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Economics Terminologies Definition
absolute poverty
absorptive capacity
accelerator
Adelman–Morris theory of growth and inequality
adjusted net savings
adjustment or structural adjustment
adverse selection
aid
antiglobalization
apartheid
appropriate technology
Asian borderless economy
Asian tigers
Association of South East Asian Nations (ASEAN)
backward linkages
balance of payments equilibrium
balance of trade
balanced growth
basic-needs approach
basis point
big push
bilateral aid
biodiversity
black market premium
bourgeoisie
Bretton Woods’ institutions
Bretton Woods’ system
buffer stock
capability
capital flight
capital goods
capital import
capital market
capitalism
capital stock
cartel
chaebol
civil society
classical theory
Coase’s theorem
coefficient of variation
commanding heights
commodity terms of trade
common market
common property resources
comparative advantage
comparison-resistant services
complete economic and monetary union
concessional funds
conditional convergence
conditionality
consumer price index (CPI)
contested markets
contingent valuation
convergence
corruption
cost–push inflation
crawling peg
creative destruction
crude birth rate
crude death rate
currency board
currency mismatch
current account
current expenditures
customs union
Davos
debt exchanges
debt-for-nature swap
Debt Reduction Facility
debt service
debt-service ratio
demand–pull inflation
democratization
demographic transition
dependency ratio
dependency theory
developed countries (DCs)
direct investment
direct taxes
dirigiste debate
disability-adjusted life years (DALYs)
discount rate
disguised unemployment
divergence
Doha Development Round
dollarization
dual economies
Dutch disease
economic growth
economic integration
economic liberalism
economic rent
economic union
economies in transition
effective rate of protection
elasticity of demand
elasticity of propoor growth
elasticity of supply
elasticity of the poverty gap with regard to the Gini index
elastic tax
endogenous
Engel’s law
entitlement
entrepreneurship
entropy
euro
eurocurrency
Eurodollars
European Bank for Reconstruction and Development (EBRD)
European Union accession countries
exchange control
exchange rate
exit option
exogenous
expected income
expenditure-reducing policies
expenditure-switching policies
export commodity concentration ratio
export purchasing power
external balance
external diseconomies
external economies
external (international) deficit
factor price distortions
factor proportions theory
factors of production
failed state
family-planning programs
Fel’dman model
financial intermediaries
financial liberalization
financial repression
fiscal incentives
fiscal policy
floating exchange rates
flow
foodgrain deficit
foreign exchange rate
formal sector
forward linkages
free riding
free trade area
fungible
GDP (gross domestic product)
GDP deflator
Gender-related Development Index (GDI)
General Agreements on Tariffs and Trade (GATT)
Genuine Progress Indicator (GPI)
Gini coefficient
globalization
global production networks (GPNs)
global public goods
GNI (gross national income)
GNP (gross national product)
GNP deflator
Golden Age of Capitalist Growth
Grameen Bank
green markets
Green Revolution
green taxes
greenhouse gases
group lending
Group of Eight (G-8)
Group of Seven (G-7)
Group of 10 (G-10)
Group of 77
Harris–Todaro model
hawala system
head-count approach to poverty
Heckscher–Ohlin theorem
hedging
high-income countries (HICs)
HIPC (highly-indebted poor countries’) initiative
historical materialism
household responsibility system
human capital
Human Development Index (HDI)
hyperinflation
ICOR (incremental capital output ratio)
IDA-eligible countries
import substitutes
impossibility theorem
impossible trinity
income elasticity of demand
income-gap approach to poverty
incomes policy
income terms of trade
indicative plan
indirect taxes
individual economy
indivisibilities
industrial concentration ratio
industrial countries
infant industry arguments
inflation
inflationary expectations
inflation targeting
inflation tax
informal sector
information and communications technology (ICT)
infrastructure
innovation
input–output table
institutions
institutional wage
intellectual property rights (IPR)
intermediate technology
