Weekly Five | Economy Shock

Weekly Five “N”: Unique and Useful Economic Terms

On 12.22.09, In Posts, Weekly Five, By Mario Balistreri

Nationalization: The process of a national government taking over the ownership of a private business or industry, usually in conjunction with a major revolution that establishes a communistic or socialist command economy. Nationalization was a common practice, sort of a fad, during the 1950s,1960s, and 1970s. Even non-revolutionary industrialized countries in Europe jumped onto the nationalization bandwagon. The United States also took at stab at nationalizing passenger train service when Amtrak was established in 1970.

Natural Selection: The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The notion of natural section suggests that even if firms do NOT actively, consciously pursue the profit-maximization goal, assuming they do is not necessarily unreasonable. Those firms that approximate the goal of profit-maximization, whether intentionally or accidently, are the ones most likely to survive and remain in business.

New Classic Economy: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.

Nondurable Good: A good bought by consumers that tends to last for less than a year. Common examples are food and clothing. The notable thing about nondurable goods is that consumers tend to continue buying them regardless of the ups and downs of the business cycle.

Norris-Laguardia Act: A Congressional act passed in 1932 that outlawed the use of yellow-dog contracts by employers and made it more difficult for firms to use legal injunctions against labor unions. This act strengthened labor related provisions of the Clayton Act and foreshadowed the more favorable attitude toward labor unions under the ensuing Roosevelt administration.

All definitions are provided by AmosWeb

Popularity: 3%

Weekly Five “M”: Unique and Useful Economic Terms

On 12.15.09, In Posts, Weekly Five, By Mario Balistreri

Marginal Propensity to Consume: The proportion of each additional dollar of household income that is used for consumption expenditures. Or alternatively, this is the change in consumption expenditures due to a change in disposable income. Abbreviated MPC, the marginal propensity to consume is the slope of the consumption or propensity-to-consume line that forms the foundation for Keynesian economics. As such, it also takes center stage for the slope of the aggregate expenditure line and the multiplier effect. The sum of the marginal propensity to consume and the related concept, the marginal propensity to save, is equal to one.

Misery Index: The sum of the unemployment rate and the inflation rate. For example, a 5 percent unemployment rate and a 3 percent inflation rate gives us a misery index of 8. This index was developed during the 1970s when inflation and unemployment were both moving in the upward direction.

Money Illusion: The erroneous perception that a change in nominal wages or income results in an equal change in real wages or income. Money illusion occurs due to a difference between the actual prices and perceived prices. In particular, people usually have better information about nominal wages or income received than the prices paid for goods and services. For example, a worker might receive a 10 percent increase in nominal wages view this as a 10 percent increase in real wages (and living standard) by failing to recognize that the price level in the economy has also increased by 10 percent. Money illusion is one reason underlying the positive slope of the short-run aggregate supply curve.

Moral Suasion: Government policy in which policy makers or leaders encourage or discourage particular behavior using information requests of consumers, business, and others, without formal actions such as laws or regulations. The use of moral suasion can be somewhat effective during short-term crises situations, such as wars, energy shortages, or financial instability. Moral suasion is occasionally used for monetary policy when the Federal Reserve System doesn’t want to, or have the time to, use other monetary policy tools.

Multiplier:The cumulatively reinforcing interaction between consumption and production that amplifies changes in investment, government spending, or exports. In other words, if businesses decide to increase investment expenditures on capital goods or if government decides to expand the size of the already bloated federal deficit by spending more on national defense, then our economy’s production and income are likely to increase by some multiple of this spending. The amplified increase in production and income, usually from 2 to 5 times, is what gives us the term "multiplier." The process is based on the circular flow idea the people receive income by producing goods and then spend this income on additional production.

All definitions are provided by AmosWeb.

