Economics A-Z terms beginning with A | The Economist

However, some economists argue that advertising is economically valuable because it increases the flow of information in the economy and reduces the ... EconomicsA-ZtermsbeginningwithA A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AbsoluteadvantageAdaptiveexpectationsAdverseselectionAdvertisingAgencycostsAgriculturalpolicyAgricultureAidAltruismAmortisationAnimalspiritsAntitrustAppreciationArbitrageArbitragepricingtheoryAsiancrisisAssetsAsymmetricinformationAsymmetricshockAuctionsAustrianeconomicsAutarkyAverage Absoluteadvantage Thisisthesimplestyardstickofeconomicperformance.Ifoneperson,firmorcountrycanproducemoreofsomethingwiththesameamountofeffortandresources,theyhaveanabsoluteadvantageoverotherproducers.Beingthebestatsomethingdoesnotmeanthatdoingthatthingisthebestwaytouseyourscarceeconomicresources.Thequestionofwhattospecialisein--andhowtomaximisethebenefitsfrominternationaltrade--isbestdecidedaccordingtocomparativeadvantage.Bothabsoluteandcomparativeadvantagemaychangesignificantlyovertime. Adaptiveexpectations Atheoryofhowpeopleformtheirviewsaboutthefuturethatassumestheydosousingpasttrendsandtheerrorsintheirownearlierpredictions.Contrastwithrationalexpectations. Adverseselection Whenyoudobusinesswithpeopleyouwouldbebetteroffavoiding.Thisisoneoftwomainsortsofmarketfailureoftenassociatedwithinsurance.Theotherismoralhazard.Adverseselectioncanbeaproblemwhenthereisasymmetricinformationbetweenthesellerofinsuranceandthebuyer;inparticular,insurancewilloftennotbeprofitablewhenbuyershavebetterinformationabouttheirriskofclaimingthandoestheseller.Ideally,insurancepremiumsshouldbesetaccordingtotheriskofarandomlyselectedpersonintheinsuredsliceofthepopulation(55-year-oldmalesmokers,say).Inpractice,thismeanstheaverageriskofthatgroup.Whenthereisadverseselection,peoplewhoknowtheyhaveahigherriskofclaimingthantheaverageofthegroupwillbuytheinsurance,whereasthosewhohaveabelow-averageriskmaydecideitistooexpensivetobeworthbuying.Inthiscase,premiumssetaccordingtotheaverageriskwillnotbesufficienttocovertheclaimsthateventuallyarise,becauseamongthepeoplewhohaveboughtthepolicymorewillhaveabove-averageriskthanbelow-averagerisk.Puttingupthepremiumwillnotsolvethisproblem,forasthepremiumrisestheinsurancepolicywillbecomeunattractivetomoreofthepeoplewhoknowtheyhavealowerriskofclaiming.Onewaytoreduceadverseselectionistomakethepurchaseofinsurancecompulsory,sothatthoseforwhominsurancepricedforaverageriskisunattractivearenotabletooptout. Advertising Manyfirmsadvertisetheirgoodsorservices,butaretheywastingeconomicresources?Someeconomistsreckonthatadvertisingmerelymanipulatesconsumertastesandcreatesdesiresthatwouldnototherwiseexist.Byincreasingproductdifferentiationandencouragingbrandloyaltyadvertisingmaymakeconsumerslesspricesensitive,movingthemarketfurtherfromperfectcompetitiontowardsimperfectcompetition(seemonopolisticcompetition)andincreasingtheabilityoffirmstochargemorethanmarginalcost.Heavyspendingonadvertisingmayalsocreateabarriertoentry,asafirmenteringthemarketwouldhavetospendalotonadvertisingtoo. However,someeconomistsarguethatadvertisingiseconomicallyvaluablebecauseitincreasestheflowofinformationintheeconomyandreducestheasymmetricinformationbetweenthesellerandtheconsumer.Thisintensifiescompetition,asconsumerscanbemadeawarequicklywhenthereisabetterdealonoffer. Agencycosts