Index
- A
- accountability
- active labour market policy
- actors
- administrative feasibility
- adverse selection
- advertising
- Aesop
- affluence
- aggregate demand
- aggregate economy
- see also WS/PS model
- Airbnb
- Akerlof, George
- Allende, Salvador
- allocation
- competitive equilibrium
- fairness
- kidney transplants
- Operation Barga
- Pareto efficiency
- reservation indifference curve
- scarce resources
- under the rule of force
- altruism
- positional goods
- reciprocity compared with
- survey questions
- Amazon
- antibiotics
- antitrust policy
- apartheid
- Apple
- arbitrage
- Argentina
- Ariely, Dan
- Arrow, Kenneth
- artificial scarcity
- assets
- banks
- bubbles
- firms
- households
- markets
- risk and return
- supply and demand
- asymmetric information
- auctions
- Australia
- carbon dioxide emissions
- climate change policy
- collective bargaining
- democracy
- environmental protection
- governing elite
- higher education
- inequality
- labour market
- mining
- unemployment
- unemployment benefits
- working hours
- Austria
- collective bargaining
- democracy
- inequality
- unemployment benefits
- authority
- automation
- average cost curve
- average product
- B
- Bahrain
- bailouts
- balance sheets
- banks
- households
- banana plantations
- bank lending rate
- bank money
- bank runs
- banks
- balance sheets
- definition of
- deregulation
- failures
- financial crisis
- incomplete contracts
- liability-based money
- market failure
- moneylenders
- morals
- mortgages
- risk-taking by
- ‘too big to fail’ concept
- trust in
- Barclays
- bargaining
- efficiency
- private
- unions
- bargaining power
- competitive equilibrium
- definition of
- democracy
- employees
- gains from trade
- gig economy
- Keralan fish market
- large firms
- market power
- pesticide problem
- price-setting
- ultimatum game
- unions
- barter
- base money
- basic research
- bathtub model
- Baxandall, Phineas
- behavioural economics
- behavioural experiments
- Belgium
- collective bargaining
- democracy
- GDP per capita
- inequality
- unemployment benefits
- unpaid care work
- working hours
- bell curve
- Bentham, Jeremy
- Besley, Tim
- best response
- bargained wages
- conflicts of interest
- labour discipline model
- Nash equilibrium
- unemployment
- best response curve
- Bewley, Truman
- biological feasibility (biological survival constraint)
- biosphere
- Bisenius, Don
- Blanchflower, David
- BNP Paribas
- boards of directors
- Boigny, Felix Houphouet
- Bolivia
- bonds
- debt financing
- government
- prices
- risk and return
- borrowing
- balance sheets
- banks
- constraints
- ease of
- housing
- inequalities
- for investment
- market failure
- microfinance
- mutual gains and conflicts
- tuition fees
- see also lending; loans
- Botswana
- Bowley, A. L.
- Boyce, James K.
- brand loyalty
- Braverman, Harry
- Brazil
- cooperation in fishing
- cotton production
- democracy
- GDP per capita
- incomes
- inequality
- policy interest rate
- undemocratic government
- breakfast cereals
- bribery
- British East India Company
- broad money
- Broockman, David
- Brunnermeier, Markus
- bubbles
- Burgoon, Brian
- business cycles
- buying power
- see also spending power
- C
- Camerer, Colin
- Canada
- carbon dioxide emissions
- collective bargaining
- democracy
- inequality
- unemployment benefits
- working hours
- CAPE see cyclically adjusted price-to-earnings ratio
- capital
- capital goods
- capitalism
- capitalist revolution
- creative destruction
- credit market
- definition of
- division of labour
- dynamism
- economic growth
- environmental impacts
- Hayek on
- inequality
- limits to government
- Marx on
- South Africa
- varieties of
- carbon dioxide emissions
- climate change game
- market failure
- public policies
- willingness to pay
- see also climate change
- Cárdenas, Juan Camilo
- care work
- cartels
- Case, Anne
- cash
- Cassidy, John
- Castro, Fidel
- causation
- Ceausescu, Nicolae
- cell phones
- central banks
- bubbles
- government intervention
- interest rates
- money
- centralization
- centrally planned economies
- ceteris paribus assumption
- CFCs
- change
- checks and balances
- cheques
- chicken game
- child mortality
- children’s health
- Chile
- democracy
- early childhood education
- economic policies
- political limits to policies
- undemocratic government
- working hours
- China
- base money
- capitalism
- carbon dioxide emissions
- climate change game
- competition from
- developmental state
- economic growth
- economic policies
- GDP per capita
- incomes
- inequality
- political competition
- salt tax
- undemocratic government
- chlordecone
- Churchill, Winston
- City of London
- civil liberties
- civil rights
- climate change
- Copenhagen summit
- free riding
- game theory
- public policies
- willingness to pay for mitigation
- see also carbon dioxide emissions
- club goods
- Coase, Ronald
- Coasean bargaining
- coercion
- Cohen, Jack
- collateral
- bank loans
- borrowing for investment
- households
- student loans
- collective action
- collective bargaining
- Colombia
- commodities
- commodity money
- common-pool resources
- see also tragedy of the commons
- common property
- Communism
- compensation
- competition
- capitalist dynamism
- competitive pressures
- firms
- global
- Hayek on
- imperfect
- inequality
- ‘invisible hand’
- labour market
- lack of
- markets
- monopolistic
- perfect
- political
- price markups
- price-setting curve
- profit maximization
- competition policy
- competitive equilibrium
- complete contracts
- compound annual growth rate (CAGR)
- conflicts of interest
- borrowing and lending
- climate change
- employment relationship
- firms
- Nash equilibrium
- principal–agent relationships
- conspicuous consumption
- constant prices
- constant returns to scale
