A List of Economics English

I I

Frank E. Daulton

~Key words

technical vacabulary

Economics English

economics terminology

1. Introduction

An attractive goal for economics graduates of Japanese universities is to be able to converse

about their field in English. To be an "international economist," not only mastery of basic

English but also of academic vocabulary and the technical vocabulary of economics is necessary.

In this paper, after explaining the types of vocabulary, the procedure for compiling a list of

Economics English and the implications of this list will be discussed.

2. Types of Vocabulary

A careful choice of vocabulary can simplify teaching. Nation (1999 p. 7, 8) identifies four types

of vocabulary for English instruction.

1) high-frequency

2) academic

3) technical

4) low-frequency

2.1 High-frequency Words

High-frequency words are the most frequently used in English, beginning with the. In order to

achieve good comprehension of informal conversation and reading, as well as to have a well­

rounded arsenal for production, at least 2000 and preferably 3000 word families (head words

plus inflections and common derivations) are required (see Nation, 2001). This vocabulary

A List of Economics English (Daulton) - 59 -

typically covers around 80 percent of the running words of academic text and newspapers, and

around 90 percent of conversation and novels (Chung & Nation, forthcoming). If one takes

proper nouns as a given, this level provides nearly 95 percent coverage of most non-academic

texts --a crucial threshold for comfortable reading (Hirsh & Nation, 1992). A modern collection

of high-frequency English words is the BNC 3000, a frequency list derived by Nation

(forthcoming) from the 100-million-word British National Corpus.

For more on high-frequency words appearing in The Ryukoku Journal of Humanities

and Sciences, see Daulton (2003a).

2.2 Academic Words

Academic words (e.g. academic, lecture) are necessary for academic discourse. One

characteristic of academic words is that they are shared by several fields of study. Another is

that they are supportive of but not central to the topics (see Coxhead 1998: 214). The most

thorough collection is the 570 word family Academic Word List (AWL; Coxhead, 2000), which

covers on average 8.5 percent of academic text, 4 percent of newspapers and less than 2 percent

of the running words of novels (Coxhead, 1998).

For more on academic words appearing in The Ryukoku Journal of Humanities and

Sciences, see Daulton (2005).

2.3 Technical Words

Technical words (e.g. cost-benefit analysis, micro-economics) are quite useful for those in

particular circumstances (e.g. economists). In a sense, both academic words and technical

words are high-frequency words for special purposes. But unlike academic words, technical

words are typically limited to one field. Moreover, as technical words are content words, they

are highly salient in discourse. The coverage for technical words varies, but tends to be rather

high; it was found to be 31.2 percent in an anatomy book and 20.6 percent in a linguistics book

(Chung & Nation, forthcoming).

2.4 Low-frequency Words

Low-frequency words (e.g. intuitive, pastoral) are words with infrequent use. They are not

academic words but do include technical words unrelated to a particular field (e.g.

photosynthesis for economists). As their number exceeds 100,000 and typically cover only

around 5 percent of any text (Chung & Nation, forthcoming), it is better that learners not study

low-frequency words, per se, but deal with them individually by guessing or referring to a

dictionary.

3. Collecting the Technical Words of Economics

Japanese need the high-frequency vocabulary of English for basic communication, and academic

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vocabulary for general academic purposes. And with knowledge of the English technical

vocabulary of economics, Japanese will be lexically ready to participate in economics discourse --

reading and writing economics papers, attending conferences, and so on. While there are

suitable lists of high-frequency words (e.g. BNC 3000; Nation, forthcoming) and academic words

(AWL; Coxhead, 2000), no reasonably comprehensive list is available for basic economics

terminology.

To assemble a list of "Economics English," three glossaries were examined. They were

the on-line glossary from The Economist magazine <http://www.economist.com/research/

Economics!>), and the glossaries of two prominent textbooks of introductory economics, Stiglitz'

Economics (1997) and Mankiw's Principles of Economics (2001).

