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accumulation of capital

accumulation of capital  

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One of the fundamental topics in economics is the process by which the capital stock is accumulated. Labor productivity—the primary determinant of economic well-being—depends in large part on the ...
capital

capital  

1 Man-made material resource used or available for use in production, for example machinery. This is also referred to as physical capital.2 Material or financial wealth, accumulated by an individual ...
capitalism

capitalism  

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An economic system in which the factors of production are privately owned and individual owners of capital are free to make use of it as they see fit; in particular, for their own profit. In this ...
classical economics

classical economics  

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An economic theory based on the principles that both individuals and society prosper most with a minimum of political intervention, and that the allocation of a scarce resource is best decided ...
financial crisis

financial crisis  

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A collapse in the price of financial obligations, which may lead to a collapse in the economy. The major financial crisis in the history of world finance took place after the Wall Street Crash of ...
Friedrich August von Hayek

Friedrich August von Hayek  

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(1899–1992)Austrian-born British economist whose free-market theories influenced a political generation and earned him a share in the Nobel Prize for Economics in 1974.Friedrich Hayek, a product of ...
growth theory

growth theory  

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Economic growth has been one of the fundamental subjects of economics since its origins. The history of economics generally recognizes three dominant theories of growth:1. The Classical growth models ...
Immanuel Wallerstein

Immanuel Wallerstein  

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(1930 –)Historical sociologist known primarily for his pioneering work on world-systems theory—the historical study of the emergence of global relations of economic and political power. World-systems ...
interest

interest  

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1 The cost of borrowing or lending money. See interest rate calculations.2 The wish or indication to buy or sell. See circle; indication of interest.
Keynesianism

Keynesianism  

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The term Keynesianism owes its origins to the thought of John Maynard Keynes (1883–1946), a prolific British economist whose most influential work was The General Theory of Employment, Interest, and ...
labor economics

labor economics  

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The aspects of economics concerned with the supply and demand for labour. This includes factors affecting the participation rate, wage bargaining and organized labour, training, hours and conditions ...
labour theory of value

labour theory of value  

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A statement postulated in Marxian economics that the value of goods and services is determined by the amount of direct and indirect labour inputs needed to produce them.
laissez-faire

laissez-faire  

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The transition from the medieval to the modern economy was characterized by the progressive removal of restrictions on individuals and groups in favour of the operation of market forces. The balance ...
macroeconomics

macroeconomics  

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The macro aspects of economics, concerning the determination of aggregate quantities in the economy. Macroeconomics considers what determines total employment and production, consumption, investment ...
microeconomics

microeconomics  

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The micro aspects of economics, concerning the decision-making of individuals. Microeconomics analyses the choices of consumers (who can be individuals or households) and firms in a variety of market ...
monetarism

monetarism  

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An economic theory based on the view that the quantity of money is the main determinant of money incomes. This is often combined with the view that markets tend to clear, and that people form ...
neoclassical economics

neoclassical economics  

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A branch of economics that studies the allocation of scarce resources between competing uses and users, based on principles of market equilibrium and profit maximization.
Nicholas Kaldor

Nicholas Kaldor  

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(1908–1986)Hungarian-born British economist. He was created a life peer in 1974.Born in Budapest, Kaldor moved to Britain in the 1920s to study, graduating at the London School of Economics in 1930 ...
political science

political science  

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The study of the state, government, and politics. The idea that the study of politics should be ‘scientific’ has excited controversy for centuries. What is at stake is the nature of our political ...
prestige

prestige  

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A major differentiating factor among occupations and social positions; consequently, an important aspect of structures of social stratification. The forms and uses of prestige have been of enormous ...

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