Popularity: 7%

Tagged with: Business • Consume • Deficit • Fed • government • Income • Marginal • Misery Index • Money • Money Illusion • Moral • MPC • Multipliers • prices • Production • unemployment

Weekly Five “L”: Unique and Useful Economic Terms

On 12.08.09, In Posts, Weekly Five, By Mario Balistreri

Laissez Faire: A French term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It’s based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can’t care for yourself."

Law of Diminishing Marginal Return: A principle stating that as more and more of a variable input is combined with a fixed input in short-run production, the marginal product of the variable input eventually declines. This is THE economic principle underlying the analysis of short-run production for a firm. Among a host of other things, it offers an explanation for the upward-sloping market supply curve. How does the law of diminishing marginal returns help us understand supply? The law of supply and the upward-sloping supply curve indicate that a firm needs to receive higher prices to produce and sell larger quantities. Why do they need higher prices?

Living Standard: In principle, an economy’s ability to produce the goods and services that consumers use to satisfy their wants and needs. In practice, it is the average real gross domestic product per person–usually given the name per capita real GDP.

Location Theory: A theoretical framework for studying the location decisions made of firms and households based on transportation cost and spatial differences in the accessibility of inputs and markets for outputs. Location theory, developed with noted contributions from August Losch, Alfred Weber, Johann von Thunen, Walter Christaller, and Walter Isard, explicitly considers the cost of transportation in the production and consumption choices made by firms and households. Location theory has been used to explain urban density, labor migration, and land use.

Lorenz Curve: In general, a diagram illustrating the degree of inequality and concentration for a group. This is accomplished by plotting the cumulative percentage of a total amount obtained by cumulative percentages of the group. A common use of the Lorenz curve is the distribution of income, in which the cumulative percentage of income is measured on the vertical axis and the cumulative percentage of the population is measured on the horizontal axis. Perfect equality is indicated by a 45-degree line (that is, 10% of the population has 10% of the income, 20% of the population has 20% of the income, etc.). The actual Lorenz curve inevitably lies below the 45-degree line. The extent that the Lorenz curve differs from the 45-degree line indicates the extent of inequality.

All definitions are provided by AmosWeb

Popularity: 2%

Tagged with: France • government • Income • Income Distribution • Income Inequality • Laisez Faire • Law of Diminishing Marginal Return • Living Standards • Location Theory • Lorenz Curve • Marginal • prices • Production • Regulation • Resource • Taxes

Weekly Five “K”: Unique and Useful Economic Terms

On 12.04.09, In Posts, Weekly Five, By Mario Balistreri

Keiretsu: A form of business structure common in Japan which involves an alliance of several businesses, each working toward the mutual success of the group. The alliance also has close ties to government. Each "independent" business owns stock in the others and shares executives and directors. Keiretsu can be either horizontally or vertically integrated. Horizontal keiretsu cluster around a major bank with business ventures in a wide variety of industries. Vertical keiretsu contain businesses in all production phases of a particular industry, from raw materials to production to marketing.

Keynesian: Relating to the macroeconomic theory developed by John Maynard Keynes to address the problem of the persistently high unemployment occurring during the Great Depression. This word is commonly used as a modifier for other terms, such as Keynesian economics, Keynesian policy, or Keynesian equilibrium. Beyond the theory itself, the term Keynesian has come to reflect a particular philosophy toward government and the economy that a market-based economy is unlikely to achieve the macroeconomic goals of full employment, growth, and stability without the active use of government policies.

Killer Application: A computer program that is so incredibly useful, popular, and profitable that the company responsible for development achieves enormous growth in a relatively short time period. Several computer companies developed killer applications during the 1980s and 1990s, which contributed greatly to the computer revolution. The Lotus 1-2-3 spreadsheet program was among the first, and perhaps most noted, killer applications. This program motivated millions of businesses and consumers in the early 1980ds to purchase personal computers.

Kitchen Cycle: A cycle of economic activity lasting between 3 and 5 years that acquired the name of the first economist to study it, Joseph Kitchin. The Kitchin cycle is attributed to investment in inventories (especially for consumer goods). It is the one that is commonly at work when people are concerned with business-cycle contractions. This is also one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Juglar cycle, Kuznets cycle, and Kondratieff cycle.

