Table of Contents

Volume 1: Foundations of Economics Preface Introduction to Volume 1: Foundations of Economics Accountant Agriculture and the Environment American Economic Association American Federation of Labor and Congress of Industrial Organizations Ancient Thought, or Oeconomicus Animal Spirits Asset Allocation Association of Environmental and Resource Economists Austrian Economic Thought Banking Banking, History of Bankruptcy Basic Economic Questions Bastiat, Frédéric Behavioral Economics Behavioral Finance Bernoulli, Jacob Biodiversity Böhm-Bawerk, Eugen von Boulding, Kenneth Budget Buffett, Warren Cantillon, Richard Capital Gains and Losses Capital Markets Capital Resources Capitalism Carlyle, Thomas Carnegie, Andrew Central Bank Central Planning Charitable Donations Chicago School of Economic Thought Circular Flow of Economic Activity Citizens United v. Federal Election Commission Civil War Economics, Shortages, and Inflation, 1861–1865 Classical Economics Colonialism Command Economy Communism Compound Interest Cost-Benefit Analysis Craft Guilds Creative Destruction Credit Report Crony Capitalism Cultural Economics Culture and Behavioral Economics Decision Costs Democratic Socialism Demographics in Economics Discrimination and Behavioral Economics Ecological Economics Economic Anthropology Economic Freedom Economic Growth Economic History Economic Psychology Economic Science Association Economic Sociology Economic Systems Ekelund, Robert, Jr. Emotions and Decision-Making Endowment Effect Entrepreneurship Environmental Economics Environmental Protection Agency Environmentalism Estate Planning Ethical Consumption Ethical Production Evolutionary Economics Experimental Economics Factors of Production Fascism Feminism and Behavioral Economics Financial Literacy Ford, Henry Forecasting and Modeling Gold Rush Boom and Bust, 1848 Golden Rule and Behavioral Economics Gompers, Samuel The Great Depression and Wall Street Crash, 1929 Great Migration Green National Accounting Habits Hamilton, Alexander Hayek, Friedrich von Health Economics Hobbes, Thomas Human Capital Human Rights and Decision-Making Hume, David Hurricane Katrina, 2005 Hurricane Sandy, 2012 Identity Economics Identity Theft Immigration: Global Overview Industrial Revolution Informal Economy Institutional Economics Intellectual Property Rights Internal Revenue Service International Association for Research in Economic Psychology Intuition and Decision-Making Investing Iron Age Jobs, Steve Keynes, John Maynard Keynesian Economics Land Use Law and Economics Lenin, Vladimir List, Friedrich Locke, John Long Run versus Short Run Malthus, Thomas Marginal Analysis Market Capitalism Marshall, Alfred Marx, Karl Marxism Menger, Carl Mercantilism Mill, John Stuart Mises, Ludwig von Money, History of Mont Pelerin: A Crisis in Economic Thought and Academia, 1947 Moral Motivation Moral Sentiments and Adam Smith Mun, Thomas National Association of Securities Dealers Automated Quotation Natural Resources Economics New Classical Economic Thought New Deal New Institutional Economic Thought New Keynesian Economic Thought New York Stock Exchange NIMBY and LULU Nobel Prize in Economics Non-Governmental Organizations Nuclear Energy, Safety, and Waste Opportunity Cost Paternalism Path Dependency Payments for Environmental Services Peace Corps of the United States Peace Economics Population Portfolio Management Poverty Pre-Classical Economic Thought Prisoner's Dilemma Private Property Privatization Production Possibilities Curve Progressive Era Prohibition Quesnay, François Rational Expectations Rationality: Process and Neoclassical Reagan, Ronald Reasons Recycling Regulation and Oversight of Financial Institutions Relative Thinking Religion and Decision-Making Resources Ricardo, David Rockefeller, John D. Roosevelt, Franklin D. Sarbanes-Oxley Act Say, Jean-Baptiste Schumpeter, Joseph Second Industrial Revolution Self-Control Seminole Tribe of Florida v. Florida September 11 Terrorist Attacks and Recession, 2001 Slavery and the Slave Trade Smith, Adam Social Capital and Behavioral Economics Social Capital and Personal Capital Social Lending and Peer-to-Peer Lending Social Preferences within a Population Social Security Socialism Society for the Advancement of Behavioral Economics Stalin, Joseph Standard & Poor's 500 Suicide Supreme Court Sustainability Tableau Economique Thatcher, Margaret Theory of Public