FIRE

As Figure 2.1 demonstrates, total income acquired by the finance, insurance and real estate (FIRE) sector has been increasing since the early 1980s. While in the 1952–1980 period, the share of national income that went to the FIRE sector hovered between 12 and 14 percent, by the 2000s it had approached 20 percent.

2008, Özgür Orhangazi, Financialization and the US Economy, Edward Elgar Publishing, →ISBN, page 11:

(economics, business) Acronym of finance, insurance and real estate: a class of businesses.


liquidationism

From liquidation + -ism, calque of Russian Ликвидаторство (Likvidatorstvo), possibly via German. First attested in 1919.

calque

Ликвидаторство

(economics, libertarianism) The belief that no actions to mitigate the effects of recessions should be taken by the government or the central bank, since the liquidation of struggling companies is a solution in itself.


terms of trade

(economics) Relative price of exports in terms of imports, defined as the ratio of weighted average export prices to weighted average import prices.


semistrong

(economics) Of or relating to a form of the Efficient-market hypothesis that implies that share prices adjust to publicly available new information very rapidly and in an unbiased fashion, such that no excess returns can be earned by trading on that information.


antimonopolistic

en-adj

antimonopolistic (comparative more antimonopolistic, superlative most antimonopolistic)

more antimonopolistic (comparative)
most antimonopolistic (superlative)


unholy trinity

en-noun

unholy trinity (plural unholy trinities)

impossible trinity
impossible trinity#English

(economics) Synonym of impossible trinity


Universal Credit

So now Mahmood was in debt and his existing benefits were stopped because the DWP computer thought he was receiving universal credit.

2019 October 14, Robert Booth, “Computer says no: the people trapped in universal credit's 'black hole'”, in The Guardian:

(taxation) A welfare benefit in the United Kingdom, replacing previous benefits and tax credits, gradually rolled out from 2013 and expected to cover the whole country by the end of 2024.


foreign direct investment

foreign direct investment (countable and uncountable, plural foreign direct investments)

foreign direct investments (plural)
FDI (abbreviation)

(finance, economics) Direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding operations of an existing business in that country.


MZM

(economics) Initialism of money with zero maturity.


QoQ

(economics) Initialism of quarter-over-quarter/quarter-on-quarter.


slushbreaker

(Canada, derogatory, shipping) an icebreaker with poor icebreaking capabilities, unable to operate year-round in Arctic or polar conditions


PPC

PPC (countable and uncountable, plural PPCs)

production-possibility curve
production-possibility curve#English

(economics) Initialism of production-possibility curve.


mudflation

massively multiplayer online game
massively multiplayer online game

(economics, informal) The gradual decrease in the value of existing virtual goods in a massively multiplayer online game as new goods are introduced.


antislump

(economics) Countering or preventing a slump.


public purse

From public (adjective) + purse (“(figurative) quantity of money given for a particular purpose”, noun).

compound

The public purse should be spent in the public interest.

This means that while initial funding will come from the public purse, landowners along the route will eventually pay back a share of the uplift in land values created by the new line.

2021 February 10, “Network News: Additional Funds Enable Preparatory Work for Ashington Reopening”, in Rail, number 924, Peterborough, Cambridgeshire: Bauer Media, →ISSN, →OCLC, page 8:

(economics, government, idiomatic) A quantity of money collected by a government through taxation and other methods, and used for public purposes; public funds, public money.

公款

quantity of money collected by a government and used for public purposes


merit good

(economics) A commodity that an individual or society should have on the basis of some concept of need, rather than ability and willingness to pay.


menu cost

From the fact that in the case of a restaurant owner, the only costs of this kind would be those incurred in printing new menus.

(economics) A cost incurred by a firm when it changes its prices.


mercantilistic

en-adj

mercantilistic (comparative more mercantilistic, superlative most mercantilistic)

more mercantilistic (comparative)
most mercantilistic (superlative)

(economics) Relating to, or characteristic of mercantilism.

mercantilista

relating to, or characteristic of mercantilism


black swan event

en-noun

black swan event (plural black swan events)

(economics) A highly improbable occurrence that has an impact on the economy.


physiocracy

(economics, historical) The teachings of physiocrats.


economicology

(ecology, economics) The study of the interrelationship between economics and ecology


anarcho-mutualism

(economics) The independent possession, by every individual, of the means of production, in a free market with minimal interest rates.


anarcho-communism

(politics, economics) A form of anarchism advocating the abolition of the state and capitalism in favor of a horizontal network of voluntary associations through which people would satisfy their needs.


anarcha-feminist

(politics, economics) A person who advocates anarcha-feminism.


triopoly

From tri- + -opoly by analogy with monopoly and duopoly.

(economics) A market situation in which three companies exclusively provide a particular product or service.


price discriminate

en-verb

price discriminate (third-person singular simple present price discriminates, present participle price discriminating, simple past and past participle price discriminated)

price discriminates (present singular third-person)
price discriminating (participle present)
price discriminated (participle past)
price discriminated (past)

Back-formation from price discrimination

back-formation

(economics) To charge different prices to different categories of consumers.


quadropoly

From quadro- + -poly by analogy with monopoly and duopoly.

(economics) A market situation in which four companies exclusively provide a particular product or service.


quintopoly

From quint- + -opoly by analogy with monopoly and duopoly.

(economics) A market situation in which five companies exclusively provide a particular product or service.


price discrimination

en-noun

price discrimination (countable and uncountable, plural price discriminations)

(economics) The practice of charging different prices to different categories of consumers.

cenová diskriminace

the practice of charging different prices to different categories of consumers


anarcho-communist

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

anarcho-communiste

pertaining or relating to anarcho-communism


anarcho-communist

During the 1960s, anarcho-communists led the search for radical solutions to the historically novel problems facing young people. Above all, many people now wanted a say in the decisions which affected them.

1998, Richard Barbrook, “The Holy Fools”, in Mute, volume 1, number 11, →ISSN:

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


misery index

misery index (plural misery indexes or misery indices)

misery indexes (plural)
misery indices (plural)

(economics) An economic indicator formed by adding the unemployment rate to the inflation rate.


creative destruction

Calque of German schöpferische Zerstörung, popularized by economist Joseph Schumpeter.

cal

Like all major industrial advances, the telecomputer is an instrument of creative destruction. All the likely victims are mobilizing to prevent their own destruction. It is unsure how soon the creators will win.

1990, George F. Gilder, Life After Television, page 37:

There may be additional explanations for the acceleration of structural economic change. What counts, however, is the result: Schumpeter’s ‘creative destruction’ – the displacement of old skills, trades and entire industries with their dependent localities, by more efficient new skills, trades and entire industries – is now apt to span years, often very few years, rather than generations.

1994 April 7, Edward Luttwak, “Why Fascism is the Wave of the Future”, in London Review of Books, volume 16, number 07, →ISSN:

If creative destruction allows fast economic growth without generating serious inflation, then it might make sense, for example, to put high values on the shares of companies that will do well in such an unusual environment.

2000 June 10, Sharon Reier, “Half a Century Later, Economist's 'Creative Destruction' Theory Is Apt for the Internet Age”, in The International Herald Tribune, →ISSN:

Creative destruction, the term coined by economist Joseph Schumpeter to describe the workings of innovation and technology, justly became a buzzword of the New Economy. Many new companies have been created; almost as many will be destroyed.

2001 June 20, Daniel Gross, “Creative Destruction and the Web”, in The New York Times, →ISSN:

New-media thinkers, with their appetite for disintermediation and creative destruction, implicitly endorse and advance this transformation.

