stagnationist

en-adj

stagnationist (comparative more stagnationist, superlative most stagnationist)

more stagnationist (comparative)
most stagnationist (superlative)

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

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

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

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

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

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

(economics) Characterized by stagnation.


money illusion

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


microfund

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


crawling peg

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


disinflate

en-verb

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

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

(economics) To reduce the rate of inflation


cost-push inflation

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


cream skimming

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


contract curve

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


Beveridge curve

en-noun

Beveridge curve (plural Beveridge curves)

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


Harrod-Johnson diagram

Harrod-Johnson diagram (plural Harrod-Johnson diagrams)

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

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

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


Great Gatsby curve

Great Gatsby curve (plural Great Gatsby curves)

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

coin

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

Alan Krueger
F. Scott Fitzgerald
Great Gatsby Curve
The Great Gatsby


liquidity smile

en-noun

liquidity smile (plural liquidity smiles)

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


Lorenz curve

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

named-after

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


expectations hypothesis

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


offer curve

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


Rahn curve

After Richard Rahn, who developed this in 1996.

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


Kuznets curve

Named after economist Simon Kuznets (1901–1985).

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

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

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

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

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


labour share

(economics) British standard spelling of labor share.


Bennett's law

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

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


labor share

en-noun

labor share (countable and uncountable, plural labor shares)


catch-up effect

catch-up effect (plural catch-up effects)

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


wage share

wage share (countable and uncountable, plural wage shares)

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


Bowley's law

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

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


stylized fact

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


positional good

positional good (plural positional goods)

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


Baxter's law

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

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

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


lipstick effect

lipstick effect (plural lipstick effects)

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


capital share

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


discretionary income

discretionary income (countable and uncountable, plural discretionary incomes)

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


complementary good

complementary good (plural complementary goods)

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


substitute good

substitute good (plural substitute goods)

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


tax shift

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


income elasticity of demand

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

kysynnän tulojousto

sensitivity of demand to change in price


price elasticity of supply

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

tarjonnan hintajousto

sensitivity of supply to change in price


cross-price elasticity of demand

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

cross-price elasticity of demands (plural)

cross elasticity of demand
cross elasticity of demand#English

(economics) Synonym of cross elasticity of demand


cross elasticity of demand

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


labour theory of value

labor theory of value
labor theory of value#English

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


labour-value theory

labor-value theory
labor-value theory#English

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


labor-value theory

labor value theory
labor value theory#English

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


theory of value

theory of value (plural theories of value)

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


missing market

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


fair division

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


make-work job

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

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


liquidity provider

liquidity provider (plural liquidity providers)


exchange value

Coordinate term: use value

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


casino capitalism

casino capitalism (usually uncountable, plural casino capitalisms)

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

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

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


Chicago Boy

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

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

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

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

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


dynamic efficiency

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


Hoover index

After the economist Edgar Malone Hoover Jr.

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


microeconometrician

(economics) An econometrician whose speciality is microeconometrics


ecodeterminism

economic determinism
economic determinism#English

(economics) Synonym of economic determinism


ecodeterministic

economic determinism
economic determinism

(economics) Relating to economic determinism


capital expense

capital expense (countable and uncountable, plural capital expenses)

(economics) Expenses incurred by a company to maintain a long-term asset.


annuitization

annuitization (countable and uncountable, plural annuitizations)

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


cobweb theory

cobweb theory (countable and uncountable, plural cobweb theories)

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


cobweb model

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

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


hypercompetition

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


midquote

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


BIW

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


market-led

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

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

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


microprice

(economics) The lower limit of a martingale price


Siegel's paradox

Identified by economist Jeremy Siegel in 1972.

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


debt-financed

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


St. Petersburg lottery

St. Petersburg lottery (plural St. Petersburg lotteries)

St. Petersburg paradox
St. Petersburg paradox

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


St. Petersburg paradox

St. Petersburg paradox (plural St. Petersburg paradoxes)

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

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


CMI

Credit Managers' Index
w:Credit Managers' Index

(economics) Initialism of Credit Managers' Index.


polypsony

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


polypoly

/ˈpɒlɪˈpɒlɪ/

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

af

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


market fundamentalism

Coined by English author and journalist Jeremy Seabrook.

coin

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


bliss point

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


GEN

(taxation, US) Initialism of group exemption number.


permanent income hypothesis

the permanent income hypothesis (canonical)

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


Bertrand's paradox

Bertrand paradox (economics)
Joseph Bertrand

Named after Joseph Bertrand, French mathematician.

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


(economics) Abbreviation of Next Eleven.


Next Eleven

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


MIST

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


MIKT

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


anprim

en-adj

anprim (comparative more anprim, superlative most anprim)

more anprim (comparative)
most anprim (superlative)

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


anprim

en-noun

anprim (countable and uncountable, plural anprims)

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

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


Singapore-on-Thames

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

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

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

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

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


(UK, taxation) The main tax return form for individuals.


(US, taxation) An IRS form for tax-exempt organizations (such as charities).


(UK, taxation) A tax return form for employees and company directors.


section 104 holding

section 104 holding (plural section 104 holdings)

Described by section 104 of the Taxation of Chargeable Gains Act 1992.

(taxation, UK) The situation where certain shares are pooled and treated as a single asset for tax purposes.


(UK, taxation) A tax return form for capital gains.


(UK, taxation) A tax return form for UK property income.


(UK, taxation) A tax return form for non-residents and dual residents.


(US, taxation) A variant of the 1040 income tax return for non-resident tax payers.


(UK, taxation) A tax return form for foreign income or gains.


(US, taxation) A form to declare that someone is not a U.S. tax payer or to request reduced tax withholding.


(US, taxation) A form to declare that someone is a U.S. tax payer.


dual resident

(law, taxation) A person who is a resident for tax purposes in two or more countries.


double tax agreement

double tax agreement (countable and uncountable, plural double tax agreements)

(taxation) A bilateral treaty between two countries to resolve issues related to double taxation.

kaksinkertaista verotusta koskeva sopimus

soglašénije ob izbežánii dvojnóvo nalogoobložénija

соглаше́ние об избежа́нии двойно́го налогообложе́ния

dogovór ob izbežánii dvojnóvo nalogoobložénija

догово́р об избежа́нии двойно́го налогообложе́ния


ancom

en-adj

ancom (comparative more ancom, superlative most ancom)

more ancom (comparative)
most ancom (superlative)

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


ancom

en-noun

ancom (countable and uncountable, plural ancoms)

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

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


snob value

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

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


snob effect

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


Asiadollar

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


syncratic

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

bor

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

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

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

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

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


inflationary spiral

en-noun

inflationary spiral (plural inflationary spirals)

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


hard currency

hard currency (countable and uncountable, plural hard currencies)

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


demand-pull inflation

gross domestic product
gross domestic product

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


consumer society

consumer society (plural consumer societies)

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


pre-depression

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


NRST

(taxation) Abbreviation of national retail sales tax.

(Canada, taxation) Abbreviation of non-resident speculation tax.