Thesecanarisewhensomebody(theprincipal)hiressomebodyelse(theagent)tocarryoutataskandtheinterestsoftheagentconflictwiththeinterestsoftheprincipal.Anexampleofsuchprincipal-agentproblemscomesfromtherelationshipbetweentheshareholderswhoownapubliccompanyandthemanagerswhorunit.Theownerswouldlikemanagerstorunthefirminwaysthatmaximisethevalueoftheirshares,whereasthemanagers'prioritymaybe,say,tobuildabusinessempirethroughrapidexpansionandmergersandacquisitions,whichmaynotincreasetheirfirm'sshareprice. Onewaytoreduceagencycostsisfortheprincipaltomonitorwhattheagentdoestomakesureitiswhathehasbeenhiredtodo.Butthiscanbecostly,too.Itmaybeimpossibletodefinetheagent'sjobinawaythatcanbemonitoredeffectively.Forinstance,itishardtoknowwhetheramanagerwhohasexpandedafirmthroughanacquisitionthatreduceditssharepricewaspursuinghisownempire-buildinginterestsor,say,wastryingtomaximiseshareholdervaluebutwasunlucky. Anotherwaytoloweragencycosts,especiallywhenmonitoringistooexpensiveortoodifficult,istomaketheinterestsoftheagentmorelikethoseoftheprincipal.Forinstance,anincreasinglycommonsolutiontotheagencycostsarisingfromtheseparationofownershipandmanagementofpubliccompaniesistopaymanagerspartlywithsharesandshareoptionsinthecompany.Thisgivesthemanagersapowerfulincentivetoactintheinterestsoftheownersbymaximisingshareholdervalue.Buteventhisisnotaperfectsolution.Somemanagerswithlotsofshareoptionshaveengagedinaccountingfraudinordertoincreasethevalueofthoseoptionslongenoughforthemtocashsomeofthemin,buttothedetrimentoftheirfirmanditsothershareholders.See,forexample,Enron. Agriculturalpolicy Countriesoftenprovidesupportfortheirfarmersusingtradebarriersandsubsidybecause,forexample: *domesticagriculture,evenifitisinefficientbyworldstandards,canbeaninsurancepolicyincaseitbecomesdifficult(asitdoes,forexample,inwartime)tobuyagriculturalproducefromabroad; *farmersgroupshaveprovedadeptatlobbying; *politicianshavesoughttoslowthedepopulationofruralareas; *agriculturalpricescanbevolatile,asaresultofunpredictableweather,amongotherthings;and *financialsupportcanprovideasafetynetinunexpectedlyseveremarketconditions. Broadlyspeaking,governmentshavetriedtwomethodsofsubsidisingagriculture.Thefirst,usedintheUnitedStatesduringthe1930sandintheUKbeforeitjoinedtheEuropeanUnion,istotopupfarmers'incomesiftheyfallbelowaleveldeemedacceptable.Farmersmayberequiredtosetasidesomeoftheirlandinreturnforthissupport.Thesecondistoguaranteeaminimumleveloffarmpricesbybuyingupsurplussupplyandstoringordestroyingitifpriceswouldotherwisefallbelowtheguaranteedlevels.ThiswastheapproachadoptedbytheEUwhenitsetupitsCommonAgriculturalPolicy.TokeepdownthedirectcostofthissubsidytheEUusedtradebarriers,includingimportlevies,tominimisecompetitiontoEUfarmersfromproduceavailablemorecheaplyonworldagriculturemarkets.RecentAmericanfarm-supportpolicyhascombinedincometop-upsandsomeguaranteedprices. Asmostgovernmentshavebecomemorecommittedtointernationaltrade,suchagriculturalpolicieshavecomeunderincreasingattack,althoughthefreetraderhetorichasoftenrunfaraheadofgenuinereform.In2003,richcountriestogetherspentover$300billionayearsupportingtheirfarmers,morethansixtimeswhattheyspentonforeignAID.Findingawaytoendagriculturalsupporthadbecomebyfarthebiggestremainingchallengeforthosetryingtonegotiateglobalfreetrade. Agriculture