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Economics
basics of economics
Industry: Economy
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Economics
Positional goods
Economy; Economics
Things that the Joneses buy. Some things are bought for their intrinsic usefulness, for instance, a hammer or a washing machine. Positional goods are bought because of what they say about the person ...
Population
Economy; Economics
At the beginning of the 20th century the population of the world was 1. 7 billion. At the end of that century, it had soared to 6 billion. Recent estimates suggest that it will be nearly 8 billion by ...
Plaza Accord
Economy; Economics
On September 22nd 1985, finance ministers from the world's five biggest economies - the United States, Japan, West Germany, France and the UK - announced the Plaza Accord at the eponymous New York ...
Pigou effect
Economy; Economics
Named after Arthur Pigou (1877–1959), a sort of wealth effect resulting from deflation. A fall in the price level increases the real value of people's savings, making them feel wealthier and thus ...
Phillips curve
Economy; Economics
In 1958, an economist from New Zealand, A. W. H. Phillips (1914–75), proposed that there was a trade-off between inflation and unemployment: the lower the unemployment rate, the higher was the rate ...
Permanent income hypothesis
Economy; Economics
Over their lives, people try to spread their spending more evenly than their income. The permanent income hypothesis, developed by Milton Friedman, says that a person's spending decisions are guided ...