2014, Astra Taylor, chapter 2, in The People's Platform: Taking Back Power and Culture in the Digital Age, Henry Holt and Company, →ISBN:

More than the much-remarked squeeze on working-class jobs in areas of the economy such as manufacturing, [Edward] Luttwak saw an accelerated “creative destruction” affecting clerical jobs in white-collar data-heavy industries such as banking that were being disrupted by capital's “Schumpeteresque” technology-assisted modernisation as they were digitised.

2020, Marcus Gilroy-Ware, After the Fact?, Repeater, →ISBN:

(economics, capitalism) The process of industrial mutation that continually revolutionizes the economic structure from within.


sharing economy

en-noun

sharing economy (plural sharing economies)

The sharing economy reveals a return to behaviors such as bartering and to legal forms like co-operatives.

2011, Lucy Bernholz, Philanthropy and Social Investing Blueprint 2012, →ISBN, pages 33–34:

Tight economic times and a growing openness to strangers thanks to the Internet have given rise to the "sharing economy." People are logging on to sites and apps to rent out their cars, houses and even their clothes directly to one another.

2013 September 16, Eliana Dockterman, “The Rise of 'Sharecations'”, in Time, retrieved 2014-06-17:

In the sharing economy, safety issues, taxes and regulation have tended to be an afterthought.

2014 April 21, David Streitfeld, “Companies Built on Sharing Balk When It Comes to Regulators”, in New York Times, retrieved 2014-06-17:

(economics, public policy) A system of economic exchange in which participants interact in a direct and cooperative manner, often with the aid of social media, to produce, market, and consume goods, services, and resources.


NZMC

(economics) Initialism of near-zero marginal cost.


Okun's law

Named after Arthur Melvin Okun, who proposed the relationship in 1962.

(economics) An empirically observed relationship between unemployment and losses in a country's production. The "gap version" states that for every 1% increase in the unemployment rate, a country's GDP will be roughly an additional 2% lower than its potential GDP. The "difference version" describes the relationship between quarterly changes in unemployment and quarterly changes in real GDP.


fair value

fair value (countable and uncountable, plural fair values)

Coordinate term: historical cost

(accounting, economics) A rational, unbiased estimate of the potential market price of goods, services, or assets, taking into account both objective factors (such as production and distributions costs) and subjective factors (such as risks and supply vs. demand).


human capital

The authors found that human capital, including learning skills, accounted for “61.2, 62.4, and 66.0 percent of the variation in lifetime earnings, lifetime wealth, and lifetime utility” — a measure of life satisfaction.

2020 July 28, Thomas B. Edsall, “Trump Is Trying to Bend Reality to His Will”, in New York Times:

(economics) The stock of competencies, knowledge, habits, social and personality attributes, including creativity, cognitive abilities, embodied in the ability to perform labor so as to produce economic value.


GPI

Coordinate term: GDP

A number of US states, like Maryland and Vermont, have already begun to use GPI as a measure of progress, albeit secondary to GDP.

2017, Jason Hickel, “Inventing the Future”, in The Divide […] , London: William Heinemann, →ISBN:

genuine progress indicator
w:genuine progress indicator

(economics) Initialism of genuine progress indicator.


-poly

Derived, by analogy with monopoly, from the root of Ancient Greek πωλέω (pōléō, “I sell”).

(economics) Pertaining to the number of sellers in a market.

-poli

pertaining to the number of sellers in a market


dollar democracy

(economics, US, Canada) The ability of consumers to influence the economy and business decisions by their spending


Micawber threshold

From the Dickens character Wilkins Micawber, known for his inability to work his way out of poverty.

As for the moderate poverty line, the existence of positive expected net savings capacity is in a sense a Micawber threshold [Dickens 1849-50, ch. 14], separating accumulation from decumulation of the present value of a person's human and physical capital stock.

1994, Philip L. Martin, Mexican Maquiladoras: Origins, Operations and Outlook (International Institute for Labour Studies, 1994) p. 9

If drawing down such assets pushes the household below the Micawber threshold, then the estimated poverty-trap asset dynamics again predict that the temporary shock will have permanent, long-run effects.

2006, Vishnu Padayachee, The Development Decade?: Economic and Social Change in South Africa, 1994-2004, HSRC Press, page 132:

The key point for lessons for conservation in general, and that of felids in particular, is that there exists a poverty line, or a variant of it that Carter and Barrett call the Micawber threshold (a charmingly Dickensian allusion to perpetually insolvent debtors) below which the poor are economically incapable of bettering their situation without significant outside help; people in this situation have no incentive to save or preserve anything, including wildlife and especially big cats, which are damaging and dangerous.

2010, David Macdonald, Andrew Loveridge, The Biology and Conservation of Wild Felids, Oxford University Press, page 631:

(economics) A level of income, above the poverty line, but not high enough to cope with economic shocks.


fiscal cliff

(politics, economics) A situation where a number of large spending or taxation bills begin or end simultaneously.


debt ceiling

(politics, economics) The limit up to which an entity (usually a government) is legally allowed to borrow.


Marshall-Lerner condition

Marshall-Lerner condition (plural Marshall-Lerner conditions)

Named after Alfred Marshall and Abba P. Lerner.

(economics) The condition that an exchange rate devaluation or depreciation will only cause a balance of trade improvement if the absolute sum of the long run export and import demand elasticities is equal to, or greater than 1.


market failure

market failure (countable and uncountable, plural market failures)

Coordinate term: government failure

From a policy perspective, market failure should be a matter of concern when market performance significantly deviates from the appropriate efficiency benchmark.

2007, Clifford Winston, Government Failure versus Market Failure: Microeconomics Policy Research and Government Performance, Brookings Institution Press, →ISBN, page 3:

"Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming. We risk damages on a scale larger than the two world wars of the last century. The problem is global and the response must be a collaboration on a global scale."

2007 November 29, Alison Benjamin, “Stern: Climate change a 'market failure'”, in The Guardian:

(economics) A situation in which the allocation of goods and services by a free market is not efficient.

շուկայի ձախողում

a situation in which the allocation of goods and services by a free market is not efficient


swadeshi

PIE word
 *swé
Borrowed from Hindi स्वदेशी (svadeśī, “nationalist, patriotic; policy of nationalist self-sufficiency, swadeshi; proponent of the swadeshi movement”), from स्वदेश (svadeś, “one’s own country”) + -ई (-ī, suffix forming adjectives, or forming nouns meaning a person who does an action indicated by the stem). स्वदेश is derived from Sanskrit स्वदेश (svadeśa), from स्व (sva, “his or her own”) (ultimately from Proto-Indo-European *swé (“(pronoun) self”)) + देश (deśa, “country; point, place”) (ultimately from Proto-Indo-European *deyḱ- (“to point out”)).

der

The Swadeshi movement in India is one which in certain of its aspects can be regarded with much sympathy. A spirit of patriotism is excellent, and the endeavour to engender and foster it, provided it is made along legitimate lines, calls for encouragement and not condemnation.

1906 September, “[Editorial Notes.] Missionaries Assaulted in a Swadeshi Riot.”, in The Church Missionary Intelligencer: A Monthly Journal of Missionary Information, volume XXXI (New Series; volume LVII overall), London: Church Missionary Society, […], →OCLC, page 713:

The Swadeshi movement, in its bad sense—the boycotting of foreign goods—has had no effect on imports as a whole, and even the articles specifically aimed at, cotton goods and sugar, have entered to an unparalleled extent in the last three years. The good side of the Swadeshi movement, the development of indigenous industries, is seen in the increased imports of textile machinery and metals.

