catallactics

Literally, “science of exhanges”, from Ancient Greek καταλλάσσω (katallássō, “to exchange, reconcile”). Probably coined by British economist Richard Whately in 1831.

coinage

Catallactics is thus «the order brought about by the mutual adjustment of many individual economies in a market»[…]

2005, Raimondo Cubeddu, The Philosophy of the Austrian School, Routledge, →ISBN, page 98:

(economics) A form of political economics based on the science of exchange.


bull trap

(economics) A temporary reverse in the downward trend of a share price that tempts some investors to buy


stock variable

(economics, accounting) A variable whose value depends on an instant rather than on a period of time.


flow variable

(economics, accounting) A variable whose value depends on a period of time rather than an instant, example being the gross domestic product.


shock therapy

en-noun

shock therapy (usually uncountable, plural shock therapies)

From shock + therapy. The medical sense first appears c. 1917 in the Journal of Experimental Medicine.

(informal, economics) A government policy of a sudden release of price controls and immediate trade liberalization within a country.


division of labour

(economics) The separation of work into different categories or tasks, each category or task being carried out by different groups of workers.


Obamanomics

Blend of Obama + economics, equivalent to Obama + -nomics. See Related terms below.

(US politics, economics, neologism) The economic policies of Barack Obama.


economic capital

(economics) Real or financial capital, or both combined.


acyclical

en-adj

acyclical (comparative more acyclical, superlative most acyclical)

more acyclical (comparative)
most acyclical (superlative)

(economics) Moving independent of the overall state of an economy.


procyclicality

en-noun

procyclicality (usually uncountable, plural procyclicalities)

(economics) The quality of being procyclical.


countercyclical

en-adj

countercyclical (comparative more countercyclical, superlative most countercyclical)

more countercyclical (comparative)
most countercyclical (superlative)

The unemployment rate is countercyclical in the sense that it rises when economic growth is low and vice versa.

(economics) Moving in the direction opposite to that of the overall state of an economy.


procyclical

procyclical (comparative more procyclical, superlative most procyclical)

more procyclical (comparative)
most procyclical (superlative)

The employment rate is procyclical, when the economy is doing well more people are working, when it's not doing well, fewer people are working.

(economics) Moving in the same direction as the overall state of an economy


overleveraged

overleveraged (comparative more overleveraged, superlative most overleveraged)

more overleveraged (comparative)
most overleveraged (superlative)

(economics) Subject to excessive leverage


illiquidity

en-noun

illiquidity (countable and uncountable, plural illiquidities)

(economics) The condition of being illiquid; a lack of liquidity; difficulty in selling out an asset


detrend

en-verb

detrend (third-person singular simple present detrends, present participle detrending, simple past and past participle detrended)

detrends (present singular third-person)
detrending (participle present)
detrended (participle past)
detrended (past)

(transitive, statistics, economics) To manipulate (data) to remove overall long-term trends in order to emphasise other patterns.


positive economics

(economics) The branch of economics that concerns the description and explanation of economic phenomena and their causal relationships


shadow banking system

en-noun

shadow banking system (plural shadow banking systems)

Coined by Paul McCulley in 2007. Parallel with earlier constructions such as shadow cabinet and shadow government as names for quasi-institutions running unofficially in parallel with the official institutions.

Given the Chinese banking sector's predominance in the economy, it seems surprising that China appears to need another, parallel, shadow banking system.

2016, Ning Zhu, China's Guaranteed Bubble […] , McGraw Hill, →ISBN, page 35:

(derogatory, banking, finance, economics) Non-bank financial institutions, that, like banks, borrow short and in liquid forms and lend or invest long in more illiquid assets.


corporate tax

Corporate taxes were levied on capital or net income, subject to an annual minimum.

(economics) A tax levied on a corporation, especially on its profits; corporation tax.

公司稅 /公司税

tax levied on the profit of corporations


inflater

And the effect of such notes, as inflaters of the currency, would be less than the effect of greenbacks.

1864, The Bankers Magazine, volume 19, page 402:


Keynesianism

From Keynesian + -ism; named after John Maynard Keynes, British economist.

(economics) A prescriptive or normative economic stance according to which the state should actively stimulate economic growth and improve stability in the private sector through interest rates, taxation and public projects.


CGT

Is capital gains tax (CGT) going to rise dramatically as the government attempts to claw back the cost of extra spending during the coronavirus pandemic? […] CGT is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s only the gain that is taxed.

2020 July 15, Patrick Collinson, “Capital gains tax review: your questions answered”, in The Guardian:

capital gains tax
capital gains tax#English

(economics) Initialism of capital gains tax.


poverty line

America’s poverty line is $63 a day for a family of four. In the richer parts of the emerging world $4 a day is the poverty barrier. But poverty’s scourge is fiercest below $1.25 (the average of the 15 poorest countries’ own poverty lines, measured in 2005 dollars and adjusted for differences in purchasing power): people below that level live lives that are poor, nasty, brutish and short.

2013 June 1, “Towards the end of poverty”, in The Economist, volume 407, number 8838, page 11:

(economics) The threshold of poverty, below which one's income does not cover necessities.


reflate

en-verb

reflate (third-person singular simple present reflates, present participle reflating, simple past and past participle reflated)

reflates (present singular third-person)
reflating (participle present)
reflated (participle past)
reflated (past)

From re- + (in)flate, on the basis of deflate. Equivalent to Latin re- + Latin flō (“blow”) + -ate (verb-forming suffix).

af

(economics) To restore the general level of prices to a previous or desirable level.


ZIRP

(economics) Initialism of zero interest rate policy.


nonauto

GM may spin off some nonauto operations.

Consumer credit for nonauto goods declined $48 million, compared with the $173 million reduction of March.

1975 June 5, “Business Ticker”, in Chicago Tribune, archived from the original on 2013-06-30:

(economics) Not automotive, or not directly linked to the automotive industry


producer price index

en-noun

producer price index (plural producer price indexes)

(economics) A price index that measures the average changes in prices received by domestic producers for their output.

生産者物価指数

せいさんしゃぶっかしすう


hatchwork

The sailors must be familiar with the cargo and hatchwork.

(uncountable, shipping) The apparatus around the hatches of a vessel, particularly the cargo hatch


prerecession

In the case of the 2001 recession, employment did not return to its prerecession level for four years.

2009 January 10, Louis Uchitelle, “Jobless Rate Hits 7.2%, a 16-Year High”, in New York Times:

(economics) Occurring before a recession


flowthrough

flowthrough (countable and uncountable, plural flowthroughs)

Deverbal from flow through, from flow + through.

(taxation) A legal entity intended to not incur (income) taxation at the entity, but solely at the beneficiaries.


disinflation

disinflation (countable and uncountable, plural disinflations)

(economics) A decrease in the inflation rate.


reflation

reflation (countable and uncountable, plural reflations)

From reflate + -ion, parallel to deflation.

This continues until there is a reflation, a currency devaluation and government guarantees of the efficacy of key financial intermediaries.

2011 July 18, John Cassidy, quoting Ray Dalio, “Mastering the Machine”, in The New Yorker, →ISSN:

(economics) The act of restoring a deflated general level of prices to a previous or desired level.


remonetization

remonetization (usually uncountable, plural remonetizations)

From remonetize + -ation or re- + monetization.

“King, I’m glad to meet you,” declared Senator Key Pittman of Nevada, who was nominally in England to discuss the remonetization of silver.

2009 January 15, Janet Maslin, “A Monetary Horror Story That Looks Like Today’s”, in New York Times:

(economics) The act or process of remonetizing, or restoring to the status of legal tender.


preboom

From 1999 to 2007, the price of Pu’er, a fermented brew invented by Tang Dynasty traders, increased tenfold[…] before tumbling far below its preboom levels.

2009 January 17, Andrew Jacobs, “A County in China Sees Its Fortunes in Tea Leaves Until a Bubble Bursts”, in New York Times:


nonmanufacturing

Between 1962 and 1984, Chicago lost 244,000 manufacturing jobs, while the number of nonmanufacturing jobs (service, research, retail, financial, and real estate) climbed by 372,500.

1988 January 8, Grant Pick, “A Plant Dies in Cragin”, in Chicago Reader:

(economics) Outside of the manufacturing sector


felicific calculus

Widely attributed to British philosopher Jeremy Bentham (1748-1832), but apparently used only by his successors.

Bentham's way of becoming the Newton of the moral world was to develop the "felicific calculus."

1918, Wesley C. Mitchell, “Bentham's Felicific Calculus”, in Political Science Quarterly, volume 33, number 2, page 164:

cost-benefit analysis
cost-benefit analysis

(historical, philosophy, economics) A quasi-mathematical technique proposed by 19th-century utilitarian ethical theorists for determining the net amount of happiness, pleasure, or utility resulting from an action, sometimes regarded as a precursor of cost-benefit analysis.


integrability

integrability (usually uncountable, plural integrabilities)

This problem, known as the integrability problem, has a long tradition in economic theory, beginning with Antonelli (1886) […]

1995, Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green, Microeconomic Theory, Oxford University Press, page 75:

(economics) The recoverability of preferences from a Walrasian demand function.


antistimulus

en-adj

antistimulus (comparative more antistimulus, superlative most antistimulus)

more antistimulus (comparative)
most antistimulus (superlative)

These are only some of the fundamentally fraudulent antistimulus arguments out there.

2009 January 26, Paul Krugman, “Bad Faith Economics”, in New York Times:

(economics, politics) Against stimulus; against major governmental influence in an economy.


conditionality

en-noun

conditionality (countable and uncountable, plural conditionalities)

absoluteness

antonym(s) of “state of being subject to conditions”

(countable, economics, finance) A condition applied to the access of a government to credit facilities and other international financial assistance, especially from the IMF and the World Bank.


nondurable

Demand for nondurable goods, products like food, paper and petroleum, fell by 4.8 percent in December after an 8.7 percent fall in November.

2009 February 6, The Associated Press, “Factory Orders Fall Again With No Clear End in Sight”, in New York Times:

(economics) Providing useful services for only one period, especially a year.


anticompetitive

en-adj

anticompetitive (comparative more anticompetitive, superlative most anticompetitive)

more anticompetitive (comparative)
most anticompetitive (superlative)

And he sees no evidence of any anticompetitive impact.

2007 February 24, Steve Lohr, “A Software Maker Goes Up Against Microsoft”, in New York Times:

(economics, business) Acting to hinder or obstruct competition.

