(1910- ). An American economist whose work covers both mainstream and radical forms of economic theory. Boulding was born in Liverpool, England in 1910. He taught at the University of Michigan from 19 [..]

The Latin for "other things being equal."

Growth of the population due to an excess of births over deaths.

In international trade theory a country which has an absolute advantage in producing a good is able to produce that good more efficiently (more output per unit of input) than any other country. Also s [..]

In macroeconomic models the accelerator principle relates changes in the rate of real output growth to the level of desired investment spending (investment demand) in the economy. A decline in the rat [..]

In macroeconomic theory the aggregate demand curve relates the level of real national income (GDP) demanded (the total quantity of goods and services demanded) to the price level (as measured by the G [..]

In macroeconomic theory aggregate expenditure is the total amount of desired spending by consumers, governments, private investors and foreign buyers (net of spending on imports) at each level of real [..]

In macroeconomic theory the short run aggregate supply curve relates the total quantity of goods and services supplied and the price level (as measured by the GDP deflator) ceteris paribus. The long r [..]

Government spending programs which respond to changes in the level of national income in such a way as to offset those changes. For example, unemployment insurance benefits typically rise when the eco [..]

In the theory of the firm fixed costs are costs of production which are constant whatever the level of output. Average fixed costs are total fixed costs divided by the number of units of output, that [..]