Cobb–Douglas Function
An exploration of the Cobb–Douglas function, its historical context, definitions, and its significance in different economic frameworks
Cobweb Model
A model used to illustrate the fluctuations in the economy due to time lags in response between supply and price changes.
Cochrane–Orcutt Procedure
A two-step estimation technique used in linear regression models to address first-order serial correlation in the errors.
Coefficient of Determination
The proportion of sample variation in the dependent variable explained by the regression in a linear model.
Coefficient of Variation
Understanding the coefficient of variation as a measure that expresses the standard deviation of a set of data as a percentage of its mean.
Cohort Study
A form of longitudinal study that follows a group of individuals sharing a common characteristic or experience within a defined period, aiming to determine the effect on the group of an experience or treatment.
Coin
Money consisting of solid tokens, typically of metal.
Coincidence of Wants
An exploration of the concept of 'coincidence of wants' in economics, fundamental to the function of barter systems.
Cointegration
Understanding the concept of cointegration in time series analysis, particularly in relation to non-stationary variables that share a common stochastic trend.
Collateral
A valuable article or property pledged as the security for a loan.
Collateralized Debt Obligation (CDO)
A form of structured financial security backed by a portfolio of bonds or loans, segmented by varying levels of risk known as tranches.
Collective Bargaining
System of negotiation between employees and employers determining wage rates, work hours, and employment conditions.
Collective Choice
The process of aggregating individual preferences into social preferences to make a collective choice from alternatives.
Collector of Taxes
An exploration of the role and function of the Collector of Taxes in the UK
Collinearity
Collinearity refers to the linear relationship between two or more independent variables within a multiple regression model.
Collusion
Collusion in economics refers to action in concert without any formal agreement, commonly observed among firms.
Colombo Plan
The Colombo Plan for Cooperative Economic and Social Development in Asia and the Pacific
Command Economy
An analysis of economies operated by central planning
Commercial Bank
A comprehensive overview of commercial banks, their functions, historical context, and major analytical frameworks in economics.
Commercial Bill
An extensive look at commercial bills, their definition, historical context, analytical frameworks, comparisons, and suggested readings.
Commercial Paper
An in-depth understanding of commercial paper as a short-term debt financing instrument used by major banks and corporations.
Commercial Policy
The government policies affecting foreign trade, including tariffs, trade subsidies, quotas, and other regulations.
Commercial Presence
The establishment of a company's office, branch, or subsidiary in a foreign country for business activities.
Commission
A payment for the services of an agent or intermediary in a transaction.
Commitment
An in-depth analysis of the economic term 'commitment,' exploring its definition, historical context, and implications in different economic frameworks.
Committee on Payments and Market Infrastructure
Definition and meaning of the Committee on Payments and Market Infrastructure
Commodity
A comprehensive overview of commodities, standardized goods that are traded in bulk and whose units are interchangeable.
Commodity Agreement
An agreement among producing and/or consuming countries to regulate the output and price of a particular commodity.
Commodity Credit Corporation
A US federal agency providing price support for US farmers established in 1933.
Commodity Exchange
An overview of commodity exchanges, their historical context, major analytical frameworks, and related concepts.
Commodity Market
A place or institution through which commodities are traded, including both spot and futures markets.
Commodity Price Index
A comprehensive overview of the Commodity Price Index and its application in economic analysis
Common Access Resource
A comprehensive overview and analysis of common access resources, their characteristics, and their economic implications.
Common Agricultural Policy
Detailed exploration of the Common Agricultural Policy (CAP) of the European Union - its definition, context, impacts, and reforms.
Common Agricultural Policy (CAP)
An EU policy framework designed to support agriculture in member states.
Common External Tariff
The tariff charged on trade with non-members by all countries in a customs union or common market, often referring to the external tariff of the European Union.
Common External Tariff (CET)
An explanation of the Common External Tariff (CET), a component critical in trade and economic integrations among countries.
common knowledge
A comprehensive entry discussing the concept of common knowledge, its implications, and how it is utilized in economics, particularly in game theory.
Common Market
A fully integrated market area with freedom of trade, labour, and capital mobility among member countries.
Common Stock
The equity capital of a US corporation wherein holders have voting rights and entitlement to dividends and residual assets.
Commons
Definition and analysis of the term 'commons' in economics.
Commonwealth
The Commonwealth of Nations, a confederation of primarily former British Empire members focused on international peace, democracy, and equal rights.
Communism
A theory of a classless society with common ownership of property and wealth and centrally planned production and distribution.
Community Charge
An overview of the Community Charge system of local taxation that was implemented in the UK
Community Indifference Curve
An economic concept representing the collective preferences of a community in international trade theory, under specific assumptions.
Company
An explanation of the concept of a company in the context of business organization, including its formation, legal aspects, and variations.
Company Director
A member of a company's board of directors with roles and responsibilities defined by law.
Company Law
The law relating to the formation and operation of companies, outlining the rights and obligations of directors and shareholders, limited liability, and informational requirements.
Company Taxation
A detailed look at the system of taxing company profits, including the classical and imputation systems.
