollarization,” Mr. Greenspan said in a recent speech. “The success has been mixed. Where successful, they have been backed by sound policies.”

1999 January 2, Joseph Kahn, quoting Alan Greenspan, “Era May End For Floating Currencies”, in The New York Times, →ISSN:

(economics) An exchange rate regime that allows depreciation or appreciation to happen gradually.


disinflate

en-verb

disinflate (third-person singular simple present disinflates, present participle disinflating, simple past and past participle disinflated)

disinflates (present singular third-person)
disinflating (participle present)
disinflated (participle past)
disinflated (past)

(economics) To reduce the rate of inflation


cost-push inflation

(economics) Inflation caused by substantial increases in the cost of goods or services where no suitable alternative is available.


cream skimming

(economics, derogatory) The business practice of providing a product or service only to high-value or low-cost customers, while disregarding clients that are less profitable for the company.


Beveridge curve

en-noun

Beveridge curve (plural Beveridge curves)

(economics) A graphical representation of the relationship between unemployment and the job vacancy rate.


contract curve

(economics) The set of points representing final allocations of two goods between two people that could occur as a result of mutually beneficial trading between those people given their initial allocations of the goods.


Great Gatsby curve

Great Gatsby curve (plural Great Gatsby curves)

LL-Q1860 (eng)-Flame, not lame-Great Gatsby curve.wav

Coined by American economist Judd Cramer and introduced by Alan Krueger in a speech in 2012, in allusion to F. Scott Fitzgerald's novel The Great Gatsby (1925).

coin

(economics) A chart plotting the relationship between inequality and intergenerational social immobility in several countries around the world.

Alan Krueger
F. Scott Fitzgerald
The Great Gatsby


Harrod-Johnson diagram

en-noun

Harrod-Johnson diagram (plural Harrod-Johnson diagrams)

Named after economists Roy F. Harrod and Harry G. Johnson.

(economics) A way of visualizing the relationship between the output price ratios, the input price ratios, and the endowment ratio of two goods.

Harrod-Johnson diagram
Harry G. Johnson
Roy F. Harrod


Kuznets curve

Named after economist Simon Kuznets (1901–1985).

named-after

On the surface, the Kuznets curve seems to justify laissez-faire economics and trickle-down policies.

2012 April 30, Kentaro Toyama, “The Rise and Fall and Rise (Literally) of the Most Important Curve in Economics”, in The Atlantic:

Their creed is based on the Kuznets curve, the graph that appears to show that inequality automatically declines as capitalism advances, spreading wealth from the elite to the rest.

2014 July 29, George Monbiot, “The rich want us to believe their wealth is good for us all”, in The Guardian:

(economics) A theoretical curve that graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality.


expectations hypothesis

(economics) The proposition that a long-term interest rate is determined purely by current and future expected short-term rates, so that the expected final value of wealth from investing in a sequence of short-term bonds equals the final value of wealth from investing in long-term bonds.


liquidity smile

en-noun

liquidity smile (plural liquidity smiles)

(economics) A feature of many financial markets whereby the volume (and hence liquidity) is concentrated at the start and particularly the end of the trading day, with relatively thin trading in the middle.


Lorenz curve

Named after American economist Max Lorenz (1876–1959), who developed this in 1905.

named-after

(economics) A graph that shows the proportion of overall income or wealth of the bottom percentage of people, often used to represent economic inequality.


offer curve

(economics) A theoretical economic curve that shows the quantity of one type of product that an agent will export for each quantity of another type of product that it imports.


Rahn curve

After Richard Rahn, who developed this in 1996.

(economics) A theoretical economic curve used to illustrate the theory that there is a level of government spending that maximizes economic growth.


catch-up effect

en-noun

catch-up effect (plural catch-up effects)

(economics) The hypothesis that poorer economies will tend to have faster rates of economic growth than richer ones.


lipstick effect

lipstick effect (plural lipstick effects)

(economics) The theory that consumers are more willing to buy less costly luxury goods during economic crises.


Baxter's law

After William Francis Baxter Jr., a professor of antitrust law at Stanford University.

(economics) An economic law that describes how a monopoly in a regulated industry can extend into and dominate an unregulated one.

Baxter's law
Stanford University
William Baxter (law professor)


Bennett's law

After Merrill K. Bennett, in his 1941 paper, "International Contrasts in Food Consumption."

(economics) An economic law observing that as incomes rise, people eat fewer calorie-dense starchy staple foods and more nutrient-dense meats, oils, sweeteners, fruits, and vegetables.


stylized fact

(social sciences, especially economics) A simplified presentation of an empirical finding.


wage share

wage share (countable and uncountable, plural wage shares)

(economics) The part of national income, or the income of a particular economic sector, allocated to wages (labor).


labor share

labor share (countable and uncountable, plural labor shares)


labour share

(economics) British standard spelling of labor share.


Bowley's law

After Arthur Bowley, a British economist who pioneered the collection of wage data in the UK.