- constrained choice problems
- constrained optimization
- consumer lifestyles
- consumer price index (CPI)
- consumers see customers
- consumer surplus
- competitive equilibrium
- renter surplus
- consumption
- borrowing and lending
- changing preferences
- choices
- conspicuous
- free time and
- households
- as normal good
- oil
- Pareto efficiency
- smoothing
- Veblen effect
- consumption goods
- continuous change
- contracts
- complete
- enforcement of
- external effects
- gig economy
- managers
- see also incomplete contracts
- cooperation
- fishing
- informal agreements
- markets
- public goods
- social preferences
- cooperatives
- coordination game
- coordination of work
- Copenhagen climate change summit
- copyright
- Costa Rica
- cost of job loss see employment rents
- costs
- banana production
- banks
- economic
- economies of scale
- of effort
- fixed
- gains from trade
- gig economy
- isoprofit curves
- monopolies
- production
- profits and
- transaction
- wage-setting
- see also marginal cost; opportunity cost
- cotton
- Cournot, Augustin
- CPI see consumer price index
- creative destruction
- credit-constrained individuals
- credit market
- constraints
- exclusion from the
- inequalities
- labour market comparison
- see also borrowing; lending; loans
- credit rationing
- crowding out
- cryptocurrencies
- Cuba
- culture
- East/West Germany comparison
- ‘permanent technological revolution’
- working hours
- customary rules
- customers
- decision-making
- firm’s relationship with
- gains from trade
- interaction in markets
- preferences
- price discrimination
- willingness to pay
- cyclically adjusted price-to-earnings (CAPE) ratio
- cyclical unemployment
- Czech Republic
- D
- data collection
- Davenant, Charles
- daycare centre fines
- deadweight loss
- competitive equilibrium
- rent control
- Deaton, Angus
- debit cards
- debt financing
- debt-to-income ratio
- decentralization
- firms
- markets
- deciles
- decision making
- firms
- gender division of labour
- scarcity
- decreasing returns to scale
- default risk
- defaults, strategic
- deflation
- Deliveroo
- Dell
- demand
- assets
- bubbles
- changes in
- economies of scale
- excess
- financial assets
- income elasticity of
- labour
- law of
- money markets
- oil
- price elasticity of
- shocks
- unemployment
- willingness to pay
- see also elasticity of demand
- demand curve
- competitive equilibrium
- gains from trade
- oil
- price elasticity of demand
- price-setting
- product selection
- profit maximization
- rent control
- shifts in supply and demand
- wage-setting
- willingness to pay
- democracy
- bargaining power
- environmental sustainability
- ideal
- India
- inequality
- political competition
- political influence
- political institutions
- resistance to
- South Africa
- undermined by markets
- see also elections
- Denmark
- collective bargaining
- democracy
- inequality
- unemployment benefits
- wealth
- working hours
- deposits
- balance sheets
- bank runs
- interest costs
- maturity transformation
- depreciation
- deregulation
- derivatives
- derived demand for labour
- deservingness
- deskilling
- developmental state
- dictator game
- dictatorships
- difference-in-difference method
- differentiated products
- differentiation
- dignity
- diminishing marginal product
- diminishing marginal returns
- directives
- discount rate
- discretionary time
- discrimination
- diseconomies of scale
- disequilibrium
- disposable income
- disutility of effort
- dividends
- division of labour
- capitalism
- firms and markets
- game theory
- Smith, Adam
- dominant strategy
- dominant strategy equilibrium
- Duflo, Esther
- Durkheim, Emile
- E
- early childhood education
- earnings
- see also incomes; wages
- ‘Easterlin Paradox’
- East Germany
- eBay
- economic accountability
- economic conditions
- economic cost
- economic development
- economic feasibility
- economic growth
- capitalism
- East/West Germany comparison
- ‘permanent technological revolution’
- varieties of capitalism
- economic inequality see inequality
- economic models
- see also WS/PS model
- economic outcomes
- economic rents
- economics
- behavioural
- definition of
- efficiency
- experiments
- fairness
- game theory
- homo economicus
- marginal change
- rules of the game
- self-interest
- social dilemmas
- social preferences
- economic security
- economic systems
- economies of scale
- economy
- aggregate
- economic models
- Ecuador
- Edgeworth, Francis
- education
- administrative feasibility
- differences between countries
- early childhood
- government spending
- higher education funding
- incomplete contracts
- investment in
- merit goods
- Mill on
- efficiency
- bargaining
- competitive equilibrium
- definition of
- higher education funding
- Nash equilibrium
- Operation Barga
- policies
- trade-off with fairness
- ultimatum game
- see also Pareto efficiency
- efficiency units
- efficiency wages
- efficient market hypothesis
- effort
- disutility of
- employment rents
- labour discipline model
- unemployment
- wage-setting
- Egypt
- Ehrenreich, Barbara
- 80-20 rule
- Eisen, Michael
- elasticity of demand
- food taxes
- income
- price markups
- profit margins
- elasticity of supply
- elections
- elites
- employees
- asymmetric information
- bargained wages
- capitalism
- conflicts of interest
- contracts
- cooperatives
- costs and benefits of employment
- division of revenue
- economies of scale
- employment relationship
- employment rents
- Firestone
- labour discipline model
- market failure
- Mill on
- motivation
- power relations
- principal–agent relationship
- productivity
- size of firms
- unemployment benefits
- see also labour; labour market; wages
- employers
- bargained wages
- conflicts of interest
- contracts
- employment relationship