Choice Trade-Offs Tversky, Amos United Nations System United States Census Bureau United States Mint United States Society for Ecological Economics University Economics Departments Urbanization War of 1812 Wealth versus Income Welfare Economics Wicksteed, Philip Will and Trusts World War II Rationing and Shortages, 1940s About the Editor Contributors Index Volume 2: Macroeconomics Preface Introduction to Volume 2: Macroeconomics Aggregate Demand and Aggregate Supply Agrarian Economy Alaska Dept. of Environmental Conservation v. EPA Alchian, Armen Automatic Stabilizers Bank of the United States, Closure and Lower Tariffs, 1833 Banking Act of 1933 (Glass-Steagall Act) Bankruptcy Reform Act of 1978 Bernanke, Ben Bureau of Economic Analysis Bureau of Engraving and Printing Bureau of Labor Statistics Burns, Arthur Churchill, Winston Colonial Hyperinflation and Currency Deflation, 1749 Conference Board Congressional Budget Office Conservation Reserve Program Contractionary Fiscal Policy Contractionary Monetary Policy Cost-Push Inflation Council of Economic Advisors Crowding-Out Effect Currency Deflation and Inflation, 1781 Debt Debt Crisis of the 1980s Deficit Deflation Department of Commerce Department of Labor Depository Institutions, Deregulation of Detroit Bankruptcy, 2013 Digital Currency Discouraged Workers Dividend Income Double-Digit Inflation, 1974 Drought Economic Embargo and Depression, 1807 Economic Growth, Measures of Economic Opportunity Act of 1964 Economic Populism Economic Problems of the 1970s and 1980s Embargo Act of 1807 Energy Policy Engels, Friedrich Entitlements Equation of Exchange (Quantity Theory of Money) Excess Reserves Expansionary Fiscal Policy Expansionary Monetary Policy Expectations (Rational and Adaptive) Externality Federal Deposit Insurance Corporation Federal Open Market Committee Federal Reserve Act of 1913 Federal Reserve and Treasury, Relationship between the Federal Reserve System Feudalism Financial Intermediation Financial Reform Act of 2010 (Dodd-Frank Act) Fiscal Policy Fischer, Stanley Fisher, Irving Fractional Reserve Banking Free Rider Friedman, Milton Galbraith, John Kenneth Geithner, Timothy General Equilibrium Analysis Gibbons v. Ogden Gold Standard Government Bailouts of Private Companies Government Failure Government Finance, State and Local Gramm-Leach-Bliley Act Grant's Recession, 1869 Great Recession of 1896 Great Recession, 2009 Great Society Greenspan, Alan Gresham's Law Gross Domestic Product Gross National Income Gross National Product Hazlitt, Henry Heckman, James Heller, Walter Helvering v. Davis Hyperinflation Inflation Inflation, Measures of The Iraq War's Impact on the U.S. Economy, 2003–2011 Juilliard v. Greenman Kahn, Alfred Kaldor, Nicholas Kalecki, Michal Kelo v. City of New London, Connecticut Kydland, Finn Labor Force Labor Force Participation Rate Labor Productivity Labor Uprisings, 1936–1939 Laffer, Arthur Laffer Curve Leading Economic Indicators Lechmere, Inc. v. National Labor Relations Board Lender of Last Resort Leontief, Wassily London Inter-Bank Offer Rate Lorenz Curve Lucas, Robert, Jr. Machlup, Fritz Macroeconomics Mankiw, N. Gregory McCulloch v. Maryland Medicaid Medicare Menominee Tribe v. United States Miller, G. William Monetarist Economic Thought Monetary Control Act of 1980 Monetary Economics Monetary Policy Money Money Illusion Money Multiplier Money Supply Moral Hazard and Behavioral Economics Multiplier Effect National Bank Act of 1863 National Bureau of Economic Research National Deficit versus Debt National Industrial Recovery Act National Labor Relations Act of 1935 (Wagner Act) National Labor Relations Board National Labor Unrest, 1894 Noise Pollution Non-Traditional Monetary Policy North, Douglass Office of Management and Budget Oil Crisis of 1979 Okun, Arthur Ostrom, Elinor Panic and Global Depression, 1873 Paulson, Henry M., Jr. Phillips, Alban William H. Physiocrats Pigou, Arthur Cecil Pigouvian Taxes Pollock v. Farmers' Loan & Trust Company Post-Keynesian Economics Property Rights Public Debt Public Finance Public Goods Quantitative Easing Rapid Deindustrialization, 1975 Recession Regulation Rivlin, Alice Robinson, Joan Rothschild Family Dynasty Samuelson, Paul Schwartz, Anna Securities and Exchange Commission Securities Exchange Act of 1934 Servicemen's Readjustment Act of 1944 (GI Bill) Shadow Banking Shultz, George Social Security Act of 1935 Solow, Robert