The Phillips Curve
…long run, expectations are adjusted, and there is no trade-off between unemployment and inflation. The Natural Rate of Unemployment is compatible with any rate of inflation, as long as the…
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The Environmental Kuznets Curve
…and what time frame. For example, economies often require regulation and government intervention to ensure that the environment is being protected, even as income levels rise. As Economists conduct more…
Theory of Asset Demand
…1. Wealth As wealth increases, the demand for financial assets also increases. There are two types of financial assets: Necessity assets: For example, cash & checking accounts – demand grows…
Normative Statement and Positive Statement
Normative Statement A normative statement carries judgment. Normative statements are opinions. They are subjective statements. For example, globalization inflicts economic harm to a country is an opinion. Since they are…
Nominal Interest Rate
…bonds, and the like. It is the rate “as advertised,” which will not necessarily reflect the reality of how the interest rate will actually manifest as influenced by inflation, compounding…
Harrod Domar Model
…same as development. Development is an improvement in factors such as health, education, literacy rates and a decline in poverty levels. Development alleviates people from low standards of living into…
Indirect Tax
…a sales tax of 10%. For example, cities in California have a sales tax that ranges from 7.25% to 10.50%. Indirect taxes discourage the consumption of goods and services and…
The Gini Coefficient
…typically used to measure income inequality. However, it can also be applied to gauge a population’s degree of wealth inequality. Applying the Gini coefficient to wealth is less common because…
Laffer Curve
…that lower tax rates mean businesses and consumers will spend more and boost the economy. Companies will invest and hire more workers and consumers will use the extra disposable income…
Risk Strategies for Farmers in Developing Economies
…Asymmetric Information The insurance company won’t have enough information on the farmer about things he could have done to minimize loss. This lack of information is called asymmetric information. Within…