The Penguin Dictionary of Economics explains a host of economic terms, from acceleration principle to venture capital, Euro to X-efficiency, globalisation to zero-sum game. Wide-ranging and accessible, this detailed practical and international guide will be indispensable for students of economics and professionals (in business, finance or the public sector), and for anyone wishing to follow economic discussions in the media today.
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CANTILLON, RICHARD (1680 - 1734)
An Irish international banker who wrote Essai sur la nature du commerce en general, which was not published until 1755 but had circulated from about 1730. This work was one of the first synoptic descriptions and analyses of the economic process. His views on the importance of agriculture, based on its recipient of pure RENT, and his analysis of the circulation of wealth, foreshadowed the PHYSIOCRATS and the Tableau economique, respectively.
The amount of gold, RESERVE CURRENCIES and SPECIAL DRAWING RIGHTS available for the finance of international trade. Broadly, if sufficient reserves were not available, a fall in prices and world trade would follow (QUANTITY THEORY of money). Gold has lost some of its appeal as a reserve asset in a world of comparatively low inflation. Preference is given to the holding of interest-bearing assets denominated in stable reserve currencies such as the US dollar, the euro, Japanese yen and sterling.
A deviation between the price of an asset in the market, and the price justified by the inherent value of the asset, sustained by a belief on behalf of buyers that they will be able to sell at an inflated price. The interesting thing about a bubble is that, as long as everyone believes in it, the bubble need not burst. The price can indefinitely deviate from fundamental value. While some have suggested bubbles are a sign of irrationality in the financial markets, creating more variability in the price of assets than is merited by fundamental swings in values, attempts have been made to account for them as rational phenomena.
Evan Davies is BBC economics editor. Graham Bannock runs his own economic research and consulting company in London. Ron Baxter is a director of economics consultants Baxter Eadier Ltd.
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Book Description Penguin Books, 2004. Paperback. Book Condition: New. book. Bookseller Inventory # 0141010754
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Book Description Penguin Books, 2004. Book Condition: New. Brand New, Unread Copy in Perfect Condition. A+ Customer Service! Summary: Whether readers are students of economics or simply want to follow the economic discussions in the media today, this wide-ranging and accessible dictionary is the perfect source for explanations of a host of economic terms. With a world- wide focus that befits our truly global age, the seventh edition covers recent developments in economic theory and practice and contains detailed information on economic terms and the history of economics, as well as biographies of influential economists. Addressing finance and game theory, international monetary and welfare economics, applied economics, and major financial institutions, this dictionary is truly a valuable asset for anyone interested in understanding the economic engine that makes our world turn. Bookseller Inventory # ABE_book_new_0141010754
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