(economics) A stylized fact of economics which states that a country's wage share remains constant over time.


capital share

(economics) The part of national income, or the income of a particular economic sector, allocated to capital.


positional good

positional good (plural positional goods)

(economics) A good valued only by how it is distributed among a population and whose value comes solely from its desirability as a status symbol.


complementary good

complementary good (plural complementary goods)

(economics) a good whose appeal increases with the popularity of its complement


substitute good

substitute good (plural substitute goods)

(economics) a good that a consumer perceives as similar to another good, which decreases the demand for that other good


discretionary income

discretionary income (countable and uncountable, plural discretionary incomes)

(economics) Disposable income minus all payments necessary to meet current bills.


tax shift

(economics) a change in taxation that eliminates or reduces some taxes and establishes or increases others, thereby keeping the overall revenue the same


income elasticity of demand

(economics) an economic metric that measures the responsiveness of a quantity demanded for a good to a change in income, calculated as the percent change in demand over the percent change in income

kysynnän tulojousto

sensitivity of demand to change in price


price elasticity of supply

(economics) an economic metric that measures the responsiveness of a quantity supplied of a good to a change in its price, calculated as the percent change in supply over the percent change in price.

tarjonnan hintajousto

sensitivity of supply to change in price


cross elasticity of demand

(economics) an economic metric that measures the responsiveness of the quantity demanded for a good to a change in the price of another good


cross-price elasticity of demand

cross-price elasticity of demand (plural cross-price elasticity of demands)

cross-price elasticity of demands (plural)

cross elasticity of demand
cross elasticity of demand#English

(economics) Synonym of cross elasticity of demand.


labour theory of value

(economics, political science) UK standard spelling of labor theory of value.


labor-value theory

labor value theory
labor value theory#English

(economics, political science) Alternative form of labor value theory.


labour-value theory

labor-value theory
labor-value theory#English

(economics, political science) UK standard spelling of labor-value theory.


theory of value

theory of value (plural theories of value)

(economics) an economic theory that attempts to explain the exchange value or price of goods and services


exchange value

(economics, especially Marxism) The proportion at which a commodity can be exchanged for other commodities.


missing market

(economics) a situation in microeconomics where a competitive market allowing the exchange of a commodity would be Pareto-efficient, but no such market exists


make-work job

make-work jobs (plural)
makework job (alternative)

The government found make-work jobs for the laid-off airline employees to keep them off the dole.

(economics) A job that has less immediate financial benefit to the economy than it costs to support.


fair division

(mathematics, economics, game theory) the problem of dividing a set of resources among several people who have an entitlement to them, such that each person receives their due share


liquidity provider

liquidity provider (plural liquidity providers)

liquidity providers (plural)
LP (alternative)


casino capitalism

casino capitalism (usually uncountable, plural casino capitalisms)

Capitalism has always had these two faces—on the one hand, the face of a unique engine of prosperity and innovation, on the other the face of casino capitalism, of speculation and crash.

2012, Helmut Willke, Gerhard Willke, Political Governance of Capitalism: A Reassessment Beyond the Global Crisis, Edward Elgar Publishing, →ISBN, page 51:

(economics, derogatory) A form of capitalism in which large speculative ventures engage in high-risk economic behaviors, especially when they contribute to an economic bust.


Chicago Boy

The Chicago Boys label came from the fact that Mr. Baraona and several others who drafted and managed the program to turn Chile away from statism studied economics at the University of Chicago and became disciples of Milton Friedman's free-market faith.

1990 October 8, Shirley Christian, “Free-Market Lessons Of Chile's 'Chicago Boys'”, in The New York Times, →ISSN:

Eventually things got so bad that Pinochet was forced to respond by firing many of the Chicago Boys and renationalising many of the privatised companies and banks.

2017, Jason Hickel, “The Chile Experiment”, in The Divide […] , London: William Heinemann, →ISBN:

(economics, historical, chiefly in the plural) Any of a group of Chilean economists prominent around the 1970s and 1980s, the majority of whom trained at the Department of Economics of the University of Chicago under Milton Friedman and Arnold Harberger, or at its affiliate in the economics department at the Pontifical Catholic University of Chile.


dynamic efficiency

(economics) a situation in which it is impossible to make one generation better off without making another generation worse off


Hoover index

After the economist Edgar Malone Hoover Jr.

(economics) An economic measure equal to the portion of the total community income that would have to be redistributed to establish perfect income uniformity.


microeconometrician

(economics) An econometrician whose speciality is microeconometrics


ecodeterministic

economic determinism
economic determinism

(economics) Relating to economic determinism


ecodeterminism

economic determinism
economic determinism#English

(economics) Synonym of economic determinism.


annuitization

annuitization (countable and uncountable, plural annuitizations)

(economics) The process or the result of annuitizing an annuity.


cobweb theory

cobweb theory (countable and uncountable, plural cobweb theories)

(economics) The economy theory based around the cobweb model.


cobweb model

So called because it can be represented in a diagram as curves overlaid on a spiral, resembling a spider's web.

(economics) An economic model that ascribes the periodic price fluctuations in certain types of market to cyclical supply and demand where the amount produced must be chosen before prices are observed, and producers' expectations about prices are assumed to be based on observations of previous prices.


hypercompetition

(economics, biology) An elevated level of competition (between companies or organisms)


midquote

(economics) The mean of a bid price and asking price


BIW

(business, philosophy, economics) Abbreviation of business is war.


market-led

To protect essential projects, the market-led investment initiative that was intended as a mechanism for private sector investment in the rail network should be revived.

