Concept
Paul Krugman
Related concepts (34)
Full employment
Full employment is a situation in which there is no cyclical or deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely structural and frictional, may remain. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical.
Comparative advantage
In an economic model, agents have a comparative advantage over others in producing a particular good if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. Comparative advantage describes the economic reality of the work gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress.
Government budget balance
The government budget balance, also referred to as the general government balance, public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting) the budget balance is calculated using only spending on current operations, with expenditure on new capital assets excluded. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit.
Socialized medicine
Socialized medicine is a term used in the United States to describe and discuss systems of universal health care—medical and hospital care for all by means of government regulation of health care and subsidies derived from taxation. Because of historically negative associations with socialism in American culture, the term is usually used pejoratively in American political discourse. The term was first widely used in the United States by advocates of the American Medical Association in opposition to President Harry S.
George Soros
George Soros (born György Schwartz on August 12, 1930) is a Hungarian-American businessman and philanthropist. , he had a net worth of US32 billion to the Open Society Foundations, of which $15 billion has already been distributed, representing 64% of his original fortune. Forbes called Soros the "most generous giver" (in terms of percentage of net worth). He is a resident of New York. Born in Budapest to a non-observant Jewish family, Soros survived the Nazi occupation of Hungary and moved to the United Kingdom in 1947.
National Bureau of Economic Research
The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community". The NBER is known for providing start and end dates for recessions in the United States. Many chairpersons of the Council of Economic Advisers were previously NBER Research Associates, including the former NBER president and Harvard Professor, Martin Feldstein.
Current account (balance of payments)
In economics, a country's current account records the value of exports and imports of both goods and services and international transfers of capital. It is one of the two components of its balance of payments, the other being the capital account (also known as the financial account). Current account measures the nation's earnings and spendings abroad and it consists of the balance of trade, net primary income or factor income (earnings on foreign investments minus payments made to foreign investors) and net unilateral transfers, that have taken place over a given period of time.
Reaganomics
Reaganomics (reɪgəˈnɒmɪks; a portmanteau of Reagan and economics attributed to Paul Harvey), or Reaganism, were the neoliberal economic policies promoted by U.S. President Ronald Reagan during the 1980s. These policies are characterized as supply-side economics, trickle-down economics, or "voodoo economics" by opponents, while Reagan and his advocates preferred to call it free-market economics.
Compassionate conservatism
Compassionate conservatism is an American political philosophy that stresses using conservative techniques and concepts in order to improve the general welfare of society. The philosophy supports the implementation of policies designed to help the disadvantaged and alleviate poverty through the free market, envisaging a triangular relationship between government, charities and faith-based organizations. The term entered more mainstream parlance between 2001–2009, during the administration of US President George W.
Crowding out (economics)
In economics, crowding out is a phenomenon that occurs when increased government involvement in a sector of the market economy substantially affects the remainder of the market, either on the supply or demand side of the market. One type frequently discussed is when expansionary fiscal policy reduces investment spending by the private sector. The government spending is "crowding out" investment because it is demanding more loanable funds and thus causing increased interest rates and therefore reducing investment spending.