1907 July, “Notes on Colonial and Foreign Banking, Finance and Commerce. [Indian Foreign Trade.]”, in The Bankers’, Insurance Managers’ & Agents’ Magazine, volume LXXXIV, number 760, London: Waterlow and Sons […], →OCLC, page 61:

The cry of the Indian "Insurgent" to-day is "Shiksha," (education,) education in all its phases and branches, both extensive and intensive; "Swadeshi," (home industries) and "Swaraj" (self-government).

1911 December 30, Basanta Koomar Roy, “Insurgency in India”, in Robert M[arion] La Follette, editor, La Follette’s Weekly Magazine, volume III, number 52, Madison, Wis.: Robert M. La Follette Company, →OCLC, page 8, column 1:

And yet long before this popular ebullition of excitement, I myself had given a thousand rupees, when I had not five rupees to call my own, to open a Swadeshi store and courted banter and bankruptcy.

1921 March 5, Rabindranath Tagore, “Chicago, March 5, 1921”, in C[harles] F[reer] A[ndrews], editor, Letters from Abroad, Triplicane, Madras, Tamil Nadu: S. Ganesan, published 1924, →OCLC, page 78:

My work should be, and therefore is, to organise the production of handspun cloth, and to find means for the disposal of the Khadi thus produced. [...] I swear by this form of Swadeshi, because through it I can provide work to the semi-starved, semi-employed women of India.

1929, M[ohandas] K[aramchand] Gandhi, “An Instructive Dialogue”, in Mahadev Haribhai Desai and Pyarelal Nair, transl., The Story of My Experiments with Truth: Translated from the Original in Gujarati, volume II, Ahmedabad, Gujarat: Navajivan Press, →OCLC, part V, page 572:

The anti-partition agitation with its vehement invective, its appeals to Hindu sentiment, its cry that Bengal as motherland, once rich and famous, had been torn in two despite the protests of her children, its proposals for enforcing a punitive boycott of foreign goods and supplanting them entirely by "swadeshi" indigenous products, its enlistment of students and school-boys in picketing operations, gave ample cover for the sedulous teaching of revolutionary doctrines.

1932, H[enry] Verney Lovett, “The Rise of an Extremist Party”, in H[enry] H[erbert] Dodwell, editor, The Cambridge History of India, volumes VI (The Indian Empire 1858–1918 […]), Cambridge, Cambridgeshire: University Press, →OCLC, page 551:

When H[erbert] H[ope] Risley—writing in 1909 just after the swadeshi movement had introduced the possibility of mass agitational politics as well as he specter of communal violence in Bengal—contemplated the political implications of the caste system, he confirmed British assumption by declaring that caste opposed nationality and would hinder the growth of nationalist politics.

1996, Nicholas B. Dirks, “The Conversion of Caste: Location, Translation, and Appropriation”, in Peter van der Veer, editor, Conversion to Modernities: The Globalization of Christianity, New York, N.Y., London: Routledge, →ISBN, page 115:

Mahatma Gandhi was not only a politician but an economic, social and religious reformer too. He felt that if swaraj or self-government was to mean anything for the dumb millions of the country the national movement must touch all aspects of the villager's life. He also developed his scheme of the revival of charkha and the development of swadeshi.

2009, G. R. Madan, “Rural Community Development”, in Indian Social Problems: Social Disorganization and Reconstruction, 6th edition, volume 2 (Social Work), New Delhi, Mumbai, Maharashtra: Allied Publishers, published 2012, →ISBN, page 192:

With tension all around, the police laid siege to large areas of the city and started raiding various homes and educational institutions and whosoever was even remotely connected with nationalism and swadeshi were promptly arrested.

2013, Samir Bhattacharya, “The Honour of the Country Comes First Always and Everytime^([sic])”, in Nothing But!: Book 2: The Long Road to Freedom, [Bloomington, Ind.]: Partridge India, →ISBN, page 164:

The first Indian Industrial Conference meeting in 1905, bringing together industrialists from all over India, decided to "foster and extend the use of such manufactures in India in preference to foreign goods." That demand intersected with the emerging Swadeshi movement, which advocated Indian self-sufficiency, especially in cottons, and symbolized the confluence of cotton entrepreneurs and the emerging nationalist political elites.

2014, Sven Beckert, “The Return of the Global South”, in Empire of Cotton: A Global History, New York, N.Y.: Vintage Books, published November 2015, →ISBN, page 420:

Is this news? Not to [Mahatma] Gandhi, whose swadeshi campaigns of local self-reliance drew support away from the dominating colonial paradigm of pauperizing indigenous populations by making them producers of raw materials and consumers of value-added products, [...]

2014, Tom H. Hastings, “Part 2: Promote Nonviolent Conflict Management”, in A New Era of Nonviolence: The Power of Civil Society over War, Jefferson, N.C.: McFarland & Company, →ISBN, section I (Ending Civil Wars), page 78:

(India, economics, politics, also attributively) A policy of nationalist self-sufficiency in India, involving the revival and promotion of domestic production and (originally) the boycott of British products.


supply curve

(economics) the graph depicting the relationship between the price of a certain commodity and the amount of it that producers are willing and able to supply at that given price


demand curve

(economics) A graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price.


comparative advantage

en-noun

comparative advantage (countable and uncountable, plural comparative advantages)

(economics) The ability to produce a particular good at a lower relative opportunity cost than another producer.

the ability to produce a particular good at a lower relative opportunity cost than another producer

اِمْتِيَازٌ نِسْبِيٌّ m (imtiyāz·un nisbiyy·un, literally “relative advantage”)


tax auditor

(economics) A person who collects taxes.


accelerationism

accelerationism (countable and uncountable, plural accelerationisms)

From acceleration + -ism. Usage as “support for accelerating capitalism” attributed to Benjamin Noys, 2010s.

Accelerationism was the most fundamental transformation of the Phillips approach into an expectational format. It hypothesized that inflation will become increasingly rapid in any maintained situation in which unemployment lies below some critical, or “natural,” rate.

1975, Arthur Melvin Okun, “Inflation: Its Mechanics and Welfare Costs”, in Brookings Papers on Economic Activity, volume 6, number 2:

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) The theory that excessively low unemployment accelerates inflation.


AGI

AGI (countable and uncountable, plural AGIs)

adjusted gross income
adjusted gross income#English

(economics) Initialism of adjusted gross income.


fiscalism

Hereby it will become clear how Keynesianism, a doctrine appealing to the monetary theorist JOHN MAYNARD KEYNES, soon converted into fiscalism, a position ascribing stronger effects to fiscal than monetary policy – and, in the extreme, denying the latter all real and nominal effects.

1987, Bernhard Felderer, Stefan Homburg, Macroeconomics and New Macroeconomics, 2nd edition, Springer-Verlag, published 1992, page 135 & 136:

1993, D. M. Mithani, Dynamics of Monetary-Fiscal Policy: An Indian Perspective, Himalaya Publishing House, page 28.
The doctrine of fiscalism, in essence, implies that money doesn not matter so much as the monetarists make it out. The fiscalists hold that monetary policy is important, but its potency is weakened by the institutional forces. To them, fiscal policy is, by and large, a more effective and powerful economic stabilisation device.

With a relatively inelastic IS curve and a relatively elastic LM curve Keynesianism became synonymous with 'fiscalism' and policies to fine tune the macroeconomy.