Macronesia

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

(economics) A fictional country used for examples.


tinkle-down

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

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

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

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

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


bathtub theorem

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

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


neocapitalism

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

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

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


producer's good

(economics) Alternative form of producer good


price scissors

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

calque

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


producer good

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


soft landing

en-noun

soft landing (countable and uncountable, plural soft landings)

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

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

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

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

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


auction theory

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


diseconomies of scale

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

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

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

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

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

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

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


structural adjustment

structural adjustment (countable and uncountable, plural structural adjustments)

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


SAL

structural adjustment
structural adjustment#English

(economics) Initialism of structural adjustment loan.


demographic dividend

demographic dividend (plural demographic dividends)

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


smidget

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

(economics) A hypothetical product, a widget.


Metzlerian

en-adj

Metzlerian (comparative more Metzlerian, superlative most Metzlerian)

more Metzlerian (comparative)
most Metzlerian (superlative)

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

A matrix with a_ii<0,a_ij>0 is called a Metzlerian matrix.

2010, Giancarlo Gandolfo, Economic Dynamics, 4th ed., Springer 2010, p. 271

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


Ricardian equivalence

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

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


oligopsonist

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


command and control

command-and-control economy

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


overdrawer

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


Mundellian

Mundellian (comparative more Mundellian, superlative most Mundellian)

more Mundellian (comparative)
most Mundellian (superlative)

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


broad-based

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


trigger pricing

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

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

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

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

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


economic cybernetics

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


homoploutia

en-noun

homoploutia (countable and uncountable, plural homoploutias)

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


fiscal drag

fiscal drag (countable and uncountable, plural fiscal drags)

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


managed float

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


mesoeconomics

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


isodapane

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

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


isotim

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

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


capital flight

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


subsistence economy

subsistence economy (countable and uncountable, plural subsistence economies)

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


Nixon shock

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


third best

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

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

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


third best

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


bubblish

en-adj

bubblish (comparative more bubblish, superlative most bubblish)

more bubblish (comparative)
most bubblish (superlative)

(economics) Resembling or characteristic of an economic bubble.


present value

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


IPL

en-noun

IPL (countable and uncountable, plural IPLs)

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

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

(economics) Initialism of international poverty line.


closed loop

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


gun jumping

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


greenflation

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

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

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

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

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


gig work

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


gig worker

(economics) Independent contractor or freelancer who typically does short-term work for multiple clients.


venture capitalism

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


mud pie argument

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

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

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

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

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

labor theory of value
labor theory of value

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


OMO

(economics) Initialism of open-market operation.


Kalmarian

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

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


macroeconometrics

(economics) econometrics as applied to macroeconomic theory and models


corporate social responsibility

corporate social responsibility (uncountable)

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

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

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

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

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

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

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


Retail Price Index

Consumer Price Index
consumer price index

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


Ghoshian

en-adj

Ghoshian (comparative more Ghoshian, superlative most Ghoshian)

more Ghoshian (comparative)
most Ghoshian (superlative)

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

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

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

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

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


microprudence

(economics) The systemic prudence of individual financial institutions.


macroprudence

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


Bertrand-Edgeworth model

the Bertrand-Edgeworth model (canonical)

Named after Joseph Bertrand and Francis Ysidro Edgeworth.

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

Francis Ysidro Edgeworth
Joseph Bertrand


broad money

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


monopolistic competition

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


non-rejectability

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


non-rivalry

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


n-firm concentration ratio

en-noun

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

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


perfectly elastic supply

perfectly elastic supply (plural perfectly elastic supplies)

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


non-price competition

non-price competition (plural non-price competitions)

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


price elasticity of demand

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


production externality

production externality (plural production externalities)

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


perfect competition

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


composite demand

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


competitive market

competitive market (plural competitive markets)

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


consumer surplus

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


demerit good

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


commodity currency

commodity currency (plural commodity currencies)

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


NSMD

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


long COVID

/ˌlɒŋ ˈkəʊvɪd/

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

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

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


sea link

However, when Britain left the European Union, ferries started to ply a direct sea link from Ireland, to save hauliers from custom's bureaucracy of driving via Britain.

2021 December 29, Philip Haigh, “Rail's role in unifying Great Britain and Northern Ireland”, in RAIL, number 947, page 25:

(shipping) A regular connection between two (or more) ports, such as that provided by a ferry service.


IHT

(taxation, UK) Initialism of inheritance tax.


FAAMG

FAAMG (countable and uncountable, plural FAAMGs)

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


made-wine

(UK, taxation) An alcoholic drink made from fermentation, other than grape wine, beer, black beer, spirits or cider, for the purposes of excise tax.


MARPOL

(shipping, international law) The International Convention for the Prevention of Pollution from Ships.


MoP

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

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


switch trading

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


counterpurchase

counterpurchase (countable and uncountable, plural counterpurchases)

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


dedollarization

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


FIZ

free industrial zone
free industrial zone#English

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


P/BV

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


gift tax

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


church tax

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


gross receipts tax

gross receipts tax (plural gross receipts taxes)

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


utilities tax

(economics) A tax on public service businesses, including ones that engage in transportation, communications, and the supply of energy, natural gas, and water.


land tax

(economics) A levy on the value of land without regard to buildings, personal property and other improvements.


Google tax

(economics, finance) An anti-avoidance tax provision introduced in a certain jurisdiction dealing with the practice of profits or royalties being diverted to other jurisdictions that have reduced or zero tax rates.


ULC

unlimited liability corporation
unlimited liability corporation#English

(Canada, taxation, business, law) Initialism of unlimited liability corporation.


shadow banker

In addition, attention has been given to shadow-banking in the post crisis debate. The shadow-bankers are the investors who trades asset-backed securities, and finances them through short term funding.

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

(banking, economics, finance) An agent connected to a shadow banking.


shadow real wage

shadow real wage (plural shadow real wages)

Lucas has said that he finds [involuntary unemployment] a mysterious notion, but in fact it is crystal clear: the shadow real wage of the unemployed is below the prevailing real wage.

1982, Frank Hahn, Monetary and Inflation, Oxford: Basil Blackwell, page 49:

(economics) A shadow price of labor, i. e. a real wage which is not based on actual market exchanges.


Samuelsonian

en-adj

Samuelsonian (comparative more Samuelsonian, superlative most Samuelsonian)

more Samuelsonian (comparative)
most Samuelsonian (superlative)

Samuelsonian economics

(economics) Of or pertaining to the economist Paul Samuelson (1915–2009)


Ken and Eddie Show

Chancellor of the Exchequer
Chancellor of the Exchequer

(UK politics, economics, historical, informal) The minutes of the monthly meetings between Chancellor of the Exchequer Kenneth Clarke and Edward George, Baron George during which interest rates were set, published regularly during the 1990s.


PFIC

passive foreign investment company
w:passive foreign investment company

(taxation) Acronym of passive foreign investment company


From the section of the U.S. federal tax code.

(US, taxation, organizations) An organization that complies with section 501(c)(4) of the U.S. federal tax code. A non-profit organization exempt from some federal income taxes, due to being dedicated social welfare purposes.