Stock Market Crash of 1929 Stock Market Crash of 1987 Sugar Act, Currency Act, and Stamp Act Boycotts, 1764–1765 Summers, Lawrence Supply-Side Economics Taft-Hartley Act, 1947 Tariff Act of 1930 (Smoot-Hawley Tariff Act) Tax Avoidance, Tax Evasion, and the Shadow Economy Tax Compliance Tax Forms: U.S. Federal Tax System Taxes Tinbergen, Jan Tobin, James Too Big to Fail Trans-Alaskan Pipeline Treasury Securities Tyson, Laura Unemployment United States Treasury United States Treasury Bills, Notes, and Bonds Volcker, Paul Wage and Price Controls, 1971 War Financing Crisis, 1776 Water Pollution Weber, Max Welfare State Whiskey Rebellion, 1794 White, Harry Dexter Williams, Walter Works Projects Administration Yellen, Janet About the Editor Contributors Index Volume 3: Microeconomics Preface Introduction to Volume 3: Microeconomics Affordable Care Act Cases Agricultural Depression and the Dust Bowl, 1930s Air Pollution Akerlof, George Alternative Energy America Invents Act of 2011 (Leahy-Smith Act) Annuity Arbitrage Arrow, Kenneth Asset Bubbles Asymmetric Information Aumann, Robert Auto Import Challenge, 1965 Auto Pact of 1965 Bandwagon Effect Banking Trends: Electronic and International Bargaining Power Baumol, William J. Becker, Gary Behavioral Law and Economics Bentham, Jeremy Black Market Economy Bonds Broken Windows Brownfields Bubbles Bullying and Economic Efficiency Bursting of the Dot-Com Technology Bubble Business Cycle Business Structures Cap and Trade Cartels Certificate of Deposit Chrysler Bankruptcy, 1979 Clayton Antitrust Act of 1914 Clean Air Act Clean Water Act Coase, Ronald Coase Theorem Coase Theorem, Property Rights, and Endowment Effect Collateralized Debt Obligations Commodities Commodity Exchange Act of 1936 Common Property and Common-Pool Resources Consumer Credit and Debt Cooperative Organizations Corning Glass Works v. Brennan Corporate Average Fuel Economy Corporate Environmentalism Corporate Social Responsibility Costs Credit Cards Credit Cycle Credit or Bond Rating Agency Credit Report Credit Unions Debt Collection Debt and Credit Counseling Demand Demand Deposits Deregulation Derivatives Derived Demand Diamond, Peter Disability Insurance Dual Motive Theory and Dual Interest Theory Dupuit, Jules Economic Costs and Profits Economic Rent Edgeworth, Francis Ysidro Efficiency Wage Hypothesis Elasticity Ely, Richard Employee Stock Ownership Plans Employment Act of 1946 Endangered Species Energy Efficiency Enron, the Failure of Corporate Finance and Governance Exxon Valdez Oil Spill Federal Home Loan Bank Federal Home Loan Mortgage Corporation (Freddie Mac) Federal National Mortgage Association (Fannie Mae) Federal Trade Commission Fisheries Economics Associations Fisheries Management Flexible Saving Account Food Safety Gambler's Fallacy Gambling Behavior Game Theory (Behavioral/Cooperative) Gates, Bill General Motors Bankruptcy, 2009 George, Henry Great National Railroad Strike, 1877 Gulf of Mexico Oil Spill, 2010 Hardin, Garrett Hazardous Waste Health and the Environment Health Insurance Hedge Fund Homeowners and Renters Insurance Household Decisions Income Income Elasticity Income versus Substitution Effects Index Mutual Funds Industrial Policy Inflation-Protected Investments Interest Rates Interstate Commerce Act of 1887 Investment Banks versus Commercial Banks Jevons, William Stanley Junk Food Kahneman, Daniel Kantorovich, Leonid Kellogg Co. v. National Biscuit Co. Labels and Signaling Labor Economics Labor Market Regulation Labor Theory of Value Law of Diminishing Marginal Utility (Returns) Liabilities Life Insurance Liquidity Liquidity Trap and Liquidity Preference Lochner v. New York Margin Marginal Propensity to Consume, Save, and the Multiplier Effect Marginal Utility Market Distortions Market Failure Market Risk Market Structures Markets MCI Telecommunications Corp. v. American Telephone and Telegraph Co. Mergers and Acquisitions Merton, Robert Microeconomics Modigliani, Franco Momentum Investing Money Laundering Money Market Account Monopolistic Competition Monopoly Moods and Financial Markets Mortensen, Dale Mutual Funds and Exchange Traded Funds Nash, John Nash Equilibrium National Steel Strike, 1919 National Steel Strike, 1959 Natural Monopoly Net Worth Oligopoly Markets Olson, Mancur Options Organ Donation and Framing Pareto, Vilfredo Pareto Optimality Peak Oil Pension Plans Perfect Competition Preference Pollution Priming