1997, Brian Snowdon, Howard R. Vane, “The development of modern macroeconomics: A rough guide”, in Brian Snowdon, Howard R. Vane, editors, A Macroeconomics Reader, Routledge, published 2003:

Despite this view of the importance (or lack of it) of fiscal policy for full employment it is also important to note that 'fiscalism' did become deeply entrenched in Britain in this period. Budgetary policy became the centre piece of macro-economic policy to an extent to which no other country can compare (Dow 1964, p.178).

2014, Jim Tomlinson, British Macroeconomic Policy since 1940, Routledge Revivals:

Minsky's work factored in the transformation away from fiscalism that characterised the “long 1970s” and contributed to the development of "Post-Keynesian" economics, an intellectual program dedicated to revolutionising macro-economics in a way that was true to the spirit of Keynes eschewing the Neo-clasical synthesis inherent to the IS/LM models that formed the basis of fiscalism.

2017, Chris Jefferis, The Dialectics of Liquidity Crisis, →ISBN, page 41:

(economics) The belief that fiscal policy should function as the primary macroeconomic stabiliser (e.g. for controlling inflation), often associated with the IS–LM model.


RPI

Retail Price Index
Retail Price Index#English

(UK, economics) Initialism of Retail Price Index.


free silver

(US, economics, historical) The free coinage of silver, often at a fixed ratio with gold, as at the ratio of 16 to 1, which ratio for some time represented nearly or exactly the ratio of the market values of gold and silver respectively.


introversive labor

To this extent introversive labor may influence the supply on the market. But as a rule, catallactics is concerned only with extroversive labor. The psychological problems raised by introversive labor are catallactically irrelevant. Seen from the point of view of economics introversive labor is to be qualified as consumption.

1966, Ludwig Mises, Human Action, →ISBN, page 578:

(economics) Labor that is expended in order to strengthen or make vigorous or agile the mind or body; or to achieve a religious purpose; or labor that is expended to avoid the disutility of work, as for example, to forget, to escape from depressing thoughts or banish annoying thoughts.


working poor

(economics) Working people whose incomes fall below a given poverty line.


neomercantilism

(economics) A modern economic policy that involves a return to the policies of mercantilism

neomercantilismo

a modern economic policy that involves a return to the policies of mercantilism


neo-Ricardian

(economics) Of or relating to the economics of David Ricardo as interpreted by Piero Sraffa.


non-dom

Without that non-dom status she could have been liable for more than £20m of UK taxes on these windfalls, it was reported. After a public outcry, her spokesperson announced she would start paying UK taxes on her overseas earnings to relieve political pressure on her husband.

2022 October 24, Caroline Davies, “Spotlight on Rishi Sunak’s family as they prepare to enter No 10”, in The Guardian:

(taxation, UK) One who has their domicile in another country, allowing them to avoid paying UK tax on non-UK earnings.


selldown

Telstra Corporation was down 11 cents, or 3.17 per cent, at $3.36 continuing Friday's drop that followed a selldown by the Future Fund, the nation's sovereign wealth fund.

2009 August 24, “Market takes a big leap forward”, in Herald Sun, archived from the original on 2009-08-28:

(Australia, economics) The selling of sufficient shares to significantly reduce their price


reflator

(economics) A person who encourages reflation


spendathon

(informal, economics) A period of intense spending


emerging market

emerging market (plural emerging markets)

International Finance Corporation
emerging market

Popularized by the International Finance Corporation, early 1980s.

And while Brazil's Telebras and South Africa's Anglo American Corp. again rank among the world's top emerging-market groups, their market capitalizations are also down from last year.

1998 July 13, Kerry Capell et al., “Emerging Markets: The Winners in a Losing Year”, in Businessweek, retrieved 2015-07-10:

Around 70% of world growth over the next few years will come from emerging markets, with China and India accounting for 40% of that growth.

2011 July 8, Kenneth Rapoza, “Emerging Market Growth Beats US”, in Forbes, retrieved 2015-07-10:

It's been a long time since the farmers left the "farmhouses" of Delhi, but the word now describes the weekend retreats of the upper class, playgrounds on the fringes of this emerging-market city.

2012 April 23, Ruchir Sharma, “Hitting the BRIC Wall”, in Time, retrieved 2015-07-10:

Government departments advised him to seek out new business in “emerging markets”, counsel he said was risible given the huge market on Britain’s doorstep.

2022 November 15, Lisa O'Carroll, “Cheesemaker sells firm to overcome Brexit barriers after losing £600,000 in sales”, in The Guardian:

(economics, finance, also attributive) A relatively less-developed country or other trading region undergoing significant growth in production, consumption, or foreign investment.

[H]is members saw an emerging market for even more luxurious dwellings among those "who would rather pay for amenities instead of space."

1987 May 3, Andree Brooks, “Can a Town Set a Minimum House Size?”, in New York Times, retrieved 2015-07-10:

One year ago, when AOL and Time Warner first proposed their merger, . . . there was talk of monopolistic muscle in the emerging markets for high-speed Internet service, instant messaging and interactive television.

2001 January 19, “AOL Time Warner”, in Washington Post, retrieved 2015-07-10:

(economics, often followed by for) New and increasing demand or consumer purchasing activity (for a product or service).


annuitize

en-verb

annuitize (third-person singular simple present annuitizes, present participle annuitizing, simple past and past participle annuitized)

annuitizes (present singular third-person)
annuitizing (participle present)
annuitized (participle past)
annuitized (past)

(economics) To convert an annuity (or similar instrument) into a series of payments of income


dilutionary

"For small shareholders it is very dilutionary and they are in for a hard road ahead," he told BusinessDaily.

2009 February 6, Geoff Easdown, “Qantas shares nosedive”, in Herald Sun, archived from the original on 2009-03-19:

(economics) Related to the dilution of stocks and shares


agorist

(economics) Of, supporting, relating to, or advocating agorism.


agorist

(politics, economics) a person who advocates agorism


anarcho-individualism

individualist anarchism
individualist anarchism#English

(politics, economics) individualist anarchism


green anarchism

(politics, economics) An anarchist school of thought that emphasizes environmental issues.


collectivist anarchism

private property
private property#English

(politics, economics) an anarchist philosophy advocating the abolition of the state and private property in favour of collectivism


anarcho-collectivism

collectivist anarchism
collectivist anarchism#English

(politics, economics) collectivist anarchism


individualist anarchism

(politics, economics) referring to a number of anarchist schools advocating individualism, i.e., the individual's will and rights over greater society and external institutions


individualist anarchist

en-noun

individualist anarchist (plural individualist anarchists)

(politics, economics) A person who advocates individualist anarchism.


left anarchism

(politics, economics) Anarchism as contrasted with right-wing ideologies that reference anarchism, such as anarcho-capitalism.


collectivist anarchist

(politics, economics) Of, supporting, relating to, or advocating collectivist anarchism.


collectivist anarchist

collectivist anarchist (plural collectivist anarchists)

(politics, economics) A person who advocates collectivist anarchism.


anarcho-naturist

(politics, economics) of, supporting, relating to, or advocating anarcho-naturism


anarcho-naturist

(politics, economics) a person who advocates anarcho-naturism


philosophical anarchism

individualist anarchist
individualist anarchist#English

(politics, economics) individualist anarchist school of thought holding that obeying the state lacks moral legitimacy, while purporting no violence against the state


post-anarchism

(politics, economics) Any of a number of anarchist theories emphasizing poststructuralist and postmodernist views.


ancap

en-adj

ancap (comparative more ancap, superlative most ancap)

more ancap (comparative)
most ancap (superlative)

Unlike its socialist forerunner, this Randian vision for smashing the state requires no interdependence, mutual aid, or renunciation of private wealth; in fact, one common ancap goal is to amass enough cash to keep the government off your back.

