Index

  • A
  • absolute advantage
    • definition
  • Accenture
  • adverse selection
  • advertising
  • aggregate demand
  • agriculture to manufacturing transition
  • Akerlof, George
  • allocation
    • definition
    • Pareto efficient
  • altruism
    • definition
    • and indifference curves
    • and prisoners’ dilemma
    • and public good
  • Amazon
    • deforestation
  • antibiotics
  • antitrust policy
  • Apple
  • Argentina
  • Asia
    • share of world output
  • assets
    • definition
    • firm-specific
    • relationship-specific
  • asymmetric information
    • definition
    • in firms
  • automation, custom-made suit case study
  • average product of labour
    • definition
  • B
  • Bacon, Francis
    • New Atlantis
  • bads, public and private
  • Bangladesh
  • bargaining
    • private
  • bargaining power
    • Coasean
    • definition
    • and differentiated goods
    • large firms
    • and pollution
  • barriers to entry
  • bathtub model
  • Beautiful Cars Case Study
  • Belgium
    • hours of work
  • Bengal
    • see also West Bengal
  • best response
    • definition
  • Bewley, Truman
  • biodiversity loss
  • biosphere
    • human modification
  • Black Death
  • blockade, Civil War
    • see also United States, Civil War
  • board of directors
  • Bolivia
  • bonds
    • definition
    • government
  • borrowers
    • wealth of
  • borrowing
    • and consumption smoothing
  • Botswana
  • Bowley, A. L.
  • brand loyalty
  • Brazil
    • average income
    • cotton growing
  • breakfast cereal case study
  • bubonic plague
  • budget
    • constraint
  • Bunker Hill Company
  • C
  • Cambodia
  • Cantillon, Richard
  • capital
    • goods
    • human
  • capitalism
    • and climate change
    • definition
    • economic conditions for
    • as an economic system
    • and living standards
    • political conditions for
    • and power
    • varieties of
    • see also Marx, Karl; Industrial Revolution
  • Cárdenas, Juan Camilo
  • cartel
  • causality
    • definition
  • central planning
    • definition
    • during Second World War
    • Eastern Europe
    • vs market competition
    • Soviet Union
  • ceteris paribus
  • Chamberlin, Edward
  • ‘child penalty’
    • see also gender, and pay gap
  • China
    • agrarian economy
    • agriculture to manufacturing transition
    • average income
    • carbon emissions
    • foreign intervention
    • GDP per capita
    • hockey stick
    • salt tax
    • Silk Road
  • chlordecone poisoning case study
    • see also pesticides; pollution
  • chlorofluorocarbons (CFCs)
  • Clark, Gregory
  • climate change
    • abatement discount rates
    • and ‘business as usual’
    • and discounting
    • and economic activity
    • fossil fuels and
    • global response to
    • modelling
    • and public policy
    • as social dilemma
    • see also Stern Review on the Economics of Climate Change
  • club goods
  • CO2 (carbon dioxide)
    • flow of
    • stock of
    • see also climate change, fossil fuels and; emissions; environmental damage; greenhouse gases
  • coal
  • Coasean bargaining
  • Coase, Ronald
    • ‘The Nature of the Firm’
    • The Problem of Social Cost
  • Cohen, Jack
  • collateral
  • common land
  • common pool resources
  • comparative advantage
    • definition
    • and specialization
  • compensation, enforced
  • competition
    • perfect
    • and price-setting
    • and the ultimatum game
  • competition policy
  • competitive equilibrium model
    • see also equilibrium, competitive
  • conflict of interest
    • definition
  • conspicuous consumption
    • see also Veblen effect
  • constrained choice problem
  • consumer goods
    • definition
  • consumption
    • conspicuous
    • definition
    • and free time
  • consumption smoothing
    • and borrowing
    • and storing
  • contracts
    • complete
    • definition
    • employment
    • incomplete
  • cooperation
    • definition
  • cooperatives
    • worker-owned
  • coordination game
    • definition
  • copyright
  • copyright laws
  • copyrighted, definition
  • corn exchanges
  • Coasean bargaining
    • see also Coase, Ronald
  • cost function
    • definition
  • costs
    • average
    • of entry
    • first copy
    • fixed
    • total
    • variable
