Routledge Dictionary of Economics Second edition phần 3 pps

... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:2 13 25.Stiglitz,J.E.(2000)‘Thecontributionoftheeconomicsofinformationtotwen-tiethcenturyeconomics’,QuarterlyJournalofEconomics115November):1441–78.economicsoflaw(K0)1Theeconomicanalysisoflegalissues,especiallyPROPERTYRIGHTS,negligence,contractandcrime,aswellasthemoreobviouslyrelatedareasofregulation,competitionandmonopoly.2Theapplicationofpricetheoryandstatisticalmethodstothestudyoflegislation,legaldecisionsandcourtsoflaw.COMMONSwasoneofthefirsteconomiststouselegalmaterialstofurthereconomicanalysis.COASEpio-neeredtherigorousapplicationofeco-nomicstoalegalproblem–inhiscasethelawofnuisance.STIGLERandothersbroughttheilluminationofeconomicsintodarkareasofREGULATION.Posnerdemonstratedthatmostbranchesofthelawcanbenefitbytheuseofeconomicconcepts.ThevaluationofcostsandbenefitsandtheapplicationofthenotionofOPPORTUNITYCOSTtomanylegalproblemsaretheprincipalwaysinwhicheconomistshaveshownthem-selvestobeinvaluablecolleaguesoflawyers.Suchistheimportanceofthismod-ernbranchofeconomicsthatseveraljournalsspecializeinblendingeconomicandlegalanalysis,notablyJournalofLawandEconomics,JournalofLegalStudies,InternationalReviewofLawandEconomicsandJournalofLaw,Econom-icsandOrganization.Seealso:economicsofcrimeReferencesHirsch,W.Z.(1999)Lawandeconomics:Anintroductoryanalysis,3rdedn,SanDiegoandLondon:AcademicPress.Ogus,A.I.andVeljanovski,C.G.(eds)(1984)ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1989)AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1986)EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–1116,1985.Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(1975)‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy 83: 27–56.Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic ... The Rhetoric of Economics, Brighton: Wheatsheaf. economics of crime (K4)1 A branch of NEOCLASSICAL ECONOMICS which analyses the decision making of criminals in terms of a comparison of the marginal ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:2 13 25.Stiglitz,J.E.(2000)‘Thecontributionoftheeconomicsofinformationtotwen-tiethcenturyeconomics’,QuarterlyJournalofEconomics115November):1441–78.economicsoflaw(K0)1Theeconomicanalysisoflegalissues,especiallyPROPERTYRIGHTS,negligence,contractandcrime,aswellasthemoreobviouslyrelatedareasofregulation,competitionandmonopoly.2Theapplicationofpricetheoryandstatisticalmethodstothestudyoflegislation,legaldecisionsandcourtsoflaw.COMMONSwasoneofthefirsteconomiststouselegalmaterialstofurthereconomicanalysis.COASEpio-neeredtherigorousapplicationofeco-nomicstoalegalproblem–inhiscasethelawofnuisance.STIGLERandothersbroughttheilluminationofeconomicsintodarkareasofREGULATION.Posnerdemonstratedthatmostbranchesofthelawcanbenefitbytheuseofeconomicconcepts.ThevaluationofcostsandbenefitsandtheapplicationofthenotionofOPPORTUNITYCOSTtomanylegalproblemsaretheprincipalwaysinwhicheconomistshaveshownthem-selvestobeinvaluablecolleaguesoflawyers.Suchistheimportanceofthismod-ernbranchofeconomicsthatseveraljournalsspecializeinblendingeconomicandlegalanalysis,notablyJournalofLawandEconomics,JournalofLegalStudies,InternationalReviewofLawandEconomicsandJournalofLaw,Econom-icsandOrganization.Seealso:economicsofcrimeReferencesHirsch,W.Z.(1999)Lawandeconomics:Anintroductoryanalysis,3rdedn,SanDiegoandLondon:AcademicPress.Ogus,A.I.andVeljanovski,C.G.(eds)(1984)ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1989)AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1986)EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85:899–1116,1985.Veljanovski,C.(1990)TheEconomicsofLaw.AnIntroductoryText,London:InstituteofEconomicAffairs.economicsofreligion(L3)Astudyofnon-marketbehaviourwithincommunitiesofbelievers.Matterscoveredincludetheinfluenceofreligiousbeliefoneconomicbehaviour,theuseoftheologytocriticizeeconomicpolicy,andtheapplica-tionofmicroeconomictheorytothestudyofindividualandcollectivereligiousbeha-viour.ReferencesAzzi,C.andEhrenber,F.G.(1975)‘House-holdallocationoftimeandchurchattendance’,JournalofPoliticalEcon-omy 83: 27–56.Iannaccone,L.R.(1998)‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic...