2022 July 8, Judy Berman, “The Anarchists Is a Messy, Gripping Anarcho-Capitalist Saga”, in Time:

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


ancap

en-noun

ancap (countable and uncountable, plural ancaps)

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

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


national-anarchism

(politics, economics) A primitivist, anticapitalist, anticommunist, antistatist social philosophy emphasizing ethnic tribalism and forms of nationalism.


queer anarchism

(politics, economics) An anarchist school of thought advocating anarchism as a means of achieving rights and liberation for queer and LGBT people (i.e. gay, lesbian, bisexual and transgender people).

queeranarkism

anarchist school of thought advocating anarchism as means of achieving rights and liberation for queer/LGBT people


left anarchist

(politics, economics) of, supporting, relating to, or advocating left anarchism


left anarchist

(politics, economics) a person who advocates left anarchism


existentialist anarchist

en-adj

existentialist anarchist (not comparable)

existentialist anarchism
existentialist anarchism#English

(politics, economics) of, supporting, relating to, or advocating existentialist anarchism


existentialist anarchist

en-noun

existentialist anarchist (plural existentialist anarchists)

(politics, economics) a person who advocates existentialist anarchism


queer anarchist

(politics, economics) Of, supporting, relating to, or advocating queer anarchism.


queer anarchist

queer anarchist (plural queer anarchists)

(politics, economics) A person who advocates queer anarchism.


green anarchist

(politics, economics) of, supporting, relating to, or advocating green anarchism


green anarchist

green anarchist (plural green anarchists)

(politics, economics) a person who advocates green anarchism


philosophical anarchist

en-adj

philosophical anarchist (not comparable)

philosophical anarchism
philosophical anarchism#English

(politics, economics) of, supporting, relating to, or advocating philosophical anarchism


philosophical anarchist

en-noun

philosophical anarchist (plural philosophical anarchists)

(politics, economics) a person who advocates philosophical anarchism.


anarcho-primitivist

The American philosopher John Zerzan is considered the intellectual heavyweight for the anarcho-primitivist movement, whose adherents believe that technology enslaves us.

2018 March 4, Jamie Bartlett, “Will 2018 be the year of the neo-luddite?”, in The Guardian:

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


anarcho-primitivist

The anarcho-primitives “carry a black flag in one hand and a welfare check in the other,” an anarchist named Janet Biehl wrote in a recent Internet essay.

2000 August 5, Joseph Kahn, “Anarchism, the Creed That Won't Stay Dead; The Spread of World Capitalism Resurrects a Long-Dormant Movement”, in The New York Times, →ISSN:

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


agorism

/ˈæ.ɡəˌɹɪzm̩/

From the Ancient Greek word ἀγορά (agora), referring to an open place for assembly and market + -ism.

Some of them are, or were, libertarians, but of a kind to make the respectably bourgeois Libertarian Party cringe - people like Samuel Edward Konkin III, whose revolutionary “agorism” or pure free-market anarchism is supposed to abolish and liberate the working class; […]

1994, Bob Black, Beneath the Underground, page 4:

(politics, economics) A revolutionary political philosophy that advocates the creation of a voluntaryist society by means of counter-economics (i.e. black market).

agorisme

philosophy that advocates the creation of a voluntaryist society through counter-economics


veganarchism

(politics, economics) A philosophy combining anarchism and veganism, advocating animal rights through the abolition of the state.

veganarşizm

the combined philosophies of veganism and anarchism


infoanarchist

From info + anarchist, coined in 2000 in an article in Time magazine about Ian Clarke.

It turns out that the brave new world of free-flowing information can be a bit disconcerting, even to infoanarchists.

2000 July, A. Cohen, “The Infoanarchist”, in Time, volume 155, page 47:

Infoanarchists have emerged as part of the broader copyright social conflict and copyright debate.

2012, Jesse Russell, Ronald Cohn, Infoanarchism:

This, of course, unleashed the ire of many infoanarchists and freedom-of-speech advocates, who saw the removal of the videos as a clear violation of fair use (the exception to copyright that allows people to use materials for purposes such as education, news reporting, criticism, and so on without asking for permission).

2013, Ulises Ali Mejias, Off the Network: Disrupting the Digital World:

intellectual property
intellectual property

(politics, economics) A person who opposes intellectual property and copyright.


post-anarchist

(politics, economics) of, supporting, relating to, or advocating post-anarchism


post-anarchist

(politics, economics) a person who advocates post-anarchism


equivalisation

The equivalisation of household income furthermore does not account adequately for the opportunity costs in income experienced by other household members due to care-giving responsibilities, similar to methods which attempt to estimate the income loss attributable to productivity gaps between disabled and non-disabled people [28 ].

2015 July 22, “The Economic Lives of People with Disabilities in Vietnam”, in PLOS ONE, →DOI:

(economics) The estimation of a representative income of a household from a weighted average of those of its members.


base year

(statistics, economics) a year chosen for comparison with other years, in statistical analysis and various indices, such as a price index. It usually has an arbitrary value of 100 to make percentage comparisons easier. A new base year can be chosen as the years progress.


parafiscal

(economics) Relating to charges levied by quangos and similar semi-governmental bodies


desterilization

desterilization (usually uncountable, plural desterilizations)

(economics) A monetary process that is the reverse of sterilization.


desterilize

en-verb

desterilize (third-person singular simple present desterilizes, present participle desterilizing, simple past and past participle desterilized)

desterilizes (present singular third-person)
desterilizing (participle present)
desterilized (participle past)
desterilized (past)

(economics) To carry out a monetary process that is the reverse of sterilization.


value added

(economics, business) the amount by which the value of an article is increased at each stage of its production, exclusive of initial costs


value added

en-adj

value added (comparative more value added, superlative most value added)

more value added (comparative)
most value added (superlative)

(economics, business, of goods) having features added to a basic line or model for which the buyer is prepared to pay extra


hyperinflate

en-verb

hyperinflate (third-person singular simple present hyperinflates, present participle hyperinflating, simple past and past participle hyperinflated)

hyperinflates (present singular third-person)
hyperinflating (participle present)
hyperinflated (participle past)
hyperinflated (past)

Both economies recklessly decide to hyperinflate their currencies.

(economics, transitive) To subject to hyperinflation.


returns to scale

(economics, idiomatic, plural only) a function describing how returns scale when production increases in the long run


maritimization

(economics) The process whereby the coastline of a country comes to play an important part in its economy.


repeg

repeg (third-person singular simple present repegs, present participle repegging, simple past and past participle repegged)

repegs (present singular third-person)
repegging (participle present)
repegged (participle past)
repegged (past)

(economics, transitive) To peg (a currency) again.


annuality

en-noun

annuality (countable and uncountable, plural annualities)

(economics) The restriction that a budget must be spent by the end of a financial year and cannot be carried over.

vuotuisuusperiaate

budget must be spent by the end of a year


taxational

Of all Thatcher and Reagan’s visions, this might be the one that has enjoyed the greatest popular buy-in: the notion that humanity progresses through innovation; innovation is a function of the brilliance of the individual; individuals can only fulfil their potential with personal freedom; and the state, in all its guises, whether regulatory or taxational, is the main barrier to that freedom.

2015 November 23, Zoe Williams, “The future’s at stake: the left must show it could create an iPad”, in The Guardian:


flat tax

Several candidates for the 1996 Republican Presidential nomination and some of the top Republican leaders in Congress are advocating replacing the graduated income tax with a flat tax.