2020 April 8, Industry Insider, “Industry feels the impact...”, in Rail, page 76:

(economics) Influenced or determined by the needs and wishes of consumers.


microprice

(economics) The lower limit of a martingale price


Siegel's paradox

Identified by economist Jeremy Siegel in 1972.

(economics) The phenomenon that uncertainty about future prices can theoretically push rational consumers to temporarily trade away their preferred consumption goods (or currency) for non-preferred goods (or currency), as part of a plan to trade back to the preferred consumption goods after prices become clearer.


debt-financed

The debt-financed infrastructure project increased the national debt of the country by 5%.


St. Petersburg lottery

St. Petersburg lottery (plural St. Petersburg lotteries)

St. Petersburg paradox
St. Petersburg paradox

(economics) The theoretical lottery game in the St. Petersburg paradox.


St. Petersburg paradox

St. Petersburg paradox (plural St. Petersburg paradoxes)

St. Petersburg paradoxes (plural)
Petersburg paradox (alternative)
Saint Petersburg paradox (alternative)

Named from its resolution by Daniel Bernoulli, one-time resident of the eponymous Russian city, who published his arguments in the Commentaries of the Imperial Academy of Science of Saint Petersburg (Bernoulli 1738). However, the problem was invented by Daniel's cousin, Nicolas Bernoulli.

(economics) The paradox raised by a particular (theoretical) lottery game that leads to a random variable with infinite expected value (i.e. infinite expected payoff) but nevertheless seems to be worth only a very small amount to the participants.


CMI

Credit Managers' Index
w:Credit Managers' Index

(economics) Initialism of Credit Managers' Index.


polypoly

/ˈpɒlɪˈpɒlɪ/

From poly- (“many”) + -poly (“number of sellers”), by analogy with monopoly.

af

(economics) The presence of a large number of relatively small buyers and sellers, none of whom can influence the price of commodities


polypsony

(economics) A market situation in which multiple buyers compete for the same goods or services


market fundamentalism

Coined by English author and journalist Jeremy Seabrook.

coin

(economics, derogatory) A strong, dogmatic belief in the ability of laissez-faire free market policies to solve economic and social problems.


bliss point

(economics) A quantity of consumption where any further increase would make the consumer less satisfied.


permanent income hypothesis

the permanent income hypothesis (canonical)

(economics) A theory attempting to describe how agents spread consumption over their lifetimes, supposing that a person's consumption at a point in time is determined not just by their current income but also by their expected income in future years, which is seen as the driver of change.


Bertrand's paradox

Bertrand paradox (economics)
Joseph Bertrand

Named after Joseph Bertrand, French mathematician.

(economics) A hypothetical phenomenon where if the number of firms producing a product goes from one to two or more selling identical products with identical manufacturing costs, the price would be expected to decrease from the high price which one monopolistic firm would charge to a competitive at-cost price, if consumers choose which product to buy based solely on price and the firms try to undercut each other.


MIST

(economics) Acronym of Mexico, Indonesia, South Korea, Turkey.


MIKT

(economics) Acronym of Mexico, Indonesia, (South) Korea, Turkey.


(economics) Abbreviation of Next Eleven.


Next Eleven

(economics) Eleven countries – Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea, Turkey, and Vietnam – identified in 2005 as having high potential of joining the BRICS countries as some of the world's largest economies in the 21st century.


anprim

en-adj

anprim (comparative more anprim, superlative most anprim)

more anprim (comparative)
most anprim (superlative)

(politics, economics, chiefly Internet slang) Clipping of anarcho-primitivist.


anprim

en-noun

anprim (countable and uncountable, plural anprims)

(politics, economics, chiefly Internet slang, countable) Clipping of anarcho-primitivist.

(politics, economics, chiefly Internet slang, uncountable) Clipping of anarcho-primitivism.


Singapore-on-Thames

An allusion to various English towns called (name)-on-Thames, and the economic success of Singapore after its separation from Malaysia. London, the capital of the United Kingdom, is situated on the River Thames.

Singapore-on-the-Thames (alternative)
Singapore-upon-Thames (alternative)

The idea that London might have a post-Brexit future as a kind of deregulated “Singapore-on-Thames” is one of the more curious notions to have emerged in the three and a half years since the UK’s citizens voted narrowly to leave the EU in the fateful June 2016 referendum.

2019 December 17, Howard Davies, “Will the UK really turn into 'Singapore-on-Thames' after Brexit?”, in The Guardian, →ISSN:

(UK politics, economics) A proposed model for the United Kingdom after Brexit, involving laissez-faire free trade unencumbered by regulation.

en:River Thames
en:Singapore
en:Singapore-on-Thames


Dengonomics

/ˌdɛŋəˈnɒmɪks/

(politics) The economic ideas and policies of Chinese politician Deng Xiaoping.


ancom

en-adj

ancom (comparative more ancom, superlative most ancom)

more ancom (comparative)
most ancom (superlative)

(politics, economics, chiefly Internet) Clipping of anarcho-communist.


ancom

en-noun

ancom (countable and uncountable, plural ancoms)

(politics, economics, chiefly Internet, countable) Clipping of anarcho-communist.