... Rutherfordextendedequilibrium(D5)AnexpansionoftheconceptofGENERALEQUILIBRIUMtoincludethenaturalenviron-ment.extendedfundfacility(F3)AtypeofINTERNATIONALMONETARYFUNDloanintroducedin1974whichisgrantedtoacountrywhichagreestoaneconomicadjustmentprogrammeoverathree-yearperiod.Repaymentbeginsfourandahalfyearsaftertheloanisgrantedandisextendedoverasix-yearperiod.Thefacil-itywasusedtotheextentofabout$100millionannuallyinthe1970s,andbythemid-1980shadrisentoover$2billionperyear.ItcanbeusedinconjunctionwithaSUPPLEMENTARYFINANCINGFACILITY.externalaccount(F4,G2)1TheBALANCEOFPAYMENTSaccountsofanation.2Abankaccountofapersonwhoisnotaresidentofthecountry.externalbalance(F4)Thestateofacountry’sBALANCEOFPAY-MENTSsuchthatitisneitherindeficitnorinsurplus.Inaccountingterms,thebal-anceofpaymentsalwaysbalancesbecauseoftheprinciplesofdouble-entrybook-keeping.However,ineconomicterms,foracountrytohaveanexternalbalancetheremustbeanequalitybetweentheflowsofpaymentsandreceiptsbetweenthatcountryandtherestoftheworldinagiventimeperiod.Seealso:internalbalanceReferencesMeade,J.E.(1951)TheTheoryofInterna-tionalEconomicPolicy,Vol.I,TheBalanceofPayments,ch.10,LondonandNewYork:OxfordUniversityPress.Swan,T.W.(19 63) ‘Longerrunproblemsofthebalanceofpayments’,inH.W.ArndtandW.M.Corden(eds)TheAustralianEconomy,Melbourne:F.W.Cheshire.externalcreditrating(F4,G2)1Theratingaccordedtoabankofitsexposuretorisk.2Thereliabilityofacountryinservicingitsexternaldebttobanksandothercountries.externaldebt(F4,H6)ThedebtacountryowestoforeignbanksandgovernmentswhichaccumulatesthroughitspersistentBALANCEOFPAYMENTSdeficits.Anattempttoachieveeconomicgrowthinashorttimeperiodisoftenthecauseofsuchindebtedness.Inextremecasesofforeignindebtedness,nationalgovernmentswillattempttorescheduletheirdebtsand,inacrisis,applytotheINTERNATIONALMONETARYFUNDforloans.Seealso:internaldebtexternaleconomyofscale(D0)AreductionintheAVERAGECOSTSofafirmasaresultoftheexpansionofthewholeindustryofwhichitispart.Amajorexampleoftheseeconomiesoccursinthecaseofthetrainingoflabour:thegeneralexpansionofanindustryrequiresmoreskilledlabourtoprovideapoolofsuitablelabourforotherfirms.Seealso:internaleconomyofscaleexternality ... committee consists of seven of the board’s governors plus five of thepresidents of the regional Federal ReserveBanks, one of whom is always the Pre-sident of the Federal Reserve Bank of NewYork. ... and the number of houses ineach price range.frequency polygon (C1)A graph of the frequency of classes of adistribution often constructed by joiningthe midpoints of the tops of the rectanglesin...