反競爭的 /反竞争的

acting to hinder or obstruct competition


reprivatize

en-verb

reprivatize (third-person singular simple present reprivatizes, present participle reprivatizing, simple past and past participle reprivatized)

reprivatizes (present singular third-person)
reprivatizing (participle present)
reprivatized (participle past)
reprivatized (past)

Many analysts cite Swedish bank nationalization, from the early 1990s, as a model, because the Swedes later reprivatized these banks and resumed economic growth.

2009 March 1, Tyler Cowen, “Message to Regulators: Bank Fix Needed Quickly”, in New York Times:

(economics) To privatize a company that was previously nationalized


casualize

casualize (third-person singular simple present casualizes, present participle casualizing, simple past and past participle casualized)

casualizes (present singular third-person)
casualizing (participle present)
casualized (participle past)
casualized (past)

Many of the workers have been casualized during the recent downturn.

(economics, chiefly British) To convert from regular to casual labor


rivalrous

en-adj

rivalrous (comparative more rivalrous, superlative most rivalrous)

more rivalrous (comparative)
most rivalrous (superlative)

/ˈɹaɪvəlɹəs/

Rivalrous goods are those which can be consumed by only one person at the same time – for example, a candy bar or a suit; […]

20th–21st century, Thomas A. McGahagan, “Public Goods”, in (Please provide the book title or journal name), Department of Economics, University of Pittsburgh at Johnstown, archived from the original on 2015-05-05:

(economics, of a good) Which can be consumed by no more than one person at the same time.


antidumping

Instead, it relied on antidumping actions to combat what it said were unfair Chinese trade practices.

2007 April 2, David Lague, “China Says New U.S. Duty Disrupts Relations”, in New York Times:

(economics, trade, diplomacy) Intended to combat or prevent dumping, the sale of goods below cost for anticompetitive purposes

antidumping

intended to combat or prevent dumping, the sale of goods below cost


mid-priced

(economics) Having a price less than the most expensive and greater than the cheapest


midmarket

(economics) The market in mid-priced commodities


depressionary

depressionary (comparative more depressionary, superlative most depressionary)

more depressionary (comparative)
most depressionary (superlative)

(economics) Characteristic of a depression


tertiary industry

en-noun

tertiary industry (plural tertiary industries)

(economics) An industry that provides goods or services to consumers using raw materials from primary industry and goods processed by secondary industry.


tertiary sector

tertiary sector (plural tertiary sectors)

(economics) The sector of the economy that principally provides goods and services to consumers using goods produced by the other sectors.

第三產業 /第三产业

economic sector that provides goods and services


primary industry

primary industry (plural primary industries)

(economics) An industry that processes raw materials for conversion by secondary industry into goods or services sold by tertiary industry to provide goods or services to consumers.


primary sector

(economics) The sector of the economy that principally produces raw materials for use by other sectors.


secondary sector

secondary sector (plural secondary sectors)

(economics) The sector of the economy that principally uses raw materials produced by the primary sector for sale and use by other sectors.

第二產業 /第二产业

economic sector that uses raw materials and produces manufactured goods


absentee ownership

absentee ownership (countable and uncountable, plural absentee ownerships)

The property lapsed into disrepair under decades of absentee ownership.

The numerous absentee ownerships made it difficult for the owners to make common cause.

(economics, business, uncountable) Ownership of business or property by parties rarely present.


depressionlike

en-adj

depressionlike (comparative more depressionlike, superlative most depressionlike)

more depressionlike (comparative)
most depressionlike (superlative)

El Centro has the highest unemployment rate in the nation, a depressionlike 22.6 percent.

2009 March 4, David Leonhardt, “Job Losses Show Breadth of a Recession”, in New York Times:


rrp

(economics) Initialism of Recommended Retail Price price.


quantitative easing

en-noun

quantitative easing (usually uncountable, plural quantitative easings)

Possibly partly after Japanese 量的緩和 (ryōteki kanwa, “quantitative easing”), short form of 量的 (ryōteki, “quantitative”) 金融 (kin'yū, “financial”) 緩和 (kanwa, “easing”).

uder

Summers believes that quantitative easing (printing a lot more yen and getting them circulated) is the most effective way of doing that.

1999 September 18, “ANALYSIS: Professor Summers teaching Japan a Lesson”, in Asia Times:

2012, The Economist, Jul 14th 2012 issue, Quantitative easing: QE, or not QE?
In times of severe economic distress, however, rates may fall to zero. Cue QE. When the Bank of Japan (BoJ) pioneered QE in 2001, its goal was to buy enough securities to create a desired quantity of reserves (hence, “quantitative easing”). Its actions, it hoped, would raise asset prices and end deflation.

(economics) A monetary policy in which the central bank increases the money supply in the banking system, as by purchasing bonds from banks.

expansió quantitativa

monetary policy where the central bank creates money electronically


animal spirits

From Middle English spirite animal; equivalent to animal (adjective) + spirits.

This flaw exists because the financial system necessary for capitalist vitality and vigor — which translates entrepreneurial animal spirits into effective demand for investment — contains the potential for runaway expansion, powered by an investment boom.

1975, Hyman P. Minsky, John Maynard Keynes, page 11:

The existence of animal spirits does not imply that "irrational psychology" is the controlling factor in business and economics.

2005, Roger S. Frantz, Two minds: intuition and analysis in the history of economic thought, page 91:

One of John Maynard Keynes's most famous terms, "animal spirits," is another name for much the same concept as irrational exuberance

2006, Robert J. Shiller, Irrational Exuberance, page 233:

(economics) After Keynes (citation 1936, above), the emotional and intuitive factors that drive business decisions whether to make investment gambles.


adverse selection

It is adverse selection that leads US workers who anticipate high family medical expenditure to seek employers with superior health insurance coverage for their employees.

The large number of "lemons" in the used-car market is the result of adverse selection.

(economics, business, insurance) The process by which the price and quantity of goods or services in a given market is altered due to one party having information that the other party cannot have at reasonable cost.


moral hazard

en-noun

moral hazard (usually uncountable, plural moral hazards)

And what about moral hazard—or concern that protecting the system, however errant the behaviour of certain bankers, will encourage more folly in the future?

2008 October 4, William Keegan, “Moral hazard? It's just another danger along the capitalist way”, in The Guardian, →ISSN:

I go to a lot of pro-market think tank events where one speaker or another blames the financial crisis and the current recession on moral hazard, as well as basically everything else that has gone wrong in the last sixty years. I'm afraid I don't see it.

2009 December 18, Megan McArdle, “How Big a Problem is Moral Hazard?”, in The Atlantic:

Pyne said the uncapped scheme introduced a “moral hazard” because it encouraged employers and workers to agree to overgenerous redundancy entitlements, knowing taxpayers would foot the bill if the company failed.

2014 September 4, Lenore Taylor, quoting Christopher Pyne, “Capping redundancy payments fixes 'moral hazard', says Christopher Pyne”, in The Guardian, →ISSN:

(economics, insurance) The prospect that a party insulated from risk may behave differently from the way it would behave if it were fully exposed to the risk.


rephasing

rephasing (countable and uncountable, plural rephasings)

From rephase + -ing. The noun follows from the verb.

Early in 1993, ATN [[[w:Atlantic Tele-Network|Atlantic Tele-Network]]] requested and obtained from the GOG [Government of Guyana] a rephasing of the programme. ATN made this request on the basis of suppliers’ delays, and theft and willful destruction of property locally. Thus, whereas the scope of agreed works remains unchanged, the time frames are no longer applicable. At least one implication of this rephasing is clear: at minimum, there must result a postponement of some of the benefits expected from the divestiture.

1998, Gene O. Evelyn, “The Divestiture of the Guyana Telecommunications Corporation”, in Deryck R. Brown (editor), Evaluation, Learning and Caribbean Development, Canoe Press, page 430

In addition, the [Executive] Board [of the International Monetary Fund] also approved a rephasing of the country's future disbursements into five equal amounts of SDR 27.6 million (about US$40.7 million).

2005 June 9, “IMF Executive Board Completes Second Review Under Peru’s Stand-By Arrangement”, International Monetary Fund Press Release No. 05/137, reproduced in IMF Country Report No. 07/110 (2007 March)

The Estimate shows a £20m increase in grants to the compensation Agency as a result of rephasing of non-cash provisions from 2009-10 and 2010-11 into 2008-09 (Estimate, p 381). ¶ […] No, this additional funding in 2008-09 is not treated as a call on the Reserve. It is a rephasing of the Agency’s CSR07 budget within the existing total.

2009, House of Commons, Northern Ireland Affairs Committee: HC 90 The Work of the Committee in Session 2008–09, →ISBN, page 35:

(economics, finance) A rescheduling; especially, a rescheduling of debt repayments or other obligations.


reprivatization

From re- + privatization; coined as early as 1936. Possibly a calque of German Reprivatisierung (“reprivatization”).

calque

‘Re-privatisation,’ as it is called, has, however, been under way in the cases of all three banks. Some 40 per cent of the G.D. Bank’s holding of Deutsche-Disconto shares had passed back into private hands by the end of 1935. The new advance of bank shares to above par ought to smooth the way for complete ‘re-privatisation.’

POLITICAL OBSTACLES The process of nationalization and reprivatization went amazingly well in Sweden partly because it was remarkably free of political interference.

2009 March 8, Alan S. Blinder, “Nationalize? Hey, Not So Fast”, in New York Times:

(economics) The process of, or an instance of, returning to private ownership.


corner solution

en-noun

corner solution (plural corner solutions)

(mathematics, economics) A solution to a minimization or maximization problem where an interior solution is infeasible.


marginal utility

marginal utility (countable and uncountable, plural marginal utilities)

(economics) The additional utility to a consumer from an additional unit of an economic good.

边际效用

the additional utility to a consumer from an additional unit of an economic good


user charge

(economics) A fee for government-provided goods or services, charged to the user.


non-rational

In the nature of things there must be causes that explain why an industrial enterprise—mill, factory, foundry, dairy, refinery—is located at just this or that place, and not somewhere else. Some of these causes are non-rational, such as accident and caprice. . . . The remaining causes are rational and economic; that is, the selected locality is deemed to offer certain advantages in production or marketing.

1896, Edward A. Ross, “The Location of Industries”, in The Quarterly Journal of Economics, volume 10, number 3, page 247:

(economics, social sciences, public policy) Not based on one's own interests; inconsistent with utility maximization.


carryback

Current theft loss rules typically allow losses to be carried back three years and forward 20 years, but the I.R.S plan will allow carrybacks of as many as five years, generally if the loss is for a small business with gross annual receipts of less than $15 million.