(politics, economics, chiefly Internet, uncountable) Clipping of anarcho-communism.


snob effect

(economics) The situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level.


snob value

Items with significant snob value include rare artworks, designer clothing, and sports cars.

(economics) The value of an item specifically to individuals of higher income levels, according to the snob effect.


Asiadollar

(economics) A deposit, in US dollars, held in a bank in Asia.


syncratic

From Ancient Greek συγκρᾱτικός (sunkrātikós, “mixed together”). By surface analysis, syn- + cratic.

bor

The focused interviews indicated that through the life-cycle stages, the upper-middle-class families made syncratic decisions, the lower-middle-class families made syncratic and partially syncratic decisions, and the upper-lower-class families made syncratic, partially syncratic, and autonomic decisions.

1969 August, Richard H. Evans, Norman R. Smith, “A Selected Paradigm of Family Behavior”, in Journal of Marriage and Family, volume 31, number 3, →DOI, →JSTOR, pages 512–517:

[…]autonomous decisions that are equally likely to be independently taken by either of the partners are in the middle of the triangle and truly syncratic (or joint) decisions are in the outer-right corner of the triangle.

2017, Morris Altman, Handbook of Behavioural Economics and Smart Decision-Making, page 359:

(marketing, economics) Of a decision, made jointly instead of individually.


inflationary spiral

en-noun

inflationary spiral (plural inflationary spirals)

(economics) A pattern of economic inflation in which higher wages lead to higher prices, which lead to higher wages, and so on.


hard currency

hard currency (countable and uncountable, plural hard currencies)

(economics, finance) Any globally traded currency that serves as a reliable and stable store of value.


demand-pull inflation

gross domestic product
gross domestic product

(economics) Inflation arising when aggregate demand in an economy outpaces aggregate supply. It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curve.


consumer society

consumer society (plural consumer societies)

(economics) Society that encourages the acquisition of goods and services in ever-increasing amounts.


temporarily embarrassed millionaire

temporarily embarrassed millionaire (plural temporarily embarrassed millionaires)

temporarily embarrassed millionaires (plural)

1964, Louis Filler (maybe quoting someone), The President Speaks: From William McKinley to Lyndon B. Johnson
One definition of an American is that he is a temporarily embarrassed millionaire. As such, he wants a job, but hates to pay taxes. If he needs a job, he demands that the government provide it one way or another.

A poor person who advocates against social welfare programs because they believe they will become rich in the future.


mixed economic

In practical terms, Nigeria has combined both ideologies in what is usually tagged a mixed economic system. This simply boils down to a combination of complex and probably conflicting strategies for national development planning in Nigeria.

1988, Miguel Urrutia, Setsuko Yukawa, Development Planning in Mixed Economies, United Nations University Press, page 253:


pre-depression

(economics) Pertaining to the era immediately before the depression.


Bidenomics

I'm sort of reminded of “Bidenomics.” That's the new word used to describe the statements of the Vice President of the United States on economics.
He told a group yesterday, the AARP, that we have to spend more money. The Federal Government has to spend more money, the Vice President said, or else we're going to go bankrupt.

2009 July 17, Daniel E. Lungren, “Providing for Consideration of H.R. 1018, Restore Our American Mustangs Act”, in Congressional Record (United States House of Representatives, 111th Congress, First Session), volume 155, part 13, number 108, Washington: U.S. Government Printing Office, page 18188:

Bidenomics takes on two of the biggest long-term threats facing America: the rise of an increasingly autocratic China, and the looming dangers of climate change.

2022 October 27, “The risks of Bidenomics go beyond inflation”, in The Economist, →ISSN:

President Biden […] quickly took credit for the latest data showing a June slowdown in price increases. “Good jobs and lower costs: That’s Bidenomics in action,” Mr. Biden said in a statement on Wednesday.

2023 July 12, Alan Rappeport, quoting Joe Biden, “Biden Touts Easing Inflation as Bidenomics in Action’”, in The New York Times:

(US politics) The economic ideas and policies of Joe Biden, American politician and the 46th president of the United States, characterized by relief measures, investments in infrastructure, and strengthening the safety net, funded by tax increases on higher-income individuals and corporations.


Macronesia

From macro- + Ancient Greek νῆσος (nêsos) + -ia.

(economics) A fictional country used for examples.


tinkle-down

America has been practicing “tinkle-down” economics for years, and it has failed us.

2008 August 22, Jim Hightower, “More Tinkle-down Economics”, in Texas Observer:

It’s called “Tinkle Down Economics,” how prosperity gets passed on to the deserving, who should never look up during these troubled times.

2018 November, Ed Spivey Jr., “Deep Breath...”, in Sojourners:

(economics) Modification of the term "trickle-down" to criticize what is felt to be the failings of the latter, with implication that what might be passed down from the rich to the poor is minimal or undesirable.


bathtub theorem

In allusion to a bathtub with water entering from the taps and leaving by the plughole.