and Financial Decisions Productivity Profit Maximization and Behavioral Economics Prospect Theory Pure Food and Drug Act of 1906 Random Walk Real Estate Investment Trust Renewable Energy Retirement Accounts Revenue: Total, Average, and Marginal Right-to-Work Law Risk Risk Premium Rust Belt, 1980s Saving versus Investing Savings Account Savings and Loan Crisis, 1986 Schelling, Thomas Scholes, Myron Selten, Reinhard Shapley, Lloyd Sherman Antitrust Act of 1890 Shiller, Robert Simon, Herbert Smith, Vernon Snob Effect Sowell, Thomas Sports Economics and Economic Psychology Sports Economics and Performance Inefficiencies Standard Oil Co. of New Jersey v. United States Status Quo Bias Stigler, George Stock Market Stocks Student Loan Marketing Association (Sallie Mae) Subjective Expected Utility Subprime Mortgage Bubble and Crisis Sunk Cost Fallacy Sunstein, Cass Supply Tax Deferral Technological Innovation Tennessee Valley Authority Thaler, Richard Thrift Institutions Time Value of Money Tipping Total Quality Management Trademarks and Patents Tragedy of the Commons Trust Game Umbrella Insurance Underground Economy Unions United Farm Workers United Mine Workers United States v. South-Eastern Underwriters Association Utility, Experienced Utility, Remembered Veblen, Thorstein Venture Capital Walras, Leon Water Conservation Welfare and Equity West Coast Hotel Co. v. Parrish Whale Oil Shortage: The First Energy Crisis, 1850 Wildcat Banking Yield Curve and Its Role Youngstown Sheet & Tube Co. v. Sawyer About the Editor Contributors Index Volume 4: Global Economics Preface Introduction to Volume 4: Global Economics Absolute Advantage African Development Bank Group African Union Ancient Trade Routes Arab Oil Embargo Crisis, 1973 Arctic Circle Natural Resources Asia-Pacific Economic Cooperation Asian Crisis, 1997–1998 Asian Development Bank Asian Tigers Association of Southeast Asian Nations Australia: General Economy Balance of Payments Balance of Trade Bank for International Settlements Bank of Japan Bhagwati, Jagdish Boserup, Ester Brain Drain Brazil: General Economy Bretton Woods Agreement Bretton Woods System BRICS: Brazil, Russia, India, China, and South Africa British Panic, 1825 Bundesbank Canada's Economy: Oil, Gas, and Tar Sands Capital Account Central American Common Market China and India Emerge as World Economic Powers, 2005 China: General Economy Commercial Policy Comparative Advantage Corn Laws Crawling Peg Currency Appreciation and Depreciation Currency Devaluation and Trade Currency Wars Current Account Customs Union De Soto, Hernando Delors Report Deng Xiaoping Dependency Theory Developing Countries Development Economics Draghi, Mario Duflo, Esther Dumping East Asia: General Economies Easterly, William Economic Community of West African States Embargo Emerging Market Economies Euro (European Currency Unit) European Bank for Reconstruction and Development European Central Bank European Economic Community European Free Trade Association European Sovereign Debt Crisis, 2012 European Union Exchange Rates Export-Import Bank of the United States Exports Financial Account Financial Imbalances in the 2000s Foreign Aid Foreign Direct Investment Foreign Exchange Market Foreign Portfolio Investment Foreign Trade versus Foreign Investment France: General Economy Free Trade Area Free Trade Area of the Americas General Agreement on Tariffs and Trade Germany: General Economy Glasnost Global Contagion Global Currencies Global Economy Globalization Gorbachev, Mikhail Greece: Sovereign Debt and Fiscal Crisis Group of Eight The Grubel-Lloyd Index Heckscher-Ohlin Theory of Trade High Performance Asian Economies Hong Kong: General Economy Imperialism Import Quotas Imports Import-Substitution and Export-Led Growth Industrialization India: General Economy Infant Industry Inter-American Development Bank International Association for Energy Economics International Bank for Reconstruction and Development International Cartels and Monopolies International Charities International Climate Agreements International Debt International Economics International Environmental Agreements International Finance International Financial Institutions International Labor Organization International Monetary Fund International Non-Governmental Organizations International Trade International Trade and the Environment Isolationism Japan: General Economy Krugman, Paul Kyoto Protocol