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Important economic terms to know - The Economics of Well-Being

Slate Money Slate Money is a podcast hosted by Felix Salmon, who teaches and simplifies economics for the average listener. Mass unemployment in the 1930s Both inflation and mass unemployment can be devastating for society. basis point One basis point equals 1 100th of a percentage point. The Year in Wages and Wealth Stocks Up, Paychecks Flat, The Economist The economic debate in 2013 was dominated by discussions of when the Federal Reserve should begin pulling back on support to the economy. So there are five econ terms I think should enter our everyday vocabulary. It is a superb source for news and comment on the world of economics and financial markets.

Many things of value in life cannot be fully captured by GDP, but they can be measured by metrics of health, education, political freedom, and the like., The Monkey Cage This graph charts the trend in what s called public mood the public s overall liberalism or conservatism, derived from hundreds of different survey questions. Indeed, those that have tried to do so have condemned themselves to inefficiency and comparative poverty, compared with countries that engage in international trade. These funds are taxed upon withdrawal and may be subject to penalty if withdrawn before age 59. on Greg Rosston How about Transactions Costs Coase?, Frontiers of Legal Theory Cambridge Harvard University Press, 2001 Posner, Richard A. This is an enticement to investors to purchase that company s shares, and represents a way of distributing some of a company s profits to its ultimate owners.


For example, there is only so much wheat grown every year. News has analyzed over 4,500 stocks to help investors reach their financial goals. chained dollars Statistics Canada uses chained dollars to express real volumes of production or expenditure. If you go to the news section and then head for the business news you will get instant access to all the latest economics stories. Here are the economic systems you should be familiar with.


If you are a journalist, you might want and complimentary access to our both reliable sources of current economic information. Because diamonds are rare, the marginal benefit of an extra diamond is high.

of something that s available for sale while to purchase it. A version of this article appeared in the issue of Harvard Business Review.

A 1987 interview with the Financial Times alerted the world to his views sending a long parade of happiness pilgrims to Bhutan and spurring the king to eventually convert GNH into something tangible enough to measure with development indicators and polling data.


This one minute long podcast quickly covers hot economic topics and new research on the global economy.


In its early days the Clinton administration pushed the Bureau of Economic Analysis the agency that measures U. Fed the The Fed is the colloquial name for the United States Federal Reserve.


Corporate profits are our only consistently rising metric of economic success., Bloomberg View One of the best ways to identify a market that is exhausted is to look for any divergences between Breadth i. Source martin fox photos getty images Every year, the asks a bunch of scientists one interesting question. One could therefore ask what if anything the Fed accomplish for the real economy by delaying tapering but that s outside the subject of this chart. The last time these ratios traded near these levels was in the aftermath of the original QE programs, which had managed to move expectations notably. Fiscal Policy, Monetary Policy terms like gdp,ppp purchasing power parity,fdi,fii foreign institutional inflation, opportunity cost e., advances in econometric technique, but it did remind me of some important ones. Ultimately, this policy is causing the 500 million residents of Northern China to lose more than 2.

Economics is also concerned with maximising how happy are people.

Laffer curve A curved graph, developed by Arthur Laffer, that illustrates the relationship between tax rates amount of tax revenue collected by Governments.

The 50 Most Important Economic Theories Donald Marron The 50 Most Important Economic Theories August 17, 2009 by What are the 50 most important economic theories of the last century?

Broadly speaking, governments have tried two methods of subsidising agriculture. on How about secular stagnation theory of the sort popularized by Hansen, Keynes, and some of the folks at the U. For instance, graphic of highly improbable harms might be more influential on behavior and demand unjustified use of resources than statistical analysis showing another equally undesirable harm to be more common and easier to avoid. In this case, the marginal cost of an additional passenger is very small. I think it s the most powerful depiction I ve seen of how the recovery has helped to normalize much of the labor force but has left the long-term unemployed behind. Li, Evidence on the impact of sustained exposure to air pollution on life expectancy from China s Huai River policy.

Putting up the premium will not solve this problem, for as the premium rises the insurance policy will become unattractive to more of the people who know they have a lower risk of claiming. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage over other producers.