  • cotton
  • Cournot, Augustin
    • Research on the Mathematical Principles of the Theory of Wealth
  • COVID-19
    • economic effects
    • and fall in oil demand
  • Coyle, Diane
  • creative destruction
  • credit exclusion
  • credit market
    • and hidden action problem
  • credit market constrained
    • definition
  • credit market excluded
    • definition
  • credit market exclusion
    • United States
  • crowding out
  • D
  • Davenant, Charles
  • ‘day labour’
  • deadweight loss
  • Deaton, Angus
  • decile
    • definition
  • decision-making and scarcity
  • Defoe, Daniel
  • deforestation
  • Dell, Melissa
    • The Persistent Effects of Peru’s Mining Mita’
  • demand
    • excess
    • price elasticity
  • demand curve
    • definition
    • estimating
  • democracy
    • bargaining in
    • definition
    • varieties of
  • depreciation
  • Deutsche Post
  • developmental state
    • definition
  • digital markets
    • competition in
  • diminishing marginal utility
    • definition
  • discount rate
  • discounting
  • diseconomies
    • external
    • of scale
  • disposable income
    • definition
  • disutility of work
  • division of labour
    • definition
    • firms and markets
    • gender
    • household
  • Dobson and Barlow
  • dominant strategy equilibrium
  • DuPont
  • E
  • earnings
    • definition
  • East Germany
  • Eastern Europe
  • ecological footprint, human
  • economic cost, definition
  • economic models
    • Malthusian
  • economic profit
    • definition
    • see also profits
  • economic rent
    • definition
  • economic system
    • definition
  • economics, definition
  • economies of scale
    • digital companies
    • in production
  • economies of scope
  • Edgeworth, Francis
    • Mathematical Psychics
  • Eeckhout, Jan
  • Egypt
    • cotton industry
  • elasticity
    • long run
    • short run
  • emissions
    • control of
    • costs of limiting
    • reduction of
    • see also greenhouse gases
  • employment
    • contract
    • and minimum wage
    • tenure
  • employment level
    • and wages
  • employment rent
    • calculation of
  • encomienda
    • see also forced labour
  • endogenous
    • definition
  • endogenous variables
  • endowments
  • enforceable
    • definition
  • Enlightenment
  • entrepreneur, definition
  • environment, and economy
  • environmental costs
  • environmental damage
    • abatement
    • and external costs
    • social costs of
  • equilibrium
    • competitive
    • definition
    • long run
    • short run
    • see also Nash equilibrium
  • equity
    • definition
  • ethics
  • evolutionary economics
  • excludability
    • definition
  • exogenous
    • definition
  • exogenous variables
  • experiments
    • behavioural
    • natural
  • exploding tyres case study
    • see also Firestone Tyres; Krueger, Alan; labour strife; Mas, Alexandre
  • external benefit
  • external cost
    • definition
    • marginal
  • external economies
    • definition
  • external effects
    • definition
    • of pollution
  • externalities
    • definition
    • negative
    • positive
  • European Union
    • labour market flows
  • F
  • Facebook
    • see also Meta
  • factor of production
    • definition
  • fairness
    • definition
    • evaluating
    • procedural judgements of
    • substantive judgements of
  • Farnie, Douglas
  • feasible frontier
  • feasible set
    • definition
  • Ferrero
  • Firestone Tyres
    • see exploding tyres case study
  • firms
    • and competition
    • cooperative
    • decision-making in
    • definition
    • and division of labour
    • and human behaviour
    • and legal framework
    • life cycle
    • and markets
    • and negative externalities
    • and power
    • price takers
    • price-setting
    • size
    • structure of
    • wage setting
  • Fisher, Irving
  • fishing industry
  • fixed costs
  • fixed-proportions technology, definition
  • flow
    • definition
  • Fogel, Robert
  • forced labour
    • see also slave labour
  • fossil fuels
    • see also coal; global warming; oil
  • France
    • agriculture to manufacturing transition
    • hours of work
    • revolution
    • salt tax
  • free time
    • and consumption
    • and gender
    • versus income
  • free-rider