Comparability
Definition and importance of comparability in economic analysis
Comparative Advantage
A detailed exploration of the concept of comparative advantage in economics.
Comparative Costs
An overview of the concept of comparative costs in economics, connecting it to comparative advantage and providing various analytical perspectives.
Comparative Statics
The analysis of how the equilibrium position in an economic model changes if the values of the exogenously fixed parameters of the model are altered.
Compensated Demand
A detailed exploration of compensated demand, its definition, implications, and analytical frameworks.
Compensated Demand
A detailed exploration of compensated demand, its definition, implications, and analytical frameworks.
Compensating Variation
Exploration of compensating variation, including definitions, historical context, and major theoretical frameworks.
Compensating Variation
Exploration of compensating variation, including definitions, historical context, and major theoretical frameworks.
Compensating Wage Differential
A differential in wages intended to compensate workers for special non-pecuniary aspects of a job.
Compensation for Externalities
Compensation by those causing adverse externalities to the victims of these externalities.
Compensation Principle
A detailed exploration of the compensation principle, also known as the Hicks–Kaldor principle, its application in economics, and its criticisms.
Competition
Understanding the concept and implications of competition in economics
Competition and Markets Authority
An exploration of the UK body set up to replace the Competition Commission and the Office of Fair Trading.
competition policy
Government policy to encourage competition, addressing both the structure of industries and the behavior of firms within them.
Competitive Advantage
A durable edge that lets a firm earn returns above rivals through lower cost, differentiation, or strategic positioning.
Competitive Devaluation
Analysis of Competitive Devaluation in Economics
Competitive Economy
An overview of the concept of a competitive economy, where economic agents consider prices as given when making economic choices.
Competitive Equilibrium
Equilibrium in an economy with competitive markets where agents maximize their objectives under constraints, and all markets clear.
Competitive Fringe
The smaller firms that coexist with a dominant firm, or a small number of dominant firms, in an imperfectly competitive industry.
Competitive Tendering
A system of purchasing goods or services by inviting and evaluating bids to select a supplier.
Competitiveness
The ability to compete in markets for goods or services based on a combination of price and quality.
Complementarity
Understanding the relationship between complementary goods or services in economics.
Complementary Goods
Understanding the concept of complementary goods, products or services that are often consumed together, enhancing each other's value.
compliance costs
The costs to a firm of complying with laws and regulations affecting the markets it trades in.
Composite Commodity
Understanding the concept of composite commodity, where several goods with unchanging relative prices can be treated as one.
Compound Interest
The interest on a deposit or loan that itself earns interest in later periods.
Computable General Equilibrium Model
A comprehensive analysis of computable general equilibrium models and their application in economic theory.
Computerized Trading
Use of a computer programme to track market information and execute trades
Concentration Ratio
A measure to determine the market concentration by the sum of the market shares of a given number of the largest firms within an industry.
Concentric Merger
Definition and Explanation of Concentric Merger in Economics
Concert Party
A group of investors working together with hidden motives to influence stock markets.
Conciliation
Resolving disputes by producing an agreement acceptable to all parties.
Conditional Cost of Living Index
An economics term referring to a measure of the change in the cost of maintaining a given standard of living, assuming all factors remain constant except for the prices of goods in the index
Conditional Distribution
A comprehensive overview of the concept of conditional distribution in the context of economics, including definitions, major analytical frameworks, and case studies.
Conditionality
The practice of making loans conditional on adopting approved adjustment programmes or policy packages, especially by the International Monetary Fund (IMF).
Condorcet Paradox
The observation that the preference order resulting from pairwise majority voting can be intransitive.
Confederation of British Industry
A federation of UK companies, primarily from the manufacturing sector, founded in 1965 that lobbies government and collects information from members on various economic policies and regulations.
Confidence Interval
Understanding Confidence Intervals in Economics
Congestion
An economic phenomenon where excessive use of an impure public good reduces its benefit to all users.
Conglomerate
A business conducting activities in different industries with very little in common.
Conglomerate Merger
A merger between firms operating in different sectors of the economy.
Conjectural Variation
An analysis of a model in oligopoly where firms form expectations about their rivals’ reactions to changes in strategy.
Conservative Central Banker
A central banker with a higher valuation of price stability relative to activity levels than the average for a country’s population.
Conservative Social Welfare Function
An economic evaluation method prioritizing the reduction of welfare losses over increases.
Consistent Estimator
An estimator that converges in probability to the true value of the estimated parameter.
Consolidated Accounts
An overview and detailed explanation of consolidated accounts in the realm of group companies and their financial practices.
Consols (Consolidated Fund Annuities)
Comprehensive overview of Consols, their origin, functionality, and economic implications.
Consortium
A group of companies or banks combining to run a project, often too large or risky for a single firm. Example: The Channel Tunnel.
Conspicuous Consumption
Spending on goods and services primarily to display income or wealth, or to attain a certain social status.
Constant Elasticity of Substitution (CES)
An economics term denoting a production function or utility function with a constant elasticity of substitution between inputs.
Constant Elasticity of Substitution (CES)
A detailed exploration of the constant elasticity of substitution, its definitions, concepts, historical context, and analytical frameworks.