With a, investors will be watching closely to see how the economy does. She answered her phone she s had an iPhone since she was 11 sounding as if she d just woken up. Liquidity The ability of an asset to be converted to cash quickly without sacrificing value or giving a discount on the price. However, self-interest does not necessarily mean selfish. The media is full of stories about how which kind of people stay married, or what diet is associated with better health.

Derek Thompson, The Atlantic The story of the year was the labor market vs. It did this by examining choices in terms of their that is, what is the next best use of resources to that which is being considered?

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of something that s available for sale while to purchase it.

The new tax bill by the House GOP on Thursday would permanently slash the corporate tax rate from 35 percent to 20 percent, reduce the number of individual income tax brackets, and repeal a host of taxes paid by the richest households, including those inheriting estates worth millions of dollars.


Money Broadly speaking, money is anything that can be used as a means of payment for example, to settle a debt., New York magazine Hands down, the best economic story of 2013 was the tale of the 28-year-old UMass Amherst grad student, Thomas Herndon, who debunked a famous study by two Harvard professors Carmen Reinhart and Ken Rogoff. I am working on my dissertation on economic impact of small business ower respective to the implementation of one states manadtory health care plan. Poverty Rate The proportion of individuals or households in a jurisdiction which are defined as poor, according to either absolute or relative definitions of poverty.


This is the site for the US bureau of labor statistics.


other primary industries The Board defines other primary industries as all primary industries except agriculture. Whenever you see these stories, you should ask What about endogeneity?

It is arguably one of the dominant theories of jurisprudence. Economics of daily living In recent years, economists such as have widened the scope of economics to include everyday issues, such as crime, family and education and explained these social issues from an economic perspective. The Conference Board does a 5-Year and 20 year forecast of this indicator barrel bbl Oil in North America is measured in barrels. Normative statements Subjective value-based claims that attempt to prescribe how world should be Normal good Goods for which, all things equal, increase in quantity demanded increases as individuals real income increases. This site has a large selection of economics lesson plans for all grades and levels of study.

FII s are just as likely as any other category of investors to indulge in irrational buying and selling.

LSE Public Lectures and Events The London School of Economic s Public Lectures and Events is a series of economic talks and lectures given by economists and academics at the London School of Economics.


Law as an Autonomous Practice Most traditional theories of jurisprudence look to uncover the essential or definitive aspects of the institution of law. So 4 is directly linked to 5 and 6 for Hayek, via nos.

M1 money supply Canada s M1 supply comprises all banknotes and coins in circulation plus all the funds available in personal chequing accounts and current accounts at Canadian banks. Federal Reserve The Federal Reserve is the central bank of the United States. For example, if the price of a good increases, but people s willingness to pay remains the same, the benefit received maximum willingness to pay minus price will be less than before. Complements Goods or services used in conjunction to other goods or services. Every now and then, you will hear government officials. Putting up the premium will not solve this problem, for as the premium rises the insurance policy will become unattractive to more of the people who know they have a lower risk of claiming.

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Iraq and Angola are not as of 2007 subject to OPEC production quotas.


The giant software company was found guilty of behaviour, which was said to slow the pace of innovation.


In fact, much philosophical discussion of law assumes that such a is the essential aim of jurisprudence. It also considers how legislation should be used to improve market conditions in return. Incentives may posses a negative or a positive intention.

Credit The ability to purchase something without immediately paying for it through a credit card, a bank loan, a mortgage, or other forms of credit. Many things of value in life cannot be fully captured by GDP, but they can be measured by metrics of health, education, political freedom, and the like. A common version in macroeconomic modelling defines output as a function of capital, labour, and productivity. Focusing on the margin means only considering the NEXT piece of pizza eaten, or the NEXT video game being made. Second in order to arrive at a properly analyzed concept of law, both legal positivism and law as integrity are best constructed from specific techniques of analytic and linguistic philosophy.

Economic Rockstar Frank Conway is the founder of Economic Rockstar, an economics podcast dedicated to breaking down the complexity of economics and finance in easy to understand terms.

Would I make sense by asking how many different economic frameworks could there be?

There have been big differences in antitrust policies both among countries and within the same country over time.

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