    • definition
    • and public goods
    • tragedy of the commons
  • Friedman, Milton
    • Essays in Positive Economics
  • Fulton Fish Market
  • G
  • gains
    • from exchange
    • from trade
  • game theory
    • definition
  • games
    • definition
    • hawk-dove
    • public good
    • sequential
    • simultaneous
    • ultimatum
  • Gandhi, Mahatma
  • GDP (gross domestic product)
    • and living standards
  • gender
    • and division of labour
    • and pay gap
    • and working hours
  • general equilibrium theory
  • General Mills
  • General Mills cereal demand curve problem
  • Germany
    • Berlin Wall
    • central planning
    • division of
    • economic performance
    • introduction of capitalism
    • prewar condition
  • Gini coefficient
    • borrowers and lenders
  • Gini, Corrado
  • global financial crisis
  • global warming
    • see also climate change
  • goods
    • artificially scarce or club
    • definition
    • private
    • see also public goods
  • Google
  • government
    • and competition policy
    • and economic performance
  • government bonds
  • government policies
    • and pollution control
  • Graddy, Kathryn
  • Grameen Bank
  • Grand Banks cod fishery
    • see also fishing industry
  • Grand Bazaar, Istanbul
  • Great Depression
  • greenhouse gases
    • and rising living standards
    • see also CO2
  • growth
    • and environmental damage
  • Guadeloupe
  • H
  • haciendas
  • Hardin, Garrett
  • Hargreaves, James
  • Hausman, Jerry
  • hawk-dove game
  • Hayek, Friedrich
    • The Meaning of Competition
    • The Road to Serfdom
    • The Use of Knowledge in Society
  • hidden action problems
  • hidden attributes problem
  • higher education, funding of
  • homo economicus
  • hockey stick of history
  • house prices
  • housing rents
  • Huancavelica mercury mines
  • human capital
  • hyperbolic discounting
  • I
  • Ibn Battuta
  • IKEA
  • impatience
    • intrinsic
    • situational
  • Inca
  • incentives
    • definition
    • employees
  • income
    • country comparisons
    • definition
    • global distribution
    • historical trends
    • and hours of work
    • inequality
    • within-country distribution
    • see also inequality
  • income distribution
    • and wellbeing
  • income effect
    • definition
    • and substitution effect
  • incomplete contracts
    • and employment
  • India
    • agrarian economy
    • agriculture to manufacturing transition
    • average income
    • bargadars
    • British colonization of
    • carbon emissions
    • cotton trade
    • fishing
    • GDP per capita
    • hockey stick
    • living standards
    • salt march
    • salt tax
    • textile industry
  • Indian subcontinent
    • see also Bengal; India; West Bengal;
  • indifference curves
    • and altruism
    • reservation
  • Indonesia
    • average income
    • deforestation
    • growth
    • Mount Tambora eruption, 1815
    • resource depletion
  • Industrial Revolution
    • causes
    • and energy use
    • and relative prices
    • textile industry
    • and working hours
    • see also United Kingdom, Industrial Revolution
  • inequality
    • across the world
    • and credit market exclusion
    • definition
    • and working hours
  • information
    • asymmetric
    • unverifiable
    • verifiable
  • innovation
    • and cost reduction
    • and profits
    • see also technology
  • innovation rents
  • Instagram
  • institutions
    • definition
    • and economic performance
    • and fairness
    • political
    • and power
  • insurance
    • car
    • compulsory
    • excess
    • lemons
    • medical
  • insurance market
    • and hidden action problem
  • intellectual property rights
  • interest rates
    • definition
    • nominal
    • and ‘payday’ loans
    • real
  • intertemporal choice model
  • investment
    • and consumption
    • definition
    • vicious circle
    • virtuous circle
  • invisible hand game
  • ‘invisible hand of the market’
    • see also Smith, Adam
  • Ireland, potato famine
  • isocost line
  • isoprofit curves
  • Italy
    • agriculture to manufacturing transition
    • preindustrial labour force
  • J
  • Japan
    • economic performance
    • hockey stick
    • introduction of capitalism