1995 April 18, David E. Rosenbaum, “Washington Memo: Debate on Flat Tax Revives Simplicity vs. Fairness Issue”, in New York Times, retrieved 2015-11-27:

Eyman's measure also would repeal the state tax on boats, 1 percent of the vessel's value, and replace it with a flat tax of $10.50 a year.

2001 November 18, David Ammons, “Eyman takes aim at some more taxes”, in Seattle Post-Intelligencer, retrieved 2015-11-27:

A flat tax means scrapping all income tax bands and the various exemptions and loopholes and replacing them with a single low rate.

2005 August 19, George Trefgarne, “The flat tax secrets that worried Brown did not want us to see”, in Telegraph, UK, retrieved 2015-11-27:

(government, taxation) A tax, usually income tax, whose percentage rate or currency value remains constant, regardless of the amount to which the tax is applied.


uberize

en-verb

uberize (third-person singular simple present uberizes, present participle uberizing, simple past and past participle uberized)

uberizes (present singular third-person)
uberizing (participle present)
uberized (participle past)
uberized (past)

From the brand of the company Uber, which disrupted the taxicab industry by creating a business model allowing private drivers to be paid for providing a similar service, + -ize.

Participate in any of today's industry conferences or university business courses, and you will likely hear at least one individual who affirms that they have invented, or conceptually designed, a platform that will “uberize” industry X, Y, or Z.

2017, Loick Menvielle, The Digitization of Healthcare: New Challenges and Opportunities:

New gangs ‘Uberise’ Europe's cocaine supply and bring more violence [title]

2018 December 14, “New gangs 'Uberise' Europe's cocaine supply and bring more violence”, in The Guardian:

To be active in the twenty-first century revolution and avoid being “Uberized”, lawyers must revolutionize their thinking modes and practices to have the capacity to innovate.

2021, Antoine Masson, Gavin Robinson, editors, Mapping Legal Innovation: Trends and Perspectives, Springer Nature, →ISBN, page 65:

(economics) To introduce a platform to an existing market or industry that provides direct transactions between sellers and buyers, often using mobile technology.


creditism

en-noun

creditism (countable and uncountable, plural creditisms)

(economics, uncountable) A socio-economic system associated with capitalism but distinguished from it due to wealth being loaned out rather than being invested.


downflex

There is no downward flexibility in expenditure and credit levels. But outputs and supplies are downflex.

1974, Seshadriyengar Lakshmi Nara Simha, Inflation in India, page 77:

If the real wage rate is not downflex, the pace of adoption of technical change depends upon the elasticity in the savings supply schedule.

1976, Vadilal Dagli, Financial Institutions of India, page 49:

(economics) Showing flexibility in a downward direction.


MINT

(economics) Acronym of Mexico, Indonesia, Nigeria, Turkey.


milkshed

From milk + shed, by analogy with watershed.

Counties adjoining a large city tended to supply most of its milk before highway and trucking improvements broadened the milkshed.

(agriculture, economics) A region producing milk that may be supplied to the area of demand with practical (competitively advantageous) speed and cost of transport.


Minskyan

en-adj

Minskyan (comparative more Minskyan, superlative most Minskyan)

more Minskyan (comparative)
most Minskyan (superlative)

(economics) Of or pertaining to Hyman Minsky (1919–1996), American economist.


Minskyan

(economics) A proponent of the economic theories of Hyman Minsky.


bleakonomics

(economics) The struggle to maintain a reasonable lifestyle during a time of bleak economics.


chiconomics

(economics) The struggle to appear chic on a budget


company-specific

company-specific (comparative more company-specific, superlative most company-specific)

more company-specific (comparative)
most company-specific (superlative)


LTV

en-noun

LTV (countable and uncountable, plural LTVs)

labor theory of value
labor theory of value#English

(economics, political science) Initialism of labor theory of value.


sukuk

Borrowed from Arabic صُكُوك (ṣukūk), plural of صَكّ (ṣakk, “bond, deed”).

(Islam, economics) A bond that generates a return to an investor without infringing Islamic laws against interest.


prerefunded

Only now are they looking to invest in safe assets, like prerefunded bonds secured by United States government obligations.

2009 September 19, Paul Sullivan, “Now Even Millionaires Can See the Benefits of Budgeting”, in New York Times:

(economics, of a bond) That the issuer agrees, in advance, to buy back before its scheduled maturity date


microfoundations

(economics, plural and singular) A macroeconomic methodology of basing macroeconomic models and theories on microeconomic processes.


microfoundation

But whether such microfoundations are necessary at all is not entirely clear.

2015 October 24, “Learning What to Want: Context-Sensitive Preference Learning”, in PLOS ONE, →DOI:

(economics) A microeconomic foundation for a macroeconomic theory or system


microfounded

Thus, we believe this work can serve as a mathematical basis for the development of a new generation of adaptive microfounded economic models.


counter-economics

The term was first used by Samuel Edward Konkin III and J. Neil Schulman who are libertarian theorists, and was coined as part of their agorism doctrine. It is short for "counter-establishment economics"; equivalent to counter- + economics.

(economics) The study or practice of all peaceful human action which is forbidden by the State.


central planning

(economics) A mechanism for allocating resources centrally, as opposed to leaving it up to the free market.


deadleg

Companies can transport on a nationwide basis but usually only carry their products out and have a deadleg on the return trip, e.g., the sugar distributors.

1984, Gavin Grant Maasdorp, Transport Policies and Economic Development in Southern Africa:

Our convoy appeared as a huge centipede, winding its way uphill that had acquired various deadlegs at random.

2001, Andrew Gurr, A Little Piece of England, page 79:

(shipping) A vehicle that is traveling on a leg of its route in which it does not carry any cargo.


AI winter

By analogy to the idea of a nuclear winter.

A lot of people are talking about — actually have been talking about — a particular scenario of the artificial intelligence industry known as the "AI Winter."

Their products offered little business value at the time, and so the commercial enthusiasm ended in disappointment, leading to a period now referred to as the “A.I. Winter.”

2016 July 17, John Markoff, “Artificial Intelligence Swarms Silicon Valley on Wings and Wheels”, in The New York Times, →ISSN:

artificial intelligence
artificial intelligence

(artificial intelligence, economics) A period of reduced funding and interest in artificial intelligence research.


natural economy

natural economy (plural natural economies)

(economics) An economy in which money is not used in the transfer of resources among people.


free-rider problem

(economics) The situation where those who benefit from goods or resources do not pay for them, resulting in a lack of funding and subsequent underprovision.


no-growther

(economics) One who supports the idea of a no-growth economy.


undershift

en-verb

undershift (third-person singular simple present undershifts, present participle undershifting, simple past and past participle undershifted)

undershifts (present singular third-person)
undershifting (participle present)
undershifted (participle past)
undershifted (past)

Concavity of demand leads to undershifting and sufficient convexity to overshifting.

1995, Gareth D. Myles, Public Economics, →ISBN, page 363:

However, according to Kay and Keen (1991), neither undershifting of both taxes, nor overshifting of both, is a plausible scenario under the quality model.

2003, Public Relations Review: A Journal of Research and Comment:

Whether this indirect effect causes an overshifting or undershifting of price depends upon the level of spillovers.

2007, Patrick W. Barnes, Economic Perspectives on Innovation and Invention, →ISBN, page 34:

With a linear demand curve, 0 η =, the monopolist always undershifts the tax, as shown in the first part of Figure 3.2.

