Economics Glossary - Revision history

Paulreed at 20:32, 18 October 2012

2012-10-18T20:32:52Z

← Older revision		Revision as of 15:32, 18 October 2012
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	===Moral Hazard===		===Moral Hazard===
	Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected		Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected
	===Munificence==		===Munificence===
	Abundance		Abundance
	===Pareto Efficiency===		===Pareto Efficiency===

Paulreed at 20:32, 18 October 2012

2012-10-18T20:32:26Z

← Older revision		Revision as of 15:32, 18 October 2012
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	===Moral Hazard===		===Moral Hazard===
	Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected		Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected
			===Munificence==
			Abundance
	===Pareto Efficiency===		===Pareto Efficiency===
	A situation in which nobody can be made better off without making somebody else worse off. If an economy’s resources are being used inefficiently, it ought to be possible to make somebody better off without anybody else becoming worse off.		A situation in which nobody can be made better off without making somebody else worse off. If an economy’s resources are being used inefficiently, it ought to be possible to make somebody better off without anybody else becoming worse off.

Paulreed: /* Pareto Efficiency */

2012-10-18T20:06:34Z

Pareto Efficiency

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	===Pareto Efficiency===		===Pareto Efficiency===
	A situation in which nobody can be made better off without making somebody else worse off. If an economy’s resources are being used inefficiently, it ought to be possible to make somebody better off without anybody else becoming worse off.		A situation in which nobody can be made better off without making somebody else worse off. If an economy’s resources are being used inefficiently, it ought to be possible to make somebody better off without anybody else becoming worse off.

			===Pari Passu===
			Pari passu literally means "with an equal step" or "on equal footing" and by extension, "fairly," "without partiality. In stock holding agreements it is meant to mean that shareholders with the same ranking stock will not be treated more or less favourable than other stock holders.

	===Ricardian, Ricardo===		===Ricardian, Ricardo===

Paulreed: /* Ricardian, Ricardo */

2012-10-18T20:01:19Z

Ricardian, Ricardo

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	===Ricardian, Ricardo===		===Ricardian, Ricardo===
	Ricardian equivalence:GOVERNMENT deficits do not affect the overall level of DEMAND in an economy. This is because taxpayers know that any DEFICIT has to be repaid later, and so increase their SAVINGS in anticipation of a tax bill. Thus government attempts to stimulate an economy by increasing PUBLIC SPENDING and/or cutting taxes will be rendered impotent by the private-sector reaction		Ricardian equivalence:GOVERNMENT deficits do not affect the overall level of DEMAND in an economy. This is because taxpayers know that any DEFICIT has to be repaid later, and so increase their SAVINGS in anticipation of a tax bill. Thus government attempts to stimulate an economy by increasing PUBLIC SPENDING and/or cutting taxes will be rendered impotent by the private-sector reaction

			===Safe Harbour===
			A provision of a statute or a regulation that reduces or eliminates a party's liability under the law, on the condition that the party performed its actions in good faith or in compliance with defined standards

	===Saticificing===		===Saticificing===

Paulreed: Paulreed moved page Glossary to Economics Glossary

2012-10-18T19:58:13Z

Paulreed moved page Glossary to Economics Glossary

← Older revision	Revision as of 14:58, 18 October 2012
(No difference)

Paulreed: /* Glass Steagall */

2011-09-22T13:08:24Z

Glass Steagall

← Older revision		Revision as of 08:08, 22 September 2011
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	===Glass Steagall===		===Glass Steagall===
	The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. Many claim ~~this~~ repeal directly contributed to the severity of the Financial crisis of ~~2007–2010~~.		The Banking Act of 1933 was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.The repeal of the Glass–Steagall Act of 1933 effectively removed the separation that previously existed between Wall Street investment banks and depository banks. Many claim its repeal by the Gramm-Leach-Bliley act directly contributed to the severity of the Financial crisis of 2007–2011.