(economics) The idea that capital accumulation is equal to production minus consumption.


neocapitalism

Neocapitalism is a blend of expansive private enterprise, extensive social-welfare programs and selective government intervention-a syncretism of capitalism's proven methods with some of socialism's less extreme aims. It has already made doctrinaire Marxism outdated, changed many socialists into business-minded pragmatists and made social workers out of many capitalists.

1964 October 30, “Neocapitalism”, in Time, archived from the original on 2008-03-02:

(economics) A politico-economic theory that combines capitalism with political policies designed to address some of the social inequities of unconstrained capitalism.


soft landing

soft landing (countable and uncountable, plural soft landings)

Hopes that the US economy is heading for a “soft landing” were boosted yesterday by the latest job figures, fuelling a rally in stocks and bonds.

2023 November 4, Harriet Clarfelt, Jennifer Hughes, “Hopes build for US ‘soft landing’”, in FT Weekend, page 1:

The IMF said the global economy was gliding towards a “soft landing” after coping with the impact of tough central bank interest-rate action to reduce inflation.

2024 January 30, Larry Elliott, “IMF warns Jeremy Hunt against tax cuts in budget”, in The Guardian, →ISSN:

(countable, economics) A business cycle downturn which avoids recession.


price scissors

Calque of Russian ножницы цен (nožnicy cen), in reference to the two price trends appearing as the blades of a pair of scissors.

calque

(economics) The phenomenon where, for a certain group or sector of productive population, the overall valuation from their production for sale outside the group drops below the valuation of the demand of the group for goods produced outside the group after a period of reasonable equilibrium. For example, changing world price levels cause a country's exports to plummet in value, while the valuation of its imports remains relatively stable.


producer good

producer goods (plural)
producer's good (alternative)

(economics) An item of goods, such as partly finished goods, used as an input in the production of other goods.


producer's good

(economics) Alternative form of producer good.


auction theory

(economics) An applied branch of economics, studying how bidders act in auction markets and how the features of such markets incentivize predictable outcomes.


diseconomies of scale

In its application, the company cited “diseconomies of scale,” inflation and the diversion of normal traffic by Laker's Skytrain as reasons for seeking the increases.

1978 June 28, “T.W.A. Seeking 5% Fare Rise”, in The New York Times, →ISSN:

Growth at traditional organizations eventually hits a point beyond which the firm will “suffer from diseconomies of scale, scope and learning.” By contrast, “algorithm-driven operating models” of the A.I. economy are “almost infinitely scalable.”

2020 January 17, Jonathan A. Knee, “Review: Competing in the Digital Age”, in The New York Times, →ISSN:

The capital costs involved in creating such an infrastructure are significant and some of the fixed costs can be diluted as output expands, but there may be some important diseconomies of scale in managing the infrastructure.

2020, Francesco Ducci, Natural Monopolies in Digital Platform Markets, Cambridge University Press, →ISBN, page 90:

(economics) The characteristics that lead to an increase in average costs as a firm grows beyond a certain size.


SAL

structural adjustment
structural adjustment#English

(economics) Initialism of structural adjustment loan.


structural adjustment

en-noun

structural adjustment (countable and uncountable, plural structural adjustments)

(economics) The offering of loans by the International Monetary Fund and the World Bank to countries experiencing economic crisis, with the aim of adjusting their economic structure, improving international competitiveness, and restoring the balance of payments.


demographic dividend

demographic dividend (plural demographic dividends)

Coined by David E. Bloom and David Canning.

It seems all but inevitable that China will move out of its "youth bulge" or demographic dividends period over the next several decades, as various studies show.

2011 February 18, James Fallows, “How to Solve China's Gender Imbalance? The 'Babe Tax'”, in The Atlantic, archived from the original on 2011-02-23:

The youngest members of America’s vast Baby Boom were in college; the oldest were on the brink of their peak earning power. America was about to reap what the economists David Bloom and David Canning have dubbed the “demographic dividend” of rising labor supply and productivity.

2012 February 27, Megan McArdle, “Europe’s Real Crisis”, in The Atlantic, →ISSN, archived from the original on 2012-08-27:

Much is changing, and the process of transition is traumatic for millions. India's youth could be a "demographic dividend", ensuring stability and prosperity for decades to come – or a disaster, condemning the country to years of deep social tensions, drift and fear.

2014 April 7, Jason Burke, “India election: country awaits a demographic dividend or disaster”, in The Guardian, →ISSN, archived from the original on 2014-04-07:

(economics) The economic growth resulting from shifts in a population’s age structure, mainly when the share of the working-age population becomes larger than the non-working-age share.

David Canning
David E. Bloom
demographic dividend


smidget

Suppose Company A can produce 10,000 widgets and 5000 smidgets per year, while Company B can make 20,000 widgets but only 1000 smidgets in a year.

(economics) A hypothetical product, a widget.


Metzlerian

en-adj

Metzlerian (comparative more Metzlerian, superlative most Metzlerian)

more Metzlerian (comparative)
most Metzlerian (superlative)

(economics) Of or pertaining to the theories of the 20th-century American economist Lloyd Appleton Metzler.

