Archives: Terms

Definition of Neo-Ricardianism Neo-Ricardianism is an economic theory that seeks to refine and extend the classical economics of David Ricardo. Unlike mainstream neoclassical economics, Neo-Ricardianism places a greater emphasis on the role of production and the conditions under which it occurs. It focuses on the distribution of income between classes […]

Definition of Neoclassical synthesis The neoclassical synthesis represents a post-World War II academic movement in economics that merges the ideas of neoclassical economics with Keynesian economic theories. It forms the basis of mainstream economics or what is often referred to as the consensus view among economists during the mid-20th century. […]

Definition of Natural Resource Economics Natural Resource Economics focuses on the supply, demand, and allocation of the Earth’s natural resources. Every economy has access to certain resources that are fundamental to its operations and existence – such as water, coal, oil, and gas, as well as more renewable resources like […]

Definition of National Wealth National wealth refers to the total value of all financial and physical assets owned by a country’s residents and its government, minus any debts. This encompasses a wide range of assets including, but not limited to, natural resources, land, buildings, machinery, and financial assets. It’s a […]

Unfortunately, the content provided for “national tax” is incomplete, so I can’t generate a detailed glossary post based on it. However, I can provide a general overview based on the title “National Tax.” — National Tax National tax is a broad term comprising various taxes levied by a government on […]

Definition of National Income Policy Agreement A National Income Policy Agreement represents a coordinated approach undertaken by a government to regulate or guide the distribution and growth of a nation’s income. Such policies are often a blend of fiscal, monetary, and other policy measures aimed at achieving economic objectives like […]

Definition of National Income and Product Accounts (NIPA) National Income and Product Accounts (NIPA) are economic accounts that provide detailed data on the economic activity and output of a nation. These accounts are crucial for understanding the overall economic health of a country, as they include various measures such as […]

Definition of National Average Salary The national average salary refers to the mean income that individuals earn in a particular country, calculated by considering the total sum of all salaries within the nation and dividing it by the number of earners. It’s a significant economic indicator that provides insight into […]

Definition of Nakamura Number The Nakamura number is an economic indicator used to gauge the effectiveness of consumer boycotts. Specifically, it measures the elasticity of a product’s demand in response to an increase in its price, motivated by consumers’ ethical or political concerns rather than traditional market factors. This concept […]

Definition of Mutualism Mutualism is a term often used in various disciplines, including ecology, sociology, and economics, to describe a relationship between two entities in which both benefit from the association. In an economic context, mutualism can be understood as a symbiotic interaction between parties that are economically advantageous to […]