Economics

Economics

basics of economics

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Economics

Paris Club

Economy; Economics

The name given to the arrangements through which countries reschedule their official debt; that is, money borrowed from other governments rather than banks or private firms. The club is based on ...

Oligopoly

Economy; Economics

When a few firms dominate a market. Often they can together behave as if they were a single monopoly, perhaps by forming a cartel. Or they may collude informally, by preferring gentle non-price ...

Okun's law

Economy; Economics

A description of what happens to unemployment when the rate of growth of GDP changes, based on empirical research by Arthur Okun (1928–80). It predicts that if GDP grows at around 3% a year, the ...

A statement that is being put to the test. In econometrics, economists often start with a null hypothesis that a particular variable equals a particular number, then crunch their data to see if they ...

North American Free-Trade Agreement (NAFTA)

Economy; Economics

In 1993, the United States, Mexico and Canada agreed to lower the barriers to trade among the three economies. The formation of this regional trade area was opposed by many politicians in all three ...

Normative economics

Economy; Economics

Economics that tries to change the world, by suggesting policies for increasing economic welfare. The opposite of positive economics, which is content to try to describe the world as it is, rather ...