(US, taxation, organizations) An organization that complies with section 501(c)(3) of the U.S. federal tax code. A non-profit organization exempt from some federal income taxes, due to being dedicated to charitable, religious, educational, scientific, public safety, promotion of amateur sport at the national or international level, prevention of cruelty to women or children or animals, or literary purposes.


demand destruction

en-noun

demand destruction (countable and uncountable, plural demand destructions)

(economics) A permanent or sustained decline in the demand for a good in response to persistent high prices or limited supply.


skimpflation

We propose a new word to describe this stealth-ninja kind of inflation: skimpflation. It's when, instead of simply raising prices, companies skimp on the goods and services they provide.

2021 October 26, Greg Rosalsky, “Meet skimpflation: A reason inflation is worse than the government says it is”, in Planet Money:

Some economists have pegged a new word to this phenomenon where, rather than raise prices, companies cut services previously provided: skimpflation. Skimpflation could mean reduced staff, thus longer lines or phone hold times.

2022 March 17, Sally French, “One of the most basic hotel amenities is disappearing”, in Honolulu Star-Advertiser:

Companies face an appalling dilemma, said Laith Al-Khalaf in The Sunday Times – pass on increased costs to consumers “and risk losing them to rivals”, or “absorb the hit”. No wonder many are opting for a third path: “skimpflation”. The trick is to erode “the quality of their goods” – say, by “menu engineering” to focus on cheaper foods – in the hope that “hoodwinked” consumers either don't notice or don't care.

2022 April 30, “Netflix et al.: the great cancellation”, in The Week, Bath, page 41:

Sadly it's a sign of the times, and consumers will have to get used to this practice of skimpflation, where brands reduce the value of their services to remain profitable.

2022 September 2, Nicholas Dawson, quoting David Beard, “Blow for Sainsbury's Bank customers with huge Nectar points change - 'really unfair!'”, in Express:

"This is now called Skimpflation, which means a manufacturer has reformulated one of its products, usually with cheaper ingredients," says Dworsky, a former Massachusetts Assistant Attorney General in consumer protection.

[2022 November 2, Leslie Gaydos, quoting Edgar Dworsky, “Skimpflation: Brands May Be Changing Their Recipes to Cut Costs – But It's Hard to Tell”, in NBC Boston:

How To Be A Savvy Shopper Amidst Skimpflation […] And while it might require a little more time and energy in the aisles, there are ways to prevent your diet from suffering amidst inflation.

2022 November 9, “How Skimpflation May Be Affecting Your Diet”, in Henry Ford Health:

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


CTT

capital transfer tax
capital transfer tax#English

(taxation, UK, historical) Initialism of capital transfer tax.


Gibson's paradox

First used by John Maynard Keynes in A Treatise on Money (1930). Named after British economist Arthur Herbert Gibson, who noted the correlation in a 1923 article for Banker's Magazine (though it had previously been noted by Thomas Tooke).

(economics) The observation that the rate of interest and the general level of prices are positively correlated.


FDII

(taxation) Acronym of foreign-derived intangible income


PTEP

(taxation) Acronym of previously taxed earnings and profits - within US taxation, those earnings and profits of a foreign corporation that are attributable to amounts included in the gross income of a US shareholder under Internal Revenue Code sections 951(a) or 1248(a)


FDAP

(taxation) Acronym of fixed, determinable, annual, or periodical, a variety of income in US taxation ("FDAP income")


market clearing

market clearing (countable and uncountable, plural market clearings)

(economics) The process of clearing the market.


clear the market

en-verb

clear the market (third-person singular simple present clears the market, present participle clearing the market, simple past and past participle cleared the market)

clears the market (present singular third-person)
clearing the market (participle present)
cleared the market (participle past)
cleared the market (past)

(economics) To equate the supply of traded goods with the demand, so that there is no excess.


friendshoring

(business, economics, finance, politics, diplomacy) The process of moving production to diplomatically friendly or allied foreign locations which have lower production costs.


market equilibrium

en-noun

market equilibrium (plural market equilibriums)

(economics) A condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.


Great Resignation

Coined by professor of management Anthony Klotz in May 2021.

coin

On the other hand, the Great Resignation — the emergence of what look like labor shortages even though employment is still five million below its prepandemic level, and even further below its previous trend — remains somewhat mysterious.

2021 November 5, Paul Krugman, “Wonking Out: Is the Great Resignation a Great Rethink?”, in New York Times (subscriber-only newsletter):

In fact, accommodation and food services, which has been hardest hit by the Great Resignation, has also created one out of every three net new jobs in 2021. Does that make any sense? Only if you think about this as a job-switching revolution.

2021 December 8, Derek Thompson, “Three Myths of the Great Resignation”, in The Atlantic:

There certainly is a ‘great resignation’ but we don't know if people are throwing in the towel because they are burnt out or because they are proactively taking charge. The truth is it's probably a mix of both. There are positive resignations and negative ones.

2022 August 20, John Perry, quotee, “The great resignation: A lifestyle choice or an effect of burnout?”, in The Irish Times, Dublin, page 9:

His [Ranjay Gulati’s] research on how companies energize employees is even more vital during this era of the so-called Great Resignation.

2022 December 4, Shirley Leung, “Great Resignation? No, it's the ‘Great Rethink’”, in Boston Globe, page R29:

(economics) An ongoing economic trend in which employees have voluntarily resigned from their jobs en masse, beginning in early 2021.


greedflation

Echoes her colleague Bernie Sanders (I-Vt.): “The problem is not inflation. The problem is corporate greed.” Their evidence for the greedflation theory was that prices companies charge had risen faster than input costs, which meant (at least for a while) that profits were growing.

2022 June 14, Catherine Rampell, “Greed is dead. Long live greed!”, in Washington Post (subscription required):

In fact, evidence of ‘greedflation’ in food retail in Canada is weak at best. But prices in some food categories have behaved unreasonably in recent years, so we shouldn't think greedflation doesn't exist.

2022 July 13, “Has ‘greedflation’ driven up Canadian food prices? Evidence of ‘greedflation’ is weak at best”, in Thunder Bay Chronicle Journal:

Excuseflation is also known as greedflation.

[2023 March 24, Daily Mail City, Finance Reporter, “INVESTING EXPLAINED: What you need to know about Excuseflation – a ploy by companies to hike prices, also known as greedflation”, in Mail Online:

The “greedflation” thesis is in part a reaction against another common explanation for inflation: that it is driven by fast-growing wages.

2023 July 6, ““Greedflation” is a nonsense idea”, in The Economist, →ISSN:

If a company could manage to raise its price by a big percentage and have its volume go down by only a small percentage, it would increase its revenue, offsetting its higher costs. Some people called that profiteering or greedflation, but to Rines it was just good business.

2023 July 26, Peter Coy, “Companies Aren’t Eager to Cut Their Prices as Costs Fall”, in The New York Times, Peter Coy Newsletter:

(economics, neologism) Price gouging by corporations during an inflationary period, especially when the underlying cost of production has not risen accordingly; price increases ostensibly inflated solely by underlying fundamental factors but really in excess of that level.


profit motive

(economics) The pursuit of financial gain as a motivation for individuals and firms to conduct business.