A matrix with a#95;#123;ii#125;lt;0,a#95;#123;ij#125;#92;ge 0 is called a Metzlerian matrix.

2010, Giancarlo Gandolfo, Economic Dynamics, 4th edition, Springer, page 271:

(economics) Of a matrix, having negative elements on the main diagonal and non-negative elements everywhere else.


Ricardian equivalence

Proposed by economist David Ricardo in the early 19th century.

(economics) The idea that consumers are forward-looking and so internalize the government's budget constraint when making their consumption decisions, so that, for a given pattern of government spending, the method of financing such spending does not affect agents' consumption decisions, and thus does not change aggregate demand.


oligopsonist

(economics) Any of a relatively small number of buyers of a product or service


command and control

command-and-control economy

(economics, politics) The management of a polity's economic and political resources by state officials themselves, rather than by more democratic or spontaneous means.


overdrawer

(economics) A person who overdraws, or has an overdraft.


Mundellian

Mundellian (comparative more Mundellian, superlative most Mundellian)

more Mundellian (comparative)
most Mundellian (superlative)

(economics) Of or pertaining to the theories of the 20th-century Canadian economist Robert Mundell.


broad-based

(economics) Of a tax: applying to most or all taxpayers or transactions, rather than a targeted subset.


trigger pricing

The channeling of imports by foreign mills through their own distributors will cause as much, if not more, imported steel to be sold in the U.S. market, perpetuating the problem that trigger pricing was designed to correct.

1979, Randall M. Fisher, James T. Brooks, Springboards, the Key Issue: Foreign Trade Policy, 1979-1980, page 106:

The suit never went through the courts because the trigger pricing was amended to include wire fencing as a product to be subject to trigger pricing.

1983, United States. Congress. House. Committee on Ways, Means. Subcommittee on Trade, Options to Improve the Trade Remedy Laws: Hearings, page 532:

(economics) A pricing strategy in which a company sets the price of a product relative to an index value, with a time frame in which buyers can purchase the product for this price if the index-based price reaches an acceptable level. Usually the seller sets a minimum order size to qualify for the trigger price.


economic cybernetics

(economics, cybernetics, Marxism, Keynesianism) A scientific field in which cybernetic approaches are applied to economics to facilitate dialogue between microsystems and macrosystems, and not only.


homoploutia

en-noun

homoploutia (countable and uncountable, plural homoploutias)

(economics) The situation in which the same people are wealthy in the space of capital and labor income


fiscal drag

fiscal drag (countable and uncountable, plural fiscal drags)

(economics) The deflationary pressure on the economy that results from the government's net fiscal position (spending minus taxation) failing to cover the net savings desires of the private economy.


managed float

(economics) A floating exchange rate that is controlled by means of occasional interventions by the country's central bank.


mesoeconomics

(economics) economics on a scale between that of microeconomics and macroeconomics


isodapane

Borrowed from German Isodapane, coined by Alfred Weber. Equivalent to iso- + Ancient Greek δαπάνη (dapánē, “cost”).

(economics) An isoline joining points on a map with the same total transport costs.


isotim

Borrowed from German Isotim, coined by Alfred Weber. Equivalent to iso- + Ancient Greek τιμή (timḗ, “value”).

(economics) An isoline joining points on a map with the same transport costs for a particular product.


capital flight

(economics) The rapid flow of money or assets out of a country in response to globalization or some other economic event.


subsistence economy

subsistence economy (countable and uncountable, plural subsistence economies)

(economics) an often moneyless economy characterized by minimal surplus and exchange of goods and services, low division of labor and rudimentary technology


Nixon shock

(economics, historical) A series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.


third best

This reduces the inflation bias but brings higher employment variability than is optimal, a "stabilization bias," and hence leads to a third-best equilibrium rather than the second best.

1997 Mar, Lars E. O. Svensson, “Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts”, in The American Economic Review, volume 87, number 1, pages 98–114:

(economics) Characterized by being a third best in the below sense.


third best

third bests (plural)
third-best (alternative)

(economics) A second best that is second best relative to a situation that is itself a second best.


bubblish

en-adj

bubblish (comparative more bubblish, superlative most bubblish)

more bubblish (comparative)
most bubblish (superlative)

(economics) Resembling or characteristic of an economic bubble.


present value

(finance, economics) The value of future cash flows determined as of the date of valuation.


IPL

en-noun

IPL (countable and uncountable, plural IPLs)

In other words, in many cases the IPL makes poverty seem much less serious than it really is.

2017, Jason Hickel, The Divide: A Brief Guide to Global Inequality and its Solutions, London: William Heinemann, →ISBN:

international poverty line
w:international poverty line

(economics) Initialism of international poverty line.


closed loop

(economics) An economy in which materials are consistently reused rather than discharged as waste.


gun jumping

(economics) The act or practice of soliciting orders for a new issue of a security before it has been registered with the SEC, or before its registration has been approved.


greenflation

But in the wake of so much publicity, are we now undergoing a wave of “greenflation,” where the term “green” is used to justify almost everything and anything, as long as it can make the claim of lowering carbon?