Knowledge Economy: The notion that economic activity is oriented on the production and consumption of knowledge (or information), which is fundamentally different from economic activity oriented on the production and consumption of manufacturing or agricultural goods. The key to the knowledge economy is the widespread use of computers, the Internet, and other information-based technology. Differences in the knowledge economy result for the public goods nature of knowledge and information (that is, use by one does not exclude use by another).

All definitions are provided by AmosWeb.

Popularity: 2%

Weekly Five “J”: Unique and Useful Economic Terms

On 11.17.09, In Posts, Weekly Five, By Mario Balistreri

J Curve – An interesting relationship that exists between the exchange rate for a nation’s currency and its balance of trade. In principle, the drop in a nation’s exchange rate, or price of currency, makes the currency less expensive to "buy." With "cheaper" currency the price of domestic production is less and the price of foreign stuff is more, causing an increase in exports to other countries and drop in imports coming in from foreign producers. The economy thus moves in the direction away from a trade deficit and toward a trade surplus. However, the first few months after a drop in the exchange rate the balance of trade goes in the other direction, with any existing trade deficit increasing or any trade surplus shrinking. This occurs because the quantities imported and exported don’t change in the short run, but the prices do. Because more is paid for the same amount of imported goods and receive less for the same amount of exports, total spending on imports increases, total revenue received from exports declines, and the movement is in the trade deficit direction. Once those quantities start adjusting in the long run, then we see a movement in the direction of a trade surplus.

Job Satisfaction – The satisfaction or utility that a worker receives from employment. Job satisfaction might result from the working environment (friendly co-workers, supportive boss) or from the type of work performed (playing sports, creating artwork, accomplishing goals). Satisfaction generated by a job is part of the "total compensation" an employee receives, meaning workers with more job satisfaction are often willing to accept a lower monetary wage payment.

Joint Demand – Demand for two or more commodities that are either complements-in-consumption or complements-in-production. Joint demand results because two or more commodities are used together either to satisfy wants and needs or to produce goods and services. Because the commodities are used jointly, the demand for one good is necessarily based on the use and availability of another good. If, for example, you enjoy milk and brownies as complements-in-consumption, but the bakery is out of brownies, then your demand for milk is also likely to decline.

Juglar Cycle – A cycle of economic activity lasting between 8 and 10 years that acquired the name of the first economist to study it, Clement Juglar. The Juglar cycles is attributed to investment in equipment and machinery. This is one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Kitchin cycle, Kuznets cycle, and Kondratieff cycle.

Just in Time – A method of production in which inputs used in the production process are delivered to a firm or factory immediately before they are needed. Just in time limits the inventories of raw materials and intermediate goods kept on site. While this is credited with improving microeconomic production efficiency, it might also prevent macroeconomic business-cycle instability that is attributable to the unplanned build-up of business inventories.

All definitions are provided by AmosWeb

Popularity: 2%

Tagged with: Commodities • Currency • Economic Activity • Economy • Efficiency • Inputs • J Curve • Job Satisfaction • Joint Demand • Juglar Cycle • Just in time • Macroeconomic • Microeconomic • price • Production • Revenue • Utility

Weekly Five “I”: Unique and Useful Economic Terms

On 11.10.09, In Posts, Weekly Five, By Mario Balistreri

Impact Lag – In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.

Imports Line – A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy’s aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.

Income Distribution – The manner in which income is divided among the members of the economy. A perfectly equal income distribution would mean everyone in the country has exactly the same income. The income distribution in the good old U. S. of A., while more equal than most nations of the world, is far from perfectly equal. A certain amount of inequality in the income distribution is to be expected because resources are never equally distributed. Some labor is naturally going to be more productive–better able to produce the stuff that consumers want–and thus get more income. The same is true for capital, land, entrepreneurship. However, without government intervention, an unequal distribution of income tends to perpetuate itself. Those who have more income, can invest in additional productive resources, and thus can add even more to their income.