Okunian

en-adj

Okunian (comparative more Okunian, superlative most Okunian)

more Okunian (comparative)
most Okunian (superlative)

Confining to the difference version of Okun's law, the paper demonstrates that if a trade-off between output fluctuations and fluctuations in the labour market is to hold on an economy-wide level, a completely different specification of Okunian equations ensues for regions than is currently considered in research studies on the topic.

2020, Martin Boďa, Mariana Považanová, Formal and statistical aspects of estimating Okun's law at a regional level, Papers in Regional Science, volume 99, number 4:

(economics) Of or relating to Arthur Melvin Okun (1928–1980), American economist


Pollyanna creep

Coined by the economic analyst and statistician John Williams, from Pollyanna (“one who is persistently cheerful and optimistic”).

(economics) The practice of a government modifying the way that economic measures are calculated, in order to give a more optimistic impression of economic development.


rational choice theory

(social sciences, economics, political science, sociology) A theory that argues individual decisions are based on that individual's understanding of the costs and benefits of a given action, shaped throughout the assumptions of self-interest and rational actors.


wage credit

(taxation, US) A compensation, received as gratuities, which has been paid for employment by an employer.


polycrisis

From poly- + crisis. Attested at least since the 2010s.

South Africa finds itself in a polycrisis in terms of dealing with economic development, to alleviate poverty, within water and energy constraints (see fig. 2).

2011, Y. Villacampa Esteve, C. A. Brebbia, Andrea Alberto Mammoli, Energy and Sustainability III, WIT Press, →ISBN, page 16:

The first implies an ethics of sufficiency and cooperation which undercut the capitalist values of individualism and crass materialism that are of little use when it comes to considering alternatives to the polycrises we now face.

2012, Mark Swilling, Eve Annecke, Just Transitions: Explorations of Sustainability in an Unfair World, United Nations Univ:

If cities are to have a sustainable future, are to respond to the poly-crises and are to provide the necessary opportunities for future populations, the governance roles in responding and adapting to all aspects demand a very different view of governance and leadership within the city.

2013 March 1, Bruce Frayne, Caroline Moser, Gina Ziervogel, Climate Change, Assets and Food Security in Southern African Cities, Routledge, →ISBN:

It should also be said that the economic sphere is increasingly understood to be intricately connected to the ecological – as two sides of the same coin – and in many ways community development, deeply influenced by the broader 'development literature', has been reconstructed by the ecological polycrises upon us […].

2016 February 17, Peter Westoby, Theorising the Practice of Community Development: A South African Perspective, Routledge, →ISBN:

In Palestine, polycrises constitute the everyday rhythm of life; cityscapes are saturated with colonial social relations across all scales; and othering and socio-spatial disconnects have become the channels through which economic exploitation, the furthering of dependencies, and the Israeli colonial project are enabled.

2021 August 9, Linda Peake, Elsa Koleth, Gokboru Sarp Tanyildiz, Rajyashree N. Reddy, darren patrick/dp, A Feminist Urban Theory for Our Time: Rethinking Social Reproduction and the Urban, John Wiley & Sons, →ISBN, page 187:

But the exchange feeds into an ever-more-common discourse: that the UK is facing “polycrisis” in almost every facet of life in Britain. From courts to the cost of living, transport to healthcare, environment to the asylum system – everywhere appears to be affected.

2022 December 30, Pamela Duncan, Carmen Aguilar García, Michael Goodier, “Inflation, waiting lists, strikes, rail chaos, climate emergency: the 2022 polycrisis”, in The Guardian:

(economics, neologism) A series of crises occurring at the same time.


loanable funds

(economics) A theory of the market interest rate, where the interest rate is determined by the demand for and supply of all forms of credit (including loans, bonds, and savings deposits).


infant industry

en-noun

infant industry (plural infant industries)

(economics) A new industry, one in its earlier stages unable to keep up or compete against global competitors.


stable marriage problem

stable marriage problem (plural stable marriage problems)

(mathematics, economics, computer science) The problem of finding a stable matching between two equal-sized sets of elements, given an ordering of preferences for each element.


neutral money

neutral money (usually uncountable, plural neutral moneys)

(economics) Money which functions in a manner as to render the economic results unchanged from those of a barter economy.


necessity money

necessity money (usually uncountable, plural necessity moneys)

(economics) A type of temporary coinage, issued in places where regular coinage is unavailable, sometimes consisting of leather or wood.


representative money

representative money (plural representative moneys)

(economics) Any medium of exchange, printed or digital, that represents something of value, but has little or no intrinsic value of its own.


full-bodied money

full-bodied money (usually uncountable, plural full-bodied moneys)

(economics) A form of money which has a face value which is not in excess of its intrinsic value as a commodity.


side money

side money (countable and uncountable, plural side moneys)

(economics) Any money earned on the side of a regular job in order to earn additional income.


dispatch money

dispatch money (countable and uncountable, plural dispatch moneys)

(nautical, economics) A type of allowance given to a ship's charterer by the owner, in order to shorten the lay days stipulated in their mutual contract.


token money

token money (countable and uncountable, plural token moneys)

(economics) A type of regular money issued by the government, such as paper currency or coins, which has a greater face value than its intrinsic value.


money economy

(economics) A stage or system in an economy in which lawful money replaces barter in the exchange of goods.


Trussonomics

For quotations using this term, see Citations:Trussonomics.

(UK politics, economics, neologism) The economic policies and theories of former UK prime minister Liz Truss.


EROI

(economics, electricity) Initialism of energy return on investment.


new drachma

new drachma (plural new drachmas or new drachmae or new drachmai)

new drachmas (plural)
new drachmae (plural)
new drachmai (plural)

(economics) A proposed or theoretical currency of Greece which would replace the euro.


tax wedge

(economics) difference between the price that includes all taxes and the untaxed price of a good, particularly the difference between the employer's labour cost and the employee's take-home pay

verokiila

difference between taxed and untaxed price


Singapore-on-the-Thames

(UK politics, economics) Alternative form of Singapore-on-Thames


Hayekism

From Hayek + -ism. Named after Friedrich Hayek (1899–1992), Austrian-British economist, legal theorist and philosopher.

The vision was of a low tax, low regulation society where the richest are freed to unleash their awesome talents and make themselves even richer. According to this vision – whether you call it Hayekism, ultra-Thatcherism, Reaganism or economic libertarianism – when the fortunate few at the top soar ever upwards, some of their wealth trickles down to those at the bottom.

2022 October 20, Jonathan Freedland, “Truss has discredited high-octane, free-market economics - perhaps for ever”, in The Guardian:

(politics, economics) An economic ideology that emphasizes unregulated markets and the abandonment of welfare.


tax hike

(taxation, informal) A sudden increase in taxes.


tax due

tax due (countable and uncountable, plural taxes due)

(taxation) The total amount a taxpayer must pay to the government or other entity.


license fee

(taxation) An amount of money collected from an individual or an organization by the government or other entity in order to legitimize an activity.


direct tax

(taxation) A tax imposed upon a person or property as distinct from a tax imposed upon a transaction.


indirect tax

(taxation) A tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of the market price of the goods or services purchased.


free silverite

They may be as little appreciated on monetary as on political subjects, but an outsider may be permitted to note the significant fact that Mr. Bryan's personal platform seems to go far beyond the party platform on which he stands. Officially he is a free Silverite; actually he is a free Silverite and something more.