    • wartime central planning
  • job loss
    • cost of
  • Jobs, Steve
  • John Lewis Partnership
  • K
  • Kamprad, Ingvar
  • Kay, John
  • Kellogg’s Corn Flakes
  • Keynes, John Maynard
    • ‘Economic Possibilities for our Grandchildren’
    • The General Theory
  • King, Gregory
  • knowledge
    • as a public good
  • Koshal, Manjulika
  • Koshal, Rajindar
  • Kristiansen, Ole Kirk
  • Kroger
  • Krueger, Alan
  • L
  • labour
    • division of
    • strife
  • labour discipline model
  • labour discipline problem
  • labour force
    • composition
    • see also labour market
  • labour market
    • compared to goods market
    • flows
    • matching
    • power
  • land ownership
  • Landes, David
  • landfill tax
  • Latin America
    • living standards
  • Law of Demand
  • law of one price
  • law of satiation of wants
  • law, tort
  • Lazear, Edward
  • Lego
  • lenders
    • ‘payday’
  • lending, informal
  • Lewis model
  • Lewis, Arthur
  • lighting technology
  • Lincoln, Abraham
  • living standards
    • ‘average’
    • and capitalism
    • in Middle Ages
    • and population
    • and technological progress
  • London, City of
  • long run
    • definition
  • Lorenz curve
  • M
  • Maddison, Angus
  • Malthus, Thomas Robert
    • An Essay on the Principle of Population
  • Malthus’s Law
  • Malthusian economic theory
    • diminishing product of labour
    • effect of technological improvement
  • Malthusian trap
    • escaping
  • marginal cost
    • definition
    • supply curve
  • marginal external cost
  • marginal private cost
  • marginal rate of substitution (MRS)
  • marginal rate of transformation (MRT)
  • marginal revenue
    • definition
    • and elasticity of demand
  • marginal social benefit
  • marginal social cost
  • marginal utility
    • definition
    • diminishing
  • market failure
    • reasons for
  • ‘market for lemons’
    • see also insurance, lemons
  • market share
    • definition
  • markets
    • definition
    • limits to
    • missing
    • moral limits of
    • and power
    • and private property
    • repugnant
  • Marshall, Alfred
    • Principles of Economics
  • Martinique
  • Marx, Karl
    • Capital
    • Communist Manifesto
  • Mas, Alexandre
  • matching market
    • definition
  • mathematics
  • Mauritania
  • Mencken, H. L.
  • Mendel, Gregor
  • merit goods
  • Meta
  • Mexico
    • hours of work
  • Microsoft
  • Middle East
    • forced labour in
  • Mill, John Stuart
    • On Liberty
  • Mill, John Stuart
    • The Principles of Political Economy
  • minimum acceptable offer
    • definition
  • minimum wage
    • definition
    • see also wages, statutory minimum
  • mita system
  • mobile phones
  • Mokyr, Joel
  • monopoly
    • definition
    • natural
  • Monopoly board game
  • monopsony power
    • see also labour market power
  • Montreal Protocol
  • moral hazard
  • Mount Tambora eruption, 1815
  • Myerson, Roger
  • myopia
  • N
  • Nash equilibrium
    • and climate change
    • price-setting
    • wage setting
  • Nash, John
  • natural resources
  • negative wealth
  • Nestlé
  • Netherlands
    • agriculture to manufacturing transition
    • historic GDP
    • hours of work
    • inequality
  • networks
    • economies of scale
  • Niger
  • Nigeria
    • average income
    • GDP per capita
    • hockey stick
    • institutions
  • no-shirking condition
  • no-shirking wage
    • calculating
    • curve
    • definition
  • non-rivalry
    • definition
  • Nordhaus, William
  • normal profit
    • definition
    • see also profits
  • Norway
    • equality
    • GDP per capita
  • O
  • oil
    • substitutes for
    • world markets
  • oil prices
  • oligopoly, definition
  • OPEC
  • open access resources
    • definition
  • opportunity cost
    • of capital
    • and feasible set
  • Ostrom, Elinor
  • output
  • outsourcing
    • services
  • P
  • Pakistan
  • Pareto criterion
  • Pareto efficiency
    • allocation
    • and bargaining
    • and market failure
    • and surplus
  • Pareto efficiency curve
    • definition
    • and surplus distribution
  • Pareto improvement
    • definition
  • Pareto, Vilfredo
    • Manual of Political Economy
  • Pareto’s law
  • Paris Agreement, 2015
    • see also climate change; emissions; global warming
