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Although there are many economic events that might be called crises, this term usually refers to a sudden drop in aggregate demand that, if prolonged, leads to recession.
Industry:Economy
A decision about an economic issue, most commonly about how to allocate resources among multiple purposes.
Industry:Economy
A variable that is measured and publicly reported and that is considered meaningful not only for itself but as a sign of how rapidly the larger economy is expanding or contracting.
Industry:Economy
1. Fairness and equity in economic affairs, presumably by having laws, governments, and institutions that treat people equally and avoid favoring particular individuals or groups. 2. As most often used, the term carries a connotation that economic justice can only be achieved by lessening the power and changing the practices of international financial institutions, transnational corporations, and rich-country governments.
Industry:Economy
A collection of assumptions, often expressed as equations relating variables, from which inferences can be derived about economic behavior and performance.
Industry:Economy
A preference for supporting a country's own firms, industries, and workers -- and, in the case of firms and other assets, keeping them owned within the country -- even at the expense of the economic gains that it could have from trade and international investment.
Industry:Economy
A common market with the added feature that additional policies -- monetary, fiscal, welfare -- are also harmonized across the member countries.
Industry:Economy
A variation of the consumption Edgeworth Box that instead represents the allocations of 2 factors to 2 industries for use in production functions. Efficient allocations now appear as tangencies between isoquants, while the contract curve becomes the efficiency locus.
Industry:Economy
A geometric device showing allocations of 2 goods to 2 consumers in a rectangle with dimensions equal to the quantities of the goods. Preferences enter as indifference curves relative to opposite corners of the box, tangencies defining efficient allocations and the contract curve. First drawn by Pareto (1906), based originally, though only partially, on a diagram of Edgeworth (1881). This and the Edgeworth production box are often called just the Edgeworth Box, even though Edgeworth never drew either.
Industry:Economy
A measure of the protection provided to an industry by the entire structure of tariffs, taking into account the effects of tariffs on inputs as well as on outputs. Letting ''b<sub>ij</sub>'' be the share of input ''i'' in the value of output ''j'', and ''t<sub>i</sub>'' be the tariff on good ''i'', the ERP of industry ''j'' is ''ERP<sub>j</sub>'' = (''t<sub>j</sub>''-''<sub>i</sub>b<sub>ij</sub>t<sub>i</sub>'')/(1-''<sub>i</sub>b<sub>ij</sub>''). Due to Corden (1966).
Industry:Economy