1896 November, W. R. Lawson, “American Currency Cranks”, in The Eclectic Magazine of Foreign Literature, Science, and Art, volume 64, number 5, New York: E. R. Pelton, page 590:

(US, economics, historical) An advocate of the free silver movement.


shrinkflate

en-verb

shrinkflate (third-person singular simple present shrinkflates, present participle shrinkflating, simple past and past participle shrinkflated)

shrinkflates (present singular third-person)
shrinkflating (participle present)
shrinkflated (participle past)
shrinkflated (past)

Back-formation from shrinkflation. Equivalent to a blend of shrink + inflate.

Lately, Mr. Dworsky has had his work cut out for him. With inflation at a 40-year high, business owners have been increasingly shrinkflating their products in an attempt to hide price increases.

2022 November 26, Clare Toeniskoetter, “Meet the Man on a Mission to Expose Sneaky Price Increases”, in The New York Times:

(transitive, intransitive, economics, informal) To make a product smaller while continuing to market it at the same price.


scissors crisis

en-noun

scissors crisis (plural scissors crises)

Meanwhile, real commodity prices were falling sharply for most non-oil products as the world economy moved into its deepest recession since the 1930s. With the debtor countries also facing a strong and ever-strengthening US dollar in the early-mid 1980s, it is perhaps not surprising that Brazil and Venezuela (in 1983) followed Mexico (August 1982) into default on their debt repayments. All of these countries were caught in a scissors crisis not apparently of their own making.

1993, Stuart Corbridge, “Ethics in Development Studies: The Example of Debt”, in Frans J. Schuurman, editor, Beyond the Impasse: New Directions in Development Theory, →ISBN, page 126:

(economics) An economic crisis caused by price scissors, that is, an unfavourable divergence in the prices paid by a particular group or country for products that it needs as against the prices of the products that it produces.


general cargo

general cargo (countable and uncountable, plural general cargoes or general cargos)

general cargoes (plural)
general cargos (plural)

So far as general cargo is concerned, the quay equipment has to be decided in the light of the kind of cargo to be dealt with. […] Almost all modern cranes are electrically operated and a quick-acting type of 30 cwt. capacity is suitable for general cargo, but not powerful enough to operate grabs for discharge of bulk cargoes.

1945 January and February, T. F. Cameron, “Dock Working”, in Railway Magazine, page 11:

(shipping) Goods that are stowed in a ship in individually counted units and recorded on different bills of lading, and distinct from bulk cargo or cargo in containers; now largely superseded by containerisation of goods.


Habakkuk thesis

Proposed by John Habakkuk (1915–2002), British economic historian, in his 1962 work American and British Technology in the Nineteenth Century: The Search for Labour-Saving Inventions.

(economics) The theory that land abundance and labor scarcity in the 19th-century United States led to high wages, which resulted in labor-saving technological innovations and the development of the American system of manufacturing based on the extensive use of machinery and interchangeable parts.


government failure

government failure (countable and uncountable, plural government failures)

Coordinate term: market failure

(economics) A situation in which a government intervention causes an economic inefficiency that would not exist in a true free market.

Staatsversagen

a situation in which a government intervention causes an economic inefficiency that would not exist in a true free market


Harberger triangle

Harberger triangle (plural Harberger triangles)

Named after Arnold Harberger (born 1924), American economist.

“It takes a heap of Harberger triangles to fill an Okun gap,” wrote James Tobin in 1977, four years before winning the Nobel Prize in economics. He meant that the big issue in economics was not battling against monopolists but preventing recessions and promoting recovery. […] The Harberger triangle is the loss to society as monopolists raise their prices, and it is named after Arnold Harberger, who 60 years ago discovered that the costs of monopoly were about 0.1 per cent of US gross domestic product […]

2014 August 12, Tim Harford, “Monopoly is a bureaucrat’s friend but a democrat’s foe”, in Financial Times:

(economics) A graphical representation of the deadweight loss (as measured on a supply and demand graph) in the trade of a given product or service caused by market failure or government failure.


partial equilibrium

Coordinate term: general equilibrium

(economics) A state of equilibrium as analysed in a specific part of an economy while ignoring the possible effects of changes in this part on the rest of the economy.


Harbergerian

We share with the earlier Harbergerian approach a concern for general-equilibrium price effects—a concern which was explored only under very special assumptions in the recent literature on optimal taxation.

1992, Raaj K. Sah, Joseph E. Stiglitz, “An Approach to Applied Welfare Economics”, in Peasants versus City-Dwellers: Taxation and the Burden of Economic Development, Oxford: Oxford University Press, published 2005, →ISBN, page 33:

(economics) Of or pertaining to Arnold Harberger (born 1924), American economist.


general equilibrium

Coordinate term: partial equilibrium

(economics) A state of simultaneous equilibrium as analysed in several or many interacting markets in an economy.


K-wave

(economics) Abbreviation of Kondratiev wave.


multimetallism

(economics) The use of a monetary standard based upon multiple different metals.


unit of account

unit of account (plural units of account)

(economics, finance, accounting) A standard numerical monetary unit of measurement of the market value of goods, services, and other transactions.


micro-retailing

From micro- + retailing. Grew in popularity as ecommerce merchants experiment with opening lower-risk physical retail spaces.

Micro-retailing helps create unique, in-person customer experiences. It can drive your brand’s convenience and make the most of the modern omnichannel shopping world. It even makes it easier for retailers to create physical human connections (all while staying within budget).

2020 November 11, “What Is Micro-Retailing? Why & How Retailers Are Going Small”, in Shopify:

(economics, marketing, business, finance, technology, neologism) A retail model including things like small-scale pop-up shops and boutique storefronts that leverage a variety of innovative downsized activities.

(economics, marketing, business, neologism) A small, demographically targeted store with a focus on a small selection of popular products.

(economics, marketing, business, neologism) Small, independent, family owned business in a developing nation.


Smithianism

(economics) The theories of the political economist Adam Smith.


fixed capital

Turning to the between regressions, the elasticity on fixed capital is particularly high (0.63) in the between-time […] The between-time estimate of capital of agricultural origin is significantly positive, though more modest in value (0.25).

2012, Keith O. Fuglie, V. Eldon Ball, Sun Ling Wang, Productivity Growth in Agriculture:

(economics) Any kind of real, physical asset that is used in the operation of a business but which is not consumed by that use.


FEIE

foreign earned income exclusion
w:foreign earned income exclusion

(US, taxation) Initialism of foreign earned income exclusion.


AEOI

(taxation) Initialism of automatic exchange of information.


foreign aid

foreign aid (countable and uncountable, plural foreign aids)

Then the Republican-controlled Congress maintained foreign aid at $35bn, as in 2017, with funding for health and food largely unchanged.

2018 September 6, “America’s foreign-aid budget has proved surprisingly resilient”, in The Economist, →ISSN:

(economics, geopolitics) A voluntary transfer of resources from one country to another.


austerianism

(economics) Support for fiscal conservatism and austerity.


excuseflation

Coined by journalists Tracy Alloway and Joe Weisenthal in 2023 (see quotations below). Blend of excuse + inflation.

coinage

The key question is, in an economy where the consumer continues to spend freely, how sticky this “excuseflation” proves to be and how high the Federal Reserve will have to drive up interest rates to prompt businesses to lower prices, or at least stop raising them.