- employment rents
- labour discipline model
- power relations
- principal–agent relationship
- unemployment benefits
- wage-setting
- working hours
- see also firms; labour market
- employment rate
- employment relationship
- employment rents
- labour discipline model
- wage-setting curve
- endowments
- energy
- model of the economy
- renewable
- Engels, Friedrich
- entrepreneurs
- environmental issues
- environmental protection
- environmental spillovers
- global problems
- influence of firms on regulation
- policies
- social dilemmas
- social preferences
- sustainable lifestyles
- see also climate change; pollution
- equality, political
- equal opportunity
- equilibrium
- changes in demand
- competitive
- dominant strategy
- economic models
- involuntary unemployment
- labour discipline model
- labour market
- product market
- see also Nash equilibrium
- equilibrium price
- equilibrium unemployment
- equity
- ethics
- Europe
- European Commission
- excess demand
- excess supply
- exchange-traded note (ETN)
- excludability
- exogenous shocks
- expected value
- experiments
- see also natural experiments
- external benefits
- see also private benefits
- external costs
- see also marginal external cost; private costs
- external diseconomies
- external economies
- external effects
- bank risk-taking
- external diseconomies
- incomplete contracts
- market failure
- markets
- policies
- positional goods
- positive
- public goods
- social dilemmas
- social institutions
- F
- Fafchamps, Marcel
- fairness
- competitive equilibrium
- economic outcomes
- government intervention
- higher education funding
- inequality
- institutions
- Operation Barga
- policies
- polluter pays principle
- rent control
- repugnant markets
- social preferences
- substantive and procedural judgements
- trade-off with efficiency
- ultimatum game
- working hours
- Falk, Armin
- Fama, Eugene
- families
- family-based production
- incomplete contracts
- model of the economy
- resource allocation
- rules of the game
- farming
- borrowing
- irrigation
- Operation Barga
- quinoa production
- Farnie, Douglas
- feasible frontier
- asset risk and return
- bargaining power
- borrowing and lending
- consumption
- investment
- labour discipline model
- political rents
- reservation indifference curve
- smoothing consumption
- study time
- technical feasibility
- wage-setting
- willingness to pay
- working hours
- feasible set
- asset risk and return
- borrowing
- investment
- labour discipline model
- lending
- willingness to pay
- FedEx
- Fehr, Ernst
- fiat currency
- financial assets
- banks
- government
- risk and return
- supply and demand
- value of
- see also assets
- financial crisis
- bank failures
- efficient market hypothesis
- lack of trust in banks
- mortgage defaults
- oil prices
- role of banks
- subprime housing crisis
- financial deregulation
- financial markets
- fines
- Finland
- bubbles
- collective bargaining
- democracy
- educational performance
- government spending
- incomes
- inequality
- unemployment benefits
- unpaid care work
- wealth
- Firestone
- firms
- aggregate economy
- bargained wages
- bonds
- capitalism
- central planning
- competitive markets
- cooperatives
- definition of
- demand curve
- economies of scale
- employee motivation
- employment relationship
- employment rents
- failure of
- gains from trade
- incomplete contracts
- involuntary unemployment
- labour discipline model
- make or buy decisions
- model of the economy
- money
- ownership and control
- perfect competition
- power relations
- price-setting
- product selection
- profits and costs
- resource allocation
- rules of the game
- setting wages to minimize costs
- Simon on
- size of
- tax avoidance game
- tax policies
- wage-setting curve
- see also employers
- fiscal capacity
- Fisher, Irving
- Fisher equation
- fishing
- cooperation
- pesticide pollution
- fixed costs
- flow variables
- Fogel, Robert
- Fong, Christina
- food taxes
- Ford
- fossil fuels
- France
- anti-obesity taxes
- chlordecone contamination
- collective bargaining
- democracy
- inequality
- Loire Valley
- Louis XIV
- salt tax
- unemployment benefits
- wealth
- working hours
- Freddie Mac
- freedom
- Freeman, Richard
- free riding
- altruism
- public policy
- punishment of
- reciprocity
- shareholders
- free time
- differences between countries
- gender division of labour
- independent producers
- as normal good
- study time trade-off
- under rule of force
- under rule of law
- see also working hours
- Friedman, Milton
- fundamental value of a share
- future generations
- G
- gains from exchange
- gains from trade
- Galton, Francis
- game, definition of a
- game theory
- climate change
- common property
- coordination game
- dictator game
- hawk–dove game
- invisible hand game
- labour discipline model
- Nash equilibrium
- Pareto efficiency
- public goods games
- tax avoidance game
- ultimatum game
- see also prisoners’ dilemma
- GDP see gross domestic product
- gender
- discrimination
- gender division of labour
- inequality
- unfairness
- working hours
- see also women
- General Electric
- General Mills
- General Motors
- Germany
- banks
- carbon dioxide emissions
- climate change policy
- collective bargaining
- comparison of East and West
- democracy
- income growth
- inequality
- labour market
- unemployment
- unemployment benefits
- working hours
- gig economy
- Gini, Corrado
- Gini coefficient
- aggregate economy model
- borrowing and lending
- differences between countries
- US rise in inequality
- global financial crisis see financial crisis
- gold
- Golden Rule
- goods
- artificial scarcity
- demand for
- economic models
- increase in consumption
- inferior
- merit
- model of the economy
- non-rival
- normal
- positional
- price-taking
- governing elites