	===International Labor Organization===		===International Labor Organization===
	Founded in 1919 as part of the Treaty of Versailles, which created the League of Nations. In 1946, it became the first specialised agency of the UN. Based in Geneva, it formulates international LABOUR standards, setting out desired minimum rights for workers: freedom of association; the right to organise and engage in collective bargaining; equality of opportunity and treatment; and the abolition of forced labour.		Founded in 1919 as part of the Treaty of Versailles, which created the League of Nations. In 1946, it became the first specialised agency of the UN. Based in Geneva, it formulates international LABOUR standards, setting out desired minimum rights for workers: freedom of association; the right to organise and engage in collective bargaining; equality of opportunity and treatment; and the abolition of forced labour.

Paulreed: /* Ricardian, Ricardo */

2011-03-14T02:09:14Z

Ricardian, Ricardo

← Older revision		Revision as of 21:09, 13 March 2011
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	===Ricardian, Ricardo===		===Ricardian, Ricardo===
			Ricardian equivalence:GOVERNMENT deficits do not affect the overall level of DEMAND in an economy. This is because taxpayers know that any DEFICIT has to be repaid later, and so increase their SAVINGS in anticipation of a tax bill. Thus government attempts to stimulate an economy by increasing PUBLIC SPENDING and/or cutting taxes will be rendered impotent by the private-sector reaction

	===Saticificing===		===Saticificing===
	Settling for what is good enough, rather than the best that is possible. This may occur in any situation in which decision makers are trying to pursue more than one goal at a time. Defined by Herb Simon.		Settling for what is good enough, rather than the best that is possible. This may occur in any situation in which decision makers are trying to pursue more than one goal at a time. Defined by Herb Simon.

Paulreed: /* Secondary Banking Crisis 1973 */

2011-03-14T02:06:52Z

Secondary Banking Crisis 1973

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	===Secondary Banking Crisis 1973===		===Secondary Banking Crisis 1973===
	The Secondary Banking Crisis of 1973–75 was a dramatic crash in property prices in Great Britain which caused dozens of small ("secondary") lending banks to be threatened with bankruptcy. The Bank of England bailed out around thirty of these smaller banks, and intervened to assist some thirty others		The Secondary Banking Crisis of 1973–75 was a dramatic crash in property prices in Great Britain which caused dozens of small ("secondary") lending banks to be threatened with bankruptcy. The Bank of England bailed out around thirty of these smaller banks, and intervened to assist some thirty others.
			===Shorting===
			Selling a SECURITY, such as a SHARE, that you do not currently own, in the expectation that its PRICE will fall by the time the security has to be delivered to its new owner. If the price does fall, you can buy the security at the lower price, deliver it to whoever you sold it to and make a PROFIT. The RISK is that the price rises, leaving you with a loss
			===Stochastic Process===
			One which exhibits random behaviour

	===Tobin Tax===		===Tobin Tax===
	A tax on international finance transactions. The levy would be very small, perhaps 0.005% but it would deter the speculative nature of financial ttransactions where traders make thousands of transactions to profit from very small changes in prices. The proceeds of the tax would be distributed to developing countries to alleivate the negative impacts of Globalization.		A tax on international finance transactions. The levy would be very small, perhaps 0.005% but it would deter the speculative nature of financial ttransactions where traders make thousands of transactions to profit from very small changes in prices. The proceeds of the tax would be distributed to developing countries to alleivate the negative impacts of Globalization.

Paulreed: /* Ricardian, Ricardo */

2011-03-14T02:02:27Z

Ricardian, Ricardo

← Older revision		Revision as of 21:02, 13 March 2011
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	===Ricardian, Ricardo===		===Ricardian, Ricardo===
			===Saticificing===
			Settling for what is good enough, rather than the best that is possible. This may occur in any situation in which decision makers are trying to pursue more than one goal at a time. Defined by Herb Simon.

	===Secondary Banking Crisis 1973===		===Secondary Banking Crisis 1973===

Paulreed: /* Moral Hazard */

2011-03-14T02:01:33Z

Moral Hazard

← Older revision		Revision as of 21:01, 13 March 2011
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	===Moral Hazard===		===Moral Hazard===
	Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected		Moral hazard means that people with insurance may take greater risks than they would do without it because they know they are protected
			===Pareto Efficiency===
			A situation in which nobody can be made better off without making somebody else worse off. If an economy’s resources are being used inefficiently, it ought to be possible to make somebody better off without anybody else becoming worse off.

	===Ricardian, Ricardo===		===Ricardian, Ricardo===