2009 March 18, Lynnley Browning, “I.R.S. Plans a Deduction for Madoff Victims”, in New York Times:

(accounting, taxation) An income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.


carryforward

(accounting, taxation) An income tax loss or credit not usable in the current year that can be applied to offset income or taxes paid, respectively, in subsequent tax years.


IMDG

(shipping) Initialism of International Maritime Dangerous Goods (code): a code designed to standardize safety of dangerous goods being transported by sea.


consumer credit

(banking, economics) Credit extended to an individual for the purchase of consumer goods and services.


(US, taxation) The main form for US individual income tax filing.


Absolutely bewildered by the concept of taxes, he’d brought his 1099s to the nearest outpost of a national accounting chain to seek help.

2023 October 19, Brendan I. Koerner, “Watch This Guy Work, and You’ll Finally Understand the TikTok Era”, in Wired, →ISSN:

(US, taxation) A form reporting one's nonemployment income from a given source for a year.


(US, taxation) A form reporting one's compensation as an employee during a year at an employer or personal income taxation.


FRB

Federal Reserve Bank
w:Federal Reserve Bank

(US, economics, banking) Initialism of Federal Reserve Bank.


auditee

(management, accounting, taxation) One subjected to an audit.


slip sheet

(shipping) A strong, thin pallet-sized sheet of plastic or fiberboard used to transport heavy items.


reflationary

en-adj

reflationary (comparative more reflationary, superlative most reflationary)

more reflationary (comparative)
most reflationary (superlative)

And despite a barrage of green rhetoric, Britain has only committed £1.5bn to sustainability as part of its £25bn reflationary package, less than a third of France, a sixth of Germany and 100 times less than China, according to analysts at HSBC Bank.

2009 March 28, Terry Macalister, “It should be the environment and the economy, stupid”, in The Guardian:

(economics) Of or pertaining to reflation.


tatonnement

Borrowed from French tâtonnement (“groping”).

(economics) An iterative auction process by which an exchange equilibrium is imagined to be achieved.


trade surplus

(economics) A positive balance of trade.


sanctionable

(economics, geopolitics) That can be subjected to economic sanctions.


unsanctionable

(economics, geopolitics) That cannot be subjected to economic sanctions.


disinflationary

disinflationary (comparative more disinflationary, superlative most disinflationary)

more disinflationary (comparative)
most disinflationary (superlative)

For the period through 1984, there is weak support for accelerationism, though the linear fit is mainly due to the disinflationary impact of high unemployment, which no one disputes, not the inflationary effects of prosperity.

1998, James K. Galbraith, “Comments”, in Inflation, Unemployment, and Monetary Policy, page 66:

(economics) Exhibiting or causing reduced inflation.


Great Depression

For the first time since the Great Depression, median family income has fallen substantially over an entire decade. Income grew slowly through most of the last decade, except at the top of the distribution, before falling sharply when the financial crisis began.

2012 October 24, David Leonhardt, “Standard of Living Is in the Shadows as Election Issue”, in The New York Times, →ISSN:

(economics, business, finance, historical) A major economic collapse characterized by mass unemployment and limited business activity that lasted from 1929 to 1940 in the US and a similar period in many other countries.


full employment

... not at the time recognized that this was a basic departure from the Keynesian view in which both of these full employments were regarded as identical.

1979, James H. Gapinski with Charles Edward Rockwood and Abba Ptachya Lerner, Essays in post-Keynesian inflation, page 272:

(economics, politics) A policy goal state in which all those wanting employment at the prevailing wages can find it.

plein-emploi

a policy goal state in which all those wanting employment at the prevailing wages can find it


rent-seeking

From rent (“a profit from possession of a valuable right”) + seeking.

compound

In many market-oriented economies, government restrictions upon economic activity are pervasive facts of life. These restrictions give rise to rents of a variety of forms, and people often compete for the rents. Sometimes, such competition is perfectly legal. In other instances, rent seeking takes other forms, such as bribery, corruption, smuggling, and black markets.

1974 June, Anne O[sborn] Krueger, “The Political Economy of the Rent-seeking Society”, in The American Economic Review, volume 64, page 291; reprinted in Roger D[ouglas] Congleton, Arye L. Hillman, and Kai A. Konrad, editors, 40 Years of Research on Rent Seeking 2: Applications: Rent Seeking in Practice, Berlin; Heidelberg: Springer-Verlag, 2008, page 151

It is almost certain that ‘rent-seeking’ would be a significant factor in a capitalist economy where the government encourages cartelization or confers ‘a leading sector’ role on any sector.

1990 July, Mukesh Eswaran, Ashok Kotwal, Demand Externality as an Impediment to Productivity Growth in LDC's (Discussion Papers of the Department of Economics (University of British Columbia); no. 90-23), Vancouver, B.C.: University of British Columbia, →OCLC, pages 4–5:

People find it privately rational to invest resources in efforts to secure differentially favored access to the economic power inherent in bureaucratic discretion. This rent seeking on the part of those who compete for the scarce access to valued goods ... represents wasteful investment on the part of all people who are unsuccessful in the competitive effort.

2001, James M[cGill] Buchanan, Choice, Contract, and Constitutions (The Collected Works of James M. Buchanan; 16), Indianapolis, Ind.: Liberty Fund, →ISBN, pages 258–259:

One importance consequence of that fact is that efforts to restrict emissions may encourage the affected parties to seek regulatory provisions that provide them with tax exemptions or access to permits—that is, they may engage in rent-seeking behavior. For example, fossil fuel suppliers might advocate a system in which they were given emissions permits free of charge—so that they would receive the entire scarcity rent resulting from the emissions limits.

2003 April, “Trade-offs among Policy Options”, in The Economics of Climate Change: A Primer (A CBO Study), [Washington, D.C.]: Congressional Budget Office, United States Congress, →ISBN, pages 38–39:

Legislation can result in rents (and profits) to special-interest groups. However, rent seeking by seeking favorable legislation can be costly (e.g., in contributions to campaigns).

2006, Walter J. Wessels, “Public Choice and Externalities”, in Economics (Business Review Books), 4th edition, Hauppauge, N.Y.: Barron's, →ISBN, page 542:

(economics) The attempt to profit by manipulating the economic or political environment, for example, by seeking governmental action that restricts entry into a market.


absolute advantage

en-noun

absolute advantage (plural absolute advantages)

(economics) The capability to produce more of a given product using the same quantity or less of a given resource than a competing entity.


product differentiation

product differentiation (countable and uncountable, plural product differentiations)

(economics, marketing) Perceived differences between the product of one firm and that of its rivals so that some customers value it more.

(economics, marketing) The process of creating such differences.


beggar-thy-neighbor

From beggar-my-neighbor (“a card game”).

(derogatory, economics) An economic policy that favors domestic interests at greater total cost to the economies of trading partners.


pharmacoeconomics

(medicine, economics) The study of the economic aspects of pharmaceuticals


geoeconomics

Hidden behind thickets of acronyms and gorse bushes of detail, a new great game is under way across the globe. Some call it geoeconomics, but it's geopolitics too. The current power play consists of an extraordinary range of countries simultaneously sitting down to negotiate big free trade and investment agreements.

2013 July 19, Timothy Garton Ash, “Where Dr Pangloss meets Machiavelli”, in The Guardian Weekly, volume 189, number 6, page 18:

‘Country risk’ is essentially about assessing the economic prospects of a nation holistically, within the broader legal and geopolitical soil without which institutional investors cannot grow their assets. The government of Qatar is now paying an incommensurate price for having thought it could defy forever the laws of geoeconomic gravity.

2017 June 17, M. Nicolas J. Firzli, “The Qatar Crisis and the Eastern Flank of the MENA Area”, in Asharq Al-Awsat, volume 167, number 17, page 12:

(economics) The study of the spatial, temporal, and political aspects of economies and resources in relation to the balance of power between nation-states or trading blocs.


shadow banking

(derogatory, banking, economics, finance) Bank-like activities that are not subject to existing bank regulation.


shadow bank

The rise of unregulated “shadow banks” and the lack of restrictions on insurers and asset managers were pinpointed as concerns – as was the growth of global banks to a scale larger than 2008 and the fear that they are again “too big to fail”.

2018 October 7, Shane Hickey, “Shadow banks, trade wars, Trump … clouds gather over the IMF’s paradise”, in The Observer:

The results of the experiment show that the broad policy regime performs best, with the narrow Basel III regime actually working more procyclical than the standard regime when hit with a hypothetical shock. This is because of credit is forced through the shadow-bank channel when the standard bank channel is faced with countercyclical regulation.

2020, Jon Nævdal Johansson, Macroprudential Policy Reviewed: An Economic Assessment of Implemented Macroprudential Policy Regimes Post the Great Recession, Department of Economics, University of Oslo, November 2020

(banking, economics, finance) An entity not subject to banking regulation that performs banking functions.


measurage

measurage (usually uncountable, plural measurages)

(law, economics) A toll or duty based on the volume of a material; or, the right to collect such a toll or duty.


leading indicator

leading indicator (plural leading indicators)

(economics) A phenomenon that is predictive of the overall level of economic activity, especially one for which reliable statistics are available; a leading economic indicator.


maximax

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The first criterion is the Hurwicz criterion, often referred to the maximax criterion. […] the decision-maker is always optimistic and attempts to maximize profits by a go-for-broke strategy.

2009, Harold Kerzner, Project Management: A Systems Approach to Planning, Scheduling, and Controlling, Tenth Edition, John Wiley and Sons, →ISBN, page 749:

(economics, computer science, decision theory) A strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected outcome and its worst possible outcome are worse than other alternatives); often used attributively, as "maximax strategy", "maximax approach", and so on.


rent-seeker

The marginal rent-seeker may in fact have faced high information costs.

1993 Jan, Thomas W. Hazlett, Robert J. Michaels, “The Cost of Rent-Seeking: Evidence from Cellular Telephone License Lotteries”, in Southern Economic Journal, volume 59, number 3, pages 425–435:

(economics) A person who engages in rent-seeking behavior.


BRIC

Coined by British economist Jim O'Neill in 2001.

coin

(politics, economics) Initialism of Brazil, Russia, India and China: a group of countries with similarly fast-growing economies.


hitchment

(shipping) The marrying of two or more portions of one shipment that originate at different locations, moving under one bill of lading, from one shipper to one consignee.


market discipline

Handing financial regulation back to ‘market discipline’ will nullify the progress that has been made to create a system of international regulation.

