Archives: Terms

What is the Keystone XL Pipeline? The Keystone XL Pipeline is a proposed crude oil pipeline that aims to transport oil from Alberta, Canada, to the Gulf Coast in the United States. The pipeline would span approximately 1,179 miles and have the capacity to transport up to 830,000 barrels of […]

Definition of Keynesian Economics Keynesian economics is an economic theory that was developed by economist John Maynard Keynes in the 1930s. It advocates for government intervention in the economy to stabilize economic fluctuations and promote economic growth. According to Keynesian economics, government spending, taxation, and monetary policies can be used […]

Definition of KES (Kenyan Shilling) The KES, or Kenyan Shilling, is the official currency of Kenya. It is denoted by the symbol “KSh” and the currency code “KES.” The Central Bank of Kenya is responsible for issuing and regulating the KES. Example To understand the use of the KES, imagine […]

Introduction to Kenneth Arrow Kenneth Arrow was an American economist and Nobel laureate, best known for his pioneering work in the field of general equilibrium theory and welfare economics. Born in 1921 in New York City, Arrow spent much of his career at Stanford University, where he made significant contributions […]

Definition of Keiretsu Keiretsu is a Japanese business term that refers to a network of companies with interlocking relationships, often characterized by cross-shareholdings and long-term business partnerships. These networks are typically found in Japan and consist of companies that have significant financial and commercial ties to one another. The purpose […]

Who was Karl Marx? Karl Marx was a philosopher, economist, social theorist, and political thinker who is best known as the father of Marxism. Born in Germany in 1818, Marx developed a critical view of capitalism and its effects on society. He believed that the struggle between the proletariat (the […]

Definition of Justified Wage A justified wage is a wage that is deemed fair and reasonable based on factors such as the skills, qualifications, and productivity of the worker, as well as market conditions and the value of the work being performed. It is the wage that is considered to […]

Definition of Just Compensation Just compensation refers to the fair and reasonable amount of financial reimbursement or payment provided to individuals or businesses when their property is taken by the government for public use through eminent domain. It is a legal concept rooted in the Fifth Amendment of the United […]

Who is Joseph Stiglitz? Joseph Stiglitz is a renowned economist and Nobel laureate in economics. Born in 1943 in the United States, Stiglitz has made significant contributions to the field of economics through his research, policy advocacy, and writings. Contributions and Achievements Stiglitz has made important contributions to the study […]

Joseph Schumpeter: The Father of Innovation Joseph Schumpeter was an influential economist and sociologist who is best known for his theories on innovation and entrepreneurship. Born in Austria in 1883, Schumpeter made significant contributions to the field of economics, particularly in the area of economic development and technological change. Schumpeter’s […]