  • Parker Brothers
  • patents
    • and R&D
  • pawnbroking
  • pay-off
    • matrix
  • payday loans
  • Perez-Truglia, Ricardo
  • perfect competition
  • Peru
  • pest control game
  • pesticide case study
  • pesticides
  • pharmaceuticals industry
  • piece rate
    • definition
  • Pigou, Arthur
    • The Economics of Welfare
    • The Theory of Unemployment
    • Wealth and Welfare
  • Pigouvian tax
  • piracy
  • pirate economics
  • plague pandemic, 13th century
  • political systems
    • definition
  • polluter pays principle
  • pollution
    • and bargaining power
    • Eastern Europe
    • external effects
    • mitigation attempts
    • see also pesticides
  • Polo, Marco
  • population
    • economic conditions for
    • and Malthus
  • Potosí silver mine
  • poverty trap
  • power
    • bargaining
    • definition
    • employers’
    • market
    • monopoly
    • structural
  • preferences
    • definition
  • price controls
  • price markup
  • price taking
  • price-setting
  • price-takers
    • definition
  • prices
    • controlled
    • discrimination
    • market clearing
    • markup
    • relative
    • reservation
  • principal-agent problems
    • credit market
    • definition
    • in employment relationship
    • in labour market
  • prisoners’ dilemma
    • and altruism
  • private goods
  • product
    • differentiation
  • production
    • economies of scale
  • production function
  • productivity
    • labour
    • and technical progress
  • profits
    • calculation of
    • definition
    • economic
    • function
    • margin
    • maximization
    • normal
  • property
    • common
    • private
  • property rights
    • definition
  • prudence
  • public good experiment
  • public good games
  • public goods
    • congestible
    • definition
    • excludable
    • and free-rider
    • pure
    • see also radio broadcasting, as public good
  • purchasing power parity (PPP)
    • definition
  • Q
  • Quaker Oats Puffed Rice
  • quinoa
  • R
  • Royal Rover’s Articles
  • radio broadcasting, as public good
    • see also public goods
  • Rana Plaza collapse
  • Rawls, John
  • recession
    • see also global financial crisis
  • reciprocity
    • definition
  • renewable energy sources
  • rent
    • controls
    • disequilibrium
    • housing
  • rent ceiling
  • rent-seeking
    • disequilibrium
    • equilibrium
  • research and development (R&D)
  • reservation indifference curve
  • reservation option
    • definition
  • reservation wages
    • calculating
    • definition
  • residual claimant
  • resources
    • depletion of
    • environmental
    • flows of
  • returns to scale
    • constant
    • decreasing
    • increasing
  • revenue
    • definition
  • rich/poor ratio
  • Rio Declaration
  • risk aversion
    • and wealth level
  • Robbins, Lionel
  • Robinson, Joan
  • Romer, Paul
  • Roth, Alvin
  • Royal Dutch Shell
  • rule of law
  • rules of the game
    • see also institutions
  • Russia
    • average income
    • Bolshevik Revolution
    • salt tax
    • see also Soviet Union
  • Russia–Ukraine war
    • effect on oil prices
  • S
  • salt, taxes on
    • see also tax
  • Samsung
  • Samuelson, Paul
  • Sandel, Michael
  • savings
    • definition
  • scarcity
    • and decision-making
    • definition
  • Schor, Juliet
  • Schumpeter, Joseph
  • scientific revolution
  • search unemployment
    • see also unemployment
  • Second World War
  • self-interest
  • Senior, Nassau
  • separation of ownership and control
  • services
    • and differentiation
  • shareholders
    • and free-rider problem
  • shares
    • definition
    • see also stocks
  • Shaw, George Bernard
  • Shell oil case, Niger Delta
  • Shiller, Robert
  • shocks
    • exogenous
    • supply
  • short run
    • definition
  • Shum, Matthew
  • shutdown condition
  • Simon, Herbert
  • Singapore
  • slave economy
  • slave labour
  • slave trade
    • see also forced labour; slave labour
  • slavery
    • American South
  • Smith, Adam
    • and division of labour
    • ‘invisible hand of the market’
    • The Theory of Moral Sentiments
    • Two Views on the Division of Labour
    • Wealth of Nations
  • Smith, Vernon
  • social benefit
    • marginal
  • social cost
  • social dilemmas
