Routledge Dictionary of Economics Second edition phần 8 doc

... about the profitability of theexisting firms of an industry.ReferencesFudenberg, D. and Tirole, J. (1 986 ) ‘A‘‘signal jamming’’ theory of predation’,Rand Journal of Economics 18: 211–31.signalling ... 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, ... rates of return of HUMAN CAPITAL and of majorpublic investments are often calculated.An alternative measure is theINTERNALRATE OF RETURNwhich takes into accountthe timing of earnings.rate of...

... 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; ... RutherfordSeealso:economicsandpsychologyReferencesAkerlof,G.andDickens,W.T.(1 982 )‘Theeconomicconsequencesofcognitivedis-sonance’,AmericanEconomicReview72:307–19.Festinger,L.(1957)ATheoryofCognitiveDissonance,Evanston,IL:Row,Peter-son.CohesionFund(O0)EUROPEANUNIONfundcreatedin1993bytheMAASTRICHTTREATYtoprovidemoneyforenvironmentalandtrans-Europeannetworkprojectsinmemberstateswhosegrossdomesticproductislessthan90percentoftheEUaverage.Thefundcancontributeupto85percentofthepublicexpenditureonaproject.coinage(E4)Piecesofmetalofastandardsizeandweightstampedbyasovereignpowertogivethemthestatusofmoney.CoinswerefirstusedasmoneybytheLydians(GreekinhabitantsofwhatisnowWestTurkey)intheseventhcenturyBC.Thefirstcoinsweremadeofelectrum,anaturalalloyofgoldandsilver.Silver,bronzeandcopperwerelaterusedinAncientGreeceandtheRomanEmpire.Coppercoins,usedforsmalltransactions,wereissuedwithamonetaryvalueinexcessofthevalueofmetalused,establishingtheprincipleoftokenmoney,whichisthenatureofcoin-agetoday.Thefirstproblemsofcoinage,clippingandforgery,weresolvedbyachangeinproductionmethodfromham-meringtomillingtoensureastandardsize.Thesecondproblem,theinconveni-enceoftransportingittocarryoutlargefinancialtransactions,wasremediedbytheuseofbanknotes.coincidentindicators(E3)MeasuresofeconomicactivityusedbyeconomicforecasterstotrackcyclicalmovementsintheECONOMY.Themainonesusedareemploymentinnon-agriculturalenterprises,personalincomelesstransferpayments.andindicesoftotalindustrialproductionandmanufacturingandtradesales.Seealso:economicindicatorsColbertism(H2,L5,N4,N6)Governmentinterventioninindustry,namedaftertheFrenchMERCANTILISTJeanBaptisteColbert(1619 83 )whosuccess-fullyreformedtheFrencheconomyafter1649.InFrance,thehomeofColbertism,thegovernment’sabilitytosubsidizein-dustryandfollowprotectionistpolicieshasbeenlimitedsinceentrytotheEur-opeanEconomicCommunityin19 58. Seealso:dirigismecollaborative ... Rutherfordofproduction;totheAUSTRIANSCHOOLtimewascrucialtotheconcept;toFISHERcapitalwasastockwhichproducedastreamofincomewithitsvaluedeter-minedbyrelativepreferenceforfutureratherthanpresentgoods.Importantde-batesincludetherelationshipbetweentheRATEOFINTERESTandthevalueofcapital,aswellasdiscussionofthenotionofaggregatecapital.Astherearemanyimportantsub-speciesofcapital,includingHUMANCAPITALandEQUITYcapital,specia-listtheoriesofcapitalarealsopro-pounded.Capitaltheoryexpandeditsconcernsinthe1960swithinthecontextofgrowththeory.Amajorissuediscussedthenwasthemethodofmeasuringaggre-gateorsocialcapitaltoachieveavalueindependentofdistributionandprices.JoanROBINSONsuggestedusinglabourtimeasameasure;ChampernowneintroducedaCHAININDEXMETHOD.Seealso:CambridgecontroversiesReferencesHarcourt,G.C.(1972)SomeCambridgeCon-troversiesintheTheoryofCapital,Cam-bridge:CambridgeUniversityPress.Kregel,J.A.(1976)TheoryofCapital,London:Macmillan.capitaltransfertax(H2)UKtaxintroducedin1975ontransfersofwealthpayablebythedonororrecipientduringlifeoratdeath.Estateduty,inforcefrom 189 4to1975,wastheprede-cessorofthistax.capitalutilization(D2,E2)1Theproportionoffixedcapital(build-ingsandmachinery)inuse.Ifmachin-eryisworkedforonlyhalfofatimeperiod,thecapitalutilizationrateis50percent.2Actualoutputasapercentageofpoten-tialoutputatareferencedate.Seealso:capacityutilizationcapitalvalue(E2,M2)Avaluationofanassetbroadlymeasuredeitherbydiscountingthetotalfutureincomeexpectedfromtheassetorbycapitalizingtheexpectedincome.Seealso:discounting;netpresentvaluecapitalwidening(E2)AnincreaseintherealcapitalstockleavingtheCAPITAL–LABOURRATIOun-changedasthecapitalstockandthelabourforcegrowatthesamerate.Seealso:capitaldeepeningcapitationtax(H2)seepolltaxcappinganinterestrate(G1)Separatingthepartofinterestpaymentsinexcessofrealinterestpaymentsandthencapitalizingitbyaddingittothelong-termdebt.captiveinsurance(G2)Aninsurancecompanywhosebusinessismainlysuppliedandcontrolledbyitsowners.Theprincipalbeneficiariesarethoseoriginallyinsured.capturetheory(K2,L4)seeregulatorycapturecarbonsequestration(Q2)Storingcarbondioxidebyplantingtreesorpumpingintoundergroundreservoirs:anapproachtoreducingglobalwarming.carbonsink(Q2)Anareawithtreesandplantswhichhasbeencreatedtoabsorbcarbondioxide.Thishasbeenproposedtoreduceglobalwarming.carbontax(H2,Q2)Ataxrelatedtothecarboncontentofcoal,naturalgasoroil,whichisimposedtoimprovethenaturalenvironment.Thetaxcantaketheformofafixedamountpertonofcarbonembodiedineachfuelorbeantaxisrelatedtotheemissionreductiontargetchosen.Seealso:effluentfee;environmentaltax;marketabledischargepermitcardinal...