Even with overlap among the three glossaries, the list of Economics English would likely

be too large. Typically, the technical vocabulary of a field contains less than a thousand words

(Nation, 1999: 13). As the total number of economics terms assembled would exceed this, an

economics professor with experience teaching English economics terminology deleted terms he

felt were non-essential. (Where appropriate word will be replaced by term as much of

economics terminology consists of phrases such as absolute advantage and diminishing marginal

utility rather than single words such as bubble.) Data on the glossaries and deletions is

summarized in Table 1:

Table 1: Summary of glossaries, number of deletions and terms remaining

original size number of number of terms

of glossary deletions remaining

The Economist 653 179 474

Mankiw 233 16 217

Stiglitz 645 143 502

The Economist glossary contains 653 terms and 179 deemed non-essential were deleted, leaving

474 terms. Mankiw's glossary has 233 terms and 16 were deleted, and when the remaining 217

were added to The Economist's terms the total became 585 (with 106 having overlapped). With

Stiglitz' glossary of 645 terms, 143 were deleted, and with the remaining 502 the total of

Economics English grew to 892 terms (with 232 overlapping).

Considering that all three glossaries were intended to cover the basic technical vocabulary

of economics, the lack of consensus among the glossaries was striking. Data on the sources of

terms in the list of Economics English is summarized in Table 2:

A List of Economics English (Daulton) - 61 -

Table 2: Summary of sources of economics terminology by glossary

All3 68

E&M 38

E&S 80

M&S 46

Only E 288

Only M 65

OnlyS 307

Total 892

"E" stands for The Economist glossary, "M" for Mankiw's and "S" for Stiglitz'. Regarding the

previous deletions made to the glossaries, it is reasonable to assume that non-overlapping items

(i.e. the least useful) had been cut. It is therefore surprising to find that of the remaining 892

terms, only 68 (7.6 percent) overlapped in all three glossaries, and only 232 (26.0 percent) were

found in at least two. The majority of terms appeared in but one glossary; for instance, Stiglitz'

glossary contained 307 terms not included in The Economist glossary or Mankiw's. Regarding

the two introductory textbooks, 84.3 percent of the terms did not overlap.

4. Analysis

An examination of the list of Economics English revealed two important pedagogical

implications: discord in economics resulting in an inflated lexicon; a lack of cognates to facilitate

learning.

4.1 An Inflated Lexicon

The lack of consensus among the three glossaries attests to a discord within economics, and

competing political agendas swell economics with conflicting terminology. Approaches in

economics range from laissez-jaire to state control, with innumerable permutations between.

Alternative perspectives (unmentionable in the mainstream media) include that Western-style

economic growth is based on war, crime, corruption and the exploitation of the weak (e.g.

Chomsky, 1993).

Therefore economists from non-English countries will experience a lexical barrier. There

are more terms than can be fully mastered. Those who resort to circumlocution (i.e. referring to

a concept without using its exact terminology) will be judged ignorant of their field and their

opinions dismissed. Meanwhile the developed countries maintain global hegemony with their

monopolies on all manifestations of power including the lingua franca.

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4.2 Lack of Cognates

Sometimes a student's native language is a great resource for learning foreign vocabulary, and

this is usually the case for Japanese learning English. Various research (e.g. Daulton, 1998 and

2005; Hashimoto, 1992; Kimura, 1989) has shown that loanwords in Japanese (e.g. takushi)

assist the learning of their related borrowed words (e.g. taxi). Words from different languages

similar in form are cognates. Daulton (2003b) has shown that nearly half of the high-frequency

words of English are cognate with common loanwords in Japanese, and Daulton (2005) has

shown this for roughly a quarter of the academic words. Particularly with technical and

scientific terms borrowed from English, due to internationally defined and accepted concepts,

the Japanese meanings remain the same as the English ones (Nishiyama, 1995: 33).

