... substitutionISCO-88 International Standard Classification of OccupationsISE International Stock ExchangeISRO International Secu rities Regulatory OrganizationIT information technologyITA International ... RutherfordInthecaseofacurrencymarket,arbitragecontinuesuntilthecrossexchangeratesareconsistent.Forexample,ifinitiallyUS$1=DM4,DM1=2guildersandUS$1=6guilders,thecorrectcross-rateshouldbeDM1=1.5guilders.Thearbitrageurssellspotandbuyforwardiftheybelievethatthevalueofacurrencyisfalling:theybenefitfromthedifferencebetweentwoprices,withtheforwardcontractprotectingthemfromafallintheexchangerate.arbitration(J5)Settlementofadisputebyreferraltoathirdparty,usedinindustrialrelationsandinmanycommercialdisagreements.Thearbitratormaybeacourtoflaw,anindependentarbitratorchosenbythepar-tiesindisputeorapermanentgovernmentbody,e.g.theADVISORY,CONCILIATIONANDARBITRATIONSERVICE(UK).Asarbitrationiseithervoluntaryorimposed,itcanbebinding,compulsory,mandatoryoruni-lateral.Landlordandtenant,shippingandbuildingcontractsoftenusethismethodofresolvingconflicts.Privatearbitration,whichmaybeinstitutedinadvancebyacontractualterm,ischeaperandquickerthanresorttolitigation.Seealso:pendulumarbitrationarcelasticity(C1,D0,D1)Theelasticityofdemandoveraportionofademandcurveortheelasticityofsupplyoverasectionofasupplycurve.Itiscalculatedfromthemidpointbetweenoldandnewpricesandquantitiesonthecurve,usingtheratioofthepercentagechangeinquantitytothepercentagechangeinprice,i.e.elasticity=DQ=ðQ1þQ2ÞDP=ðP1þP2ÞwhereP1andQ1arethepriceandquan-tityoriginallyandP2andQ2arethepriceandquantityafterthechange.ItprovidesanaverageofPOINTELASTICITIES.Aristotle ,38 4–22BC(B3)Oneoftheearliestwritersoneconomicswhoanticipatedmanylaterdebatesonvalue,moneyandeconomicsystems.IntheNichomacheanEthics,BookV,hediscussedthenatureofvalueinthecon-textofadiscussionofjustice;inTopica,heanticipatedsubsequentideasofvaluebasedonutility.Hesupportedtheideaofprivatepropertyonthegroundsthatitleadstoincreasedproductionandclearlysawthatmoneyhastheimportantfunc-tionsofservingasaunitofaccount,amediumofexchangeandastoreofvalue.ReferencesGordon,B.(1975)EconomicAnalysisbe-foreAdamSmith,London:Macmillan.Soudek,J.(1952)‘Aristotle’stheoryofex-change:aninquiryintotheoriginofeco-nomicanalysis’,ProceedingsoftheAmer-icanPhilosophicalSociety96:45–75.arithmeticmean(C1)Thesumofasetofvaluesdividedbythenumberofvaluesinthatset.Seealso:geometricmean;harmonicmeanarithmeticprogression(C6)Aseriesofnumbersincreasingbyacon-stantincrementcalledacommondiffer-ence,e.g.2,4,6,8.MALTHUSassertedthatthemeansofsubsistenceincreasesarith-metically.Seealso:geometricprogressionARMA ... Donald RutherfordRoutledge Dictionaryof Economics Second edition The most informative dictionary of economics available, the Routledge Dictionary of Economics avoids the tendency to indulge...