- government
- bank risk-taking
- borrowing
- capitalist dynamism
- central banks
- definition of
- as economic actor
- economic outcomes
- feasibility of policies
- government failure
- market failure
- money
- political competition
- pollution policies
- public and private goods
- as rent-seeking monopolist
- resource allocation
- role in market systems
- rules of the game
- spending
- tax policies
- government bonds
- Graddy, Kathryn
- Graham, Andrew
- Grameen Bank
- Great Depression
- Greece
- collective bargaining
- inequality
- labour market
- unemployment benefits
- working hours
- greenhouse gases
- Greenspan, Alan
- Grey, Rob and Doug
- gross domestic product (GDP)
- government spending
- production of
- tax revenues
- see also real GDP
- gross domestic product (GDP) per capita
- capital accumulation
- definition of
- East/West Germany comparison
- environmental issues
- growth
- varieties of capitalism
- wellbeing
- working hours
- Guadeloupe
- Guatemala
- H
- happiness
- Hardin, Garrett
- Harding, Matthew
- Harford, Tim
- Hargreaves, James
- Harrison, George
- Hausman, Jerry
- hawk–dove game
- Hayek, Friedrich
- health
- antibiotics
- children’s
- chlordecone contamination
- government spending
- inequalities
- merit goods
- health insurance
- Heckman, James
- Heinrich, Joseph
- hidden actions
- hidden attributes
- higher education
- hockey stick
- capital goods
- capitalism
- economic growth
- inequality
- population
- technology
- home production
- homo economicus
- Honda
- Hong Kong
- households
- assets and liabilities
- bank loans
- bonds
- debt-to-income ratio
- model of the economy
- money
- housing
- as an asset
- collateral
- financial crisis
- market
- real estate bubbles
- rent control
- strategic defaults
- subprime borrowers/mortgages
- Huberman, Michael
- human capital
- human organ sales
- Human Resources (HR)
- human rights
- Hungary
- I
- Iceland
- impatience
- imperfect competition
- import tariffs
- inactive population
- incentives
- government intervention
- labour discipline model
- Nigeria
- piece rates
- income elasticity of demand
- incomes
- borrowing and lending
- definition of
- differences between countries
- disposable income
- distribution of
- drops in
- economic growth
- farming in India
- GDP per capita
- gender inequality
- growth in
- happiness and
- income effect
- income net of depreciation
- inequality
- Lorenz curve
- median
- net and gross income
- net worth
- Operation Barga
- redistribution
- rich/poor ratio
- South Africa
- transfers
- working hours
- see also wages; wealth
- incomplete contracts
- asymmetric information
- borrowing and lending
- employment
- external effects
- labour
- increasing returns to scale
- see also economies of scale
- independence
- India
- antibiotics
- British East India Company
- carbon dioxide emissions
- common irrigation projects
- cotton production
- credit constraints
- democracy
- early childhood education
- economic growth
- fishing
- GDP per capita
- governing elite
- incomes
- inequality
- Operation Barga
- salt tax
- women councillors
- indifference curves
- asset risk and return
- borrowing and lending
- investment
- isocost lines
- marginal rate of substitution
- reservation indifference curve
- smoothing consumption
- working hours
- Indonesia
- Industrial Revolution
- inequality
- borrowing and lending
- capitalism
- comparisons between countries
- conflicts
- credit rationing
- democracy
- differences between countries
- education
- fairness
- gender
- institutions
- measuring
- public policy
- rich/poor ratio
- rising
- rules of the game
- South Africa
- WS/PS model
- see also Gini coefficient; Lorenz curve
- inequality aversion
- inferior goods
- Infineon
- inflation
- information
- administrative feasibility
- asymmetric
- borrowing and lending
- government provision
- market failure
- principal–agent relationship
- private bargaining
- verifiable
- infrastructure
- inheritance
- innovation
- insolvency
- institutions
- bargaining power
- capitalism
- division of labour
- East/West Germany comparison
- Marx on
- ‘permanent technological revolution’
- political
- repugnant markets
- social
- see also rules of the game
- insurance
- Intel
- intellectual property rights (IPR)
- interest rates
- banks
- bonds
- central banks
- feasible frontiers
- inequality
- investment
- lending risk
- moneylenders
- nominal
- policy interest rate
- present value
- profitability of lending
- real
- short-term
- smoothing consumption
- International Labour Organization (ILO)
- intervention
- investment
- banks
- definition of
- financial assets
- government
- Nash equilibrium
- net present value
- ‘invisible hand’
- invisible hand game
- involuntary unemployment
- IOUs
- Iowa Electronic Markets
- iPad
- iPhone
- IPR see intellectual property rights
- Ireland
- bank strike
- bubbles
- carbon dioxide emissions
- collective bargaining
- house prices
- inequality
- unemployment benefits
- irrational exuberance
- irrigation
- isocost lines
- isoprofit curves
- isorent curves
- Israel
- Italy
- collective bargaining
- democracy
- economic growth
- GDP per capita
- inequality
- labour market
- unemployment benefits
- working hours
- Ivory Coast
- J
- Jacobson, Louis
- Jamaica
- Japan
- bubbles
- capital accumulation
- collective bargaining
- democracy
- developmental state
- economic growth
- educational performance
- GDP per capita
- incomes
- inequality
- interest rates
- undemocratic government
- unemployment benefits
- working hours
- job loss
- John Lewis Partnership
- joint access
- joint surplus
- see also surplus
- K
- Kalla, Joshua
- ‘keeping up with the Joneses’
- Kenya
- Keynes, John Maynard
- kidney transplants
- Kindleberger, Charles
- King, Gregory
- Kroszner, Randall S.
- Krueger, Alan B.
