Product Description

The Penguin Dictionary of Economics explains a host of economic terms, from acceleration principle to venture capital, Euro to X-efficiency, globalisation to zero-sum game. Wide-ranging and accessible, this detailed practical and international guide will be indispensable for students of economics and professionals (in business, finance or the public sector), and for anyone wishing to follow economic discussions in the media today.

Product Details

• Amazon Sales Rank: #30837 in Books
• Published on: 2004-08-05
• Original language: English
• Number of items: 1
• Binding: Paperback
• 416 pages

From the Publisher

Some sample entries:

CANTILLON, RICHARD (1680 - 1734)

An Irish international banker who wrote Essai sur la nature du commerce en general, which was not published until 1755 but had circulated from about 1730. This work was one of the first synoptic descriptions and analyses of the economic process. His views on the importance of agriculture, based on its recipient of pure RENT, and his analysis of the circulation of wealth, foreshadowed the PHYSIOCRATS and the Tableau economique, respectively.

INTERNATIONAL LIQUIDITY

The amount of gold, RESERVE CURRENCIES and SPECIAL DRAWING RIGHTS available for the finance of international trade. Broadly, if sufficient reserves were not available, a fall in prices and world trade would follow (QUANTITY THEORY of money). Gold has lost some of its appeal as a reserve asset in a world of comparatively low inflation. Preference is given to the holding of interest-bearing assets denominated in stable reserve currencies such as the US dollar, the euro, Japanese yen and sterling.

SPECULATIVE BUBBLE

A deviation between the price of an asset in the market, and the price justified by the inherent value of the asset, sustained by a belief on behalf of buyers that they will be able to sell at an inflated price. The interesting thing about a bubble is that, as long as everyone believes in it, the bubble need not burst. The price can indefinitely deviate from fundamental value. While some have suggested bubbles are a sign of irrationality in the financial markets, creating more variability in the price of assets than is merited by fundamental swings in values, attempts have been made to account for them as rational phenomena.

About the Author
Evan Davies is BBC economics editor. Graham Bannock runs his own economic research and consulting company in London. Ron Baxter is a director of economics consultants Baxter Eadier Ltd.

Customer Reviews

Excellent summary of economic terms for students
A useful tool for first time economics or business studies students. Explains theories and models in basic terms. I have also read the Collins equivalent, and believe that this Penguin version is more accessible to those new to the topic. I will certainly be recommending this dictionary to my students! For in depth information text books are more appropriate, however as a quick reference guide this is useful.

Good little book...
Reviewing this from the perspective of a lay reader who just wants to understand better how economic forces work (or don't work} this is a well put together and well written work. The cross referencing helps to understand some of the more obscure concepts and the style is crisp and clear throughout. The price is good too. Another winner from the Penguin Reference shelf...

Comprehensive, but with some minor flaws
Coverage of economic theory, common statistical knowledge, and widely used economics concepts, among other things, is fairly comprehensive and complete. However, a couple of important entries are missing. For example, there is no items on the subject of leading, lagging and coincident indicators, diffusion and composite indexes, all of which are key to following economic discussions. On the other side, there is only so much one can pack into less than 500 pages.