2023 March 9, Tracy Alloway, Joe Weisenthal, “‘Excuseflation’ keeps prices and corporate profits high”, in Bloomberg:

The power of excuseflation is that it allows apologists to, well, make excuses. When egg prices shot up in January, Big Egg was able to blame it all on bird-flu.

2023 March 11, Cory Doctrow, “Excuseflation”, in Medium:

It's called, ‘Excuse-flation’, because most of the big brands are using inflation as an excuse, to keep their prices high.

2023 March 18, B.D. Hobbs, ““Excuseflation” Is The New “Shrinkflation””, in KTRH Newsradio:

These may be entirely legitimate reasons to raise prices but the companies engaging in excuseflation are seen as exploiting the situation.

2023 March 24, Daily Mail City, Finance Reporter, “INVESTING EXPLAINED: What you need to know about Excuseflation – a ploy by companies to hike prices, also known as greedflation”, in Mail Online:

Excuseflation
The pandemic and Russia’s invasion of Ukraine both had material impacts on the availability of goods and services. […] Executives say they needed to pass along their own increased costs to protect their margins. Skeptics see excuses at play.

2024 March 7, Enda Curran, “‘Shrinkflation’ and Other Terms for Inflationary Times”, in Bloomberg:

2020 was the first year that a lot of people saw shortage problems in supermarkets. In that situation we are also more likely to accept price increases. So yes, I think there is some excuseflation in that, in a context of shocks and emergencies, it changes the mindset of consumers.

2024 March 12, Isabella Weber, quotee, “Isabella Weber: ‘It’s time to lower rates’”, in CE Noticias Financieras, English edition, Miami, translation of El Pais by Ignacio Fariza, “Isabella Weber: ‘Es hora de bajar tipos’”:

(business, finance, economics, neologism) The raising of the price of a good or service in the wake of an economic, political, or other social change that serves as an excuse for the rise.


Kaldor-Hicks efficiency

Kaldor-Hicks efficient
Kaldor-Hicks efficient

(economics) The property of being Kaldor-Hicks efficient.


Kaldor-Hicks efficient

Kaldor-Hicks improvement
Kaldor-Hicks improvement

(economics) Such that no Kaldor-Hicks improvement is possible.


Kaldor-Hicks criterion

(economics) The criterion of being Kaldor-Hicks efficient.


Kaldor-Hicks improvement

en-noun

Kaldor-Hicks improvement (plural Kaldor-Hicks improvements)

Named for Nicholas Kaldor and John Hicks.

(economics) An economic reallocation of resources among people, such that those who are made better off could hypothetically compensate those who are made worse off and lead to a Pareto-improving outcome.


exorbitant privilege

(economics) The benefits afforded to the United States due to its currency (the United States dollar) being the favored international reserve currency.


FANGAM

(economics) Six large technology companies, or (metonymically) their stock: Facebook, Amazon, Netflix, Google, Apple, Microsoft.


destructionism

(economics) A policy of consuming capital without accumulating it, according to Ludwig Von Mises.


ambiguity aversion

probability distribution
probability distribution

(economics, decision theory) A preference for known risks over unknown risks: that is, favoring an option where the probability distribution of the outcomes is known over one where the probabilities are unknown.


Schachtian

en-adj

Schachtian (comparative more Schachtian, superlative most Schachtian)

more Schachtian (comparative)
most Schachtian (superlative)

(economics) Of or relating to Schachtism.


Schachtism

From Schacht + -ism, after Hjalmar Schacht.

(economics) Economic policies and agreements that provide unfair benefits to one of the involved nations, associated with Nazi Germany.


unstylized fact

en-noun

unstylized fact (plural unstylized facts)

The unstylized facts will hardly justify anything more than an agnostic conclusion.

1970, Robert M. Solow, Growth Theory: An Exposition, Oxford University Press, page 6:

(social sciences, especially economics) An fact that is empirically observed rather than a stylized fact.


home market effect

home market effect (plural home market effects)

(economics) A hypothesized concentration of certain industries in large markets, based on the idea that a country with significant sales of a product internally will tend to have significant sales of the same product abroad.


securonomics

From secure + -o- + -nomics, introduced in 2023 by British politician Rachel Reeves.

She [Rachel Reeves] told the FT her ‘securonomics’ had to be based on ‘the rock of fiscal responsibility’ and that Britain was at risk of being ‘sidelined’ unless it accepted that the rules of the global economy had changed.

2023 May 24, “Reeves makes case for UK version of ‘Bidenomics’”, in Financial Times, page 1:

It’s to be funded by taxing private schools, although whether Reeves’s “securonomics” has the capacity to respond to what teachers want more broadly, is another matter.

2023 July 7-13, Andrew Marr, “Politics: In an era of political fatalism, Labour must use its education plan to inspire hope”, in New Statesman, volume 152, page 14:

Done without careful planning, it could increase reliance on imported virgin steel and recycled scrap metal. It will also test the government’s commitment to “securonomics” which involves safeguarding the supply of key goods and services to the UK.

2024 September 26, “Why £500m for Port Talbot is not enough to secure steel industry”, in Western Mail, Cardiff, page 23:

supply-side economics
supply-side economics

(UK politics, economics) A modern form of supply-side economics inspired by US president Joe Biden's economic policy, particularly his Inflation Reduction Act, and based on the belief that globalisation has failed to achieve its stated aims.


second-round effect

second-round effect (plural second-round effects)

(economics) The situation where inflation starts to have an indirect impact, affecting wages and prices.


infocommunist

From info + communist, possibly derived from infoanarchist.

So far, I have made two arguments. One is that you can’t justify an opposition to proprietary information solely on an ethical imperative to share, unless you are willing to extend that ethical imperative to all resources and thus embrace true communism. Second, an appeal to the non–rival nature of digital information can’t get you off the slippery slope to info–communism if your case is built entirely around a deontological appeal to the value of sharing and cooperation.

2008, Milton Mueller, “Info-communism? Ownership and freedom in the digital economy”, in First Monday, volume 13, number 4, →DOI:

In contrast to the capitalist mode of production, in the info-communist mode of production both the relations of production and the productive forces are fully socialized—they are based on common ownership of the means of production and collaborative work.

2014, Sylvain Firer-Blaess, Christian Fuchs, “Wikipedia: An Info-Communist Manifesto”, in Television & New Media, volume 15, number 2, →DOI:

(politics, economics) A person who supports commons in information and communications.


stabilization fund

stabilization fund (plural stabilization funds)

(economics) A mechanism set up by a government or central bank to insulate the domestic economy from large influxes of revenue, as from commodities such as oil.


behavioral economist

behavioral economist (plural behavioral economists)

behavioral economics
behavioral economics

(economics, psychology) A person who studies behavioral economics.


behavioral economics

Now Canada is looking into this growing field of behavioural economics. […] Supporters view behavioural economics as a complement to classical economics, which assumes people make rational, well-informed decisions that are in their best interest.

