affluent society
A society in which material wealth is widely distributed; often with allusion to the book of that title (1958) by the American economist John Kenneth Galbraith.
aggregate demand function
Expresses the relationship between the general price level and the aggregate quantity of goods and services demanded, composed of aggregate consumption, government expenditures, investment, and net ...
Anthony Crosland
(1918–77)British Labour politician and socialist theorist. C. A. R. (Tony) Crosland's The Future of Socialism (1956) was a revisionist critique of socialism which had an important impact on the ...
budget
A statement of a government's planned receipts and expenditures for some future period, normally a year. This is usually accompanied by a statement of actual receipts and expenditures for the ...
budgetary or fiscal policy
Concerns the effects of government expenditure and taxation upon aggregate demand and aggregate output. Since the development of organized state budgets, it has been recognized that forms and levels ...
business cycle
Observed changes to economic conditions which move from prosperity through recession to depression and hence back to recovery and further prosperity. Also known as the economic cycle. See, for ...
Business Roundtable.
The Business Roundtable, an elite lobbying and advisory organization of chief executive officers (CEOs) from two hundred of the nation's largest business enterprises, was established in 1972 in ...
capitalism
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 ...
Chicago School
The collective name for the economists affiliated with the University of Chicago in the 1970s who believed in self-interest as the explanation of all economic actions, the merits of free markets, the ...
Conservative Party
The less reformist of the (normally) two main parties in British politics. It has a longer history than any other political party, perhaps anywhere, with an institutional continuity under that name ...
Denmark
A bridge from continental Europe to Scandinavia that is sceptical about the EUDenmark is one of Europe's more physically fragmented countries. The largest part, with around 70% of the territory of ...
depression
An extended or severe period of recession. Depressions occur infrequently. The most recent Great Depression occurred in the 1930s; prior to that they occurred in the periods 1873–96, 1844–51, and ...
distribution theory
An economic theory that addresses the distribution of national income among individuals and groups, particularly the division of wages and profits. There are four broad categories of distribution ...
economic rationalism
A set of ideas founded in free market economics, promulgating a suite of policies directed at resetting the respective functions of markets and government. The policies include corporatisation and ...
economics
The study of the production, distribution, and consumption of resources, and the management of state income and expenditure. See also classical economics, ecological economics, environmental ...
Employment Act of 1946.
This act created the Council of Economic Advisers as part of the White House staff, whose duty was to “formulate and recommend national economic policy” that would further the national ...
Friedrich August von Hayek
(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 ...
Global Economy
Commercial interactions on a global scale have been an important feature of the growth of the capitalist system for half a millennium. Patterns of trade as much as three or ...
Income Tax, Federal.
The first U.S. income tax was introduced during the Civil War and collected through a newly established Bureau of Internal Revenue in the Department of the Treasury. It was designed ...
industrial relations
The relations between the management and workforce of an enterprise, particularly bargaining through trade unions. This mainly concerns pay, hours and conditions of work, fringe benefits, security of ...