Inferior Good – A good for which an increase in income causes a decrease in demand, or a leftward shift in the demand curve. If demand decreases as income increases, it is an inferior good, or a good with a negative income elasticity of demand. An inferior good is one of two alternatives falling within the income determinant of demand. The other is a normal good.

Invisible Hand – The notion that buyers and sellers, consumers and producers, households and businesses, pursuing their own self-interests, do what’s best for the economy–automatically, without any government intervention, as if guided by an invisible hand. This invisible hand was essential to the economic analysis of markets in Adam Smith’s The Wealth of Nations. It has continued to be cornerstone in conservative economic policies that call for limits on government intervention in the economy.

Popularity: 2%

Tagged with: Impact Lag • Imports Line • Income Distribution • Inferior Good • Invisible Hand

Weekly Five “H”: Unique and Useful Economic Terms

On 11.03.09, In Posts, Weekly Five, By Mario Balistreri

Hard Peg - Establishing a fixed exchange rate between one national currency (usually that of a small country) and another national currency (usually that of an industrial power). One country, in other words, "pegs" the value of its currency to the value of another currency. This is commonly done by countries with a history of monetary instability is used as a means of restoring and maintaining order. This U.S. dollar is frequently used for a hard peg by other smaller nations. The result of a hard peg is to eliminate control by the pegging nation and relying on the actions of the targeting nation.

Hedonic - Derived from the philosophy of hedonism (that happiness is the chief good in life), the notion that value is ultimately dependent on the satisfaction of wants and needs. The word hedonic is most often used together with the word price, as in hedonic price. This suggests the view that price is based on the satisfaction generated by consuming a good, regardless of the source of the satisfaction. This notion of hedonic is closely related to, and largely indistinguishable from, the more common concept of utility.

Hoarding – The act of accumulating assets, especially goods or money, over and above that needed for immediate use based on the fear or expectation of future shortages and higher prices. For example, concerns about a worldwide shortage of sugar and chocolate might prompt a consumer to purchase several hundred boxes of candy, which are stored in a wine cellar. Alternatively, someone fearing a global collapse of the financial system might be inclined to pack pillow cases with bundles of cash or stockpile gold bullion in the closet. Such hoarding, if widely practiced, can actually contribute to the anticipated shortage and higher prices.

Homogeneous - In general, the notion that everything has identical characteristics. For example, a neighborhood might have a homogeneous culture, meaning everyone has similar income, religious preferences, and political views. In economics, it is used in a couple of different ways. One is for production, such that two or more goods are homogeneous if they are physically identical or at least viewed as identical by buyers. Another is for mathematical equations, such that an equation is said to be homogeneous if the independent variables are increased by a constant value, then the dependent variable is increased by a function of that value. In a marketing context, this is a market characterized by buyers with similar needs and wants. This group is targeted with an undifferentiated targeting strategy. The company uses only one marketing mix to satisfy this group of buyers.

Hotelling’s Paradox – A principle stating that monopolistically competitive firms seek to maintain similarities between products at the same time they maintain differences. Similarities enable substitutability. That is, one firm can attract the buyers away from other firms. Differences enable uniqueness and market control. That is, a firm has a small monopoly for its product that allows it to charge a higher price than achieved with perfect competition. This is also termed the principle of minimum differences.

All definitions were provided by AmosWeb:

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=awb

Popularity: 5%

Tagged with: Assets • buyers • Competition • Consumers • Culture • Currency • Dollar • economics • Exchange Rate • Hard Peg • Hedonic • History • Hoarding • Homogeneous • Hotelling's Paradox • Mathematical • Money • Monopoly • prices • shortage • Utility

Weekly Five “G”: Unique and Useful Economic Terms

On 10.27.09, In Posts, Weekly Five, By Mario Balistreri

Gross Domestic Product (GDP): The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. This is the government’s official measure of how much output our economy produces. It’s tabulated and reported by the National Income and Product Accounts maintained by the Bureau of Economic Analysis, which is part of the U. S. Department of Commerce. Gross domestic product is one of several measures reported regularly (every three months) by the pointy-headed folks at the Bureau of Economic Analysis.

