The Economics Book

DIRECTORY 339 1990s he developed a model of job creation and destruction with Dale Mortensen. He and Mortensen, along with Peter ...

340 Absolute advantage The ability of a country to produce a product more efficiently than another. Aggregate The total amount; ...

GLOSSARY 341 Commodity A general term for any product or service that can be traded. Often used in economics to refer to raw mat ...

342 Free trade The import and export of goods and services without tariffs or quotas being imposed. Game theory The study of str ...

343 Shares Units of ownership in a company; also known as equities. Social market The economic model developed in West Germany f ...

344 Numbers in bold refer to a person's main entry. A Acemog ̆ lu, Daron 206, 207, 328–29 Adenauer, Konrad 184, 222 Africa 314, ...

INDEX 345 Cold War 185, 236, 238, 239 Coleman, James 280 collateralized debt obligations (CDOs) 265, 299, 324 collective bargain ...

346 financial engineering 260, 262–65 financial instability 26, 260, 261, 296–301 financial markets 260, 262–65, 300–01 Fine, Be ...

347 Lorenz, Edward 278, 279 Lucas, Robert 77, 161, 202, 224, 276, 337 Lucas critique 246–47 on rational expectations 198, 201, 2 ...

348 Marx, Karl 21, 45, 57, 66, 67, 68, 89, 100–05, 261 Capital 42, 88, 102, 106, 144 Communist Manifesto 20, 46, 88, 102, 104, 2 ...

349 search and matching theory 304–05 second best, theory of 220–21 self-interest 52, 53 Selten, Reinhard 236, 240–41 Sen, Amart ...

350 on wages 302 stocks and shares 19, 88 bull and bear markets 79 shareholders 168–69 stockbrokers 38 stock exchanges 19, 29, 3 ...

351 ACKNOWLEDGMENTS Dorling Kindersley would like to thank Niyati Gosain, Shipra Jain, Payal Rosalind Malik, Mahua Mandal, Anjan ...

352 ACKNOWLEDGMENTS Photos / Bachrach (tr). 207 Getty Images: Andreas Rentz (tc). University of Nebraska-Lincoln: (tr). 209 Corb ...