Unfortunately, economics in Japan is conservative in its borrowing patterns. While the

related field of trade contains about 80 percent of words of foreign origin, marketing 75 percent,

and finance 34.5 percent (Loveday, 1996: 101, 111), only 15.4 percent (137 terms) in the list of

Economics English have been borrowed into Japanese as free-standing loanwords (e.g. cartel

and karuteru). That is, Japanese economics prefers Sinofication (e.g. cost-benefit analysis

becomes hi you beneki bunseki) or hybridization (e.g. macro-economics becomes makuro­

keizai). Indeed, economics joins the mainstays of power -- law and politics (Loveday, 1996:

88) -- in their begrudging and conservative approach to language. Those wishing to master the

technical vocabulary of economics in English will not be greatly helped by cognate relationships

with Japanese loanwords.

5. Recommendations for Teaching the Terminology of Economics

Given its large size as well as scarcity of cognates, we should organize our list of Economics

English in a fashion that will facilitate teaching and learning. Features to consider are

prevalence as determined by overlap among the glossaries, usefulness as determined by

correspondences to high-frequency English, and ease of learning as determined by the

presence of loanword equivalents in Japanese.

5.1 Grouping Terms that Overlap Among Glossaries

Based on the degree of overlap among the three glossaries, it is possible to predict a term's

prevalence in economics discourse. This is a compelling consideration when deciding how soon

a term should be presented and learned. The most ubiquitous terms should be mastered early.

Wording among the glossaries sometimes differed subtly, and judgments about how to

handle each situation were necessary. For example, while Stiglitz contains constant returns, the

other two glossaries contain constant returns to scale. In this case, constant returns was

considered different enough to be a separate term by the economics professor, and then deleted

as non-essential.

A List of Economics English (Daulton) - 63 -

5.1.1 Terms Overlapping in Three Glossaries

Those terms that all three glossaries shared (e.g. absolute advantage) would constitute the first

sublist of terms to be taught. Only 70 terms met this criteria. Time spent learning these terms

is justified, as they are likely to be highly prevalent in economics.

5.1.2 Terms Overlapping in Two Glossaries

Those terms found in two of the three glossaries (e.g. barriers to entry) would constitute the

second sublist of terms. There were 159 terms that qualified. Following mastery of the first

sublist, the second sublist should be studied as its technical vocabulary are rather likely to be

met.

5.2 High-frequency Words with Technical Meanings

The present study included economics words that are also high-frequency vocabulary (i.e.

polysemes). Having been encountered previously in English classes, corresponding economics

words should be more easily remembered (see Ringbom, 1987). Although meanings may vary,

generally the technical usage of a word and its high-frequency usage share a core meaning (e.g.

cost and shock). Moreover, Japanese learners can add meanings to the English words they know

(Kimura, 1989).

A third sublist of high-frequency words with technical meanings was compiled from

among the words not appearing in the first and second sublists. Sixty-eight words met this

criteria. Such high-frequency words will typically have meanings very obscure (e.g. derivatives),

specific (e.g. velocity) or important (e.g. demand) for economists.

5.3 Cognates

The intrinsically easiest terms to learn are those that have been borrowed into Japanese. When

learners know the corresponding Japanese economics terminology (e.g. sutoraiki), they will

have a relatively easy time learning the original English (e.g. strike). If learners have not yet

learned the Japanese terminology, learning the English version now may aid them in learning the

Japanese one later. Of the terms yet to be listed, 80 were found to have Japanese equivalents

and were included in a fourth sublist.

5.4 Remaining Terms

The vast majority of terms in the list of Economics English, those 511 (e.g. usury, producer price

index, and voting paradox) for which there was no overlap, were not to be found among high­

frequency words, and for which there were no cognates, would constitute the fifth sublist.

5.5 Summary and Analysis

The data for these five sublists of vocabulary is summarized in Table 3:

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Table 3: Summary of economics terminology by sub list and number of terms

1st Sublist 3x glossary overlap 70

2nd Sublist 2X glossary overlap 163

3rd Sublist high frequency 68

4th Sublist cognates 80

5th Sublist (remaining words) 511

Total 892

The first four sublists are of a size easily dealt with in classes. Various methods are

available to learn these terms (e.g. memorization, flash cards, keyword method). These 381

terms are distinguished by their prevalence in the field of economics, their usefulness in English

overall, and their ease of learning. They should be learned.