... Development© 2002 Donald Rutherford Routledge Dictionary of Economics Second edition The most informative dictionary of economics available, the Routledge Dictionary of Economics avoids the tendency ... Rutherford Routledge Dictionary of Economics Second edition Donald RutherfordLondon and New York© 2002 Donald RutherfordintheChinesecurrency,therenminbi.2Usuallyanon-votingshareoftheequitycapitalofaUKcompany.Theseshareshavebeencreatedtoenablethefoundersofacompanytoretaincon-trol.AsharestradeatlowerpricesthanBsharesastheyareuselesstoothercompaniesattemptingtogaincontrolofthecompany.GraduallytheseshareshavebeenaccordedvotingrightsastheLondonStockExchangeregardsthemasunfair.AsianDevelopmentBank(G2)Bankfoundedin1966withcapitalprovidedbyAsiancountries,theUSA,Canada,theUKandWestGermanyontherecommendationoftheUnitedNationsEconomicCommissionforAsiaandtheFarEast.Itcovershalfoftheworld’spopulation.ItisbasedinManilla,thePhilippines,andisdominatedbytheJapanese,thelargestcontributorofitscapital.Itsconserva-tivelendingpolicyhaschieflyfavouredloansforspecificprojects,e.g.tobuildports,roadsandbridges,ratherthansectorallendingtorestructuretroubledeconomies.Ithasincreaseditslendingtotheprivatesectorandhasajointventurewithcommercialbanks,theAsianFinanceandInvestmentCor-poration(AFIC).Asianoption(G1)ADERIVATIVEsettledincashwhosepay-offisrelatedtotheaveragepriceoftheunderlyingassetinacertaintimeperiod.Alsoknownasanaverageoption.Asiaticmodeofproduction(P0)Themostprimitiveformofproduction,accordingtoMARX,inwhichself-sufficientagriculturalcommunitiesaredespoticallygoverned.Thestate,throughtaxation,appropriatestheeconomicsurplusoftheagriculturalsectortofinancethebuildingofthecountry’sinfrastructure.Thecon-ceptwasdevelopedinthe1950sand1960stoexaminemoreaspectsofstateforma-tionandtheformationofclassesinprimitivecommunities.ReferencesKrader,L.(1975)TheAsiaticModeofProduction,Assen,TheNetherlands:VanGorcum.Marx,K.(1964)Pre-capitalistEconomicFormations,ed.E.Hobsbawm,London:Lawrence&Wishart.O’Leary,B.(1989)TheAsiaticModeofProduction:OrientalDespotism,Histor-icalMaterialismandIndianHistory,Oxford:BasilBlackwell.askprice(G0)ThesellingpriceofaSECURITYsetbyafinancialinstitution.Seealso:bidpriceasset(D0,G0)1Aresourcewithamarketvalue.2Aunitofwealthcapableofearninganincome.3Alargeenoughestatetodischargetheburdenonanheirorexecutor.Real(ortangible)assetsincludelandandmachinery;intangibleassetsincludegood-willandpatents;financialassetsincludecashandstockmarketsecurities.Seealso:nationalwealth;wealthassetcard(G1)ADEBITCARD.assetmotive(E4)Amotiveforholdingmoney.Toavoidriskyinvestments,peoplearepreparedtosacrificehighreturnsbykeepingtheirportfoliosinaliquidornear-liquidform.Seealso:speculativedemandformoneyassetspecificity(G0)Theuniquecharacterofadurableasset,e.g.amachine,askilledworkeroraproductionsite,whichmeansthatithasalowreturninotheruses.FormanyspecificassetsthecostofemployingthemisinthenatureofaSUNKCOST.Seealso:economicrent;transferearnings© ... I hope that this Routledge Dictionary of Economics is all of these.