2007, Essays on Taxation, →ISBN, page 59:

(economics) To raise the price to consumers by less than an underlying cost increase that results from rising taxes.


overshift

overshift (third-person singular simple present overshifts, present participle overshifting, simple past and past participle overshifted)

overshifts (present singular third-person)
overshifting (participle present)
overshifted (participle past)
overshifted (past)

/ˈəʊvə(ɹ)ˌʃɪft/

/ˌəʊvə(ɹ)ˈʃɪft/

(economics) To raise the price to consumers by more than an underlying cost increase that results from rising taxes.


Fedwire

(US, economics) The Federal Reserve Wire Network, a real-time gross settlement funds transfer system operated by the US Federal Reserve Banks.


FedACH

(US, economics) Abbreviation of Federal Reserve Banks' Automated Clearing House.


quinary sector

(economics) The branch of a country's economy where high-level decisions are made by top-level executives in government, industry, education, etc.


slumpflation

(economics) Inflation accompanied by a slump in output and employment.


austerian

en-adj

austerian (comparative more austerian, superlative most austerian)

more austerian (comparative)
most austerian (superlative)

(economics) Relating to, or supporting, fiscal conservatism and austerity.


austerian

(economics) A supporter of fiscal conservatism and austerity.


Rothbardianism

(politics, economics) The political and/or economic philosophy championed by Murray N. Rothbard.


soft money

en-noun

soft money (usually uncountable, plural soft moneys)

(economics) A currency not fully backed by specie.


white market

(economics) The legal, official, or intended market for goods and services, distinguished from the black market and grey market.


degression

degression (countable and uncountable, plural degressions)

From Latin degressio, from degressus + -io (“forming abstract nouns from verbs”), past perfect participle of degredi (“to descend by steps”), from de- (“down”) + gradi (“to step, walk, go”).

Graduated taxation therefore technically includes progression, degression, and regression.

1896, R.H.I. Palgrave, Dictionary of Political Economy, volume II, page 244:

(economics) Degressive taxation, a system of progressive decreases in a rate of taxation (as tariffs etc.) below certain benchmarks.


magic asterisk

Coined by Howard Henry Baker Jr., from the Reagan administration's use in 1981 of asterisks as placeholders for cuts yet to be decided in government spending.

The other technique, known as the "magic asterisk," consisted of hiding phony cuts in the small print of various budget documents in order to exaggerate the Administration's success in spending reduction and to minimize the projected deficit.

1986 May 11, Michael Kinsley, “IN THE LAND OF THE MAGIC ASTERISK”, in New York Times:

Howard Baker, then a Senator, had dubbed them the "magic asterisk," for it was blithely assumed that they would be taken care of at a later date.

1991, Wallace C. Peterson, Transfer Spending, Taxes, and the American Welfare State, Kluwer Academic Publishers, section 99:

"They have a magic asterisk," Hoyer said.
The magic asterisk: The words alone are enough to strike fear into the hearts of grizzled veterans of the budget wars.

2015 March 17, Max Ehrenfreund, “House Republican budget: There’s a mysterious $1.1 trillion in spending cuts in the House GOP’s budget”, in Washington Post:

(idiomatic, politics, economics) an unspecified future budget cut, especially an imaginary cut.


PPF

production–possibility frontier
w:production–possibility frontier

(economics) Initialism of production–possibility frontier.


Great Moderation

(economics) A reduction in the volatility of business cycle fluctuations starting in the mid-1980s.


Easterlin paradox

Named for the economist Richard Easterlin, who discussed the factors contributing to happiness in a 1974 book chapter.

(economics) The apparently paradoxical observation that people's reported happiness varies directly with income both among and within nations, but over time happiness does not trend upward as income continues to grow.


zero lower bound

zero lower bound (plural zero lower bounds)

(economics) A situation where nominal interest rates are close or equal to zero.


gig economy

But suddenly, the debate has imploded; the gig economy may be a myth. A new survey by the Bureau of Labor Statistics found that, in 2017, the share of workers in “alternative employment arrangements” (gig jobs and other) was 10.1 percent of total employment, almost exactly what it was in 2005 (10.7 percent) and 1995 (9.9 percent).

2018 June 17, Robert J. Samuelson, “Is the gig economy a myth?”, in The Washington Post:

Second, there is the precariat. These are the young and educated voters caught in the gig economy, who see no career security ahead.

2019 December 13, David Brooks, “The Politics of Exhaustion”, in The New York Times, →ISSN:

California legislators approved a landmark bill on Tuesday that requires companies like Uber and Lyft to treat contract workers as employees, a move that could reshape the gig economy and that adds fuel to a yearslong debate over whether the nature of work has become too insecure.

2019 September 11, Kate Conger, Noam Scheiber, “California Bill Makes App-Based Companies Treat Workers as Employees”, in The New York Times:

(economics) That part of the economy consisting of people who work in a transient, contract or self-employed capacity, as opposed to being permanent employees of a business.


circular economy

circular economy (plural circular economies)

(economics) An industrial economy that aims to reduce waste and pollution by means of reuse, recycling, etc.


shrinkflation

Blend of shrink + inflation. Popularized by economist Pippa Malmgren.

Chocolate bars are just the thin end of the wedge, though, and shrinkflation is happening in products right across the board.

2016, Andy Dawson, Get in the Sea!: An Apoplectic Guide to Modern Life, page 106:

According to the UK Office for National Statistics (ONS), shrinkflation most commonly affects food, drink and household products such as toilet rolls, nappies, tissues and washing-up liquid.

2021, Rosalind Masterson, Nichola Phillips, David Pickton, Marketing: An Introduction, page 489:

Major cereal brand Kelloggs has also been accused of shrinkflation. Since 2019, the company had moved from selling 670 gram Crunchy Nut boxes for $6 to selling 640 gram boxes at $9 a pop, Choice found.

2022 May 18, Caitlin Cassidy, “Shrinkflation bites: popular food brands quietly downsize while charging same price or more”, in The Guardian:

Consumer groups say shrinkflation is a widespread practice, which supermarkets like Carrefour are also guilty of in their own-label products.

2023 September 14, “Carrefour puts ‘shrinkflation’ price warnings on food to shame brands”, in The Guardian, sourced from Reuters, →ISSN:

(economics, informal, neologism) The practice of making products smaller while continuing to market them at the same price.


VoT

(economics) Initialism of value of time (The opportunity cost of the time that a traveller spends on his/her journey)


Bretton Woods

(economics): Formulated at a 1944 conference at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States.

(economics) A fixed exchange rate system in which the dollar was convertible to gold and all other participating currencies were pegged to the dollar.


spending power

Bad loans on bank balance sheets reflect that millions of people have lost jobs, eliminating spending power, while companies have seen sales evaporate.

2016, Peter S. Goodman, “Italy Just Handed the Global Economy Another Giant Variable”, in The New York Times:

(economics) The income available to households for spending.


liquidity trap

(economics, in particular New Keynesian economics) circumstance when nominal interest rates are near or at zero and circulating additional money doesn't lower interest rates.


developing country

developing country (plural developing countries)

(economics) A country with an emerging and low- and middle-income but still industrializing its economy.


IFS

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

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

Institute for Fiscal Studies
w:Institute for Fiscal Studies

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


developed country

developed country (plural developed countries)

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

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

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


contra-trading

(finance, taxation) A form of carousel fraud that evades detection by using two "carousels" of traded goods, where one carousel is legitimate and the other is not, and thus the input and output VATs neutralize each other to conceal the fraud.