Lagarde, Christine Latin America: General Economy Least Developed Countries Lost Decade, 1980s Maastricht Treaty Maquiladora Meade, James MERCOSUR Mexican Peso Crisis of 1994–1995 Mexico: General Economy Microfinance Institutions Millennium Development Goals Monetary Unions Nationalization New Trade Theory North American Development Bank North American Free Trade Agreement Odious Debt Offshoring Ohlin, Bertil Open Economy Organisation for Economic Co-operation and Development Organization of Petroleum Exporting Countries Oster, Emily Outsourcing Ownership-Location-Internalization Theory Perestroika Polo, Marco Post-Washington Consensus Product Cycle Theory Protectionism Race to the Bottom Real Exchange Rates Regional Trade Agreements Rostow, Walt W. Russia: General Economy Sachs, Jeffrey Schengen Agreement Silk Road Single Currency Area Sovereign Wealth Funds Spain: General Economy Special Economic Zones Specific Factor Model Spence, Michael Spot Exchange Rates State Capitalism Stiglitz, Joseph Stolper-Samuelson Theorem Subsidies Sustainable Consumption Sustainable Economic Development Sweatshops Tariffs Terms of Trade Third World Socialism Three-Way Arbitrage Thurow, Lester Trade Interference by Barbary Coast Pirates, 1800 Trade Policy Trade, Measures of Trade-Related Aspects of Intellectual Property Transnational Corporations Treaty of Rome, 1957 Triangle Trade Trichet, Jean-Claude Tropical Rain Forests U.S. Aid for International Development United Kingdom: General Economy United Nations Conference on Trade and Development Viner, Jacob Voluntary Quotas Washington Consensus Water in Development Wolfson Economics Prize World Bank World Economic Forum World Health Organization World Trade Organization Yen Yuan/Renminbi Yunus, Muhammad Zoellick, Robert Primary Documents Embargo Act of 1807 National Bank Act of 1863 Interstate Commerce Act of 1887 Sherman Antitrust Act of 1890 Pure Food and Drug Act of 1906 Federal Reserve Act of 1913 Clayton Antitrust Act of 1914 Tariff Act of 1930 (Smoot-Hawley Tariff Act) Banking Act of 1933 (Glass-Steagall Act) Securities Exchange Act of 1934 National Labor Relations Act of 1935 (Wagner Act) Social Security Act of 1935 Commodities Exchange Act of 1936 Bretton Woods Agreement (1944) Servicemen's Readjustment Act of 1944 (GI Bill) Employment Act of 1946 Economic Opportunity Act of 1964 Auto Pact of 1965 Bankruptcy Reform Act of 1978 Monetary Control Act of 1980 Schengen Agreement (1985) North American Free Trade Agreement (1994) Gramm-Leach-Bliley Act (Financial Modernization Act of 1999) Sarbanes-Oxley Act (2002) Patient Protection and Affordable Care Act (2010) Financial Reform Act of 2010 (Dodd-Frank Act) America Invents Act of 2011 (Leahy-Smith Act) Nobel Laureates in Economics Timeline of Key Events in the Global Economy, 1776–2016 Glossary About the Editor Contributors Index

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A comprehensive four-volume resource that explains more than 800 topics within the foundations of economics, macroeconomics, microeconomics, and global economics, all presented in an easy-to-read format.

About the Author

David A. Dieterle, PhD, is professor of economics at Walsh College and lecturer in economics at University of Michigan–Flint.

Reviews

A work that tries to capture the complexity and universality of economic influences in our lives is a tall order. . . . Each entry is heavily cross-referenced, very concise (a couple of pages), and highly informative. The language is easy to understand, making this an excellent resource—highly recommended.
*Booklist, Starred Review*

Each entry is heavily cross-referenced and followed by further reading suggestions. The extensive index at the end of each volume makes navigating the various topics easy. A supplemental reference that will complement high school and introductory college courses.
*Library Journal*

The encyclopedia makes economics accessible; understanding the entries does not require readers to possess a background in business or economics. . . . [T]his work excels instead in its overviews of topics that put them in context. In addition to its general reference value, the set serves as a useful supplement for core high school and college economics curricula. . . . Summing Up: Recommended. High school through undergraduate students; general readers; professionals/practitioners.
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