- Industry: Education
- Number of terms: 31274
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A procedure to determine whether a trade restriction intended to serve some purpose is necessary for that purpose.
Industry:Economy
A harmful externality; that is, a harmful effect of one economic agent's actions on another. Considered a distortion because the first agent has inadequate incentive to curtail the action. Examples are pollution from factories (a production externality) and smoke from cigarettes (a consumption externality).
Industry:Economy
A decline in size over time, said of an economy's GDP in recession or of the size of a declining firm or industry. Seems like a euphemism, except that no obvious alternative term suggests itself. Shrinkage?
Industry:Economy
A structure of technology for a general equilibrium model due to Jones and Kierzkowski (1986). With an arbitrary but equal number of goods and factors, each factor produces two (different) goods, each good uses two (different) factors, in a way that yields more unambiguous results than one normally finds in high-dimension trade models without specific factors.
Industry:Economy
A collection of assumptions customarily made by mainstream economists starting in the late 19th century, including profit maximization by firms, utility maximization by consumers, and market equilibrium, with corresponding implications for determination of factor prices and the distribution of income. Contrasts with classical, Keynesian, and Marxist.
Industry:Economy
A model of economic growth in which income arises from neoclassical production functions in one or more sectors, displaying diminishing returns to saving and capital accumulation. Due to Solow (1956) and Swan (1956).
Industry:Economy
A production function with the properties of constant returns to scale and smoothly diminishing returns to individual factors.
Industry:Economy
A view of the world that favors social justice while also emphasizing economic growth, efficiency, and the benefits of free markets.
Industry:Economy
After deduction. Contrasts with gross. Exactly what is deducted to get from gross to net depends on the context.
Industry:Economy
1. Of a firm, total revenue minus total cost. 2. Of a country, national income minus capital consumption allowance.
Industry:Economy