    • definition
  • social interactions
    • definition
    • see also game theory
  • social norms
    • and behaviour
    • definition
    • and public good
  • social preferences
    • definition
  • solar energy
  • Somalia
    • average income
  • South Africa
    • average income
    • inequality
  • South Korea
    • GDP
    • hours of work
  • South Sudan
    • average income
  • Soviet Union
    • central planning
  • Spain
    • colonial forced labour policy
    • economic performance
  • specialization
    • advantages of
    • disadvantages of
    • and economies of scale
    • and markets
  • spinning jenny
  • Sri Lanka
  • Star Trek
  • steam engine
  • Stern, Nicholas
  • Stern Review on the Economics of Climate Change
  • Stigler, George
  • stock
    • definition
  • strategic interactions
    • definition
    • and social dilemmas
  • strategy
    • best response
    • definition
  • Sturges v Bridgman
  • subsistence level
    • definition
  • substitutes
    • definition
  • substitution effect
    • definition
    • and income effect
  • sugar
  • supply curve
    • definition
    • marginal cost curve
  • surplus
    • consumer and producer
    • joint
    • and Pareto efficiency
  • Sweden
    • hours of work
  • T
  • take-it-or-leave-it game
  • Tata Consultancy Services
  • Tavernier, Jean Baptiste
  • tax
    • on carbon emissions
    • effects of
    • incidence
    • landfill
    • Pigouvian
    • revenues
    • and surpluses
  • technological progress
    • and competition
    • and costs
    • definition
    • and environmental damage
    • and living standards
    • and renewable energy
    • and working hours
  • technology
    • definition
    • divergence and convergence
    • energy-intensive
    • labour-saving
    • and the Malthusian trap
    • and wage increases
    • see also Industrial Revolution
  • Tesco
  • Tesla
  • tobacco, taxes on
    • see also tax
  • Toyota
  • tradable permits
  • trade
    • gains from
  • trade unions
    • and working hours
  • trademarks
  • tragedy of the commons
  • transaction costs
  • ultimatum game
    • definition
    • examples
  • U
  • unemployment
    • costs of
    • frictional
    • duration of by country
    • involuntary
    • and labour matching
    • ‘voluntary’
    • and wages
    • see also labour market flows
  • unemployment benefit
    • definition
  • United Arab Emirates (UAE)
    • average income
  • United Kingdom
    • agrarian economy
    • Black Death
    • colonialism
    • common land system
    • forced labour in
    • GDP per capita
    • hockey stick
    • hours of work
    • Industrial Revolution
    • inequality
    • landfill tax
    • living standards
    • productivity
    • textile industry
    • wage rises
  • United Nations
    • Rio Declaration
  • United Nations Intergovernmental Panel on Climate Change (UN IPCC)
  • United Parcel Service (UPS)
  • United States
    • asset ownership
    • carbon emissions
    • Civil War
    • GDP per capita
    • Great Depression
    • home equity
    • hours of work
    • inequality
    • residential debt
    • slavery in
    • tea tax
    • wages
    • wealth inequality
  • unpaid work
  • utility
    • calculating
    • definition
  • V
  • Veblen effect
  • Veblen, Thorstein
  • Venezuela
    • average income
  • Volkswagen
  • W
  • wage setting
    • Nash equilibrium
    • and work effort
  • wages
    • and employment
    • historical
    • and incentives
    • real
    • and recession
    • reservation
    • statutory minimum
    • and unemployment
    • and working hours
  • Waldfogel, Joel
  • Walmart
  • Walras, Léon
    • Elements of Theoretical Economics
  • Walzer, Michael
  • Watt, James
  • wealth
    • definition
    • negative
    • and risk aversion
  • welfare economics
  • wellbeing measure
  • West Bengal
  • WhatsApp
  • Williamson, Oliver
  • willingness to accept (WTA)
  • willingness to pay (WTP)
    • definition
    • and demand curve
    • and surplus
  • worker-owned cooperative
    • See also cooperatives
  • workers
    • resistance to wage cut
  • working hours
    • and gender
    • global differences
    • substitution and income effect on
  • World Health Organization
  • World Wildlife Fund
    • Living Planet Report 2020
  • Y
  • YouTube