- Krugman, Paul
- Kuwait
- Kyoto Protocol
- L
- laboratory experiments
- labour
- coordination of work
- derived demand for
- employment relationship
- model of the economy
- wage labour contracts
- see also employees
- labour discipline model
- labour force
- labour market
- aggregate economy
- credit market comparison
- differences between countries
- inequality
- policies
- power relations
- price-setting curve
- unions
- wage-setting curve
- see also employees; employers; unemployment
- labour productivity
- price-setting curve
- unions
- see also productivity
- Lalonde, Robert
- land
- land ownership
- model of the economy
- Landes, David
- Lasswell, Harold
- Latin America
- law of demand
- lawyers
- Lazear, Edward
- legal representation
- legislation
- leisure
- ‘lemons problem’
- lending
- balance sheets
- banks
- constraints
- inequalities
- Irish publicans
- market failure
- profitability
- risk
- see also borrowing; loans
- Lesotho
- leverage ratio
- Levitt, Steven D.
- liabilities
- banks
- households
- liability-based money
- life expectancy
- lighting technology
- Lincoln, Abraham
- liquidity
- risk
- transformation
- List, John A.
- living standards
- centrally planned economies
- competitive equilibrium
- dynamic economies
- income transfers
- real GDP
- rise in
- loans
- banks
- cooperatives
- higher education funding
- incomplete contracts
- payday
- see also borrowing; lending
- lobbying
- Lorenz, Max
- Lorenz curve
- aggregate economy model
- borrowing and lending
- rise in profit share
- Louis XIV of France
- Lovenheim, Michael
- Lucas, Robert
- Luxembourg
- luxury items
- Lyft
- M
- Madagascar
- Madison, James
- Malaysia
- managers
- asymmetric information
- conflicts of interest
- cooperatives
- decision-making
- incomplete contracts
- power
- Mandela, Nelson
- manufacturing
- marginal change
- marginal cost
- competitive equilibrium
- monopolies
- non-rival goods
- price markups
- price-setting curve
- social
- see also unit costs
- marginal external cost (MEC)
- marginal private benefit (MPB)
- marginal private cost (MPC)
- marginal product
- marginal rate of substitution (MRS)
- asset risk and return
- borrowing
- consumption
- feasible frontier
- independent producers
- investment
- isoprofit curves
- isorent curves
- labour discipline model
- Pareto efficiency curve
- reservation indifference curve
- smoothing consumption
- survival constraint
- wage-setting
- marginal rate of transformation (MRT)
- asset risk and return
- borrowing
- consumption
- demand curve
- feasible frontier
- independent producers
- investment
- isoprofit curves
- isorent curves
- labour discipline model
- Pareto efficiency curve
- reservation indifference curve
- smoothing consumption
- survival constraint
- wage-setting
- marginal social benefit (MSB)
- marginal social cost (MSC)
- marginal utility
- market-clearing price
- market failure
- administrative feasibility
- asymmetric information
- bank risk-taking
- chlordecone contamination
- government failures
- policies
- pollution
- public goods
- remedies
- unfairness
- market income
- marketing departments
- market power
- markets
- asset
- bubbles
- capitalism
- decentralization of power
- division of labour
- financial
- kidney transplants
- ‘magic’ of the market
- market for lemons
- Marx on
- missing
- politics and sociology of
- prediction
- private goods
- repugnant
- Simon
- markups
- competition
- inequality
- marriage
- Marsh, Rick
- Marshall, Alfred
- Martinique
- Marx, Karl
- Mas, Alexandre
- mathematics
- maturity
- maturity transformation
- MBSs see mortgage-backed securities
- McDonalds
- mean
- MEC see marginal external cost
- Mechanical Turk
- median
- Meidner, Rudolph
- Mencken, H. L.
- men’s working hours
- merit goods
- Mexico
- anti-obesity taxes
- bubbles
- democracy
- free time
- governing elite
- inequality
- working hours
- Micklethwait, John
- microfinance
- Microsoft
- Mill, John Stuart
- Miller, Grant
- Miller, Helen
- minimum acceptable offer
- minimum wage
- mining
- Minns, Chris
- Minten, Bart
- Mirrlees Review (2010)
- missing markets
- modern slavery
- money
- bank money
- base money
- broad money
- definition of
- key actors
- moneylenders
- money markets
- monopolistic competition
- monopoly
- inequality
- natural
- political
- rents
- Smith, Adam
- Monopoly (game)
- Montreal Protocol
- moral hazard
- morals
- mortgage-backed securities (MBSs)
- mortgages
- collateral
- strategic defaults
- subprime
- Moser, Petra
- motivation
- MPB see marginal private benefit
- MPC see marginal private cost
- MRS see marginal rate of substitution
- MRT see marginal rate of transformation
- MSB see marginal social benefit
- MSC see marginal social cost
- mutual gains
- borrowing and lending
- employment relationship
- government intervention
- voluntary exchanges
- Myerson, Roger
- N
- Nasdaq Composite Index
- Nash, John
- Nash equilibrium
- climate change game
- competitive equilibrium
- labour discipline model
- labour markets
- markets
- policy feasibility
- positional goods
- public policy
- tax avoidance game
- unemployment
- wage-setting and price-setting
- natural experiments
- intellectual property rights
- job loss
- political competition
- sugar tax
- natural monopoly
- Netherlands
- capitalism
- carbon dioxide emissions
- collective bargaining
- democracy
- free time
- inequality
- unemployment benefits
- working hours
- net present value (NPV)
- network economies of scale
- net worth
- banks
- New England Program for Kidney Exchange (NEPKE)
- News Corp
- Newton, William
- New Zealand
- Nicaragua
- Niger
- Nigeria
- 90/10 ratio
- nominal interest rates
- nominal wage
- non-excludability
- non-rival goods
- Nordhaus, William
- Nordic countries
- normal goods
- North Korea
- Norton, Michael
- Norway
- bubbles
- carbon dioxide emissions
- collective bargaining
- democracy
- incomes
- inequality
- labour market
- pro-poor policies
- unemployment benefits
- wealth
- working hours
- O
- Obama, Barack
- obesity
- O’Brien, James Bronterre
- oil
- oligarchs
- oligopoly
- Oman
- one-shot games
- OPEC see Organization of Petroleum Exporting Countries
- open-access resources
- Operation Barga
- opportunity cost
- bank reserves
- borrowing
- marginal rate of transformation
- scarcity
- working hours
- Organization of Petroleum Exporting Countries (OPEC)
- organizations
- Osram
- Ostrom, Elinor
- Oswald, Andrew
- output
- see also productivity
- outsourcing
- owners
- asymmetric information
- conflicts of interest
- incomplete contracts
- Mill on
- power
- ownership