2007 December 26, James Kanter, “Does Too Much Green Lead to “Greenflation”?”, in Green: Energy, the Environment and the Bottom Line, New York Times blogs:

While decarbonizing our homes can lead to price stability and significant savings — my family, for example, cut our monthly utility bill by more than 75 percent in a recent renovation — we must also prepare for what Dr. Schnabel calls “greenflation,” the higher prices and labor crunches that come with the green transition.

2022 August 12, Gernot Wagner, “Greening Your Home Will Be Cheaper, but Expect Growing Pains”, in The New York Times:

(economics) A rise in energy prices as a result of shifting from fossil fuels to sustainable energy sources.


gig worker

gig workers (plural)
gigworker (alternative)

(economics) An independent contractor or freelancer who typically performs short-term work for multiple clients.


gig work

gig works (plural)
gigwork (alternative)

(economics) Income-earning activities outside of traditional, long-term employer-employee relationships.


venture capitalism

(business, economics) A form of capitalism which invests in innovative enterprises, particularly high technology, and where the potential profits are large.


mud pie argument

LL-Q1860 (eng)-Flame, not lame-mud pie argument.wav

Actually, it was Böhm-Bawerk, one of the prominent leaders of the Austrian school [12], who used the ‘mud pie argument‘ to attack the classical economists in general and Karl Marx in particular for using the labour theory of value. The fact that a product ‘costs‘ a certain amount of labour does not mean that it has some value.

2017, Musa Jega Ibrahim, Emerging Issues in Economics and Development, InTechOpen, page 48:

Firstly, as Marx asserts, for a commodity to have an exchange-value, it must first have a use-value – that is, there must be a social need for the commodity. If there was no such need, the commodity would not and could not be exchanged at all, and hence it would contain no value. The mud pie argument, then, falls flat on its face.

2019, Adam Booth, Rob Sewell, Understanding Marx’s Capital: A reader’s guide, Wellred Books, page 84

labor theory of value
labor theory of value

(economics) The argument against the labor theory of value pointing out that mud pies that take an immense amount of labor still have little to no value.


OMO

(economics) Initialism of open-market operation.


Kalmarian

From Kalmar + -ian, after the Swedish city where this approach was used in a Volvo car factory in the 1970s.

(economics) Being or relating to a labour paradigm involving a mutualization of the responsibility for employment (among businesses, unions, government, etc.) and relatively little hierarchical structure.


macroeconometrics

(economics) econometrics as applied to macroeconomic theory and models


corporate social responsibility

corporate social responsibility (uncountable)

Far too often, those defending or advocating for corporate social responsibility are interested in diminishing the status of capitalism, profit seeking, self-interest, and/or neoclassical economics. But I think one can embrace corporate social responsibility without this baggage.

2012 April 12, Megan McArdle, “Should Corporations Be Do-Gooders?”, in The Atlantic:

The company's move isn't an act of corporate social responsibility—it’s a response to labor economics that others may soon follow.

2015 February 19, Joe Pinsker, “Why Walmart Raised Its Wages”, in The Atlantic:

There are normally anti-embarrassment clauses in such arrangements and, from a corporate social responsibility point of view, the upside of standing by a tarnished individual is often outweighed by the downside.

2022 March 11, David Hytner, “Chelsea are in crisis but there is no will to leave club on their knees”, in The Guardian:

(business, economics) A form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature.


Retail Price Index

Consumer Price Index
consumer price index

(UK, economics) A measure of inflation based on the changing cost of a representative sample of retail goods and services. Calculated on a slightly different basis to the Consumer Price Index.


Ghoshian

en-adj

Ghoshian (comparative more Ghoshian, superlative most Ghoshian)

more Ghoshian (comparative)
most Ghoshian (superlative)

[…] the ENA framework tends to converge toward the Ghoshian framework rather than the Leontief framework […]

2009, Sangwon Suh, Handbook of Input-Output Economics in Industrial Ecology, page 48:

Furthermore, Ihara (2004) has noted that there is a conflict between the Leontief demand-driven input-output model and the Ghoshian supply-driven input-output model.

2017, Sangaralingam Ramesh, China's Lessons for India, volume 1, page 165:

(economics) Of or relating to the economist A. Ghosh.


microprudence

(economics) The systemic prudence of individual financial institutions.


macroprudence

(economics) Systemic prudence, especially the strengths and vulnerabilities of financial systems.


Bertrand-Edgeworth model

the Bertrand-Edgeworth model (canonical)

Named after Joseph Bertrand and Francis Ysidro Edgeworth.

(economics) A microeconomic model of price-setting oligopoly, dealing with the situation of a homogeneous product (i.e. consumers want to buy from the cheapest seller) and a limit to the output of firms which are willing and able to sell at a particular price.

Francis Ysidro Edgeworth
Joseph Bertrand


broad money

(economics) That part of the money supply comprising both highly liquid "narrow money" and less liquid forms.


WEF

A WEF report puts climate or environment-related threats in the top five slots in its list of the 10 long-term risks but warned a “vaccine divide” was making collaboration to limit temperature increases more difficult.