However, the majority of Economics English remains in the fifth sublist. These 511

otherwise crucial terms exist without consensus among economists, and do not correspond to

high-frequency English nor cognates. They are probably the least useful and hardest to learn of

the Economics English terms; even if it were possible to teach this many terms over a semester

or year, using classroom time to do so is questionable. When learners encounter these and more

obscure terms, an English/Japanese technical dictionary such as the Yuhikaku Keizai Jiten

(1983) will be indispensable.

6. Conclusions

By using glossaries, it was possible to create a list of Economics English. With the help of an

economics professor, this list could be shortened to a more practical size. Finally, organizing the

terms into five sublists according to overlap among the three glossaries, correspondences to high­

frequency vocabulary, and the presence of cognates further enhanced the list's practicality.

Future research can determine the actual coverage of the five sublists in a wider scope of

economics discourse. It should be possible, after examining various economics writings and

utterances, to know how likely terms in each sublist are to be met. Such data could verify the

rationale for the sublists.

For learners, the nature of the technical vocabulary of economics (e.g. inflation and lack

of cognates) presents a considerable hurdle. Economics graduates from non-English countries,

including Japanese, will have difficulty contributing to economics discourse on the global stage.

Given the perilous state of world affairs, a more humanitarian and Earth-friendly approach to the

distribution of resources must emerge as the consensus. As the new paradigm rejects affronts to

decency such as regressive tax and beggar-thy-neighbor policies, as well as insidious

euphemisms such as free trade and zero-sum game, the number of terms in economics will

deflate to a size easily dealt with by future international economists.

A List of Economics English (Daulton) - 65 -

7. Acknowledgment

I would like to thank Professor Naoki Tani, Ryukoku University Faculty of Economics, for his

help in reducing the list of Economics English.

References

Chomsky, N. (1993). Year 501 --The Conquest Continues. South End Press, Boston.

Chung, T. M. and Nation, I. S. P. (forthcoming). Technical vocabulary in specialized texts.

Coxhead, A. (1998). An Academic Word List. Occasional Publication Number 18, LALS, Victoria University of

Wellington, New Zealand.

Daulton, F. E. (1998). Loanword cognates and the acquisition of English vocabulary.· The Language Teacher

20, 1: 17-25.

Daulton, F. E. (2003a). The High-frequency Vocabulary of English. The Ryukoku Journal of Humanities and

Sciences 24, 2: 19-42.

Daulton, F. E. (2003b). Common gairaigo cognates for the high-frequency vocabulary of English. The Ryukoku

Journal of Humanities and Sciences 25, 1: 51-78.

Daulton, F. E. (2005). Common Japanese loanwords corresponding to high-frequency and academic

vocabulary -- are our students ready for foreign study? The Ryukoku Journal of Humanities and

Sciences 27, 1.

Hashimoto, R. (1992). English loanword interference for Japanese students of English. Unpublished M. Ed.

thesis. Mankato State University.

Hirsh, D. and Nation, P. (1992). What vocabulary size is needed to read unsimplified texts for pleasure?

Reading in a Foreign Language 8, 2: 689-696.

Kimura, M. (1989). The effect of Japanese loanwords on the acquisition of the correct range of meanings of

English words. Masters Thesis, Brigham Young University, Department of Linguistics.

Loveday, L. J. (1996). Language Contact in Japan. Oxford Press, New York.

Mankiw, G. N. (2001). Principles of Economics (2nd edition). Harcourt College Publishers, Fort Worth.

Nation, I. S. P. (1999). Learning Vocabulary in Another Language. English Language Institute Occasional

Publication No. 19. Wellington.

Nation, I. S. P. (2001). How many high frequency words are there in English? In M. Gill, A. W. Johnson, L. M.

