divergence
Is the concept that national employment systems will remain distinctive and will not converge on a common pattern. The sources of divergence have been variously identified as national culture, the ...
hysteresis
A situation in which the equilibrium of a system depends upon the history of the system. The equilibrium is then said to be path-dependent.
independence of irrelevant alternatives
The property that a group's choice between any a and b should be a function only of the choices of the individuals in the group between a and b. In particular, it should not change if some ...
Keynesian economics
An economic theory based on the ideas of John Maynard Keynes (1883–1946), developed in the 1930s, that assigned an important role to the state as well as to the private sector. Central elements of ...