Goldsmith Banking: An analysis of banking functions based on the semi-realistic activities of the goldsmith profession of Medieval Europe. Because the gold used a production inputs by goldsmiths was also used as money, they developed many modern banking functions, including maintaining deposits, making loans, keeping reserves, and creating money. While the story of goldsmith banking is often embellished for instructional purposes, it does contain the essence of how goldsmiths operated as banks.

Gresham’s Law: A principle stating that bad money drives good money out of circulation. For this law to apply an economy clearly needs two types of money, one considered good and the other considered bad. Good and bad money in this context has nothing to do with the propensity to torture small animals or attempts at world domination. Good and bad are based on the official value in exchange versus value in use. Gold and silver, which were both used as money in the U.S. Economy in the 1800s, provides an illustration. Silver took on the role of "bad money" because it was relatively less value in use than gold. As such, people used silver as everyday money and stockpiled, or hoarded, gold. The silver bad money drove the gold good money out of circulation.

Group of Seven: The seven of the most advanced and industrialized nations of the world (abbreviated G-7)–the United States, Britain, France, Italy, Canada, Germany, and Japan–that meet regularly to coordinate fiscal and monetary policies. Their actions are based on the proposition that our global economy and the individual countries are better off through cooperation than conflict.

Guild: In medieval European times, a collection of artisans or merchants in the same occupation or industry, often in a particular location. Guilds were the forerunners of modern craft unions. They typical set quality standards and criteria for entry into the profession. Doing so allowed guilds to limit competition, monopolize their markets, keep prices high, and boost guild member incomes.

All definitions were provided by AmosWeb:

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=awb

Popularity: 3%

Tagged with: Banking • Britain • Bureau of Economic Analysis • Canada • Department of Commerce • Deposits • Economic Analysis • Economy • European • France • G& • GDP • Germany • Goldsmith Banking • Gresham's Law • Group of Seven • Guild • Italy • Japan • Loans • markets • Money • prices • Production • United States

Weekly Five “F”: Unique and Useful Economic Terms

On 10.23.09, In Posts, Weekly Five, By Mario Balistreri

Factor Market: A market used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship. Factor markets, also termed resource markets, exchange the services of factors, NOT the factors themselves. For example, the labor services of workers are exchanged through factor markets NOT the actual workers. Buying and selling the actual workers is not only slavery (which is illegal) it’s also the type of exchange that would take place through product markets, not factor markets. More realistically, capital and land are two resources than can be and are legally exchanged through product markets. The services of these resources, however, are exchanged through factor markets. The value of the services exchanged through factor markets each year is measured as national income.

Featherbedding: A labor union practice of artificially increasing the number of workers employed even though the specific job or task can be completed with fewer workers. This can be done mandating that specific jobs be performed only by workers with specific skill levels or be mandating that a certain number of workers are needed to perform a job or task. By increasing the demand for workers, featherbedding also keeps wages higher.

Fiat Money: A medium of exchange (money) with value in exchange, but little or no value in use. Modern paper currency, coins, and checkable deposits are fiat money. The value of fiat money comes from the public’s general willingness to accept it in exchange for other goods. This willingness comes from the fact that EVERYONE is willing to accept fiat money in exchange, which largely depends on the public’s confidence in the authority (usually government) issuing the fiat money. Fiat money is NOT valuable unto itself, but it is valuable for what it can buy.