Koski, R. D. Sell and B. Warvik (eds.) Language, Learning and Literature: Studies Presented to Hakan

Ringbom. English Department Publications 4, Abo Akademi University, Abo: 167-181.

Nation, I. S. P. (forthcoming). A study of the most frequent word families in the British National Corpus.

Nishiyama, S. (1995). Speaking English with a Japanese mind. World Englishes, 14, 1: 55-66.

Ringbom, H. (1987). The Role of the First Language in Foreign Language Learning. Multilingual Matters,

Clevedon & Philadelphia.

Stiglitz, J. E. (1997). Economics (2nd Edition). W.W. Norton and Company, New York.

Yuhikaku Keizai Jiten (dai yon pan), {Yuhikaku Dictionary of Economics Terms (4th edition)}. Yuhikaku,

Japan.

Appendix: The List of Economics English (381 items)

Sublist One (Terms Overlapping in Three Glossaries; 70 items)

absolute advantage; appreciation; capital; cartel; central bank; closed economy; Coase's theorem; comparative

advantage; consumer surplus; crowding out; deadweight cost/loss; demand curve; depreciation; diminishing

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returns; discount rate; economics; efficiency wages; elasticity (relative elasticity); exports; externality; factors of

production; Federal Reserve (System I banks); financial intermediary; financial system; fixed costs; free riding

(rider); frictional unemployment; horizontal equity; human capital; imports; income effect; indexation; indifference

curve; inferior goods; inflation; investment; liquidity; macroeconomics; market failure; market power; menu costs;

microeconomics; monetary policy; money; monopoly; natural monopoly; natural rate of unemployment; normal

goods; oligopoly; open economy; open-market operations; opportunity cost; permanent income (hypothesis); price

discrimination; Phillips curve; production function; productivity; progressive tax(ation); profit; public goods;

scarcity; stagflation; stocks; structural unemployment; substitution effect; sunk costs; supply curve; transaction

costs; variable costs; vertical equity

Sublist Two (Terms Overlapping in Two Glossaries; 163 items)

adverse selection; aggregate-demand curve; aggregate-supply (curve); antitrust (laws I policy); arbitrage; assets;

asymmetric information: automatic stabilizers: average tax rate; average variable cost: barriers to entry (or exit):

barter; bonds; boom and bust; budgetal constraint; business cycle; capital flight; capital gains; capital markets;

catch-up effect; ceteris paribus; classical dichotomy; collusion; compensating (wage) differential; Communism;

complements; constant returns to scale; consumer price index (CPI); consumption; contestable market(s); cost­

benefit analysis; cyclical unemployment; debt; deficit (fiscal deficit); deflation; demand deposits; depression;

deregulation; devaluation; discouraged workers; diseconomies of scale; diversification; dividend(s); division of

labo(u)r; dumping; econometrics; economic rent; economies of scale; efficiency; efficient market hypothesis

(theory); equilibrium; equity; exchange rate; expected returns; fiat money; financial markets; fiscal policy; game

theory; GDP; GDP deflator; General Agreement on Tariffs and Trade; general equilibrium; Giffen goods; gift and

estate tax; Gini coefficient; GNP; gross national product (GDP); horizontal integration; imperfect competition;

income elasticity of demand; inflation tax; infrastructure; interest; job search; labor-force participation rate; law of

supply and demand; life-cycle (hypothesis); lump-sum tax; marginal cost; marginal product; marginal rate of

substitution; marginal revenue; marginal tax rate; market(s); market economy; medium of exchange; mixed

economy; monetary neutrality; money multiplier; money supply; monopolistic competition; moral hazard;

multiplier; mutual fund; Nash equilibrium; negative income tax; nominal GDP; nominal interest rate; normative

economics; Okun's law; Pareto efficiency; patents; perfect competition; physical capital; positive economics;

predatory pricing; price ceiling; price elasticity of demand; price elasticity of supply; price floor; principal-agent

theory (problem); prisoners' dilemma; privatization; producer price index; producer surplus; property rights;

protectionism; purchasing power parity (PPP); quantity theory of money; quota; random walk; rational

expectations; real balance effect; real exchange rate; real interest rate; recession; regressive tax; rent; rent­

seeking; reservation wage; reserve requirements; restrictive practice; risk premium; shadow price; shortage;

signaling; simple interest; social benefits/costs; Socialism; sticky prices; strike; store of value; substitute goods