- P
- Pakistan
- Pareto, Vilfredo
- Pareto criterion
- Pareto dominance
- Pareto efficiency
- banana production
- bargaining
- competitive equilibrium
- distribution of surplus
- gains from trade
- inequality
- labour markets
- market failure
- Pareto efficiency curve
- price-setting
- private bargaining
- private goods
- regulation
- Pareto improvement
- Pareto’s law
- Paris Agreement (2015)
- Parker Brothers
- participation rate
- patents
- pawnbrokers
- payday loans
- payment services
- payoffs
- climate change game
- conflicts of interest
- Nash equilibrium
- Pareto efficiency
- positional goods
- reciprocity
- tax avoidance game
- tragedy of the commons
- ultimatum game
- pension funds
- perfect competition
- performance-related pay
- Peru
- pesticides
- Philips
- physical environment
- piece rates
- Pigou, Arthur
- Pigouvian tax
- Piketty, Thomas
- Pinochet, Augusto
- piracy
- Pitt, William
- pleasure
- Poland
- collective bargaining
- democracy
- inequality
- unemployment benefits
- police
- policy see public policy
- policy interest rate
- political accountability
- political institutions
- political rents
- political systems
- politics
- campaign funding
- capitalist dynamism
- India
- Lasswell on
- political competition
- political feasibility
- prediction markets
- revolutions
- working hours
- pollution
- administrative feasibility
- external effects
- incomplete contracts
- model of the economy
- polluter pays principle
- private bargaining
- remedies
- see also carbon dioxide emissions; environmental issues
- population growth
- population of working age
- population size
- Portugal
- positional goods
- poverty
- power
- definition of
- democracy
- employment relationship
- firms
- institutions
- labour discipline model
- market power
- monopoly
- positional goods
- see also bargaining power
- PPP see purchasing power parity
- prediction markets
- preferences
- asset risk and return
- consumers
- crowding out
- cultural
- definition of
- economic outcomes
- government
- indifference curves
- scarcity
- smoothing consumption
- working hours
- present value (PV)
- price discrimination
- price elasticity of demand
- see also elasticity of demand
- price elasticity of supply
- price markups
- competition
- inequality
- prices
- assets
- asymmetric information
- bonds
- bubbles
- cartels
- competition
- constant
- equilibrium price
- food taxes
- gains from trade
- gig economy
- house
- isoprofit curves
- ‘magic’ of the market
- market-clearing
- market-determined
- as messages
- monopolies
- oil
- price-setting
- price-taking
- reservation price
- share prices
- supply and demand
- willingness to pay
- price-setting curve
- downward shift
- inequality
- policies
- unemployment
- unemployment benefits
- union wage-setting
- principal–agent relationship
- banking
- borrowing and lending
- elected officials
- labour market
- moral hazard
- prisoners’ dilemma
- ‘keeping up with the Joneses’
- Nash equilibrium
- outcomes
- Pareto efficiency
- tragedy of the commons
- private bargaining
- private benefits
- see also external benefits
- private costs
- see also external costs
- private property
- capitalism
- fairness
- government acquisition of
- ‘invisible hand’
- markets
- Pareto efficiency
- tragedy of the commons
- see also property rights
- procedural judgements of fairness
- Proctor and Gamble
- producer surplus
- competitive equilibrium
- landlord surplus
- production
- costs
- households
- Marx on
- oil
- Pareto efficiency
- production function
- scarcity
- study time
- working hours
- productivity
- capitalism and economic growth
- creative destruction
- education and training
- impact of technology
- inequality
- price-setting curve
- solidarity wage policy
- specialization
- unions
- product market
- aggregate economy
- inequality
- monopoly power
- price-setting curve
- profit
- banana production
- banks
- bargained wages
- competition
- conflicts of interest
- cooperatives
- increase in
- inequality
- isoprofit curves
- labour discipline model
- lending
- Lorenz curve
- maximization
- net present value
- oil
- price elasticity of demand
- price-setting curve
- price-taking
- producer surplus
- profit margins
- supply and demand
- Tesco
- wage-setting curve
- profit margins
- prohibitions
- property rights
- collective
- enforcement of
- external effects
- fairness
- incomplete
- market failure
- private bargaining
- see also private property
- public bads
- public goods
- cooperation
- free riding
- health conditions
- non-rivalry
- social preferences
- public policy
- administrative feasibility
- climate change game
- competition policy
- differences between countries
- early childhood education
- economic feasibility
- effectiveness
- fairness
- goals of
- higher education funding
- implementation
- inequality
- labour market
- market failure
- Pareto efficiency
- political feasibility
- pollution
- positional goods
- private influence on
- redistributive
- rent control
- responses to
- social dilemmas
- tax policy
- unemployment
- unintended consequences
- see also regulation
- public services
- punishment
- free riding
- ultimatum game
- unfair behaviour
- purchasing power
- purchasing power parity (PPP)
- pure impatience
- Putin, Vladimir
- Putterman, Louis
- Q
- Qatar
- quinoa production
- R
- race
- Ramaphosa, Cyril
- Rasul, Imran
- ratio scales
- Rawls, John
- raw materials
- real estate
- real GDP
- capital accumulation
- definition of
- East/West Germany comparison
- environmental issues
- growth
- varieties of capitalism
- wellbeing
- working hours
- see also gross domestic product
- real interest rate
- real wage
- inequality
- policies
- unemployment benefits
- recession
- reciprocity
- redistribution
- regulation
- bargaining
- capitalist dynamism
- government intervention
- importance of
- influence of firms on
- pollution
- see also public policy
- Rehn, Gösta
- renewable energy
- rent control
- rent-seeking
- repeated games
- repugnant markets
- research and development (R&D)
- reservation indifference curve
- reservation option
- reservation price
- reservation wage
- employment rents
- labour discipline model
- unemployment
- union wage-setting
- wage-setting curve
- reserves
- residual claimants
- resources, common-pool
- revenues
- banks
- firms
- government
- revolutions
- rich/poor ratio
- Rio Declaration on Environment and Development
- risk
- assets
- bank risk-taking
- default
- lending
- liquidity
- risk aversion
- risk-return schedule
- rival goods
- Robbins, Lionel
- Robertson, D. H.