First Estate: In past centuries, this included the religious leaders and clergy. In modern times, I like to use it in reference to politicians and government leaders who can exert a great deal of control over resources through the coercive powers of government. One historical function of the first estate is to protect the less powerful consumers, taxpayers, and workers of the third estate from the market control typically held by the business leaders of the second estate. It is not uncommon, however, for an unhealthy degree of cooperation between the first and second estates, which often ends up with the enslavement of the third estate (figuratively and literally). At times help is forthcoming from the watchdog journalist of the fourth estate–unless they too have been overtaken by the ruling elite.

Frictional Unemployment: Unemployment attributable to the time required to match production activities with qualified resources. Frictional unemployment essentially occurs because resources, especially labor, are in the process of moving from one production activity to another. Employers are seeking workers and workers are seeking employment, the two sides just haven’t matched up. Hence unemployment of the frictional variety increases. This mismatch is largely the result of limited information, which is often compounded by geographic separation between producer and resource. Frictional unemployment is one of four unemployment sources. The other three are cyclical unemployment, seasonal unemployment, and structural unemployment.

All definitions were provided by AmosWeb:

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=awb

Popularity: 8%

Tagged with: Currency • Factor Market • Featherbedding • Fiat Money • First Estate • Frictional Unemployment • government • Labor • Market • Money • Resource • unemployment • Unions • Value

Weekly Five “E”: Unique and Useful Economic Terms

On 10.06.09, In Posts, Weekly Five, By Mario Balistreri

Economic Cost: Another term for opportunity cost (the highest valued alternative foregone in the pursuit of an activity) that is used in the study of economics to indicate the fundamental role opportunity cost plays in economics. The value expressed in terms of satisfaction of the foregone activity is your opportunity cost. Because there are usually several alternatives that aren’t pursued, opportunity cost is the highest-valued one. An opportunity cost is sometimes compensated with some form of payment, like a wage. However, the existence of an opportunity cost is independent of any actual cash outlay.

Economic Thinking: A way of looking at, and analyzing, the way the world works by comparing the costs of an action with the benefits generated. Economic thinking arises from scarcity, which exists because wants and needs and unlimited but resources are limited. This means virtually all actions incur an opportunity cost. Identifying the cost of an action, no matter how hidden or subtle it may be, is the essence of economic thinking.

Economize: The process of obtaining the most for the least. That is, to limit the cost of an action or to gain the greatest benefit from an activity. To economize also means to limit or prevent waste and inefficiency.

Exhaustible Resource: A natural resource that cannot be increased by the natural forces of the environment. The quantities of exhaustible resources are effectively fixed and thus the more used today, the less is available for use in the future. It is possible, and even expected, that exhaustible resources will be exhausted at some time in the future. Common examples of exhaustible resources are the three fossil fuels — petroleum, coal, and natural gas. The vast array of mineral resources — iron, silver, gold, and copper — represent other examples.

Externality: A cost or benefit that is not included in the market price of a good because it’s not included in the supply price or the demand price. Pollution is an example of an externality cost if producers aren’t the ones who suffer from pollution damages. Education is an example of an externality benefit when members of society other than students benefit from a more educated population. Externality is one type of market failure that causes inefficiency.

All definitions were provided by AmosWeb:

http://www.amosweb.com/cgi-bin/awb_nav.pl?s=awb

Popularity: 4%

Tagged with: Benefit-Cost Ratio • Economic Cost • Economic Thinking • Economize • education • Environment • Exhaustible Resource • Externality • Inefficiency • Market • Pollution • population

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Economy Shock

One of the greatest pieces of economic wisdom is to know what you do not know.

Weekly Five “N”: Unique and Useful Economic Terms

Weekly Five “M”: Unique and Useful Economic Terms

Weekly Five “L”: Unique and Useful Economic Terms

Weekly Five “K”: Unique and Useful Economic Terms

Weekly Five “J”: Unique and Useful Economic Terms

Weekly Five “I”: Unique and Useful Economic Terms

Weekly Five “H”: Unique and Useful Economic Terms

Weekly Five “F”: Unique and Useful Economic Terms

Weekly Five “E”: Unique and Useful Economic Terms

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