(substitutes); supply shock; surplus; tariff; tax incidence; total cost; trade deficit/surplus; tragedy of the commons;

treasury bills; trough; trust; unemployment rate; unit of account; utility; value added; value of marginal product (of

labor); vertical integration; voluntary unemployment; welfare; welfare economics; World Trade Organization

(WTO)

Sublist Three (Words with High-frequency Meanings; 68 items)

accelerator; auctions; bank; bear breach; budget; bull; capacity; centralization; commodity; competition;

competitiveness; concentration; corporation; cost; credit; creditor; currency; demand; derivatives; discount;

enterprise; expectations; firms; flows; forecasting; futures; income; inequality; insurance; intervention; luxuries;

marginal; maturity; mean; model; neutrality; option; output; partnership; peak; population; preference; price;

principal; rationality; regulation; reputation; reserve; returns; revenues; savings; screening; search; securities;

A List of Economics English (Daulton) - 67-

services; shares; shock; slope; speculation; stabilization; supply; transfers; uncertainty; unemployment; variable;

wages; yield

Sublist Four (Terms with Loanword Equivalents in Japanese; 80 items)

animal spirits; balance sheet; black market; Bretton Woods; bubble; capital loss; corporate finances; cost-push

inflation; credit crunch; crony capitalism; currency board; demand-pull inflation; disinflation; disintermediation;

due process; emerging markets; Euro; Euro Zone; Eurodollar; fair trade; fine tuning; fiscal drag; forward contracts;

free lunch; free-market economics; gearing; globalization; hedge; hedge funds; hot money; indexed funds;

inflationary spiral; inflation target; innovation; inputs; insider trading; J-curve; junk bonds; Keynesian; lags; laissez­

faire; leverage; leveraged buy-out (LBO); market risks; median; monetarism; monetarists; money markets; new

economy; offshore; outsourcing; overshooting; portfolio; premium; price leader; price takers; principal-agent

problem; reflation; rescheduling; risk; risk management; search costs; securitisation; Seignorage; spot price;

stagnation; stakeholders; stock option; supply-side policies; supply siders; sustainable development; systematic

risk; systemic risk; takeover; tax haven; venture capital; winner-takes-all markets; work sharing; yield curve; yield

gap

Sublist Five (Remaining Words; 511 items)

ability-to-pay principle; agency costs; aggregate consumption function; aggregate expenditures schedule;

aggregate savings; aggregate savings rate; altruism; Asian crisis; assistance in kind; autonomous consumption;

autarky ; average costs; average fixed cost; average productivity; average revenue; average total cost; balance of

payments; balanced budget; balanced budget multiplier; balanced trade; bank run; bankruptcy; beggar-thy­

neighbor policies; benefits principle; bequest savings motive; Bertrand competition; bilateral trade; budget deficit;

budget surplus; buyer's market; capital adequacy ratio; capital goods; capital goods investment; capital goods

markets; capital inflow; capital intensive; capital outflows; capital requirements; capital structure; Capitalism;

causation; centrally planned economy; central planning; certificate of deposit (CD); circular flow; classical

economics; classical unemployment; collateral; command economy; commercial policies; commodity money;

common goods; Common Market; common resources; competitive advantage ; competitive equilibrium price;

competitive market; competitive model; complementary goods; compound interest; comparative worth; compound

interest; consumer confidence; consumer prices; consumer protection legislation; consumption function;

contingency clauses; corporate income tax; correlation; cost of capital; countervailing duties; coupon rationing;

