Archives: Terms

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Definition of Kuznets Swing Kuznets swing refers to the long-term fluctuations in economic activity that can be observed over several decades. Named after Simon Kuznets, a Nobel Prize-winning economist, this concept is rooted in his observation of historical data which suggested a pattern of economic waves lasting about 15 to […]

Definition of the Kuznets Curve The Kuznets Curve is an economic concept that hypothesizes an inverted U-shaped relationship between a country’s economic development and its level of income inequality. Named after Nobel Laureate economist Simon Kuznets, the theory suggests that as an economy develops, there is an initial increase in […]

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Definition of Knowledge Spillover Knowledge spillover refers to the process through which knowledge created within a certain entity (such as a company, organization, or geographic location) moves to and benefits other entities. This concept is rooted in the broader field of economics and innovation studies. It emphasizes that not all […]

Definition of Knightian Uncertainty Knightian uncertainty refers to a type of uncertainty in the economic and financial worlds where the probability of outcomes cannot be calculated or reliably predicted. This concept contrasts with measurable risks, where the outcomes and their probabilities are known or can be estimated. Knightian uncertainty is […]

Definition of the Kiyotaki–Moore model The Kiyotaki–Moore model, developed by Nobuhiro Kiyotaki and John Moore, is a theoretical framework within economics that addresses the interactions between credit constraints, economic cycles, and land as collateral. This model illustrates how fluctuations in the value of land or assets used as collateral can […]

Definition of the Kitchin Cycle The Kitchin cycle, named after Joseph Kitchin, refers to a short business cycle of about 40 months that is thought to be driven by changes in inventory levels. According to Kitchin’s theory, businesses accumulate inventories during periods of economic expansion. However, once the economic activity […]

Definition of King–Plosser–Rebelo Preferences King–Plosser–Rebelo (KPR) preferences, named after the economists Charles I. Plosser, Sergio T. Rebelo, and Robert G. King, refer to a specific type of utility function used in macroeconomic models to describe how individuals make intertemporal choices about consumption and leisure. KPR preferences are designed to capture […]

Definition of the Khazzoom–Brookes Postulate The Khazzoom–Brookes postulate posits that energy efficiency improvements—instead of leading to a reduction in energy consumption—result in an increase in energy demand. This counterintuitive outcome is explained by the energy rebound effect: when energy efficiency leads to cost savings, the consumption of energy can actually […]