... themasses of knowledge which fuelled hisanalysis of history and society.His contribution to economics appearsin Grundrisse ( 185 7 8) , Das Kapital ( 186 7, 188 5 and 189 4) and Theories of SurplusValue ... ECONOMICS. ReferencesBerg, M. (1 980 ) The Machinery Questionand the Making of Political Economy 181 5– 48, Cambridge: Cambridge Uni-versity Press.Mill, J.S. ( 184 8) Principles of PoliticalEconomy: With Some of their ... 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...

... wasProfessor of Economics at the School of Oriental and African Studies, University of London, from 1964 to 1979. Her mostfamous contribution to economics is hertheory of the growth of the ... of a firm. When measuringMONOPOLY POWER, normal profit is used asa benchmark: if a firm has profits in excess of normal profit, it is to some extent amonopolist.normative economics (A1) Economics ... PRIZE FOR ECONOMICS in 1977.ReferencesSamuelson, P.A. (1 981 ) ‘Bertil Ohlin( 189 9–1979)’, Scandinavian Journal of Economics 83 : 355–71.Steiger, O. (1976) ‘Bertil Ohlin and theorigins of the Keynesian...

... theTOBITMODELmethod.See also: flow of funds accountReferencesPurvis, D. and Myhrman, J. (1 982 ) ‘JamesTobin’s contribution to economics ,Scandinavian Journal of Economics 84 :61 88 .Tobin, J. (1974 and ... of macro estimates’, Journal of Labor Economics 1: 1–27.Mulvey, C. (19 78) The Economic Analysis of Trade Unions, Oxford: Martin Ro-bertson.union wage policy (J3, J5)The course of action of US ... federalismTorrens, Robert, 1 780 – 186 4 (B3)A prolific English classical economist whoserved in the Royal Marines from 1797 to 183 5 and was a Member of Parliamentfrom 183 1 to 183 5. In a long series of publications...

... 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 ... WilliamEdwardBurghardtDuBois( 186 8–1963),SadieTannerMossell Alex-ander( 189 8–1 989 ),GeorgeEdmundHaynes( 188 0–1960) and William Henry Dean Jr(1910–52).TheirworkhasincludedthestudyofMIGRATION,DISCRIMINATIONandLO-CATIONTHEORY.AfricanDevelopmentBank(G2)Abankoperatingfrom1966:itfinancesinvestment ... RutherfordincreaseconsumerdemandforproductsnewtothemarketorinEXCESSSUPPLY.ReferencesCarter,M.,Casson,M.andSuneja,V.(19 98) Theeconomicsofmarketing,Cheltenham,UK,andNorthampton,MA:EdwardElgar.Reekie,W.D.(1 981 )TheEconomicsofAdvertising,London:Macmillan.Schinalensee,R.(1972)TheEconomicsofAdvertising,Amsterdam:North-Holland.Advisory,ConciliationandArbitrationService(J5)ThecentralUKbody,setupin1974undertheTRADEUNIONANDLABOURRELA-TIONSACT,topromoteanimprovementinindustrialrelations,toencourageanexten-sionofcollectivebargaininganditsreformthroughadvice,conciliation,enquiriesandarbitration,andtoruntheCENTRALARBI-TRATIONCOMMITTEE.Animportantaspectofitsactivitieshasbeenthepublicationofcodesofpracticeinindustrialrelations.affinitycard(G2)ACREDITCARDlinkedwithacharitythatreceivesdonationsinproportiontotheamountspentbytheuserofthatcard.affirmativeaction(J7)Aseriesofactionstakenbyanemployerorpublicauthoritytoadvancetheoppor-tunitiesofdisadvantagedgroups,espe-ciallyethnicminorities,toincreasetheirrepresentation,particularlyinemploymentandotheractivities.Seealso:reversediscriminationAFL–CIO(J5)AmericanFederationofLaborandCon-gressofIndustrialOrganizations:amergeroftworivallabourfederationsoftheUSAin1955whichbroughtbackthebreakawayindustrialunionsthathadseparatedfromtheircolleaguesincraftunions.SomeUSlabourunionsarenotaffiliatedtotheAFL–CIO.Seealso:craftunion;generalunion;industrialunionAfrican–Americaneconomists...