2002 June 8, John Eatwell, “Basel II: the regulators strike back”, in The Observer, →ISSN:

A “bail-in” process for bank resolution is a potentially powerful “third option” that confronts this problem head-on. […] If done correctly it should strengthen market discipline on banks and reduce the potential for systemic risk.

2010 January 28, “From bail-out to bail-in”, in The Economist, →ISSN:

The FSA believed in ‘market discipline’ and failed to get its message across. The PRA will be different, its boss promises[.]

2011 May 19, Jill Treanor, “Spotlight falls on City watchdog Sants”, in The Guardian, →ISSN:

Suppose that Greece had never adopted the Euro and the terms of its external borrowing had remained subject to “market discipline”, as it had been in the 1990s.

2011 July 4, “Was it worth it?”, in The Economist, →ISSN:

(banking, economics) The forces in a free market which tend to control and limit the riskiness of a financial institution's investment and lending activities, such as the concern of depositors for the safety of their deposits and the concern of bank investors for the safety and soundness of their institutions.


salariat

1954, J. S. Coleman, Nationalism in Tropical Africa, American Political Science Association
[…] geographical distribution of the wage-labor force and salariat?

Below that elite comes the ‘salariat’, still in stable full-time employment, some hoping to move into the elite, the majority just enjoying the trappings of their kind, with their pensions, paid holidays and enterprise benefits, often subsidised by the state.

2011, Guy Standing, chapter 1, in The Precariat, Bloomsbury Publishing, published 2016, →ISBN, page 8:

(economics) Salary earners as a class or group, often as opposed to wage earners.


From the deadline of December 31, 1992, set in the Single European Act of 1987.

ON Friday, 1992 arrives. It is a year late, but that is one of the least confusing things about '1992' , as the Single European Market process used to be called. For 1 January 1993 is in reality just one more marker in a process that started in 1985 and will continue until at least 1995.

1992 December 29, David Bowen, “Why European goats may welcome the late arrival of 1992: David Bowen examines the obvious and hidden changes due with the EC's single market”, in The Independent:

(economics) The commencement of the single market trade association of European Union countries, on January 1, 1993.

１９９２年

いっせんきゅうひゃくきゅうじゅうにねん

týsjača devjatʹsót devjanósto vtorój god

ты́сяча девятьсо́т девяно́сто второ́й год


natural price

1776, Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations: Book I: Chapter 7: Of the natural and market Price of Commodities
When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.

(economics) A price for a good or service that is equal to the cost of production, augmented by the average profit rate.


anarcho-capitalist

From anarcho- + capitalist.
From anarcho- + capitalist. Its possible earliest appearance is in the 1971 article “Know Your Rights” by Murray Rothbard, who is credited with coining it and its cognate anarcho-capitalism; though the latter's earliest extant attestion is in Karl Hess's 1969 article “The Death of Politics”.

[…] Lysander Spooner’s brilliantly hard-hitting No Treason, one of the masterpieces of anti-statism and reprinted by an anarcho-capitalist press, has had considerable influence in converting present-day youth to libertarianism.

1971, Murray Rothbard, “Know Your Rights”, in WIN: Peace and Freedom through Nonviolent Action, volume 7, number 4, pages 6–10:

Even beyond the anarcho-capitalist cryptocurrency Bitcoin, many entrepreneurs make overtly political calls for private, extranational money, for direct and disintermediated economic communication, for either total privacy or total publicity in transactions.

2020, Lana Swartz, New Money: How Payment Became Social Media, Yale University Press, →ISBN, pages 4–5:

(politics, economics) Of, relating to, or advocating anarcho-capitalism.

anarkokapitalistisk

of, supporting, relating to, or advocating anarcho-capitalism


anarcho-capitalist

It is safe to say that the great bulk of right-libertarians are anarcho-capitalists, particularly among the youth.

But Liberland is Mecca for libertarians' more radical strands, especially ‘anarcho-capitalists’, people who believe the state should be abolished entirely, replaced by individuals clubbing together to contract services from private companies.

2017, Jamie Bartlett, chapter 8, in Radicals, William Heinemann, →ISBN:

The Silicon Valley billionaire Peter Thiel, a self-described anarcho-capitalist, is a major supporter of the movement – which, like space colonization, seems to attract the enthusiasm of a certain kind of fantastically rich and rightwing tech baron.

2021 February 5, Matt Shaw, “Billionaire capitalists are designing humanity's future. Don't let them”, in The Guardian:

At his final campaign event in Buenos Aires on Wednesday, the 53-year-old “anarcho-capitalist” addressed a packed 15,000-capacity stadium from a stage adorned with a banner proclaiming him “The Only Solution” to Argentina’s economic malaise.

2023 October 22, Tom Phillips, Uki Goñi, “‘Bad and dangerous’: Argentina’s Trump on track to become president”, in The Guardian, →ISSN:

(politics, economics) A person who advocates anarcho-capitalism.


undermatching

(US, education, economics) The practice of accepting a match that is less than optimal, especially when accepting a slot at a college or university when a superior one is available.


nongrowth

(chiefly economics) Not of or pertaining to growth.


durable good

(economics) A good, e.g., a household appliance, that yields services or utility over time rather than being exhausted when used only once.


Lucasian

Lucas is the intellectual leader of this approach, which I shall refer to as Lucasian.

1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page 35:

Since alternative [microfoundational] programs are not addressed here, I will simply use the word “microfoundations” instead of “Lucasian microfoundations” or “representative agent microfoundations”.

2020, Francesco Sergi, “The Standard Narrative about DSGE Models in Central Banks’ Technical Reports”, in The European Journal of the History of Economic Thought, number 27, pages 163-193:

(economics) Of or pertaining to American economist Robert Lucas Jr..


Lucasian

In this, I have probably devoted too much attention to the economists whom I label Lucasians […]

1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page x:

(economics) A follower of the theories of American economist Robert Lucas Jr..


nongoods

Nongoods sectors include transportation; communications; electric, gas, and sanitary services; trade; finance, insurance, and real estate services[…]

1988, Bruce R Guile, James Brian Quinn, Technology in services: policies for growth, trade, and employment:

(economics, business) Not of or pertaining to goods.


minimin

(economics, computer science, decision theory) A strategy or algorithm that seeks to minimize the minimum possible result.


microtransaction

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Microtransactions have created controversy among video game fans. Some people believe that games with microtransactions can be addictive. Players keep buying new items. Little by little, the charges add up.

2020, Josh Gregory, Apex Legends: Microtransactions, Cherry Lake, →ISBN, page 6:

The problem with consumers is that they are often quick to label any microtransaction as P2W, which muddies the discussion of ethical game design.

2022, Joshua Bycer, Game Design Deep Dive: Free-to-Play, CRC Press, →ISBN, page 5:

(economics, video games) A transaction for a very small amount of money (a micropayment).


silent barter

(economics, finance) A system of bartering, once common in Africa, in which traders remain silent, either because they have no language in common or because they both wish to keep secret and not discuss the origins of their goods (especially gold and salt).


metallism

(economics) Any economic system based on the value of metals (especially gold or silver).


IEA

"The European economic and welfare model – I think it's over," says Mark Littlewood, director of the Institute of Economic Affairs (IEA), like the CPS a veteran British free-market thinktank reinvigorated by current possibilities.

2012 August 22, Andy Beckett, “Britannia Unchained: the rise of the new Tory right”, in The Guardian:

Institute of Economic Affairs
w:Institute of Economic Affairs

(UK politics, economics) Initialism of Institute of Economic Affairs: a British neoliberal think tank.


Schumpeterian

en-adj

Schumpeterian (comparative more Schumpeterian, superlative most Schumpeterian)

more Schumpeterian (comparative)
most Schumpeterian (superlative)

Rather than simply an extension of Smithian dynamics of market expansion and labor specialization, economic growth in early modern Europe was nurtured by Schumpeterian principles in which it is not perfect markets, but rather imperfect markets, that spur innovation and economic growth.

2016, Richard von Glahn, “Introduction”, in The Economic History of China: From Antiquity to the Nineteenth Century, page 9:

(economics) Of or pertaining to the economist Joseph Alois Schumpeter (1883–1950).


utilon

However, you have to realize that you should measure the costs and payoffs in utilons, not in dollars. $1 is almost infinitesimally small (in utilons), while $1M payoff is huge - it is perfectly rational to buy the ticket.

2011 November 13, Radovan Garabík, “In support of Keith”, in rec.arts.sf.fandom (Usenet), message-ID <j9o6m2$4kf$1@speranza.aioe.org>:

A trader or trading firm having zero wealth, I've already said, should be considered infinitely bad. So therefore assign -∞ utilons to zero wealth. Conversely, infinite wealth should probably have infinity utilons, though large numbers might behave oddly.

2019 June 18, Agustin Lebron, The Laws of Trading: A Trader's Guide to Better Decision-Making for Everyone, Hoboken, New Jersey: John Wiley & Sons, →ISBN, page 63:

(economics) A hypothetical unit measuring satisfaction.


FICA

(government, taxation) Acronym of Federal Insurance Contributions Act.


trade diversion

en-noun

trade diversion (countable and uncountable, plural trade diversions)

* Credited to Jacob Viner in his 1950 book The Customs Union Issue.

Even if trade diversion is not important in aggregate terms or in relation to trade creation between the bilateral partners, it still represents an inefficient use of global resources[…]

1987, Robert Mitchell Stern, Philip H. Trezise, John Whalley, University of Michigan, University of Western Ontario. Centre for the Study of International Economic Relations, Perspectives on a U.S.-Canadian free trade agreement:

First, the lowering of trade barriers among members leads to trade diversion from outside suppliers to firms in member countries[…]

1992, Gerhard Pohl, Piritta Sorsa, European integration and trade with the developing world:

An excessive increase in the share of intraregional flows is typically taken as an indication that trade diversion has been predominant and the regional integration programme has been welfare-reducing.

1997, Riccardo Faini, Enzo R. Grilli, Multilateralism and regionalism after the Uruguay Round:

(economics, usually negative) The changing of import sources as a result of political agreements, rather than to increase mutual benefit.


econophysicist

(economics, physics) An economist or physicist whose speciality of econophysics


econophysics

Instead, Mr. Farmer, a professor at the interdisciplinary Sante Fe Institute, is doing research on models of markets, institutions and their complex interactions, applying a hybrid discipline called econophysics.

