An eponymous dictionary of economics: a guide to laws and by Julio Segura, Carlos Rodriguez Braun

By Julio Segura, Carlos Rodriguez Braun

An Eponymous Dictionary of Economics is an engaging and available reference paintings with complete insurance of the sphere of economics from Adam Smith’s challenge via Minkowski’s Theorem to Zellner’s Estimator. Eponymy - the perform of affixing the identify of the scientist to all or a part of what he/she has discovered - has many attention-grabbing positive factors yet just a only a few makes an attempt were made to take on the topic lexicographically in technological know-how and paintings. this can be the 1st eponymous dictionary of economics ever released in any language. There are enormous quantities of eponyms and the common economist will be accustomed to, not to mention be ready to grasp, a comparatively constrained variety of them. The Dictionary fills this void in a workable quantity that describes all appropriate financial eponyms. a few infrequent yet attention-grabbing eponyms also are integrated, many entries are cross-referenced and all have a succinct bibliography for extra studying. Julio Segura and Carlos Rodríguez Braun have assembled a distinct Dictionary that may be a useful and masses welcomed reference publication for financial newshounds, economists and monetary students in any respect degrees of academe, and in all components of economics and its linked fields.

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As every individual, therefore, endeavours as much as he can both to employ his capital in the support of domestick industry, and so to direct that industry that its produce may be of the greatest value; every individual necessarily labours to render the annual revenue of the society as great as he can. He generally, indeed, neither intends to promote the publick interest, nor knows how much he is promoting it. . by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention.

When examining the propositions put forward by Balassa and Samuelson, it is important to note, first, that it is one among several competing explanations for the driving forces behind the real exchange rate in the long term; second, it is purely a supply-side theory of relative national price levels with demand conditions playing no role; and third, it applies under both fixed and flexible exchange rates since it is a theory of relative prices, not absolute prices. JOSÉ VIÑALS Bibliography Balassa, B.

Bibliography Bagehot, Walter (1861), ‘The duty of the Bank of England in times of quietude’, The Economist, 14 September, p. 1009. Bagehot, Walter (1873), Lombard Street: A Description of the Money Market, reprinted (1962), Homewood, IL: Richard D. Irwin, p. 97. Fetter, Frank Whitson (1965), Development of British Monetary Orthodoxy 1797–1875, Cambridge MA: Harvard University Press, pp. 169, 257–283. 1915, Nobel Prize 1970) in 1964 provided a rigorous explanation for long-term deviations of exchange rates from purchasing power parity by arguing that richer countries tend to have, on average, higher price levels than poorer countries when expressed in terms of a single currency.

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