Archives: Terms

Definition of Joseph Effect The Joseph Effect refers to the phenomenon where an economic downturn disproportionately affects the poorer segments of society, widening the wealth gap between the rich and the poor. It is named after the biblical figure Joseph, who advised the Pharaoh on managing an impending famine, resulting […]

Definition of Joint Supply Joint supply is an economic concept that refers to a situation where the production of one good results in the simultaneous production of another good. In joint supply, the two goods are physically or technologically linked in the production process, meaning that the production of one […]

Introduction to John Stuart Mill John Stuart Mill was a 19th-century English philosopher, political economist, and social reformer. He is considered one of the most influential thinkers in the history of liberalism and utilitarianism. Mill’s works cover a wide range of topics, including ethics, economics, politics, and social philosophy. His […]

Who is John R. Hicks? John R. Hicks was a British economist who made significant contributions to the field of economics, particularly in the areas of macroeconomics and microeconomics. He was born on April 8, 1904, in England and passed away on May 20, 1989. Contributions to Economics Hicks is […]

Who was John Maynard Keynes? John Maynard Keynes was a renowned economist and one of the most influential figures in the development of modern macroeconomics. He was born in Cambridge, England, in 1883 and went on to study at the University of Cambridge. Keynes was not only a prominent economist […]

Definition of Jobseeker’s Allowance (JSA) Jobseeker’s Allowance (JSA) is a form of unemployment benefit provided by the government to individuals who are actively seeking employment but are currently unable to find a job. It is a financial support system that aims to help unemployed individuals meet their basic living expenses […]

Definition of Jobs Growth Jobs growth refers to the increase in employment opportunities within an economy over a period of time. It represents the expansion of the job market as more positions become available for workers. Jobs growth is a key indicator of economic development and can have significant impacts […]

Definition of Jobless Recovery A jobless recovery is a term used to describe an economic recovery in which the overall economy improves, but employment levels remain stagnant or even decline. This means that while there may be positive growth in terms of GDP or other economic indicators, there is little […]

Definition of Jobless Claims Jobless claims refer to the number of individuals who have filed for unemployment benefits with the government. These individuals have lost their jobs and are seeking financial assistance from the government to help them during their period of unemployment. Jobless claims are typically used as an […]

Definition of Job Openings and Labor Turnover Survey (JOLTS) The Job Openings and Labor Turnover Survey (JOLTS) is a monthly survey conducted by the U.S. Bureau of Labor Statistics (BLS). It provides information on job openings, hires, separations, and other labor market indicators in the United States. The JOLTS survey […]