... D.N. (1 983 ) ‘The rhetoric of economics , Journal of Economic Litera-ture 21 (June): 481 –517.—— (1 986 ) The Rhetoric of Economics, Brighton: Wheatsheaf. economics of crime (K4)1 A branch of NEOCLASSICAL ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:213–25.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)(1 984 )ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1 989 )AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1 986 )EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85 :89 9–1116,1 985 .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-omy83:27–56.Iannaccone,L.R.(19 98) ‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic ... Rutherford(1995)Theeconomicsoforganisedcrime,Cambridge,NewYorkandMelbourne:CambridgeUniversityPress.economicsofinformation(D8)Abranchofeconomicsthatrecognizestheimperfectionofinformation,thecostsofobtainingitanditsasymmetriccharacterbecauseoftheactionsoffirmsandin-dividuals.Thesourcesofinformation,includingthatwhichisspontaneouslygeneratedbythemarket,areconsidered.Informationeconomicshasmanyimplica-tionsforfinancialmarkets.ReferencesStigler,G.J.(1961)‘Theeconomicsofinformation’,JournalofPoliticalEcon-omy69:213–25.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)(1 984 )ReadingsintheEconomicsofLawandRegulation,Oxford:ClarendonPress.Polinsky,A.(1 989 )AnIntroductiontoLawandEconomics,Boston:Little,Brown.Posner,R.A.(1 986 )EconomicAnalysisofLaw,3rdedn,Boston:Little,Brown.‘Symposiumonlawandeconomics’,Co-lumbiaLawReview85 :89 9–1116,1 985 .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-omy83:27–56.Iannaccone,L.R.(19 98) ‘Introductiontotheeconomicsofreligion’,JournalofEconomicLiterature36:1465–96.economicsofthearts(Z1)seecultural economics economic...

... wasassistant editor of The Economist from 186 8 to 187 6 and city editor of the DailyNews from 187 3 to 187 6), he became acivil servant working at the Board of Trade as Chief of the Statistical ... writers of this school were BrunoHILDEBRAND( 181 2– 78) , Wilhelm ROSCHER ( 181 7–94)and KarlKNIES ( 182 1– 98) , the leader wasGustav vonSCHMOLLER ( 183 8–1917) andthe later writers were Arthur Spiethoff( 187 3–1957), ... Rutherfordextendedequilibrium(D5)AnexpansionoftheconceptofGENERALEQUILIBRIUMtoincludethenaturalenviron-ment.extendedfundfacility(F3)AtypeofINTERNATIONALMONETARYFUNDloanintroducedin1974whichisgrantedtoacountrywhichagreestoaneconomicadjustmentprogrammeoverathree-yearperiod.Repaymentbeginsfourandahalfyearsaftertheloanisgrantedandisextendedoverasix-yearperiod.Thefacil-itywasusedtotheextentofabout$100millionannuallyinthe1970s,andbythemid-1 980 shadrisentoover$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.(1963)‘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...

... disapproval of thepolicies of THATCHERISM was evident in hisThe Scourge of Monetarism (1 982 ).ReferencesKaldor, N. (19 78 80 ) Collected EconomicEssays, London: Duckworth.Thirlwall, A.P. (1 987 ) Nicholas ... re-mained a fellow from 1929 to his death;professor of economics from 1951 to 1972.His Making of Keynes’ General Theory(1 984 ) illuminated the development of Keynes’s thought from 1923 to 1936. Hewas ... Director of the Research and Planning Division of the UN Economic Commission for Eur-ope from 1947 to 1949, after which he wasa fellow of King’s College, Cambridgeuntil 1 986 , rising to a chair of economics which...

... samelevel of output, neither expanding norcontracting as any spending of entre-preneurs’ profits leads to an equalcreation of other profits elsewhere inthe economy.2 The money-creating process of ... costs of regulationBureau of Economic AnalysisBureau of the BudgetChancellor of the Exchequer© 2002 Donald RutherfordSubject classificationsA General economics and teachingA1 General economics A2 ... 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...