2013 August 1, Bill Curry, “Canada studies Britain’s ‘nudge unit’ for ways to give the public a push”, in The Globe and Mail:

(economics, psychology) A field of economic analysis concerned with the influence of psychological factors on the economic decision making of individuals or institutions.


out of gauge

(shipping) Of cargo: that cannot be loaded in a standard dry container due to its excessive dimensions or weight.


HHG

(shipping) Initialism of household goods.


UAGC

uniform annual general charge
uniform annual general charge#English

(taxation) Abbreviation of uniform annual general charge.


RONA

(economics, accounting) Acronym of return on net assets.


Kuznets swing

(economics) A claimed medium-range economic wave with a period of 15–25 years, associated with demographic processes such as the effect of immigration on construction rates.


Mirrleesian

en-adj

Mirrleesian (comparative more Mirrleesian, superlative most Mirrleesian)

more Mirrleesian (comparative)
most Mirrleesian (superlative)

The Mirrleesian approach posed a serious challenge to the Ramsey tax framework and the lessons drawn from it.

2017, Helmuth Cremer and Firouz Gahvari, “Restoring Ramsey tax lessons to Mirrleesian tax settings: Atkinson-Stiglitz and Ramsey reconciled”, in Social Choice and Welfare, volume 49, page 12:

(economics) Of or relating to James Mirrlees (1936–2018), Scottish economist.


Sraffian

Sraffian (comparative more Sraffian, superlative most Sraffian)

more Sraffian (comparative)
most Sraffian (superlative)

(economics) Of or relating to Piero Sraffa (1898–1983), Italian economist.


Kaldorian

Kaldorian (comparative more Kaldorian, superlative most Kaldorian)

more Kaldorian (comparative)
most Kaldorian (superlative)

(economics) Of or relating to Nicholas Kaldor (1908–1986), Hungarian economist.


Hurwiczian

Hurwiczian (comparative more Hurwiczian, superlative most Hurwiczian)

more Hurwiczian (comparative)
most Hurwiczian (superlative)

(economics, mathematics) Of or relating to Leonid Hurwicz (1917-2008), Polish-American economist and mathematician.


Kaleckian

Kaleckian (comparative more Kaleckian, superlative most Kaleckian)

more Kaleckian (comparative)
most Kaleckian (superlative)

(economics) Of or relating to Michał Kalecki (1899–1970), Polish economist.


economic substance

(US, economics, law) A substantial purpose (aside from reduction of tax liability) and an economic effect (aside from the tax effect), which a transaction must have in order to qualify for any tax benefits.


capital control

en-noun

capital control (plural capital controls)

(finance, economics) A measure implemented by a government or monetary authority to regulate and control the movement of capital across its borders.


financial repression

financial repression (plural financial repressions)

Introduced in 1973 by Stanford economists Edward S. Shaw and Ronald I. McKinnon.

Ms Reinhart and Ms Sbrancia argue the world has forgotten that the widespread system of financial repression “played an instrumental role in reducing or ‘liquidating’ the massive stocks of debt accumulated during World War II”.

2011 May 9, Gillian Tett, “Policymakers learn a new and alarming catchphrase”, in Financial Times:

Two main features of the 1950s were inflation and financial repression. […] Financial repression was used in the 1950s to prevent people and companies from using their financial assets as they chose. Although there is no precise definition of financial repression, one aspect of it is the imposition of restraints on financial institutions which go beyond those that are required to ensure that they are prudently managed.

2014, William A. Allen, Monetary Policy and Financial Repression in Britain, 1951–59, Springer, →ISBN:

(economics, finance) A set of government policies to reduce the real burden of government debt, such as capital controls or interest rate caps.


potato paradox

potato paradox (plural potato paradoxes)

(economics): In reference to the 1845 Irish famine, when potatoes became expensive. It has been argued that poorer families, who habitually ate more potatoes, ended up having to consume even more of them, since the higher prices made it even harder to afford any other goods.

(economics) The paradoxical nature of Giffen goods, where people consume more as the price rises.


Engel's law

Proposed by the statistician Ernst Engel in 1857.

(economics) The relationship whereby, as family income increases, the percentage spent on food decreases, even though the total amount of food expenditure increases.


single-taxism

(politics, economics) Support for a system of taxation based mainly or exclusively on one tax, typically chosen for its special properties, often being a tax on land value.


MONIAC

An amusing invention was the MONIAC (MOnetary National Income Analogue Computer) hydraulic macroeconomic machine where flows of investment or export were represented by streaming coloured water in transparent tubes, and the stock of money by a water tank, whereas taxation was controlled through a valve.

2018, Tönu Puu, Disequilibrium Economics: Oligopoly, Trade, and Macrodynamics, Springer, →ISBN, page 204:

(economics) Acronym of Monetary National Income Analogue Computer.


secrecy jurisdiction

secrecy jurisdiction (countable and uncountable, plural secrecy jurisdictions)

(law, business, taxation) A facility or physical location which enables individuals or entities to escape or undermine the laws, rules, and regulations of jurisdictions elsewhere, using secrecy as a primary tool.


sexual division of labour

(economics) The delegation of different tasks between the male and female members of a species.


closed currency

closed currency (plural closed currencies)

(banking, economics) A currency that is not freely available outside the country of origin and must be exchanged upon arrival.


key currency

(economics) A currency that is reliable, has little volatility, and widely used in trade and commerce on a worldwide scale.


book of lading

(shipping) A book that records the details of carried cargoes.


book of rates

(business, taxation, dated) A publication listing the official valuations of commodities, especially for tax purposes.


polyopsony

(economics) The presence of a few large buyers but many small ones, which may affect the price of commodities


controligarch

Blend of control + oligarch, coined by Seamus Bruner in 2023.

“It should come as no surprise that while the peasants are expected to eat fermented fungi, lab-grown meats and maggot milkshakes, the Controligarchs — with their private chefs — have no intention of doing the same,” Bruner writes.

2023 December 9, Lee Harding, “Book calls farmland buyer Bill Gates 'Controligarch'”, in Western Standard:

Bruner asks if the current global financial system, which is built upon an exchange network of national currencies backed by their respective governments, seems to work well. Why would one central entity need to control currency? The reason, as with many other Controligarch schemes, is that a centralised digital currency also is put forward as the solution to many nonfinancial problems— from climate change to cyberattacks to the rise of so-called disinformation.

2024 April 22, “BOOK REVIEW: Controligarchs”, in TheGeoPolity:

(economics, neologism) An oligarch who has a desire to control people's individual lives.


undercapacity

en-adj

undercapacity (comparative more undercapacity, superlative most undercapacity)

more undercapacity (comparative)
most undercapacity (superlative)

Undercapacity means more production is being demanded than is able to be produced.

2015, CIMA - E1 Organisational Management:

(economics) When companies' supply is less than the customer demand.


use value

Coordinate term: exchange value

(economics, especially Marxism) The ability of an object (not necessarily a commodity) to satisfy a human need; a utility.

