Archives: Terms

Definition of Neoliberalism Neoliberalism is an economic and political philosophy that advocates for free markets, limited government intervention, and individual economic freedom as the primary drivers of economic growth and prosperity. It emerged in the late 20th century as a response to the perceived failures of Keynesian economics and state-led […]

Definition of Neoclassical Growth Theory Neoclassical growth theory is an economic theory that focuses on the long-term growth of an economy by examining the factors that determine the rate of economic growth. It is based on the principles of neoclassical economics, which emphasize the role of capital accumulation and technological […]

Definition of Neoclassical Economics Neoclassical economics is an economic theory that focuses on the behavior of individuals and firms in markets. It is based on the principles of supply and demand, rational decision-making, and the efficient allocation of resources. Neoclassical economists believe that markets are self-regulating, meaning that they will […]

Definition of Negative Income Tax (NIT) Negative Income Tax (NIT) is a government policy that provides a guaranteed minimum income to individuals or households whose income falls below a certain threshold. Under this system, instead of paying traditional income taxes, eligible individuals receive a direct transfer payment or tax credit […]

Definition of Negative Growth Negative growth refers to a decline or decrease in economic output over a specific period of time. It is measured by comparing the current level of economic activity to a previous period. Negative growth is often associated with a contraction in key economic indicators such as […]

Definition of Needs Approach The needs approach is a method of assessing and addressing the basic needs of individuals or groups of individuals. It focuses on identifying and fulfilling essential requirements for survival, well-being, and development. These needs may include food, water, shelter, healthcare, education, employment, and social support. Example […]

Definition of Natural Unemployment Natural unemployment refers to the level of unemployment that exists in an economy when it is operating at its full potential and has reached its natural or equilibrium level of employment. It is the level of unemployment that occurs when all individuals who are willing and […]

Definition of Natural Gas Liquids Natural gas liquids (NGLs) are hydrocarbons that are separated from natural gas during the extraction process. They are a valuable byproduct of natural gas production and can be separated into various components, including ethane, propane, butane, and pentanes. NGLs are typically used as feedstock for […]

Definition of Nationalization Nationalization is the process by which a government takes control of privately owned assets or industries and brings them under state ownership and control. This can occur through various means, such as purchasing the assets from private owners, expropriation, or through legislation that transfers ownership and control […]

Definition of National Income Accounting National Income Accounting is a system used to measure and record all economic activities within a country over a given period of time. It provides a framework for analyzing the overall economic performance and well-being of a nation, including measures of GDP (Gross Domestic Product), […]