Farmingaroundtheworldcontinuestobecomemoreproductivewhilegenerallyaccountingforasmallershareofemploymentandnationalincome,althoughinsomepoorcountriesitremainsthesectoronwhichthecountryanditspeopledepend.Farming,forestryandfishingin1913accountedfor28%ofemploymentintheUnitedStates,41%inFranceand60%inJapan,butonly12%intheUK.Nowtheproportionoftheworkforceemployedinsuchactivitieshasdroppedbelow6%intheseandmostotherindustrialisedcountries. Thetotalvalueofinternationaltradeinagriculturehasrisensteadily.Buttheglobalagriculturemarketremainsseverelydistortedbytradebarriersandgovernmentsubsidy,suchastheeuropeanunion'sCommonagriculturalpolicy. Aid Seeinternationalaid. Altruism Itisoftenallegedthataltruismisinconsistentwitheconomicrationality,whichassumesthatpeoplebehaveselfishly.Certainly,mucheconomicanalysisisconcernedwithhowindividualsbehave,andhomoeconomicus(economicman)isusuallyassumedtoactinhisorherself-interest.However,self-interestdoesnotnecessarilymeanselfish.Someeconomicmodelsinthefieldofbehaviouraleconomicsassumethatself-interestedindividualsbehavealtruisticallybecausetheygetsomebenefit,orutility,fromdoingso.Forinstance,itmaymakethemfeelbetteraboutthemselves,orbeausefulinsurancepolicyagainstsocialunrest,say.Someeconomicmodelsgofurtherandrelaxthetraditionalassumptionoffullyrationalbehaviourbysimplyassumingthatpeoplesometimesbehavealtruistically,evenifthismaybeagainsttheirself-interest.Eitherway,thereismucheconomicliteratureaboutcharity,internationalaid,publicspendingandredistributivetaxation. Amortisation Therunningdownorpaymentofaloanbyinstalments.Anexampleisarepaymentmortgageonahouse,whichisamortisedbymakingmonthlypaymentsthatoverapre-agreedperiodoftimecoverthevalueoftheloanplusinterest.Withloansthatarenotamortised,theborrowerpaysonlyinterestduringtheperiodoftheloanandthenrepaysthesumborrowedinfull. Animalspirits Thecolourfulnamethatkeynesgavetooneoftheessentialingredientsofeconomicprosperity:confidence.AccordingtoKeynes,animalspiritsareaparticularsortofconfidence,"naiveoptimism".Hemeantthisinthesensethat,forentrepreneursinparticular,"thethoughtofultimatelosswhichoftenovertakespioneers,asexperienceundoubtedlytellsusandthem,isputasideasahealthymanputsasidetheexpectationofdeath".Wheretheseanimalspiritscomefromissomethingofamystery.Certainly,attemptsbypoliticiansandotherstotalkupconfidencebymakingoptimisticnoisesabouteconomicprospectshaverarelydonemuchgood. Antitrust governmentpolicyfordealingwithmonopoly.Antitrustlawsaimtostopabusesofmarketpowerbybigcompaniesand,sometimes,topreventcorporatemergersandacquisitionsthatwouldcreateorstrengthenamonopolist.Therehavebeenbigdifferencesinantitrustpoliciesbothamongcountriesandwithinthesamecountryovertime.Thishasreflecteddifferentideasaboutwhatconstitutesamonopolyand,wherethereisone,whatsortsofbehaviourareabusive. IntheUnitedStates,monopolypolicyhasbeenbuiltontheShermanAntitrustActof1890.Thisprohibitedcontractsorconspiraciestorestraintradeor,inthewordsofalateract,tomonopolisecommerce.Intheearly20thcenturythislawwasusedtoreducetheeconomicpowerwieldedbyso-called"robberbarons",suchasJPMorganandJohnD.Rockefeller,whodominatedmuchofAmericanindustrythroughhugetruststhatcontrolledcompanies'votingshares.DuPontchemicals,therailroadcompaniesandRockefeller'sStandardOil,amongothers,werebrokenup.Inthe1970stheShermanActwasturned(ultimatelywithoutsuccess)againstIBM,andin1982itsecuredthebreak-upofAT&T'snationwidetelecomsmonopoly. Inthe1980samorelaissez-faireapproachwasadopted,underpinnedbyeconomictheoriesfromthechicagoschool.Thesetheoriessaidthattheonlyjustificationforantitrustinterventionshouldbethatalackofcompetitionharmedconsumers,andnotthatafirmhadbecome,insomeill-definedsense,toobig.Somemonopolisticactivitiespreviouslytargetedbyantitrustauthorities,suchaspredatorypricingandexclusivemarketingagreements,weremuchlessharmfultoconsumersthanhadbeenthoughtinthepast.Theyalsocriticisedthetraditionalmethodofidentifyingamonopoly,whichwasbasedonlookingatwhatpercentageofamarketwasservedbythebiggestfirmorfirms,usingameasureknownastheherfindahl-hirschmanindex.Instead,theyarguedthatevenamarketdominatedbyonefirmneednotbeamatterofantitrustconcern,provideditwasacontestablemarket. Inthe1990sAmericanantitrustpolicybecamesomewhatmoreinterventionist.Ahigh-profilelawsuitwaslaunchedagainstMicrosoftin1998.Thegiantsoftwarecompanywasfoundguiltyofanti-competitivebehaviour,whichwassaidtoslowthepaceofinnovation.However,fearsthatthefirmwouldbebrokenup,signallingafarmoreinterventionalistAmericanantitrustpolicy,provedmisplaced.Thefirmwasnotseverelypunished. IntheUK,antitrustpolicywaslongjudgedaccordingtowhatpolicymakersdecidedwasinthepublicinterest.Attimesthisapproachwascomparativelypermissiveofmergersandacquisitions;atothersitwaslessso.However,inthemid-1980stheUKfollowedtheAmericanleadinbasingantitrustpolicyonwhetherchangesincompetitionharmedconsumers.Withintherestoftheeuropeanunionseveralbigcountriespursuedpoliciesofbuildingupnationalchampions,allowingchosenfirmstoenjoysomemonopolypowerathomewhichcouldbeusedtomakethemmoreeffectivecompetitorsabroad.However,duringthe1990stheEuropeanCommissionbecameincreasinglyactiveinantitrustpolicy,mostlyseekingtopromotecompetitionwithintheEU. In2000,theEUcontroversiallyblockedamergerbetweentwoAmericanfirms,GEandHoneywell;thedealhadalreadybeenapprovedbyAmerica'santitrustregulators.Thecontroversyhighlightedanimportantissue.Asglobalisationincreases,therelevantmarketforjudgingwhethermarketpowerexistsorisbeingabusedwillincreasinglycoverfarmoreterritorythananyonesingleeconomy.Indeed,theremaybeaneedtoestablishaglobalantitrustwatchdog,perhapsundertheauspicesoftheworldtradeorganisation. Appreciation Ariseinthevalueofanassetandtheoppositeofdepreciation.Whenthevalueofacurrencyrisesrelativetoanother,itappreciates. Arbitrage Buyinganassetinonemarketandsimultaneouslysellinganidenticalassetinanothermarketatahigherprice.Sometimesthesewillbeidenticalassetsindifferentmarkets,forinstance,sharesinacompanylistedonboththeLondonStockExchangeandNewYorkStockExchange.Oftentheassetsbeingarbitragedwillbeidenticalinamorecomplicatedway,forexample,theywillbedifferentsortsoffinancialsecuritiesthatareeachexposedtoidenticalrisks. Somekindsofarbitragearecompletelyrisk-free-thisispurearbitrage.Forinstance,ifEUROSareavailablemorecheaplyindollarsinLondonthaninNewYork,arbitrageurs(alsoknownasarbs)canmakearisk-freePROFITbybuyingeurosinLondonandsellinganidenticalamountoftheminNewYork.Opportunitiesforpurearbitragehavebecomerareinrecentyears,partlybecauseoftheGLOBALISATIONofFINANCIALMARKETS.Today,alotofsocalledarbitrage,muchofitdonebyhedgefunds,involvesassetsthathavesomesimilaritiesbutarenotidentical.Thisisnotpurearbitrageandcanbefarfromriskfree. Arbitragepricingtheory