by
Ryan Avent
Say's Law
(en)
an economic law stating that supply creates its own demand (named after eighteenth-century French economist Jean-Baptiste Say)
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Economists [...] point to 'Say's Law', [...] which is often summarized in the phrase 'supply creates its own demand'
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7 years ago
Economists [...] point to 'Say's Law', [...] which is often summarized in the phrase 'supply creates its own demand'
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7 years ago
Baumol effect
(en)
(aka Baumol's cost disease) rise of salaries in jobs that have experienced no increase of labor productivity, in response to rising salaries in other jobs that have experienced the labor productivity growth
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Baumol's cost disease means that the cost of many critical sectors in an economy tends to rise over time
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7 years ago
Baumol's cost disease means that the cost of many critical sectors in an economy tends to rise over time
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7 years ago
succor
(en)
assistance and support in times of hardship and distress
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The less succour they receive from existing political institutions, the more open individual workers are likely to be to radical political institutions that offer the possibility of political expression and economic power
which is a good thing imo
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7 years ago
The less succour they receive from existing political institutions, the more open individual workers are likely to be to radical political institutions that offer the possibility of political expression and economic power
which is a good thing imo
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7 years ago
capital deepening
(en)
where the capital per worker is increasing in the economy (differs from capital widening, as the latter sees capital increase while the labour force also increases so capital per worker is constant)
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when an economy like China grows from extreme poverty to something like middle-income status is 'capital deepening', or the application of more capital per worker
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7 years ago
when an economy like China grows from extreme poverty to something like middle-income status is 'capital deepening', or the application of more capital per worker
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7 years ago
secular stagnation
(en)
a condition of negligible or no economic growth in a market-based economy ("secular" as in "long-term", in contrast to "cyclical" or "short-term")
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This condition, which economists label 'secular stagnation', is associated with limp and vulnerable economic expansions, which often conclude in the deflation of big asset-price bubbles
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7 years ago
This condition, which economists label 'secular stagnation', is associated with limp and vulnerable economic expansions, which often conclude in the deflation of big asset-price bubbles
notable
7 years ago