© 2002 Donald RutherfordbySCHUMPETERinthelatter’stheoryofdevelopment.BothMisesandSchumpeterweremembersofBoehm-Bawerk’scele-bratedseminar.AfterthecollapseoftheAustro-Hun-garianEmpireattheendoftheFirstWorldWar,themembersoftheschooldispersedtotheUK,USAandGermany.ProminentnewmembersofitincludedHABERLERandMACHLUP.Inthelatetwenti-ethcenturyHAYEKandLudwigLACHMANNwereleaders.LaterAustrianshaveat-temptedtousethebasicconceptsofradicalsubjectivism,humanpurposeandaspontaneousmarketordertocontributetomoderndebatesaboutexpectations,competitionandeconomicwelfare.Theirpolicyconcernshaveincludedtherelation-shipbetweenMONETARYPOLICYandtheTRADECYCLE,FREEBANKINGandcriticismofsocialism.ReferencesGrassl,W.andSmith,B.(1986)Austrian Economics, London:CroomHelm.Hicks,J.R.andWeber,W.(eds)(19 73) CarlMengerandtheAustrianSchoolof Economics, Oxford:OxfordUniversityPress.Lachmann,L.(1976)‘FromMisestoShackle:anessayonAustrianeconom-icsandtheKaleidicSociety’,JournalofEconomicLiterature14:54–62.Littlechild,S.(1990)AustrianEconomics ,3 vols,Aldershot:EdwardElgar.autarky(P0)1Self-sufficiency.2Acompletelyclosedeconomywhichdoesnotengageininternationaltrade.Althoughmanyeconomieshavewantedsuchindependencefromtherestoftheworldtoincreaseemployment,theirenthusiasmhasbeentemperedbyanexaminationoftheothereffectsofprotection.Seealso:utopiaauthoritativecontracting(J2,J3)seeemploymentcontractautocorrelation(C1)Thestateofaneconometricrelationsuchthatsomeoralloftheexplanatoryvari-ablesarehighlycorrelatedwitheachother.Poorspecificationoftherelationshipbe-tweenvariablesintheregressionequationisoftenthecause.auto-economy(G0)Thatpartofaneconomy,accordingtoHICKS,whichfinancesitselffromitsownstockofliquidassets.ReferencesHicks,J.(1974)TheCrisisinKeynesian Economics, ch.2,Oxford:BasilBlackwell.autogestion(J5)AFrenchapproachtoWORKERS’PARTICIPA-TIONintherunningofenterprises,pro-posedafterthe1968uprisingsinFrance.Thisphilosophyofmanagementholdsthatenterprisesshouldbelesshierarchical,withallemployeesparticipatingdirectlyindecisionmaking,especiallyaboutworkorganization,promotionandotherem-ploymentrules,technologyandmethodsofproduction.Thisdemocratizationwouldincludeanewframeworkfordis-cussionsbetweenenterprises.Seealso:syndicalismReferencesChauvey,D.(1970)Autogestion,Paris:EditionsduSeuil.automatedclearinghouse(G2)Anorganizationfortheelectronicmatch-ingofchequesdrawnondifferentbankssothatinterbankindebtednesscanbesettled.Seealso:CHAPS;CHIPSAutomated...