Thisisoneoftwoinfluentialeconomictheoriesofhowassetsarepricedinthefinancialmarkets.Theotheristhecapitalassetpricingmodel.Thearbitragepricingtheorysaysthatthepriceofafinancialassetreflectsafewkeyriskfactors,suchastheexpectedrateofinterest,andhowthepriceoftheassetchangesrelativetothepriceofaportfolioofassets.Ifthepriceofanassethappenstodivergefromwhatthetheorysaysitshouldbe,arbitragebyinvestorsshouldbringitbackintoline. Asiancrisis During1997-98,manyoftheEastAsiantigereconomiessufferedaseverefinanicalandeconomiccrisis.Thishadbigconsequencesfortheglobalfinancialmarkets,whichhadbecomeincreasinglyexposedtothepromisethatAsiahadseemedtooffer.Thecrisisdestroyedwealthonamassivescaleandsentabsolutepovertyshootingup.Inthebankingsystemalone,corporateloansequivalenttoaroundhalfofoneyear'sGDPwentbad-adestructionofsavingsonascalemoreusuallyassociatedwithafull-scalewar.Theprecisecauseofthecrisisremainsamatterofdebate.Fingershavebeenpointedatthecurrencypegadoptedbysomecountries,andareductionofcapitalcontrolsintheyearsbeforethecrisis.Someblamedeconomiccontagion.Thecrisisbroughtanendtoathenwidespreadbeliefthattherewasadistinct"Asianway"ofcapitalismthatmightprovejustassuccessfulascapitalisminAmericaorEurope.Instead,criticsturnedtheirfireonAsiancronyism,ill-disciplinedbankingandlackoftransparency.Intheyearsfollowingthecrisis,mostofthecountriesinvolvedhaveintroducedreformsdesignedtoincreasetransparencyandimprovethehealthofthebankingsystem,althoughsome(suchasSouthKorea)wentmuchfurtherthanothers(suchasIndonesia). Assets Thingsthathaveearningpowerorsomeothervaluetotheirowner. Asymmetricinformation Whensomebodyknowsmorethansomebodyelse.Suchasymmetricinformationcanmakeitdifficultforthetwopeopletodobusinesstogether,whichiswhyeconomists,especiallythosepractisinggametheory,areinterestedinit.Transactionsinvolvingasymmetric(orprivate)informationareeverywhere.Agovernmentsellingbroadcastinglicencesdoesnotknowwhatbuyersarepreparedtopayforthem;alenderdoesnotknowhowlikelyaborroweristorepay;aused-carsellerknowsmoreaboutthequalityofthecarbeingsoldthandopotentialbuyers.Thiskindofasymmetrycandistortpeople'sincentivesandresultinsignificantinefficiencies. Asymmetricshock Whensomethingunexpectedhappensthataffectsoneeconomy(orpartofaneconomy)morethantherest.Thiscancreatebigproblemsforpolicymakersiftheyaretryingtosetamacroeconomicpolicythatworksforboththeareaaffectedbytheshockandtheunaffectedarea.Forinstance,someeconomicareasmaybeoilexportersandthushighlydependentonthepriceofoil,butotherareasarenot.Iftheoilpriceplunges,theoil-dependentareawouldbenefitfrompoliciesdesignedtoboostdemandthatmightbeunsuitedtotheneedsoftherestoftheeconomy.Thismaybeaconstantproblemforthoseresponsibleforsettingtheinterestratefortheeurogiventhebigdifferences--anddifferentpotentialexposurestoshocks--amongtheeconomieswithintheeurozone. Auctions Going,going,gone.Holdinganauctioncanbeanextremelyefficientwayforasellertosetthepriceofitsproducts,especiallyifitdoesnothavemuchinformationabouthowmuchpeoplemaybewillingtopayforthem.Auctionsfascinateeconomists,especiallythosewhospecialiseingametheory.TheyhavelongbeenafeatureofthesaleofartandantiquesintheroomsoffirmssuchasSotheby'sandChristie's.Butinrecentyearstheyhaveplayedagrowingroleinotherpartsoftheeconomy,rangingfromtheallocationofgovernment-controlledbroadcastingbandwidthtotheawardingofworktosubcontractorsbygovernmentsandbigfirmsusingcompetitivetendering,andevenmorerecentlythesaleofgoodsovertheInternet. AnEnglishauctionisthemostfamiliar.Bidderscompetetoofferhigherpricesanddropoutuntilonlyoneremains.InaDutchauction,theauctioneercallsoutahighpricethenkeepsloweringituntilthereisabuyer.Therearevariousformsofsealedbidauctions.Inafirstpricesealedbid,eachbuyersubmitsapriceinasealedenvelopeandallbidsareopenedsimultaneously,withthehighestofferwinning.Inasecond(orthird,fourth,andsoon)pricesealedbid,thehighestbidderwinsbutpaysonlythesecond(third,fourth)highestpricebid. AnEnglishorDutchauctionwillworkwellforasellerifthereismorethanoneseriousbidder,ascompetitionwillensurethatthepriceissetatthelevelatwhichitisnotworthmoretoanyotherbidderbutthewinner.Indeed,inacompetitiveauctionthesuccessfulbiddermayendupofferingmorethanwhatisbeingauctionedisactuallyworth.Thisisknownasthewinner'scurse. Whichmethodwillgeneratethebestpriceforthesellerdependsonhowmanybidderstakepartandhowwellinformedtheyare.Unfortunatelyfortheseller,thisinformationisnotalwaysavailablebeforetheauctiontakesplace. Austrianeconomics Abrandofneo-classicaleconomicsestablishedinViennaduringthelate19thcenturyandthefirsthalfofthe20thcentury.ItwasstronglyopposedtoMarxismand,morebroadly,totheuseofeconomictheoriestojustifygovernmentinterventionintheeconomy.ProminentmembersincludedFriedrichhayek,JosephschumpeterandLudwigvonMises.Itgavebirthtothedefinitionofeconomicsasthescienceofstudyinghumanbehaviourasarelationshipbetweenendsandscarcemeansthathavealternativeuses.Austrianeconomicthinkingwascharacterisedbyattributingalleconomicactivity,includingthebehaviourofapparentlyimpersonalinstitutions,tothewishesandactionsofindividuals.Itdidthisbyexaminingchoicesintermsoftheiropportunitycost(thatis,whatisthenextbestuseofresourcestothatwhichisbeingconsidered?)andbyanalysingtheimpactoftimingondecisionmaking. HayekcorrectlypredictedthefailureofSoviet-stylecentralplanning.Hisideasaresaidtohaveinspiredmanyofthefree-marketreformscarriedoutduringthe1980sintheUnitedStatesunderRonaldReaganandintheUKunderMargaretThatcher.Schumpeterdevelopedatheoryofinnovationandeconomicchangecharacterisedbythephrasecreativedestruction. Autarky Theideathatacountryshouldbeself-sufficientandnottakepartininternationaltrade.TheexperienceofcountriesthathavepursuedthisUtopianidealbysubstitutingdomesticproductionforimportsisanunhappyone.Nocountryhasbeenabletoproducethefullrangeofgoodsdemandedbyitspopulationatcompetitiveprices.Indeed,thosethathavetriedtodosohavecondemnedthemselvestoinefficiencyandcomparativepoverty,comparedwithcountriesthatengageininternationaltrade. Average Anumberthatiscalculatedtosummariseagroupofnumbers.Themostcommonlyusedaverageisthemean,thesumofthenumbersdividedbyhowevermanynumbersthereareinthegroup.Themedianisthemiddlevalueinagroupofnumbersrankedinorderofsize.Themodeisthenumberthatoccursmostofteninagroupofnumbers.Takethefollowinggroupofnumbers:1,2,2,9,12,13,17Themeanis56/7=8,Themedianis9,Themodeis2 Backtotop EssentialEconomics EconomicsA-Zisadaptedfrom"EssentialEconomics",byMatthewBishop-BloombergPress;EconomistBooks. BuyitatAmazon.comorAmazon.co.uk Advertisement FollowTheEconomist Facebook Twitter Linkedin Googleplus Tumblr Instagram YouTube RSS Newsletters Mostcommented Advertisement Products WantmorefromTheEconomist? 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