Routledge Dictionary of Economics, 2e.pdf

Routledge Dictionary

of Economics

Second edition

The most informative dictionary of economics available, the Routledge Dictionary of

Economics avoids the tendency to indulge in long-winded definitions of the major

concepts and provides students with a lucid, comprehensive and accurate guide to the

discipline. Employing the key feature of further reading with many of the terms, the

book uses the subject classification system defined by the Journal of Economic Literature

and The Economic Journal.

There have been sweeping developments in economics in the decade since the

appearance of the first edition of the dictionary and the new version reflects this by

including a wealth of material on additional topics, including:

economic anthropology

Blairism

endogenous growth theory

French Circuit School

output floor regulation

predator–prey models.

The dictionary has been compiled for the needs of students and teachers of

economics, finance, accountancy and business studies and should prove to be an

invaluable resource.

Donald Rutherford is Lecturer in Economics and Associate Dean of the Faculty of

Social Sciences at the University of Edinburgh.

Routledge

Dictionary of

Economics

Second edition

Donald Rutherford

London and New York

First published in 1992 as the Dictionary of Economics

Second edition published 2002

by Routledge

11 New Fetter Lane, London EC4P 4EE

Simultaneously published in the USA and Canada

by Routledge

29 West 35th Street, New York, NY 10001

Routledge is an imprint of the Taylor & Francis Group

This edition published in the Taylor & Francis e-Library, 2005.

“To purchase your own copy of this or any of Taylor & Francis or Routledge’s

collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk .”

# 2002 Donald Rutherford

reproduced or utilised in any form or by any electronic,

mechanical, or other means, now known or hereafter

invented, including photocopying and recording, or in any

information storage or retrieval system, without permission in

writing from the publishers.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British

Library

Library of Congress Cataloging-in-Publication Data

A catalog record for this book has been requested

ISBN 0-203-00054-4 Master e-book ISBN

ISBN 0–415–25090–0 (hbk)

ISBN 0–415–25091–9 (pbk)

Contents

Preface to the first edition

Preface to the second edition

List of abbreviations

DICTIONARY OF ECONOMICS

Appendices

Subject classifications

Preface to the first edition

Economics, the Queen of the Social Sciences, has now established itself as a major

subject in dialogue with the physical sciences, law and the arts. There are few

aspects of human behaviour that do not have an economic dimension and little of

current affairs can be understood without a knowledge of economic principles. It

is, therefore, not surprising that it is a major discipline in schools, colleges and

universities throughout the world, studied by millions and the topic of

conversation of millions more.

The Routledge Dictionary of Economics has as its concerns as many issues as the

subject Economics now covers. The breadth can be appreciated by considering the

subject classifications used by the Journal of Economic Literature (USA) and The

Economic Journal (UK). The related specialties of economic history, commercial

law, and econometric and statistical techniques are all within its ambit. However,

to prevent a subject dictionary becoming encyclopedic, a lexicographer can follow

the useful conventions of taking from sister disciplines only what is regularly used

in mainstream economic literature. For example, from law, it is customary to

emphasize competition, fiscal and banking law more than constitutional or

criminal law. This interpretation of economics in the broad sense makes a

dictionary of this kind more of a dictionary for economists, rather than a

dictionary of economics with terms peculiar to the subject.

Even if a dictionary takes a broad view of its subject matter, it is usually

addressed to a particular audience, such as first-year undergraduates. This is an

approach that I have wanted to avoid, as there is a substantial heterogeneity of

economics courses and students often need to research some areas of the subject in

more depth than others. Also, it can be patronizing to the general reader to regard

all of his or her knowledge to date as rudimentary. Even the reader of the daily

newspapers who never looks at an economics textbook will encounter the most

complex of ideas, chaos theory for example.

To produce a dictionary of this kind, I started with an assortment of basic

textbooks and many current newspapers and journals. I soon discovered that

about a thousand concepts are common to all the textbooks, for example notions

of cost, economic systems and banking. From general textbooks I moved to a

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