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
- 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
- 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
- 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
