Questions tagged [definition]

Questions about how economic terms, quantities, or ideas can be defined.

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10
votes
3answers
6k views

Is 'full employment' synonymous with 'the natural rate of unemployment'?

Is the phrase 'full employment' synonymous with the phrase 'the natural rate of unemployment'? Parkin, et al. (2010) seem to use these two terms interchangably in chapter 20, but looking up these two ...
5
votes
2answers
416 views

What is an econometrician?

According to Wikipedia, Econometrics is the application of mathematics, statistical methods, and computer science to economic data and is described as the branch of economics that aims to give ...
2
votes
0answers
27 views

Is there a widely accepted definition of “asset [price] inflation”?

A bit of googling found some conflicting ones... Capel and Houben (BIS) Asset inflation occurs when the prices of financial assets are rising even though they are already above their intrinsic or ...
0
votes
2answers
116 views

Is the use/consumption of natural resources considered an externality per se?

On a finite planet natural resources are rival goods by definition, i.e. if one agent uses/consumes a natural resource it becomes unavailable for other agents. Mankiw defines an externality as "the ...
7
votes
1answer
6k views

“Competitive equilibrium” vs. “General equilibrium”

What is the difference between the term "competitive equilibrium" and the term "general equilibrium"? Here in econ.SE, they are two different tags, so there is probably a difference between them, but ...
5
votes
1answer
377 views

Understanding at a quote about externalities in law and economics

that something is an externality is partly a statement about physical reality and partly a statement about the legal system. What does this mean? I assume the aspect of externality being a physical ...
8
votes
4answers
377 views

Definition of capitalism

Does the discipline of economics have an accepted rigorous definition of capitalism? I.e. not something like "some economists would quote Hayek and say that so and so constitutes capitalism" but an ...
3
votes
1answer
234 views

Why is it called Bayesian Persuasion?

I'm sure most of you are familiar with the paper titled "Bayesian Persuasion" by Kamenica and Gentzkow (2011), (you can find it here). I was wondering what are your thoughts as to why it is called "...
6
votes
3answers
1k views

Who created the concept of “present value”?

I cannot find anything on this online. The wikipedia article is purely technical, except by a mention that such system was used in England in early 16th century. Do you know who was the first to come ...
4
votes
1answer
439 views

A term for utility functions based on the max operator

What is a standard term for utility functions of the type: $$ u(x_1,\dots,x_m) = \max(\frac{x_1}{w_1},\dots,\frac{x_m}{w_m}) $$ where $x_i$ is the amount of commodity type $i$, and $w_i$ is a ...
2
votes
0answers
14 views

Is there a clear timeline of ECB/Eurosystem's changes to the defintion of M3 (with regard to repos)?

I found that circa 2012 the ECB/Eurosystem changed their definition of M3 to exclude at least some repos, which previously were included. According to a 2014 Bundesbank publication, the change ...
2
votes
2answers
63 views

What's the term for consumers not being able to pay their mortgage?

Is there a term for not being able to pay your mortgage(s)? Like "personal bankruptcy", "consumer default" or something like that?