Cournot competition; creative destruction; credit creation; credit rationing; cross-price elasticity of demand; cross

subsidization; currency peg; current account; debt-equity ratio; decentralization; default; deficit spending; demand

constrained equilibrium; demand schedule; demand shocks; deposit insurance; depreciation allowance; developed

or industrialized countries; developing countries; development economics; diminishing marginal products;

diminishing marginal rates of substitution; diminishing marginal rates of technical substitution; diminishing

marginal utility; direct taxation; discounted cashflow; discretionary expenditures; disequilibrium; disposable

income; dollarisation; dominant firm; dominant strategy; double coincidence of wants; downward rigidity of wages;

duel economy; duopoly; durable goods; dynamically efficient; dynamic consistency; ECB; economic and monetary

union; economic indicator; economic man; economic profit; economic sanctions; economies of scope; effective

exchange rate; efficiency wage theory; efficient scale; endogenous; Engel's law; entrepreneur; environmental

economics; equilibrium price; equilibrium quantity; European Central Bank; European Union; excess or free

reserves; excess returns; excess supply; exchange controls; exchange efficiency; excise tax; excludability;

exclusive dealing; exogenous; exogenous shocks; expectations-augmented Phillips curve; expenditure tax; export

credit; export-led growth; factor cost; factor demand; federal debt; Federal Open Market Committee (FOMC);

Federal Reserve Board (Fed); final goods approach to measuring GDP; financial instrument; financial investments;

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first-mover advantage; fiscal deficit; fiscal neutrality; fiscal stimulus; Fisher effect; fixed exchange rate system;

fixed (or overhead) inputs; flexible or floating exchange rate system; flotation; flow statistics; foreign direct

investment; fractional-reserve banking; fractional reserve system; free trade; full employment; full employment

deficit; full employment level of output; G7, G8, GlO; gains from trade; GATT; GDP per capita; general equilibrium

analysis; global public goods; gni; gold standard; golden rule; government bonds; government debt; government

expenditure; government purchases; government revenue; Gresham's law; gross domestic product; highly

leveraged; homo economicus; horizontal merger; hostile takeover; hyper-inflation; hypothecation; IMF; imperfect

information; imperfect markets; imperfect substitutes; implicit contract; implicit costs; import function; import

quota; import substitution; incentive-equality trade-off; income approach to measuring GDP; income-expenditure

analysis; income tax; increasing returns; increasing constant, or diminishing returns to scale; incumbent

advantage; index numbers; indirect taxation; individual income tax; industrial policies; inelastic; infant industry

argument for protection; infinite elasticity of demand; infinite elasticity of supply; inflation inertia; inflation rate; in­

kind transfers; insider traders; institutional investors; intangible assets; intellectual property; interest elasticity of

savings; interest rate; interest rate effect; internalizing an externality; International Monetary Fund; international

trade; intertemporal trades; investment function; investment schedule; invisible hand; involuntary unemployment;

isocost; isoquants; job discrimination; joint products; joint supply; Keynes, John Maynard; Keynesian

unemployment; kinked demand curve; Kondratieff wave; labor force; labour intensive; labor market; labour market

flexibility; labor turnover rate; Laffer curve; lagging indicators; land tax; law of demand; law of supply; leading

indicators; learning by doing; lender of last resort; less developed countries (LDCs); liabilities; life-cycle savings

motive; life-cycle theory of savings; limited liability; local public goods; long-run aggregate supply curve; long-term

bonds; Lorenz curve; luxury tax; MI, M2, M3; macroeconomic policy; marginal benefit; marginal changes; marginal

costs and benefits; marginal product of labor; marginal propensity to consume; marginal propensity to import;

marginal propensity to save; marginal rate of technical substitution; marginal rate of transformation; marginal

utility; market clearing; market demand; market demand curve; market forces; market labor supply curve; market

of loanable funds; marketplace; market supply; maximum criterion; median voter; mergers and acquisitions; merit