- Robinson, Joan
- Rogger, Daniel
- Romania
- Rosling, Hans
- Roth, Alvin
- Royal Rover
- rule of 70 for growth rates
- rule of force
- rule of law
- rules of the game
- changing the
- fairness
- gains from trade
- political institutions
- political processes
- social institutions
- see also institutions
- Russia
- GDP per capita
- inequality
- oligarchs
- salt tax
- working hours
- see also Soviet Union
- S
- salaries
- see also wages
- Samsung
- Samuelson, Paul
- Sandel, Michael
- Saudi Arabia
- saving
- banks
- bonds
- definition of
- households
- Scania
- scarcity
- allocation of scarce resources
- artificial
- marginal rate of substitution
- oil
- prices as messages
- social marginal cost
- Schor, Juliet
- Schumacher, Ernst F.
- Schumpeter, Joseph
- Seabright, Paul
- secondary trading
- Second World War
- self-employment
- self-interest
- climate change
- common property
- game theory
- homo economicus
- incentives
- markets
- prisoners’ dilemma game
- public goods games
- Smith, Adam
- social dilemmas
- social preferences
- ultimatum game
- separation of ownership and control
- sequential games
- services
- demand for
- economic models
- increase in consumption
- model of the economy
- shale oil
- shareholders
- shares
- banks
- bubbles
- equity financing
- fundamental value of a share
- managerial compensation
- risk and return
- stock exchange
- Sharp
- Shaw, George Bernard
- Shiller, Robert
- shocks
- exogenous
- oil prices
- short-term interest rate
- Shum, Matthew
- Simon, Herbert
- simultaneous games
- Singapore
- Skidelsky, Robert
- slavery
- Slovakia
- Slovenia
- Smith, Adam
- capitalism
- credit rationing
- division of labour
- managers
- monopolies
- self-interest
- specialization
- Smith, Vernon
- smoothing
- social dilemmas
- chlordecone contamination
- economics
- free riding
- market failure
- resolution of
- tragedy of the commons
- work and wellbeing
- social insurance
- social interactions
- bargaining
- conflicts of interest
- definition of
- economics
- Nash equilibrium
- social preferences
- types of
- ultimatum game
- see also game theory
- socialism
- social norms
- climate change
- common property
- employment relationship
- fairness
- farming in India
- financial deregulation
- gender division of labour
- institutions
- market failures
- markets
- ultimatum game
- social preferences
- see also preferences
- social security
- social status
- solidarity wage policy
- South Africa
- base money
- democracy
- governing elite
- inequality
- undemocratic government
- South Korea
- capitalist revolution
- carbon dioxide emissions
- collective bargaining
- democracy
- free time
- GDP per capita
- government spending
- inequality
- unemployment benefits
- working hours
- Soviet Union
- central planning
- dissolution of the
- GDP per capita
- see also Russia
- Spain
- banks
- bubbles
- collective bargaining
- economic growth
- governing elite
- house prices
- inequality
- labour market
- unemployment
- unemployment benefits
- working hours
- specialization
- capitalism
- division of labour
- economies of scale
- Smith, Adam
- spending power
- see also buying power
- status symbols
- stereotypes
- Stern, Nicholas
- Stevenson, Betsey
- stock exchange
- stock market
- stock variables
- storing wealth
- strategic interactions
- strategy
- dominant
- tax avoidance game
- strikes
- structural unemployment
- Stucke, Maurice
- study time
- Sturges v Bridgman (1879)
- subprime borrowers
- subprime mortgages
- subsidies
- government intervention
- polluter pays principle
- R&D
- wage
- substantive judgements of fairness
- substitutes
- substitution effect
- sugar tax
- Sullivan, Daniel
- supervision
- supply
- changes in
- excess
- financial assets
- money markets
- oil
- price elasticity of
- shocks
- supply curve
- competitive equilibrium
- labour
- Marshall
- oil
- rent control
- shifts in supply and demand
- surplus
- competitive equilibrium
- distribution of
- gains from trade
- government intervention
- mutual gains
- rent control
- see also joint surplus
- surrogacy
- surveys
- sustainability
- Sweden
- bubbles
- collective bargaining
- democracy
- governing elite
- inequality
- pro-poor policies
- unemployment benefits
- wealth
- working hours
- Sweezy, Paul
- Switzerland
- carbon dioxide emissions
- collective bargaining
- democracy
- incomes
- inequality
- unemployment benefits
- working hours
- T
- Taiwan
- tangency
- tariffs
- TaskRabbit
- taxation
- definition of tax
- dictatorships
- economic development
- elasticity of demand
- fairness
- fiscal capacity
- government intervention
- graduates
- inequality
- influence of firms on
- limits of governments
- luxury housing
- Nash equilibrium
- Pareto efficiency
- Pigouvian tax
- policy feasibility
- political competition
- pollution
- private property
- redistribution of income
- social preferences
- sugar tax
- tax avoidance game
- UK tax revenues
- unintended consequences
- technical feasibility
- technology
- automation
- capital goods
- capitalist revolution
- clean
- creative destruction
- definition of
- economic outcomes
- economies of scale
- environmental issues
- ‘permanent technological revolution’
- tech bubble