2009 September 13, Steve Lohr, “Wall Street’s Math Wizards Forgot a Few Variables”, in New York Times:

(economics, physics) The study of economics using the techniques of physics


supercycle

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“With the volatility that we saw through the Covid supercycle, it has been hard to see through what part of this was true consumption growth versus inventory increases,” she said.

2023 November 11, Madeleine Speed, quoting Debra Crew, “Diageo tumbles after sobering Latin America sales slowdown”, in FT Weekend, page 10:

(economics) A prolonged period of growth and profitability.


meller

A shortening of melodrama + -er (“Variety -er”)

It pulls together first-rate pseudo-science and high-grade detective meller of the Spillane school (but entirely clean) and the result is fine read-and-forget entertainment.

1952 November 7, Groff Conklin, Galaxy Science Fiction, page 122, column 1:


monometallic

(economics) Of or pertaining to monometallism.


government cheese

(US, politics, economics, by extension) Welfare in general.


structural deficit

structural deficit (plural structural deficits)

Canadian Parliamentary Budget Officer Kevin Page maintained that the government has a structural budget deficit which will only decline gradually to C$13.7 billion in 2014/15 in spite of C$17.6 billion in cost savings announced by the government last week.

2010 March 11, Nirmala Menon, “Canada Budget Officer Still Sees Structural Deficit”, in Wall Street Journal Newswire:

(economics) That portion of the public sector deficit which exists even when the economy is at potential. Government spending beyond government revenues at times of normal, predictable economic activity, as opposed to a cyclical deficit.


excess return

(business, economics) The return that exceeds the risk-free return.


NVOCC

(shipping) Initialism of non-vessel-operating common carrier.


defaultable

en-adj

defaultable (comparative more defaultable, superlative most defaultable)

more defaultable (comparative)
most defaultable (superlative)

[dɪˈfɔːɫtəbəɫ]


coemption

en-noun

coemption (countable and uncountable, plural coemptions)

(economics) The buying of the entire supply of a commodity.


passthrough

passthrough (countable and uncountable, plural passthroughs)

Boston's projected $50 to $70 per thousand jump in the property tax rate, which will hit gays, poor and blacks alike with about an 8% pass-through rent increase this year.

1976 August 21, A. Nolder Gay, “Another View”, in Gay Community News, volume 4, number 8, page 4:

The airlines called the fuel surcharge a passthrough, but did not rescind it until well after fuel prices had returned to previous levels.

(business, economics) As of increased costs through a business entity to its customers through increased prices.

Partnerships, limited-liability companies, and Subchapter S corporations are the main US passthroughs.

(taxation) A legal entity intended to not incur (income) taxation at the entity, but solely at the beneficiaries.


semidurable

(economics) A nondurable good with a somewhat limited lifetime, such as clothing.


depressionless

a depressionless transition to a new currency


AMI

(economics, public policy, US) Initialism of area median income.


IBSA

(politics, economics) Initialism of India, Brazil and South Africa.


tight money

(economics) A monetary policy that makes money, credit, or both difficult for many borrowers to obtain and only at relatively high interest rates.


easy money

Easy money / Rain it down on the wife and the kids / Rain it down on the house where we live / Rain until you got nothing left to give

2004, Nick Cave (lyrics and music), “Easy Money”, in Abattoir Blues / The Lyre of Orpheus, performed by Nick Cave and the Bad Seeds:

(economics) A monetary policy that makes money, credit, or both readily available to many borrowers and at relatively low interest rates.


covolatility

covolatility (countable and uncountable, plural covolatilities)

financial instrument
financial instrument

(economics) The related volatility of two or more financial instruments.


carousel fraud

carousel fraud (countable and uncountable, plural carousel frauds)

(finance, taxation) The theft of value-added tax from a government by exploiting the way VAT is treated within multijurisdictional trading where the movement of goods between jurisdictions is VAT-free.


jam tomorrow

From Lewis Carroll's Through the Looking-Glass (1871), where Alice is offered “jam to-morrow and jam yesterday — but never jam to-day”. This is a pun on a mnemonic for the usage of jam, iam in Latin (note i/j conflation in Latin spelling), which means “now”, but only in the future or past tense, not in the present (which is instead nunc).

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, by extension) Availability of a resource at a future date.


economism

economism (usually uncountable, plural economisms)

(economics) The belief that economic causes or factors have dominance over all others


European miracle

As Karl Ferdinand Werner has pointed out, the 'European miracle' 'did not take place after the 'Middle Ages' or in spite of the 'Middle Ages', but because of the existence of a Christian world dominated in the West by Catholic doctrines, a world we have become accustomed to call the Middle Ages.' (Hans Albert, Between social science, religion and politics: essays in critical rationalism, 1999, p. 205, citing K. F. Werner in Baechler/Hall/Mann (eds.), 1988, p. 172.)

(history, economics) The rise of Europe to geopolitical dominance during the modern period.


undercapitalize

en-verb

undercapitalize (third-person singular simple present undercapitalizes, present participle undercapitalizing, simple past and past participle undercapitalized)

undercapitalizes (present singular third-person)
undercapitalizing (participle present)
undercapitalized (participle past)
undercapitalized (past)

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(economics) To supply with insufficient capital


overissue

overissue (third-person singular simple present overissues, present participle overissuing, simple past and past participle overissued)

overissues (present singular third-person)
overissuing (participle present)
overissued (participle past)
overissued (past)

(economics) To issue shares or banknotes to an extent beyond the ability to pay, or in excess of authorization


If the police at the G20 protests were pumped-up, testerical, itching for a fight, it was partly because their commanding officers have spent years blurring the distinction between peaceful campaigners and terrorists.

2009 April 21, George Monbiot, “G20 videos won't change the Met”, in The Guardian, →ISSN:

(politics, economics) A group of finance ministers and central bank governors from 20 economies: 19 countries plus the European Union.


diseconomy

(economics) A financial drawback or cost arising from a process


fundholding

en-noun

fundholding (countable and uncountable, plural fundholdings)


seedcorn

(UK, economics) Financial assets set aside for the generation of future profits.


restrictionism

(economics, politics) The advocacy of restrictions on free trade, immigration etc.


underconsumption

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(economics) Insufficient consumption (for financial stability)


inflationism

(economics) A policy or belief that encourages inflation.


indifference curve

indifference curve (plural indifference curves)

(economics) a graph showing different bundles of goods, each measured as to quantity, between which a consumer is indifferent.


antirecession

(economics) Serving to counter a financial recession.

antyrecesyjny

serving to counter a financial recession


incentivization

It’s about time that the sleeping giant (the health care industry) wakes up, smells the coffee and learns from other giants (like the manufacturing industry): process improvement, incentivization and healthy competition are drivers of change to control costs in the current health care system.

2007 May 20, “Quality Control in Health Care (3 Letters)”, in New York Times:

(US, business, economics) The act or process of incentivizing.


command economy

command economy (plural command economies)

(economics, politics) An economic system in which activity is directly controlled by the government and the means of production are publicly owned.

kommandoøkonomi

economy directly controlled by the government


planned economy

planned economy (plural planned economies)

(economics, politics) An economic system in which government directly manages supply and demand for goods and services by controlling production, prices, and distribution in accordance with a long-term design and schedule of objectives.


greater fool theory

(economics) Theory that the price of an object is determined by irrational beliefs and expectations of market participants, rather than intrinsic value; i.e. that one can make money by buying something for the sole reason of selling it to some one else for a higher price.


publicization

(economics) conversion of private entities to public ones


FTE

full-time equivalent
full-time equivalent#English

(economics) Initialism of full-time equivalent.

(economics) Initialism of full-time employee.


discretionaries

discretionary income
discretionary income

(economics) Goods and services that are not essential, bought by a customer using discretionary income.


sudser

From suds + -er (“Variety -er”), with an allusion to soap in soap opera.


PIGS

(economics, widely considered derogatory)

(during the 1990s) Portugal, Italy, Greece and Spain, countries of Southern Europe noted for similar economic environments.

widely considered derogatory; during the 1990s; during the 1990s

(during the European debt crisis) Portugal, Ireland, Greece and Spain, four countries that were unable to refinance their government debt or to bail out over-indebted banks on their own.

widely considered derogatory; during the European debt crisis; during the European debt crisis


small business

small business (countable and uncountable, plural small businesses)

(business, economics) A privately-owned and operated business with relatively small turnover and staff numbers, typically seen as constituting part of a specific commercial or economic sector.


SEZ

special economic zone
special economic zone#English

(economics) Initialism of special economic zone.

ZES

Special Economic Zone — see also special economic zone


QEF

qualified election fund
w:passive foreign investment company

(taxation) Acronym of qualified election fund


economic rent

factor of production
factor of production

(economics) the amount of recompense paid to a factor of production on top of its transfer earnings; this does not encompass costs incurred during the process of production or service


tooner

From toon (“cartoon”) + -er (Variety “-er”).

In Hollywood, director Chris Columbus is still high on making Marvel's Fantastic Four for summer of 98 - the same target for German tooners

A 1986 animated movie was based on the original "Transformers" television show, which was based, of course, on the popular multiform robot toy line. It didn't go over well at the boxoffice. (That tooner, incidentally, was set in 2005.)

2007 June 29, “Transformers an exciting thrill ride”, in Reuters:

A dozen or more 3-D films, five of which hail from Europe, hit Cannes' market. At least 20 3-D indie pics, including pioneering Euro 3-D tooners "Holy Night!" from Spain's Dygra, and Pascal Herold's "Cinderella," are now in production.

2009 June 12, John Hopewell, “3-D reaches a tipping point in Europe”, in Variety:

Disney's 3D tooner "Toy Story 3" grossed $6.8 million in fourth place on Friday

2010 October 14, Carl DiOrio, “'Despicable Me' tops Friday with $21.7 mil”, in Hollywood Reporter:

(entertainment industry, informal) An animated film or TV show.


VSL

VSL (countable and uncountable, plural VSLs)

Forbes got more granular, contrasting the value of a statistical life (VSL) with the value of quality-adjusted life years (QALYs) to arrive at a more precise figure.

2021, Meghan O'Gieblyn, chapter 13, in God, Human, Animal, Machine […] , →ISBN:

Value of Statistical Life
w:value of life

(statistics, economics) Initialism of Value of Statistical Life, a measure of the monetary value of reducing the statistical likelihood of death in a population by a given amount.


MMT

Modern Monetary Theory
Modern Monetary Theory#English

(economics) Abbreviation of Modern Monetary Theory.