goods and bads; minimum wage; model of aggregate demand and aggregate supply; Modigiani-Miller theorem;

monetary aggregates; money illusion; monopolist; monopoly rents; monopsony; most-favored nation; multi-lateral

trade; multiplier-accelerator model; multiplier effect; myopic expectations; NAFTA; national debt; national income;

national saving (saving); nationalization; natural endowments; negative public savings; neo-classical economics;

net capital inflows; net domestic product (NDP); net exports; net export function; net exports; net foreign

investment; net present value (NPV); network effect; neutrality of money; new classical economists; new growth

theory; new Keynesian economists; newly industrialized countries (NICs); NGO; nominal exchange rate;

nonaccelerating inflation rate of unemployment (NAIRU); nonexcludability; non-price competition; nonrivalrous;

nontariff barriers; normative statements; North American Free Trade Agreement (NAFTA); OECD; OPEC;

opportunity sets; optimal currency area; optimum; output gap; output per capita; outward investment; overhead

costs; over the counter; partial equilibrium analysis; paternalism; perfect complements; perfect information;

perfectly elastic; perfectly inelastic; perfectly mobile capital; perfect substitutes; piece-rate system; Pigou effect;

Pigovian tax; planned economy; planned and unplanned inventories; Plaza Accord; policy ineffectiveness

proposition; positive statements; potential competition; potential GDP; precautionary savings motive; present

discounted value; present value; price index; price makers; price mechanism; price regulation; price/earnings ratio;

price system; principle of consumer sovereignty; principle of substitution; private goods; private savings; Prisoner's

Dilemma; private marginal cost; private property; producer prices; product differentiation; production function;

production possibilities curve; production possibilities frontier; productivity wage differential; product liability;

profit margin; profit maximization; propensity; property tax; proportional tax; proprietorship; public saving; public

spending; public utility; public-private; pure profit or monopoly rents; pure public good; Q theory; queueing; rate of

A List of Economics English (Daulton) - 69 -

return; ratings; rational choice; rationing; rationing by queues; reaction function; real business-cycle theorists; real

GDP; real income; real product wage; real terms; real wage; reciprocity; regression analysis; regulatory capture;

relative income hypothesis; relative price; rent control; required return; resale price maintenance; reserve ratio;

residual; residual risk; retained earnings; revealed preference; revenue curve; Ricardian equivalence; risk averse;

risk adverse, risk loving, risk neutral; risk neutral; risk-free rate; sacrifice ratio; safe harbor; sales tax; Say's law;

seasonally adjusted; seasonal unemployment; secondary market; seller's market; seniority; shareholder value;

shoeleather costs; short-run aggregate supply curve; short-run production function; short-term bonds; Smith's

"invisible hand"; smoothing consumption; social capital; social insurance; social market; social marginal costs;

social science; soft budget constraints; sovereign risk; speculative motive; stagflation; standard deviation; static

expectations; statistical significance; sterilized intervention; sticky wages; Stochastic process; strategic trade

theory; subsidy; supply schedule; surplus labor; sustainable growth; tacit collusion; tangible assets; target savings

motive; tax avoidance; tax burden; tax evasion; tax expenditures; tax-favored assets; taxation; technical progress;

terms of trade; theory of liquidity preference; thin markets; tie-ins; tiger economies; time constraints; time value of

money; time series; total factor productivity analysis; total return; total revenue; trade balance; trade-offs; trade

policy; trading blocs; traditional monetary theory; transactions demand for money; transition economies;

transplants; underground economy; unemployment insurance; unitary price elasticity; utility possibilities curve;

value-added approach to measuring national output; variable inputs; velocity of circulation; velocity of money;

vertical merger; volatility; voluntary export restraints (VERs); voting paradox; wage discrimination; wealth effect;

wholesale price index; willingness to pay; withholding tax; World Bank; world price

-70- THE RYUKOKU JOURNAL OF HUMANITIES AND SCIENCES Vol.27 No.2 (2006)