- technical feasibility
- technological progress
- wage-setting curve
- termination of employment
- Tesco
- textiles
- Thailand
- Thatcher, Margaret
- Tirole, Jean
- ‘too big to fail’ concept
- Toshiba
- total surplus
- Toynbee, Polly
- Toyota
- trade liberalization
- trademarks
- trade-offs
- gender division of labour
- indifference curves
- risk and return
- study time
- working hours
- see also marginal rate of substitution
- trade unions
- trading
- tragedy of the commons
- fairness and efficiency
- Ostrom’s work
- public policy
- training
- transaction costs
- Trinidad and Tobago
- Trump, Donald
- trust
- tuition fees
- Turkey
- collective bargaining
- democracy
- free time
- unemployment benefits
- working hours
- turnover
- U
- Uber
- ultimatum game
- uncertainty
- unemployment
- bargained wages
- cyclical
- definition of
- demand
- differences between countries
- employment rents
- equilibrium unemployment
- gig economy
- inequality
- involuntary
- labour discipline model
- Nash equilibrium
- non-monetary costs
- price-setting curve
- public policy
- rate of
- structural
- wage-setting curve
- wages related to
- unemployment benefits
- employment rents
- labour discipline model
- level of
- policy
- wage-setting curve
- unethical behaviour
- unions
- union voice effect
- unit costs
- see also marginal cost
- United Arab Emirates (UAE)
- United Kingdom
- base money
- British East India Company
- bubbles
- capital accumulation
- capitalism
- carbon dioxide emissions
- centralized production
- City of London
- collective bargaining
- compulsory purchase orders
- cotton production
- democracy
- economic growth
- GDP per capita
- higher education
- incomes
- Industrial Revolution
- inequality
- leverage ratio
- Mirrlees Review
- Modern Slavery Act
- Pitt
- policy interest rate
- rate of technological progress
- salt tax
- tax revenues
- unemployment benefits
- wealth
- working hours
- United States
- antitrust policy
- banks
- breakfast cereals
- bubbles
- capital accumulation
- capitalism
- carbon dioxide emissions
- centralized production
- child mortality
- climate change
- collective bargaining
- cotton
- credit rationing
- democracy
- distribution of wealth
- division of labour
- educational performance
- financial crisis
- financial deregulation
- food taxes
- free time
- GDP production
- governing elite
- government employees
- government spending
- higher education
- house prices
- incomes
- inequality
- inheritance of wealth
- job loss
- large firms
- leverage ratio
- median wage
- mortgage defaults
- payday loans
- piece rates
- political competition
- political influence
- poverty
- rate of technological progress
- redistribution of income
- rent control
- right of eminent domain
- shale oil
- ultimatum game
- unemployment benefits
- unpaid care work
- wage-setting curve
- wealth
- women’s voting rights
- worker productivity
- working hours
- universities
- unpaid care work
- Upworkers
- Uruguay
- utilitarianism
- utility
- employment
- indifference curves
- marginal
- redistribution of income
- smoothing consumption
- worker’s best response function
- working hours
- V
- Van Reenen, John
- Veblen, Thorstein
- Veblen effects
- veil of ignorance
- verifiable information
- Vietnam
- voluntary exchange
- Volvo
- voting
- right to vote
- women
- vox populi
- W
- wage labour
- wages
- cooperatives
- efficiency wages
- employment rents
- fall in wage share
- Firestone
- free time and
- impact of unemployment benefits
- inequality
- involuntary unemployment
- labour discipline model
- market failure
- median
- minimum wage
- performance-related pay
- piece rates
- price-setting curve
- principal–agent problems
- setting
- solidarity wage policy
- unemployment relationship
- unions
- wage subsidies
- see also incomes; real wage; reservation wage; salaries
- wage-setting curve
- bargained
- downward shift
- inequality
- Nash equilibrium
- unemployment
- unemployment benefits
- Waldfogel, Joel
- Walmart
- Walras, Léon
- Walzer, Michael
- war
- water
- wealth
- assets
- credit market
- definition of
- distribution of
- expected value
- Gini coefficient
- inequality
- inheritance of
- Lorenz curve
- net worth
- political influence
- share of the richest
- storing
- tax systems
- wealth creation
- see also incomes
- wellbeing
- West Germany
- Whaples, Robert
- Whitlam, Gough
- willingness to accept (WTA)
- willingness to pay (WTP)
- climate change mitigation
- competitive equilibrium
- quinoa
- students
- unfairness
- win-win agreements
- wisdom of the crowd
- Wolfers, Justin
- women
- Marshall on
- political representation
- village councils in India
- voting rights
- working hours
- see also gender
- Wooldridge, Adrian
- work, coordination of
- worker-owned cooperatives
- worker’s best response function
- working hours
- bargaining
- changes in
- conflicts of interest
- culture and politics
- differences between countries
- fairness
- Firestone
- firms
- gender division of labour
- high incomes
- Pareto efficiency
- reservation indifference curve
- status symbols
- technical feasibility
- see also free time
- WS/PS model
- WTA see willingness to accept
- WTP see willingness to pay
- Y
- yields