United States of America
United States of America

People's Republic of China
People's Republic of China

(economics, politics) Abbreviation of Group of Two; the two leading economies of the world, the United States of America and the People's Republic of China


SDG

SDG (countable and uncountable, plural SDGs)

Coordinate term: MDG

The SDGs are supposed to set out how to improve the lives of the poor in emerging countries, and how to steer money and government policy towards areas where they can do the most good. But the efforts of the SDG drafting committees are so sprawling and misconceived that the entire enterprise is being set up to fail.

2015 March 26, “The 169 commandments”, in The Economist, →ISSN:

Just before the launch of the SDGs, the World Bank published fresh projections for poverty reduction towards 2030.

2017, Jason Hickel, The Divide […] , London: William Heinemann, →ISBN:

Sustainable Development Goal
w:Sustainable Development Goals

(economics, countable) Initialism of Sustainable Development Goal.


anti-inflationary

en-adj

anti-inflationary (comparative more anti-inflationary, superlative most anti-inflationary)

more anti-inflationary (comparative)
most anti-inflationary (superlative)

A number of anti-inflationary policies were discussed by the Fed.

(economics) Intended to counteract or reverse inflation or its effects.

αντιπληθωριστικός

intended to counteract or reverse inflation


trickle down

en-verb

trickle down (third-person singular simple present trickles down, present participle trickling down, simple past and past participle trickled down)

trickles down (present singular third-person)
trickling down (participle present)
trickled down (participle past)
trickled down (past)

The CEO's benefits are unlikely to trickle down to the factory workers.

(economics) To pass from high-ranked people to lower-ranked people


ECM

European Common Market
w:European Economic Community

(economics, European Union) Initialism of European Common Market.


superneutral

Many economic models have superneutral money, with neither inflation nor change in inflation affecting non-monetary variables.

Why do agents hold money? Is money neutral? Superneutral?

1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page xi:

(economics) (said of money) Having no effect on an economy due to its rate of growth or a change in that rate.


semi-elasticity

(economics) The change in a function relative to an absolute change in its parameter. Algebraically, the semi-elasticity of a function f at point x is f'(x) / f(x).


transversality condition

en-noun

transversality condition (plural transversality conditions)

To quote from Optimization in economics and finance
: This terminal condition on λ(T) has often been called a transversality condition, for historical reasons deriving from time-optimal problems, where the (variable) time T to reach a target is minimized. In that situation, the transversality condition appears as a description of how the optimal path crosses a terminal line (graphing state against T).

(economics) A terminal condition on a costate variable in a, usually infinite, time optimization problem.


cardinalize

en-verb

cardinalize (third-person singular simple present cardinalizes, present participle cardinalizing, simple past and past participle cardinalized)

cardinalizes (present singular third-person)
cardinalizing (participle present)
cardinalized (participle past)
cardinalized (past)

(economics) to transform an ordinal measure (where distance between points doesn't matter, just the ordering) into a cardinal one (where distance matters).


shipping company

en-noun

shipping company (plural shipping companies)

Steamship arrivals, however, are less predictable and the best arrangements of shipping companies and the railway operating department may be upset by weather and tide.

1962 April, J. N. Faulkner, “Summer Saturday at Waterloo”, in Modern Railways, page 264:

(business, shipping) A company whose main line of business is ownership and operation of ships.


dwell time

dwell time (usually uncountable, plural dwell times)

The length of time that a thing or person remains in a given state.

(shipping) The amount of time a container is sitting onshore before being loaded onto trucks.


capital gains tax

capital gains tax (countable and uncountable, plural capital gains taxes)

(taxation) A tax levied on the profit made from selling any "capital" (i.e. non-inventory) asset.

nalóg na uveličénije rýnočnoj stóimosti kapitála

нало́г на увеличе́ние ры́ночной сто́имости капита́ла


BRICS

As shown by the BRICS expansion and the long waiting list to join, Xi’s offer of an alternative world order is finding receptive ears in the Global South, where many countries feel themselves marginalized in an international system they see as dominated by the US and its wealthy allies.

2023 August 28, “BRICS expansion is a big win for China. But can it really work as a counterweight to the West?”, in CNN:

(geopolitics, economics) Acronym of Brazil, Russia, India, China, South Africa: an international economic organization comprising these fast-growing economies.


MOP

means of production
means of production#English

(economics, Marxism) Initialism of means of production.

mode of production
mode of production#English

(economics, Marxism) Initialism of mode of production.


public ownership

(economics) Ownership of an industry by the people or the state; nationalisation; state ownership.


state ownership

(economics) Ownership of an industry by the people or the state; nationalisation.

公有化

ownership of an industry by the people or the state


social credit

(politics, economics) a political and economic philosophy originated by C. H. Douglas which envisages an "aristocracy of producers, serving and accredited by a democracy of consumers".


GWP

gross world product
w:gross world product

(economics) Initialism of gross world product.


anticompetition

Overseas, it continues to face anticompetition complaints from the European Commission and Korea, industry analysts said.

2007 August 14, Matt Richtel, “Lawyer Quits Qualcomm Job as Legal Caseload Mounts”, in New York Times:

(economics, business, chiefly attributive) Anticompetitive behaviour.


antieconomic

en-adj

antieconomic (comparative more antieconomic, superlative most antieconomic)

more antieconomic (comparative)
most antieconomic (superlative)

The consumer group UFC Que Choisir said in a statement that the deal was very tough, potentially destructive of freedom, antieconomic and against digital history.

2007 November 24, Reuters, “French Pact Aims to Fight Unauthorized Downloading”, in New York Times:

(economics) Opposing or working against the economy.


supply and demand

(economics) A capitalistic model of price determination in a market, according to which, holding all else equal in a competitive market, the unit price for a particular good will eventually settle at a point where the quantity demanded will equal the quantity supplied (at the current price).

тъ́рсене и предла́гане (tǎ́rsene i predlágane, literally “seeking and offering”)

спрос и предложе́ние (spros i predložénije, literally “demand and supply”)

по́пит і пропози́ція (pópyt i propozýcija, literally “demand and supply”)


hyperinflationary

hyperinflationary (comparative more hyperinflationary, superlative most hyperinflationary)

more hyperinflationary (comparative)
most hyperinflationary (superlative)

Zimbabweans have learned to live in a hyperinflationary environment, he added, “but the question is, how long can this continue?”

2008 February 21, Agence France-Presse, “Zimbabwe: Inflation Breaks the Six-Figure Mark”, in New York Times:

(economics) Having very high levels of inflation.


waterage

(shipping, transport) A fee for transporting goods by water.


Rothbardian

Rothbardian (comparative more Rothbardian, superlative most Rothbardian)

more Rothbardian (comparative)
most Rothbardian (superlative)

Economists familiar with the Rothbardian tradition have taken the analysis even further, persuasively arguing that Somalia is much better without a state than it was with one.

2011, Robert P. Murphy, Mises Daily, Anarchy in Somalia:

(politics, economics) Of or pertaining to American economist, libertarian and anarcho-capitalist political philosopher Murray N. Rothbard, his work, or his theories.

rothbardiano

of or pertaining to Murray N. Rothbard or his theories


Rothbardian

The standard statist put-down — "If you Rothbardians like anarchy so much, why don't you move to Somalia?" — misses the point.

(politics, economics) A proponent of the political and/or economic philosophy championed by Murray N. Rothbard.


purchasing power parity

en-noun

purchasing power parity (usually uncountable, plural purchasing power parities)

(economics) A theory of long-term equilibrium exchange rates based on relative price levels of two countries.


Gini coefficient

Gini coefficient (plural Gini coefficients)

/ˈdʒiːni ˌkəʊˈɪ.fɪʃn̩t/

Named after Italian statistician and sociologist Corrado Gini (1884–1965).

named-after

One big problem with the Gini coefficient, however, is getting an intuitive feel for what it actually means. It's easy enough to picture a country with a Gini coefficient of zero—there, everyone gets exactly the same income.

2020, Tim Harford, “Rule four”, in How to Make the World Add Up, Bridge Street Press, →ISBN:

In fact, France’s Gini coefficient, the measure of inequality in a society, is lower today than it was during les trente glorieuses (1945 to 1975), when postwar France regained confidence by helping to pioneer first Concorde, then the TGV, and then in the early 1980s the proto-internet (the Minitel).

2023 May 1, Alexander Hurst, “Has France really gone to hell? Its catastrophist discourse is at odds with the facts”, in The Guardian, →ISSN:

(statistics, economics) A measure of the inequality of a statistical distribution, ranging from 0 (total equality) to 1 (maximal inequality), used in various disciplines but especially in economics to compare incomes or wealth.


hidden tax

(taxation) A tax that is not visible to the consumer at the point of retail, having been levied on intermediate products, such as inputs to a finished product, or outputs from raw material production.


sovereign debt

en-noun

sovereign debt (countable and uncountable, plural sovereign debts)

(economics) The amount of money outstanding that was borrowed by a government in order to finance expenditure not covered by taxation.


hedon

From hedonism, ultimately from Ancient Greek ἡδονή (hēdonḗ, “pleasure”).

der

Supposedly, utilitarians are able to add and subtract hedons (units of pleasure) and dolors (units of pain) without any signs of cognitive or affective distress[…]

1986, Rosemarie Tong, Ethics in policy analysis, →ISBN:

(economics) A unit of pleasure used to theoretically weigh people's happiness.


Solovian

en-adj

Solovian (comparative more Solovian, superlative most Solovian)

more Solovian (comparative)
most Solovian (superlative)

(economics) Of or pertaining to the economist Robert Solow.

(economics) In particular, of or pertaining to the Solow growth model.


bondlike

bondlike (comparative more bondlike, superlative most bondlike)

more bondlike (comparative)
most bondlike (superlative)

(chemistry, economics) Resembling or characteristic of a bond.


flypaper theory

(economics) The idea that the burdens of taxation "stick" to those taxed directly instead of spreading through the economy.


currency war

(economics) The competition between countries in order to achieve a relatively low exchange rate for their home currencies, so as to assist their domestic industry.

匯率戰 /汇率战

competition between countries to achieve a relatively low exchange rate


Hayekian

Except to Hayekian fanatics, it seems obvious that the coordinated global stimulus of 2009 stopped the slide into another Great Depression.