2022 January 11, Larry Elliott, “Covid has undermined fight against global heating, says WEF”, in The Guardian:

A high-end IC packaging and testing plant in Kaohsiung owned by Advanced Semiconductor Engineering, Inc., a 100-percent-owned subsidiary of ASE Technology Holding Co., has been selected as a "lighthouse factory" by the World Economic Forum (WEF).
In a statement, ASE said on Saturday that the Kaohsiung bumping plant had been included by the WEF in the organization's Global Lighthouse Network (GLN), a community of manufacturing sites and value chains that are leaders in the adoption of Fourth Industrial Revolution (4IR) technologies.

2023 January 14, Ting-ting Han, Frances Huang, “ASE's plant in Kaohsiung selected as WEF 'lighthouse factory'”, in Focus Taiwan, archived from the original on 2023-01-14, Science & Tech:

World Economic Forum
w:World Economic Forum


Buddhist economics

A spiritual and philosophical approach to the study of economics, considering human psychological and emotional factors.


monopolistic competition

(economics) A type of market structure that shares both characteristics of perfect competition and that of monopoly depending on the time frame (long-run or short-run).


n-firm concentration ratio

en-noun

n-firm concentration ratio (plural n-firm concentration ratios)

(economics) An economic metric that measures the market share of some number n of firms within an industry or market sector.


non-price competition

non-price competition (plural non-price competitions)

(economics) A competitive strategy in which firms deliberately don't engage in price reductions, but rather compete in advertising, quality, or design etc.


non-rivalry

(economics) A scenario in which there is no competition between one person's consumption of a good or services as it does not prevent others from consuming it as well.


non-rejectability

(economics) The situation in which one cannot avoid consuming a good or service.


perfect competition

(economics) A theoretical type of market structure, where there are many firms providing homogeneous (especially, fungible) goods or services, resulting in allocative and productive efficiency in the long run but also precluding profitability.


perfectly elastic supply

perfectly elastic supply (plural perfectly elastic supplies)

(economics) A situation in which firms are able and willing to supply any quantity of a good or service at the going price, i.e., the supply is infinite.


price elasticity of demand

(economics) An economic metric designed to measure how sensitive quantity demanded is to a change in the price of a good/service.


production externality

production externality (plural production externalities)

(economics) An externality (negative or positive) that affects the production side of a market.


supernormal profit

supernormal profit (plural supernormal profits)

(business, economics) Any profit that exceeds a normal range.


competitive market

competitive market (plural competitive markets)

(economics) A market in which no single firm can influence the price of a good or service due to the competitive nature of other firms in the market.


composite demand

(economics) The demand for a good that has multiple uses and can satisfy different kinds of consumer wants.


consumer surplus

(economics) The satisfaction that a consumer gets from the price they paid compared to what they were willing to pay over and above the current price, i.e. the difference between what they paid and what they were willing to pay.


demerit good

(economics) A good that brings less benefit to the consumer the more it is consumed, which may be unexpected, potentially leading to an overconsumption in the free market, e.g. tobacco.


long COVID

long covid (alternative)
long Covid (alternative)

/ˌlɒŋ ˈkəʊvɪd/

Blend of long-term + COVID, coined by Elisa Perego, an archaeologist working in London and sufferer of the condition who used the term in tweets on the online social networking service Twitter as a hashtag and in running text in May 2020 (see the quotations), leading to its widespread use.

2021, Chenyan Lyu, Tooraj Jamasb, Jan Peter Georg Spanholtz, The Long Covid of Energy Markets and Prices
[See title.]

(economics, informal, by extension) Long-term negative economic effects persisting after the COVID pandemic.


commodity currency

commodity currency (plural commodity currencies)

(economics) A currency that moves in correlation with the world prices of primary commodity products, due to the country's heavy dependency on the export of certain raw materials for income.


NSMD

(economics) Initialism of non-state market-driven.


FAAMG

FAAMG (countable and uncountable, plural FAAMGs)

(economics) The stock of one or more of these technology companies.


MoP

(economics, Marxism) Alternative letter-case form of MOP (“means of production”).

(economics, Marxism) Alternative letter-case form of MOP (“mode of production”).


switch trading

(economics) A form of countertrade by which one company sells to another its obligation to make a purchase in a given country.


counterpurchase

counterpurchase (countable and uncountable, plural counterpurchases)

(economics) A form of countertrade in which an exporter purchases goods from another country in exchange for that country purchasing goods from the exporter.


dedollarization

dedollarisation (alternative)
de-dollarization (alternative)

(economics) The reverse of dollarization; the process of phasing out local acceptance of the United States dollar or other foreign currency and returning to the domestic currency or using other currencies.


FIZ

free industrial zone
free industrial zone#English

(Malaysia, economics, geography) Abbreviation of free industrial zone.


P/BV

(economics, finance) Abbreviation of price to book value ratio.


church tax

(economics) A tax collected by the state from members of some religious denominations to provide financial support of churches, such as the salaries of its clergy and to pay the operating cost of the church


gross receipts tax

gross receipts tax (plural gross receipts taxes)

(economics) A tax on the total gross revenues of a company, regardless of their source


gift tax

(economics) The tax on money or property that one living person or corporate entity gives to another