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.M.and Rauch, J.E.(2000) Leading Issues in EconomicDevelopment, Oxford University Press.Particular insights into new institutional economics can be found inNorth, D.(1994) Economic Performance Through Time , AmericanEconomic Review, Vol.84, pp.359 68 and Hernando de Soto (2000)The Mystery of Capital, Basic Books.For a very readable account of research on institutions, geographyand growth, see Tropics, Germs and Crops: How Endownents influ-ence Economic Development by Easterly and Levine (2002):http://www.nber.org/papers/w9106Environmental economics can be appraised in either of two booksof the same name by Field, B.C.(2002) McGraw-Hill, and alsoin Turner, R.K., Pearce, D.and Bateman, I.(1994) HarvesterWheatsheaf.© 2004 Tony Cleaver GLOSSARYABSOLUTE ADVANTAGE Where one country is more efficient thananother in the production of a common range of goods andservices.(Contrast with COMPARATIVE ADVANTAGE.)ADMINISTERED PRICES Prices of goods and services fixed by plan-ners according to political or social considerations and they arenot, therefore, automatically responsive to economic shortageor surplus.(See BLACK MARKET and NATIONAL HEALTH SERVICE.)ADMINISTRATIVE GUIDANCE The East Asian model of developmentwhere government, via industry and workers representatives,has led industrial strategy and economic growth.AGGREGATE DEMAND All spending within the economy thatcontributes towards national income: CONSUMPTION, INVESTMENT,government spending, exports less imports.AGGREGATE SUPPLY The total supply of all goods and services inan economy, less exports plus imports.(See also GENERALEQUILIBRIUM.)ALLOCATION OF RESOURCES How land, labour, capital and enterpriseare distributed between various employments.BALANCE OF PAYMENTS The record of a country s payments ininternational trade.The import and export of goods (tradebalance) and services (invisible balance) is included in thecurrent balance.The international movement of investment,and speculative, funds is listed on the capital account.Thecurrent and capital accounts taken together sum to indicate thetotal currency flow.© 2004 Tony Cleaver BANK DEPOSITS Money listed in people s bank accounts most ofwhich exists as a matter of record only and has no physicalform but which nonetheless acts as a medium of exchange andis transferable via cheque or plastic card.BARRIERS TO ENTRY The cost incurred by a firm in entering a newmarket and competing with existing suppliers.BARTER The exchange of goods and services in payment for othergoods and services.BLACK MARKET Wherever scarce resources have an exchange valuegreater than that assigned to them by officialdom then anillegal, or black market will tend to appear.BRAIN DRAIN The flow of highly skilled personnel out of a countryin pursuit of employment elsewhere.BRAND The unique identity given to a product by its producer.BUDGET A record of income and expenditure over a given timeperiod.The Budget is a reference to the government s annualfinancial record.BUDGET CONSTRAINT The limits imposed by a finite income upona consumer, producer or public administrator.CAPITAL A man-made means of production.CAPITAL INTENSIVE PRODUCTION Where more capital than labour isemployed in production.CAPITAL/LABOUR SUBSTITUTABILITY How costly it is for capital to besubstituted for labour, or vice versa.CAPITAL STOCK A stock of assets that is capable of producing a flowof goods or services over time.Note that the stock of CAPITALcan be fixed or variable as output changes.(See also LIQUIDCAPITAL and INVESTMENT.)CARTEL Firms that act in deliberate COLLUSION to avoid competi-tion and thereby rig the market for their mutual benefit at theexpense of the consumer.(See OLIGOPOLY.)CENTRAL BANK The hub of a country s financial system which actsas banker to the government and to all recognised FINANCIALINTERMEDIARIES; it issues the domestic currency; it conducts thegovernment s monetary policy and it monitors a nation s finan-cial affairs.CENTRAL PLANNING An economic system where the ALLOCATIONOF RESOURCES is decided by some central committee ofadministrators
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