internal balance
international balance of merchandise trade
international balance of payments statement
international balance on goods and services
International Development Association (IDA)
international economic order
International Monetary Fund (IMF)
international network of agricultural research centers
inverted U-shaped curve
investment
invisible hand
iron law of wages
keiretsu
kleptocracy
Keynesian theory of income and employment
kulaks
Kuznets curve
labor participation rate
labor supply elasticity
laissez-faire
law of diminishing returns
learning curve
least developed countries (LLDCs)
less-developed countries (LDCs)
Lewis–Fei–Ranis model
liberalism
liberalization
LLDCs
London Club
London Interbank Offered Rate LIBOR
Lorenz curve
low-income countries (LICs)
macroeconomic stabilization
Malthusian view
managed floating exchange-rate system
marginal abatement cost (MAC)
marginal damage (MD)
marginal revenue productivity of labor
market friendly
market socialism
material balance planning
middle-income countries (MICs)
“missing” women
modern economic growth
monetary policy
monopolistic competition
monopoly
monopoly advantages
monopoly rents
moral hazard
multilateral aid
multinational corporations (MNCs)
negative externalities
negative real interest rate
neoclassical counterrevolution
neoclassical theory of growth
neoclassicism
neoliberalism
net primary productivity (NPP)
net transfers
new (endogenous) growth theory
newly industrializing countries (NICs)
nomenklatura system
nongovernmental organizations (NGOs)
oligopoly
$1 per day poverty
Organization for Economic Cooperation and Development (OECD)
Organization of Petroleum Exporting Countries (OPEC)
O-ring theory of economic development
overvalued currency
parastatal enterprises
Paris Club
patronage
patron–client system
peasants
perestroika
Physical Quality of Life Index (PQLI)
policy cartel
political elite
political inflation
population age pyramid
population momentum
portfolio investment
Porto Alegre
poverty line
poverty-weighted index
Prebisch–Singer thesis
preconditions stage
predatory ruler
predatory state
preferential trade arrangement
present (discounted) value (V )
price elasticity (of demand)
(P) price level of GDP
price of foreign exchange
primary products
privatization
product cycle model
production function
productivity paradox
progressive tax
property rights
Protestant ethic
public enterprise
public goods
Purchasing Power Parity (PPP)
ratchet inflation
real domestic currency appreciation
real domestic currency depreciation
real economic growth
real exchange rate
recurrent expenditures
regional integration
regressive tax
remittances
rent seeking
replacement-level fertility
reserve army of the unemployed
residual
risk
risk premium
rules of origin
seigniorage
shadow price
sharecropping
“shock therapy”
single factoral terms of trade
social benefit–cost analysis
social capital
social goods
socialism
socialization
social profitability
social safety net
soft budget constraint
special drawing rights (SDRs)
stabilization
stagflation
Stalinist development model
standard deviation
state failure
state legitimacy
state-owned enterprise (SOE)
stationary population
stationary state
stock
structural adjustment
structural economists
surplus
sustainable development
takeoff
target variables
tariff rate
technical progress
technology
terms of trade
theory
third world
Tobin tax
total external debt (EDT)
total factor productivity (TFP)
total fertility rate (TFR)
township and village enterprises (TVEs)
trade creation
trade diversion
“tragedy of the commons”
transactions costs
transparency
turnkey projects
$2-per-day poverty
unbalanced growth
uncertainty
unconditional convergence
underemployment
unemployment
United Nations Conference on Trade and Development (UNCTAD)
unlimited supply of labor
urban bias
Uruguay Round
usufruct
value-added
value-added tax (VAT)
variance
vertical integration
vicious circle
virtuous circle
voice option
Wagner’s law
Washington consensus
workfare
World Bank (International Bank for Reconstruction and Development or IBRD)
World Economic Forum
world’s middle class
World Social Forum
World Trade Organization (WTO)
worker-managed socialism
zero marginal revenue productivity of labor
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