2011, Robert Skidelsky, The Keynes-Hayek Rematch:

(economics) Of or pertaining to the economic theories of Friedrich Hayek.

hayekiano

of or pertaining to the economic theories of Friedrich Hayek


Hayekian

(economics) A proponent of the economic theories of Friedrich Hayek.

hayekiano

a proponent of the economic theories of Friedrich Hayek


financialization

/fʌɪˌnanʃl̩ʌɪˈzeɪʃn̩/

Such growth would be fine if financialization really delivered on its promises—if financial firms made money by directing capital to its most productive uses, by developing innovative ways to spread and reduce risk.

2009 July 17, Paul Krugman, “The Joy of Sachs”, in New York Times:

This book is a contribution to efforts to retheorize financialization, a term which refers to the increased power of the financial sector in the economy, in politics, in social life and in culture writ large.

2014, M. Haiven, Cultures of Financialization: Fictitious Capital in Popular Culture and Everyday Life, Springer, →ISBN, page 1:

First, it is necessary to be explicit about what I am not asserting: specifically, that financialization represents an entirely novel phase of capitalism.

2014, J. Timmons Roberts, Amy Bellone Hite, Nitsan Chorev, The Globalization and Development Reader: Perspectives on Development and Global Change, John Wiley & Sons, →ISBN, page 294:

The primary complaint leveled against the financialization of economies is that much of this activity is geared towards rent seeking.

2015, Martin Ford, The Rise of the Robots, Oneworld Publications:

The most widely cited definition of the term ‘financialization’ is probably that given by Epstein (2005) in his introduction to his edited book Financialization and the World Economy: ‘here we will cast the net widely and define financialization quite broadly: for us, financialization means the increasing role of financial motives, financial markets, financial actors, and financial institutions in the operation of the domestic and international economies’ (p. 3).

2015, Sebastiano Fadda, Pasquale Tridico, The Economic Crisis in Social and Institutional Context: Theories, Policies and Exit Strategies, Routledge, →ISBN:

In other words, financialisation means more and bigger financial institutions—from banks, to hedge funds, to pension funds—wielding a much greater influence over other economic actors—from consumers, to businesses, to the state. The growth of finance has led to the emergence of a new economic model—financialisation represents a deep, structural change in how the economy works.

In recent decades, America has experienced the financialization of its economy. In 1980, Congress repealed regulations that had been in place since the 1933 Glass-Steagall Act, allowing banks to merge and charge their customers higher interest rates.

2019 August 14, Matthew Desmond, “In order to understand the brutality of American capitalism, you have to start on the plantation”, in New York Times:

(economics) Conversion of intangible value into financial instruments.

tài chính hoá

conversion of intangible value into financial instruments


tertiarization

(economics) A shift from the primary and secondary sectors to the tertiary sector.


iPod tax

(slang, taxation) A levy or tax on digital storage products (e.g. iPods), levied at a per unit capacity rate, used to compensate content providers for piracy of their goods.


unballasted

Then, as if the clouds had discharged their aqueous cargo and rode light as unballasted ships, they lifted in aerial fleets and sailed away, white in a blue sky.

1922, Bertrand W. Sinclair, The Hidden Places:

(shipping) Not loaded or stabilised with ballast.


normal good

(economics) a good for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.


inferior good

Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods.

(economics) A good that decreases in demand when consumer income rises; having a negative income elasticity of demand.


superior good

(economics) A good that makes up a larger proportion of consumption as income rises, having income elasticity greater than one.


Giffen good

Named after Scottish economist Robert Giffen (1837–1910), who was attributed as the author of this idea by Alfred Marshall in his book Principles of Economics.

named-after

To qualify as a Giffen good, a good must be inferior and must have an income effect strong enough to overcome the substitution effect. The example often cited of a possible Giffen good is the potato during the Irish famine of 1845–1849.

2008, Libby Rittenberg, Principles of Microeconomics, Flat World Knowledge, →ISBN, page 182:

(economics) A postulated inferior good which people consume more of as only the price rises. It has a positive price elasticity of demand.

Giffen good
Principles of Economics (Marshall book)

това́р Ги́ффена

a good with positive price elasticity of demand


-nomics

(economics) Used to form nouns meaning the economics, economic practises, or economic philosophy of a specified person or state


depreciator

Any advantage gained from depreciation is usually temporary because prices in the depreciator's market tend to rise if for no other reason than the increase in international demand for its goods. The reduction in purchasing power of[…]

1961, Charles Lee Prather, Money and Banking:


PIIGS

(economics) Acronym of Portugal, Italy, Ireland, Greece, Spain, grouped on the basis of their high large debts during the European sovereign debt crisis.


PIIIGS

European Union economic planners are chewing their fingernails over looming defaults in Portugal, Ireland, Iceland, Italy, Greece and Spain. PIIIGS are part of an economic block that could paralyze the entire "Planet Money" if the hemorrhage is not dealt with.

2011 October 17, Vic Hummert, “Movie sheds light on Wall Street protests”, in The Advertiser:

PIGS, PIIGS or PIIIGS – They All Smell Like Bacon

2010 April 11, Lorimer Wilson, “Will Sovereign Debt Tsunami Drown All the PIIIGS and Then the US and UK?”, in MunKnee:

The so-called PIIIGS of Europe (Portugal, Italy, Ireland, Iceland, Greece and Spain) are all in the bottom third.

2011, TJ Augustine, A Maasry, D Sobo, Sovereign Fiscal Responsibility Index 2011, Stanford University:

(economics) Portugal, Italy, Ireland, Iceland, Greece and Spain, grouped on the basis of their large debts during the European sovereign debt crisis.


PIIGGS

The so-called contagion of the public debt crisis among the PIIGGS countries (Portugal, Ireland, Italy, Greece, Great Britain and Spain) worries Washington and Tokyo, the deepest in debt non-European governments.

2010, P Deaconu, “The Impact Of The Financial Crisis On The Currency And The Monetary System”, in Annals of Spiru Haret University:

Unlike in 2008, now it is no more just PIGS that drag the EU down. The PIGS club has now expanded, with Ireland first, and ironically, Great Britain next, as the newly qualified members of the PIGS, making it PIIGGS (adding another ‘I', for Ireland and another ‘G', for Great Britain).

2010 May 26, S. Gurumurthy, “Too small is ‘too big' to fail”, in Business Line - The Hindu:

The collective term — with permutations such as PIIGGS to include Ireland and Great Britain among the list of debt-ridden countries — has been denounced by politicians in Portugal and Spain.

2010 August 4, Sebastian Tong, “PIGS, CIVETS and other creature economies…”, in Reuters:

(economics) Portugal, Italy, Ireland, Greece, Great Britain (UK) and Spain, grouped on the basis of their high indebtedness during the European sovereign debt crisis.


BRUK

(economics) Initialism of Belarus, Russia, Ukraine and Kazakhstan.


winner-take-all

(economics) Of a market in which a product or service that is only slightly better than its competitors receives a disproportionately large share of revenue.


excisable

Tobacco is an excisable commodity.


transfer payment

en-noun

transfer payment (plural transfer payments)

(economics) A redistribution of income in the market system initiated by a government, such as welfare, social security, etc.


budget constraint

budget constraint (plural budget constraints)

(economics) The condition that constrains expenditure to income (for a person) or the value of exports to imports (for a state)


bloom is off the rose

"I would say that the bloom is off the rose a little bit, yes," said the senior vice president of video retailing for Lorimar Telepictures, Peter Temple, speaking of the home-shopping phenomenon.

1987 March 11, Peter J. Boyer, “Shop-at-Home Program Fails to Show and Tell”, in New York Times, retrieved 2012-01-08:

"I think that for general advertising, the bloom is off the rose. That is a declining revenue model."

2000 February 14, Margaret Popper, “Venture Capitalist Michael Frank: "The Cost of Playing Poker Has Simply Gone Up"”, in Businessweek, retrieved 2012-01-08:

(idiomatic, business, economics) Business is not going well for a particular identified firm or industry, or the overall economy has taken a downturn.


antiausterity

Neither he, nor anyone else, had counted on 'Corbynmania' sweeping the Labour ranks as a growing base of young activists got fired up by an antiausterity message and the unassuming, authentic character promoting it.

(economics) Opposing austerity measures.


QST

(Canada, taxation) Initialism of Quebec sales tax.


bezzle

Coined by John Kenneth Galbraith, from embezzle.

(economics) The level or proportion of financial sector activity that consists of hidden embezzlement, varying in step with the business cycle.

That word is bezzle. It describes the period in which an embezzler has stolen a man's money but the victim does not yet realize he's been swindled.

2015 December 3, Tracy Alloway, “There's Been a Bezzle-Fueled Boom in Bonds”, in Markets, Bloomberg News, retrieved 2021-08-16:

Uber is a bezzle ("the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it"). Every bezzle ends.

2021 August 10, Cory Doctorow, “End of the Line for Uber”, in Pluralistic, Cory Doctorow, retrieved 2021-08-16:

(economics) The time between when a confidence trickster has stolen money from an unsuspecting person and when that person realizes the money has been stolen.

(economics) The difference between the short-term or current market value of an asset and its true long-term worth.


black economy

No one knows how large the black economy really is.

(economics) A sector of a nation's economy that is illegally undeclared and undocumented due to cash payments or tax avoidance

feketegazdaság

a sector of a nation's economy that is illegally undeclared and undocumented


Homo economicus

Pseudo-taxonomic name; compare Homo sapiens. The earlier term "Economic Man" was used for the first time in the late nineteenth century by critics of John Stuart Mill's work on political economy.

(economics) A human being regarded as a rational and narrowly self-interested actor capable of making judgments in order to attain its own particular goals.


reserve currency

reserve currency (plural reserve currencies)

(economics) A foreign currency that is held in reserve as foreign exchange reserves.


CPE

CPE (countable and uncountable, plural CPEs)

(economics) Abbreviation of centrally planned economy.


ordoliberal

/ˌɔːdəʊˈlɪbɹəl/

/ˌɔɹdoʊˈlɪbəɹəl/

Probably a back-formation from ordoliberalism, borrowed from German Ordoliberalismus (coined in 1950 by the German economist Hero Moeller (1892–1974)), from ORDO (the name of a journal, the full title of which is ORDO — Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft (ORDO – Yearbook of Economic and Social Order)) + Liberalismus (“liberalism”). ORDO is derived from Latin ōrdō (“methodical arrangement, order, or series”), probably ultimately from Proto-Indo-European *h₂er- (“to fit, put together; to fix”).

der

[W]hile ordoliberals share strong policy preferences (in some cases "elevated to the status of a religion"), they rest their case on rigorous micro analysis and stress the pertinence of a long-term orientation.