Homo reciprocans

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


glide path

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


multiportfolio

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

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

(economics) Involving multiple portfolios


Coase theorem

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


paradox of thrift

paradox of thrift (plural paradoxes of thrift)

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

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

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


marginal analysis

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


Phillips curve

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

named-after

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

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

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


consumption function

en-noun

consumption function (plural consumption functions)

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


New Keynesian

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

neokeynesiano

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


prime the pump

en-verb

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

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

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

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

(economics) To engage in deficit spending .


Laffer curve

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


pagatoric

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


NRB

(UK, taxation and law) Initialism of nil-rate band.


mediamacro

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

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

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

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

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

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

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

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

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

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

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


market segmentation

en-noun

market segmentation (countable and uncountable, plural market segmentations)

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


intrinsic value

intrinsic value (countable and uncountable, plural intrinsic values)

(finance, economics) The real value of something within itself, which may not take into account its market value or face value.


postfederal

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

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

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


TFP

total factor productivity
w:total factor productivity

(economics) Initialism of total factor productivity.


living wage

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

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


Törnqvist index

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


reverse import

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


pluriverse

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


labour value theory

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


labor theory of value

socially necessary human labor time
socially necessary labour time

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


postautistic

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

uder

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


tax cut

(taxation) A reduction in the rate of tax charged by a government.


Tullock paradox

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


decentralized planning

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


NAEI

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


dynamic stochastic general equilibrium

en-noun

dynamic stochastic general equilibrium (uncountable)

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


efficient market hypothesis

efficient market hypothesis (uncountable)

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


DSGE

dynamic stochastic general equilibrium#English

(economics) Initialism of dynamic stochastic general equilibrium.


Herfindahl index

Named after the economist Orris C. Herfindahl.

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


price signal

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


wage premium

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


union wage premium

union wage premium (plural union wage premiums)

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


college wage premium

college wage premium (plural college wage premiums)

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


ultimatum game

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


antideflationary

(economics) Preventing or countering deflation.


call rate

(economics) The interest rate on a call loan


call loan

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


hydraulic Keynesianism

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

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


war communism

Calque of Russian вое́нный коммуни́зм (vojénnyj kommunízm).

cal

вое́нный коммуни́зм

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


tramp trade

(shipping) The commercial activity of a tramp steamer.


income group

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


jam today

Analogous to jam tomorrow, replacing tomorrow with today

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

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

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

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

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

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

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


boom-and-bust

en-adj

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

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

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

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

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

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

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

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

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


impossible trinity

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


tripartism

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


circulationism

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

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

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

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

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


Say's law

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

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

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


spillover effect

en-noun

spillover effect (plural spillover effects)

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


Kondratiev wave

Kondratiev wave (plural Kondratiev waves)

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

named-after

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

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

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


genoeconomic

(genetics, economics) Relating to genoeconomics


genoeconomics

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


longage

A shortage of supply is a longage of demand.

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


pakodanomics

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

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


overlanded

Overlanded cargo may be further defined as cargo which has been discharged at a port for which it was not intended according to the ship's manifest.

2014, Peter Brodie, Commercial Shipping Handbook, third edition, Routledge, →ISBN, page 280:

(shipping, of cargo) Exceeding the originally declared shipped quantity.


ACSI

American Customer Satisfaction Index
w:American Customer Satisfaction Index

(economics) Initialism of American Customer Satisfaction Index.


Nafta

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

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


autoconsumption

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


macoute

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

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

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

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

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

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

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

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


NNP

net national product
net national product#English

(economics) Initialism of net national product.


FAANG

en-noun

FAANG (countable and uncountable, plural FAANGs)

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

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

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


FANG

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

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

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


economic moat

competitive advantage
competitive advantage

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


dual earner

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


shadow work

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


Schumpeter's gale

From Joseph Schumpeter's Capitalism, Socialism and Democracy.

creative destruction
creative destruction

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

Capitalism, Socialism and Democracy
Joseph Schumpeter


wage drift

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


wage-push inflation

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


wage stop

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


macroshock

(geology, economics) A large-scale shock.


Chimerica

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

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

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

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

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

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

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

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


circulating medium

circulating medium (plural circulating mediums or circulating media)

circulating mediums (plural)
circulating media (plural)

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


MPC

marginal propensity to consume
w:marginal propensity to consume

(economics) Initialism of marginal propensity to consume.


slowbalization

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


neoliberalization

neoliberalization (countable and uncountable, plural neoliberalizations)

(economics) The process of neoliberalizing something.


chartalism

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


Big Three

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


Markowitz bullet

Markowitz bullet (plural Markowitz bullets)

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

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


second best

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


second best

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


progressive tax

progressive tax (plural progressive taxes)

(government, taxation) a tax whose percentage increases as a person's wealth increases.


time-space compression

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


GNI

Coordinate term: GDP

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

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

gross national income
gross national income#English

(economics) Initialism of gross national income.


gross national income

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

Coordinate term: gross domestic product

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

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

gross national product
gross national product

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

國民收入 /国民收入

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


clinicoeconomics

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


Yp

(economics) Abbreviation of permanent income.


economic determinism

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


thermoeconomics

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

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

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


hip-pocket client

hip-pocket client (plural hip-pocket clients)

As a hip-pocket client, you'll receive a short burst of attention and your script will probably be sent out to a few places. If the script doesn't generate heat, the agency will quickly write you off.

2013, Mary Johnson, The New Scriptwriter's Journal, page 289:

(entertainment industry) A person who is being provisionally represented by an agent but is not yet signed by the agency.


deadweight loss

deadweight loss (countable and uncountable, plural deadweight losses)

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


indicative planning

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


wage-fund doctrine

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


income-elastic

en-adj

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

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

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


reverse charge

This delivery is subject to reverse charge in the country of receipt.

(taxation) Added to an invoice to indicate that receiver of the goods or services in another member state of European Union is responsible for paying VAT.


trickle-down hypothesis

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

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

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


LRIP

low rate income pool
low rate income pool#English

(Canada, taxation) Abbreviation of low rate income pool.


dishoard

en-verb

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

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

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


market power

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


private good

(economics) A good that is rivalrous and excludable.


club good

(economics) A good that is nonrivalrous and excludable.


threshold effect

en-noun

threshold effect (plural threshold effects)

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


bear raid

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


middle income trap

middle income trap (plural middle income traps)

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

coinage

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

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

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

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

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


microeconometrics

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


Slutskian

en-adj

Slutskian (comparative more Slutskian, superlative most Slutskian)

more Slutskian (comparative)
most Slutskian (superlative)

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

named-after

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


Hicksian

en-adj

Hicksian (comparative more Hicksian, superlative most Hicksian)

more Hicksian (comparative)
most Hicksian (superlative)

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

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

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

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

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


Slutsky equation

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

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

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


microprudential

(economics) Relating to systemic prudence of individual financial institutions


impact aid

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


impact area

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


medicoeconomic

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


corporation tax

en-noun

corporation tax (plural corporation taxes)

(British, taxation) synonym of corporate tax


container port

(shipping) A port which specialises in handling the loading and unloading of shipping containers onto and from container ships.


macroeconometric

(economics) Relating to measurement of the macroeconomy


Celtic Tiger

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

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

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

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

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

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


Black-Scholes model

Black-Scholes model (plural Black-Scholes models)

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

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


dual-sector model

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


OTS

The chancellor has asked the Office of Tax Simplification (OTS) to report on how CGT rates compare with other taxes, and how the present rules may distort behaviour. […] The OTS is likely to consider a lot of tinkering around the edges.

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

Office of Tax Simplification
w:Office of Tax Simplification

(UK, taxation) Initialism of Office of Tax Simplification.