The utility of a thing makes it a use-value. But this utility is not a thing of air. Being limited by the physical properties of the commodity, it has no existence apart from that commodity. A commodity, such as iron, corn, or a diamond, is therefore, so far as it is a material thing, a use-value, something useful. This property of a commodity is independent of the amount of labour required to appropriate its useful qualities.

1887, Karl Marx, “Commodities”, in Samuel Moore and Edward Aveling, transl., edited by Frederick [i.e., Friedrich] Engels, Capital: A Critical Analysis of Capitalist Production: Translated from the Third German Edition, volume I, London: Swan Sonnenschein, Lowrey, & Co., […], →OCLC, part I (Commodities and Money), section 1 (The Two Factors of a Commodity: Use-Value and Value (The Substance of Value and the Magnitude of Value)), page 2:

A commodity is, in the first place, a thing that satisfies a human want; in the second place, it is a thing that can be exchanged for another thing. The utility of a thing makes it a use-value. Exchange-value (or simply, value) presents itself first of all as the ratio, the proportion, in which a certain number of use-values of one sort are exchanged for a certain number of use-values of another sort.

1970 [1915], Vladimir Lenin, “Marx's Economic Doctrine”, in Karl Marx: A Brief Biographical Sketch with an Exposition of Marxism, Foreign Languages Press, page 19:

(economics, especially Marxism) An object with such ability.


zombie state

(economics, geopolitics, uncommon) A country or nation that is entirely dependent on foreign aid or assistance in order to survive.


printing-press money

Coordinate term: pen-and-ink money

(economics) Money printed by the government.


pen-and-ink money

Coordinate term: printing-press money

(economics) Money "created" by a commercial bank when it issues a loan or buys an asset.


dynamic inconsistency

(economics, game theory) A situation in which a decision maker's preferences change over time in such a way that a preference can become inconsistent at another point in time.


time-based currency

en-noun

time-based currency (plural time-based currencies)

(economics) An alternative currency or exchange system where the unit of account is the person-hour or some other time unit.


bottleneck inflation

bottleneck inflation (plural bottleneck inflations)

(economics) A type of inflation in which the supply falls drastically while demand remains constant.


circulation time

circulation time (countable and uncountable, plural circulation times)

tracing the precise circulation routes and circulation time of exchange goods may offer finer detail on social questions, cf. Frankenstein and Rowlands ( 1978 ).

1984, John L. Bintliff, European Social Evolution: Archaeological Perspectives, page 28:

This would seem to confirm our hypothesis that increasing circulation time reflects periods of declining supplies of bronze.

1984, Matthew Spriggs, Marxist Perspectives in Archaeology, page 92:

Swords were classified according to degree of wear—that is, circulation time.

2005, Kristian Kristiansen, Michael Rowlands, Social Transformations in Archaeology, page 93:

During its circulation time, capital does not function as productive capital, and therefore produces neither commodities nor surplus-value.

We can think of the capitalist's desire to reduce circulation time in terms of turnover time.

Industrial capital requires —to a greater or lesser degree—time (circulation time) and costs (circulation costs) for the sale.

2018, Teinosuke Otani, A Guide to Marxian Political Economy, page 295:

(economics, archaeology) The time in which capital is bound up the form of a commodity; the time in which a manufactured item is in use.


demand side

(economics) In a market trade, the side where the demand comes from.


demand-side economics

Coordinate term: supply-side economics

(economics) A branch of economics that focuses on the demand side of the economy.


Bewlian

en-adj

Bewlian (comparative more Bewlian, superlative most Bewlian)

more Bewlian (comparative)
most Bewlian (superlative)

(economics) Of or relating to Truman Bewley (*1941), American economist.


Prescottian

Prescottian (comparative more Prescottian, superlative most Prescottian)

more Prescottian (comparative)
most Prescottian (superlative)

(economics) Of or relating to Edward C. Prescott (1940-2022), American economist.


Ramseyan

Ramseyan (comparative more Ramseyan, superlative most Ramseyan)

more Ramseyan (comparative)
most Ramseyan (superlative)

Ramseyan taxation

(economics, mathematics, philosophy) Of or relating to Frank Ramsey (1903-1930), British economist, mathematician, and philosopher.


basket of goods

en-noun

basket of goods (plural baskets of goods)

The rising cost of the basket of goods hints at inflation.

consumer price index
consumer price index

(economics) A standard set of hypothetical consumer purchases used to measure a consumer price index.


hard landing

hard landing (countable and uncountable, plural hard landings)

Coordinate term: soft landing

(economics) A marked economic slowdown or downturn following a period of rapid growth.


trade barrier

(economics, business, trading) A government-induced restriction on international trade.


first best

Here the government should avoid any policy that affects the workers' decision rules since it would harm efficiency, and the first-best way of pursuing distributional goals is through lump-sum transfers.

2018, Lars Ljungqvist and Thomas J. Sargent, Recursive macroeconomic theory, 4th edition, MIT Press, page 200:

(economics) Characterized by all optimality conditions being satisfiable.


first best

(economics) A situation where all optimality conditions are satisfied.


Arrovian

en-adj

Arrovian (comparative more Arrovian, superlative most Arrovian)

more Arrovian (comparative)
most Arrovian (superlative)

The chapter proves Arrow's theorem and investigates the possibility of uncovering a satisfactory social choice rule by relaxing the conditions while remaining within the Arrovian framework[.]

2002, Donald E. Campbell and Jerry S. Kelly, Impossibility theorems in the arrovian framework, p. 36, in: Kenneth J. Arrow, Amartya K. Sen and Kotaro Suzumura (eds.), Handbook of Social Choice and Welfare (Volume 1), Elsevier 2002

(economics) Of or relating to Kenneth Arrow (1921–2017), American economist.


divine coincidence

en-noun

divine coincidence (countable and uncountable, plural divine coincidences)

In [the standard new Keynesian framework], stabilizing inflation is equivalent to stabilizing the welfare-relevant output gap. In this paper, we argue that this property of the new Keynesian framework, which we call the divine coincidence, is due to a special feature of the model […]

2007, Oliver Blanchard and Jordi Galí, Real Wage Rigidities and the New Keynesian Model, Journal of Money, Credit and Banking 39(s1), pp. 35--65

Because credit shocks appear in the Phillips curve, the so-called divine coincidence […] does not hold, and it is not possible to achieve the global minimum of the loss function with just one policy instrument.

2023, Eric Sims, Jing Cynthia Wu, and Ji Zhang, The Four-Equation New Keynesian Model, The Review of Economics and Statistics 105(4), pp. 931--947

(economics) The property of a (New Keynesian) macroeconomic model that stabilizing inflation and stabilizing the (relevant) output gap is equivalent.


Wicksellian

en-adj

Wicksellian (comparative more Wicksellian, superlative most Wicksellian)

more Wicksellian (comparative)
most Wicksellian (superlative)

Woodford […] labeled ̃r_t the Wicksellian real interest rate. [original emphasis deleted]

2018, Carl E. Walsh, Monetary Theory and Policy (4th ed.), MIT Press, p. 337

(economics) Of or relating to Knut Wicksell (1851–1926), Swedish economist.


CIVETS

(geopolitics, economics) Acronym of Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa: an international economic organization comprising these fast-growing economies.