2017 November, Thorsten Beck, Hans-Helmut Kotz, “Introduction”, in Thorsten Beck, Hans-Helmut Kotz, editors, Ordoliberalism: A German Oddity? (A VoxEU.org eBook), London: CEPR Press, →ISBN, archived from the original on 2020-05-31, page 15:

(economics, politics) A proponent of the theories and ideals of ordoliberalism (“a political philosophy that emphasizes the desirability of the government establishing rules to maximize the potential of the free market to produce results”).

ordoliberaali

proponent of the theory and ideals of ordoliberalism


ordoliberal

en-adj

ordoliberal (comparative more ordoliberal, superlative most ordoliberal)

more ordoliberal (comparative)
most ordoliberal (superlative)

/ˌɔːdəʊˈlɪbɹəl/

/ˌɔɹdoʊˈlɪbəɹəl/

The institutional design of EZ [the Eurozone], being influenced by the rules versus discretion debate, has some ordoliberal touches (not the least since some German architects were imbued with ordoliberal ideas), but, of course, in reality, in particular in the wake of the crisis, they were not upheld.

2017 November, Thorsten Beck, Hans-Helmut Kotz, “Introduction”, in Thorsten Beck, Hans-Helmut Kotz, editors, Ordoliberalism: A German Oddity? (A VoxEU.org eBook), London: CEPR Press, →ISBN, archived from the original on 2020-05-31, page 14:

(economics, politics) Of or relating to ordoliberalism.


ordoliberalism

/ˌɔːdəʊˈlɪbɹəlɪz(ə)m/

/ˌɔɹdoʊˈlɪbəɹəlɪzəm/

Borrowed from German Ordoliberalismus (coined in 1950 by the German economist Hero Moeller (1892–1974)), from ORDO (the name of a journal, the full title of which is ORDO — Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft (ORDO – Yearbook of Economic and Social Order) + Liberalismus (“liberalism”). ORDO is derived from Latin ōrdō (“methodical arrangement, order, or series”), probably ultimately from Proto-Indo-European *h₂er- (“to fit, put together; to fix”); while Liberalismus is from French libéralisme (ultimately from Latin līber (“free, independent, unchecked, unrestricted”), from Proto-Indo-European *h₁lewdʰ- (“to grow; people”)) + -ismus (“suffix forming the names of schools of thought, systems, or theories”).

der

(economics, politics) A political philosophy that emphasizes the desirability of the government establishing rules to maximize the potential of the free market to produce results.


revalorization

/ˌɹiːvaləɹʌɪˈzeɪʃ(ə)n/

(economics) The fact or process of setting a new value for a given commodity, currency etc.

rewaloryzacja

the fact or process of setting a new value for a given commodity (currency, etc)


acceleration principle

(economics) A theory in economics that states that an increase or decrease in income induces a corresponding but magnified change in investment.


ratissage

From French ratissage, from ratisser (“to rake”).

(economics) A monetary device whereby national reserves are temporarily given up to a central bank.


tragedy of the commons

en-noun

tragedy of the commons (plural tragedies of the commons)

Coined by American ecologist Garrett Hardin in 1968.

coinage

One theory, known as the tragedy of the commons, holds that people will exploit and abuse something in which they have no ownership stake.

1995 May 7, Timothy Egan, “Let the Owner Beware”, in New York Times, retrieved 2012-07-04:

Overfishing is the classic tragedy of the commons. Since no single nation "owns" the high seas, they exploit it without restraint and without thought to sustainability.

2010 November 18, “Troubles as deep as the oceans lie ahead”, in The Independent, UK, retrieved 2012-07-04:

The economist Elinor Ostrom, who is on our list this year, has written about the tragedy of the commons, which is the idea that self-interest can undermine the common good.

2012 April 18, Richard Stengel, “Editor's Letter: A World of Possibilities”, in Time, archived from the original on 2013-02-04:

(ecology, economics, politics, social criticism) A situation in which unmanaged use of a shared resource (such as the atmosphere or an ocean) by a number of participants results in the unintended ruin or total consumption of that resource.


subject of labor

(economics, Marxism) Everything to which human labor is applied.

勞動對象 /劳动对象

everything to which human labor is applied


abstinence theory

(economics) A theory that abstinence in business will bring beneficial interest.


capital good

Coordinate term: consumer good

Some of the products of the economy are capital goods. For simplicity and as an aid to intuition, I assume that capital goods and consumption goods do not overlap: the m consumption goods are useless as means of production, and the n capital goods yield no direct utility.

2004, Fabrio Petri, General Equilibrium, Capital And Macroeconomics: A Key To Recent Controversies In Equilibrium Theory, page 84:

(economics, chiefly in the plural) A durable item that is used in the production of other goods or services.


Hooverian

en-adj

Hooverian (comparative more Hooverian, superlative most Hooverian)

more Hooverian (comparative)
most Hooverian (superlative)

(economics) Of or relating to the politics or economics of Herbert Hoover.


ease of doing business index

en-noun

ease of doing business index (plural ease of doing business indexes)

(economics) An index created by the World Bank, where higher rankings indicate better, usually simpler regulations for businesses and stronger protections of property rights.


business index

business index (plural business indexes)

Germany’s business index shows a negative outlook with a dire picture, indicating that the broader European crisis will affect Europe’s second-largest economy.

ease of doing business index
ease of doing business index#English

(economics) Ellipsis of ease of doing business index..


Thatchernomics

(economics) The economic policies followed by Margaret Thatcher, British prime minister.


(UK, Ireland, taxation) The end-of-year tax certificate given to each employee by their employer.


redistribution of wealth

redistribution of wealth (countable and uncountable, plural redistributions of wealth)

(economics) The process of redistributing income between members of a society through transfer payments, taxes, etc.


microcosting

(economics) The analysis of every cost involved in a particular instance of a procedure (rather than gross or average costs)


Dutch disease

Coined by The Economist magazine in 1977, to describe the situation in the Netherlands where a natural resources find of a large natural gas field caused the Dutch guilder to rise in valuation, depressing exports and causing the manufacturing sector to decline, that occurred after 1959.

(economics) An increase in the value derived from the natural-resources sector of the economy, leading to a rise in the valuation of the currency increasingly based on the natural-resources sector, and thus causing a deterioration in the manufacturing sector by making the manufactured goods less competitive in the export marketplace compared to those manufactured by economies with lower valuation currencies, because they are relatively more expensive.


factor market

The instance of a few buyers and many sellers in the factor market with many buyers and sellers in the product market is typified by the classic cases of unorganized wage-earners in company towns, for instance, textile and coal.

1942, John T. Dunlop and Benjamin Higgins, "“Bargaining Power” and Market Structures," Journal of Political Economy, vol. 50, no. 1 (Feb.), p. 24

In China, for instance, there is still the need to liberalize the factor market, especially in the land and labor market.

2010 January 13, Maria Monica Wihardja, “G20 and East Asia: A forum for the Asian agenda”, in Jakarta Post, retrieved 2013-01-25:

Fiji Commerce Commission chairman Dr Mahendra Reddy said . . . "They want no price control in the product market but they want price control in the factor market."

2011 June 6, Mary Rauto, “Price control to remain”, in Fiji Times, retrieved 2013-01-25:

factors of production
factor of production

(economics) The system or infrastructure for economic exchange within which factors of production (such as labor, materials, or capital) are purchased or sold.


shadow price

Friedman (1969) argued that a positive shadow price of money balances would violate the Pareto-efficiency condition that the shadow price of anything should equal its marginal cost.

1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page 1:

We focus on indirect methods such as using individual choice between life-threatening versus safe jobs to infer something about the shadow price of life or using land rent differentials to infer the shadow price of air pollution.

1988, David A. Starrett, Foundations in Public Economics, →ISBN, pages 6–7:

Thus, the social cost and the shadow price of paddy is much higher than what is paid to the farmers.

2003 August 11, Sarbjit Dhaliwal, “Punjab fights a losing battle on Johl plan”, in The Tribune, India, retrieved 2012-01-26:

Mike Young has been studying the shadow price of water, the amount that would be paid under normal market conditions.

2007 Feb. 7, "Experts call for water pricing scheme" (transcript), Australian Broadcasting Corporation (retrieved 26 Jan 2012)

(economics) A price for a resource, good, or service which is not based on actual market exchanges, but is mathematically derived from indirect data obtained from related markets.


shadow price

en-verb

shadow price (third-person singular simple present shadow prices, present participle shadow pricing, simple past and past participle shadow priced)

shadow prices (present singular third-person)
shadow pricing (participle present)
shadow priced (participle past)
shadow priced (past)

(transitive, economics) To calculate a shadow price for.


Jevons paradox

Named after English economist William Stanley Jevons (1835–1882).

named-after

One well-known example is electricity usage, where the Jevons paradox explains how making appliances more energy efficient can backfire by stimulating demand.

2019 November 1, Oliver Burkeman, “Not enough hours in the day? Well, finding more may not help”, in The Guardian:

(economics) The proposition that technological progress that increases the efficiency with which a resource is used tends to increase (rather than decrease) the rate of consumption of that resource.


postboom

Austin, even postboom Austin, has always been small enough to accommodate my haunts — the grocery, the laundromat, the burger joint, and the bookstore — within walking distance.

1988 September, Texas Monthly, volume 16, number 9, page 94:


redenomination

en-noun

redenomination (countable and uncountable, plural redenominations)

Argentine austral
Argentine peso
ISO 4217

After the redenomination, the new peso was worth 100 old pesos.

(economics, finance) The recalibration of the face value of a currency, most frequently by multiplying that value by a power of 10, sometimes followed by the demonetization of any cash issued with the original face value.


bullionism

(economics, historical) An economic theory that defines wealth by the amount of precious metals owned; a primitive form of mercantilism.

bullionisme

an economic theory that defines wealth by the amount of precious metals owned


ODA

Japan's initial contribution to Kabul resembled “checkbook diplomacy plus” with a pledge of ODA plus the dispatch of the Maritime SDF to the Indian Ocean. These steps appeared sufficient.

2014, Dennis T. Yasutomo, Japan's Civil-Military Diplomacy: The Banks of the Rubicon, Routledge, →ISBN:

Official development assistance
w:Official development assistance

(economics) Initialism of Official development assistance.


municipalization

municipalization (countable and uncountable, plural municipalizations)

(economics) The transfer of corporations or other assets to municipal ownership.


NAIRU

(economics) Initialism of non-accelerating inflation rate of unemployment.


deficit spending

(economics) The spending by a government in excess of government revenue, intended to boost the economy.