... Department of Labor, he wasassistant professor of economics at YaleUniversity (1954–62) before becomingProfessor of the Economics of Educationat the University of London Institute of Education; ... ‘TheValuation of Option Pricing Contractsand a Test of Market Efficiency’, Jour-nal of Financial Economics 27: 33 9–418.—— (19 73) ‘The pricing of options andcorporate liabilities’, Journal of PoliticalEconomy ... 1866–1945 (B3)After studying mathematics at UppsalaUniversity, Sweden, he became a professor of economics at Stockholm University in1902. He was a founder of modern Swed-ish economics, especially...

... from 1929 to his death;professor of economics from 1951 to 1972.His Making of Keynes’ General Theory(1984) illuminated the development of Keynes’s thought from 19 23 to 1 936 . Hewas opposed to ... themselves.ReferencesHicks, J.R. (1 939 ) ‘Foundations of welfare economics , Economic Journal 49: 696–712.Kaldor, N. (1 939 ) ‘Welfare propositions of economics and interpersonal compari-sons of utility’, Economic ... form of a promise to paybased on the debt of a firm or anindividual. Much of this money is in thefor m of bank deposits.Seealso:billofexchange;commercialpaperiron law of wages (B1, J3)TheSUBSISTENCE...

... League of Nations (1940–7), as professor of com-merce at the London School of Economics (1947–57) and at Cambridge as professor of political economy (1957–67). He wasawarded theNOBEL PRIZE FOR ECONOMICS ... EQUILIBRIUMlevel.Mises, Ludwig Edler von, 1881–19 73 (B3)A leading Viennese economist whose in-fluential seminar conducted when he wasprofessor of the University of Vienna(19 13 36 ) included many famous econo-mists, ... are matters of pricing, distribution,investment,WELFARE ECONOMICS, demandand supply. The school of NEOCLASSICAL ECONOMICS was to emphasize the microeco-nomic character of much of economics; KEYNESIANISM...

... peg’, Journal of Development Economics II: 39 –61.optimal rate of pollution (Q2)The rate of pollution at which the marginal© 2002 Donald Rutherfordexplanation of the structure of interestrates.Seealso:termstructureofinterestratesportfolio ... and at the University of Stockholmwhere he was a doctoral student of CASSEL.He was a professor of economics from1925 to 1 930 at Copenhagen and at Stock-holm from 1 930 to 1965 (as successor ... by using the concepts of the PROPEN-SITY TO CONSUME, LIQUIDITY PREFERENCE andtheMULTIPLIER in articles of 1 933 and 1 934 .In times of excess capacity, he argued (in1 934 ) that the government...

... ‘Relational wealth andthe quality of life’, Journal of Socio- economics 29: 30 5–40.relative concentration (L1)A measure of the distribution of economicactivity, or of values of an economicvariable, ... MILLdisputed aspects of it. Say’s supply anddemand analysis, incorporating the con-cepts of UTILITY and SCARCITY, make himone of the forerunners of NEOCLASSICAL ECONOMICS . Much of his economics was, ... about the profitability of theexisting firms of an industry.ReferencesFudenberg, D. and Tirole, J. (1986) ‘A‘‘signal jamming’’ theory of predation’,Rand Journal of Economics 18: 211 31 .signalling...

... cost of transact-ing’, Quarterly Journal of Economics 82: 33 – 53. Williamson, O.E. (1975) Markets andHierarchies: Analysis and Antitrust Im-plications, New York: Free Press.transaction cost economics ... of macro estimates’, Journal of Labor Economics 1: 1–27.Mulvey, C. (1978) The Economic Analysis of Trade Unions, Oxford: Martin Ro-bertson.union wage policy (J3, J5)The course of action of US ... Royal Marines from 1797 to1 835 and was a Member of Parliamentfrom 1 831 to 1 835 . In a long series of publications from 1808, he participated inthe major economic debates of the day,particularly...

... effectLombard rateLondon Inter-Bank Offered RateM0M1M2M3M3cM4M5market rate of interestmeans of paymentmedium of accountmedium of exchangemedium of redemptionmetallistminimum lending ... economics A2 Teaching of economics B Methodology and history of economicthoughtB0 GeneralB1 History of economic thought to1925B2 History of economic thoughtsince 1925B3 History of economic thought:individualsB4 ... costs of regulationBureau of Economic AnalysisBureau of the BudgetChancellor of the Exchequer© 2002 Donald RutherfordSubject classificationsA General economics and teachingA1 General economics A2...