Accounting reform is an expansion to accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. It is advocated by those who consider the focus of the present standards and practices wholly inadequate to the task of measuring and reporting the activity, success, and failure of modern enterprise, including government. "Accounting", says Baruch Lev, a notable proponent of such reform, "is about accountability". He notes that the present regime of accounting rules dates back about 500 years to Renaissance Italian practices. ...more on Wikipedia about "Accounting reform"
In economics, aggregate demand is the total demand for goods and services in the economy (Y) during a specific time period. It is often called effective demand. Put another way, it is the demand for the gross domestic product of a country when, and only when, it is in equilibrium (the total new production sold through the market). This demand consists of four major parts, which can be stated in either nominal or "real" terms: ...more on Wikipedia about "Aggregate demand"
Aggregate expenditure is a measure of national income, very similar to GDP. It is defined as the total value of annual goods and services production within a country (at market prices) counting only goods and services actually bought. ...more on Wikipedia about "Aggregate expenditure"
In economics, aggregate supply is the total supply of goods and services by a national economy during a specific time period. There are at least two different versions of this concept in Keynesian economics. ...more on Wikipedia about "Aggregate supply"
Anna J. Schwartz is an economist at the National Bureau of Economic Research in New York City. She is a past president of the Western Economic Association ** . She has changed the understanding of how the world works for economists as well as politicians, policy makers, and journalists. She has changed understanding in more than one field of economic analysis and has done so in the course of a long career of continuous activity. ...more on Wikipedia about "Anna Schwartz"
Asset-based economy refers to a post-industrial macroeconomic state of capitalism in which growth is based largely on appreciation of equity assets, typically financial instruments such as stocks, as well as real estate. ...more on Wikipedia about "Asset-based economy"
The Austrian School is a school of economic thought that rejects opposing economists' reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called " praxeology." Its most famous adherents are Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, Ludwig von Mises, Friedrich Hayek, Murray Rothbard, Israel Kirzner and Hans-Hermann Hoppe. While often controversial, and standing to some extent outside of the mainstream of neoclassical theory — as well as being staunchly against much of Keynes' theory and its results — the Austrian School has been widely influential because of its emphasis on the creative phase of economic productivity and their questioning of the basis of the behavioral theory underlying neoclassical economics. The Austrian School is generally associated with groups that label themselves classical liberals or libertarian in their ideas of social, political and economic organization. ...more on Wikipedia about "Austrian School"
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The trade cycle argument first appeared in the last few pages of Ludwig von Mises's The Theory of Money and Credit (1912). This early development of Austrian business cycle theory was a direct manifestation of Mises's rejection of the concept of neutral money and emerged as an almost incidental by-product of his exploration of the theory of banking. ...more on Wikipedia about "Austrian Theory of the Business Cycle"
The balance of payments (or BOP) is a measure of the payments that flow into and out from a particular country from and to other countries. It is determined by a country's exports and imports of goods, services, and financial capital, as well as financial transfers. ...more on Wikipedia about "Balance of payments"
Balance of trade figures, also called net exports (NX), are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. They form part of the balance of payments, which also includes other transactions such as the international investment position. ...more on Wikipedia about "Balance of trade"
In economics, the term boom and bust refers to the movement of an economy through economic cycles due to changes in aggregate demand. ...more on Wikipedia about "Boom and bust"
The business cycle or economic cycle refers to the ups and downs seen somewhat simultaneously in most parts of an economy. The cycle involves shifts over time between periods of relatively rapid growth of output (recovery and prosperity), alternating with periods of relative stagnation or decline (contraction or recession). These fluctuations are often measured using the real gross domestic product. ...more on Wikipedia about "Business cycle"
The capital account is one of two primary components of the balance of payments. It tracks the movement of funds for investments and loans into and out of a country. ...more on Wikipedia about "Capital account"
Compound annual growth rate (CAGR) is one method of assessing the average growth of a value over time. To calculate CAGR, one must solve the equation: ...more on Wikipedia about "Compound annual growth rate" This article is made on www.shortopedia.com
Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. ...more on Wikipedia about "Consumer spending"
Corporatization in many nations is understood to refer to a form of economic reform which takes services from the direct control of the government, and places them in the control of government-owned corporations. This is often seen as a step towards full-scale privatization. ...more on Wikipedia about "Corporatization"
In economics, crisis is an old term in business cycle theory, referring to the sharp transition to a recession. It is still used as part of Marxist political economy. It refers to a period in which the normal process of the reproduction of an economic process over time suffers from a temporary breakdown. This crisis period encourages intensified class conflict or societal change -- or the revival of a more normal accumulation process. ...more on Wikipedia about "Crisis (economic)"
Crisis theory is a debate within the Marxian theory of political economy. It is concerned with explaining the business cycle in capitalism, particularly recession, drawing on Karl Marx's account of value relations. ...more on Wikipedia about "Crisis theory"
In economics, crowding out theoretically occurs when the government expands its borrowing more to finance increased expenditure or tax cuts in excess of revenue (i.e., is engaged in deficit spending) crowding out private sector investment by way of higher interest rates. It represents one of the major controversies in modern Macroeconomics. ...more on Wikipedia about "Crowding out (economics)"
Currency control is a system whereby a country tries to regulate the value of money ( currency) within its borders. From simple to complex policy changes, it can be characterized as a government initiated system to control currency fluctuations through interest rates, bonds, laws, money printing, and many more. ...more on Wikipedia about "Currency control"
The term current account usually refers to the current account of the balance of payments (BOP) and contains the import and export items of goods and services as well as transfer payments including net investment income. The current account is often presented alongside the capital account and financial account of the BOP which contains data about short and long-term capital flows. Long-term capital flows are also known as foreign direct investment (FDI). Often, the capital account and the financial account are both referred to as the capital account. The BOP balances by means of a balancing account which allows for changes in official reserve assets. ...more on Wikipedia about "Current account"
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The current account balance represents the net financial result of a country's dealings with the rest of the world. It is the collective result of dealings of the government as well as private citizens. It consists of transfers (e.g. humanitarian aid to or from other countries, personal gifts to or from family members living abroad), income from overseas investments, and the results of international trade. A complete discussion can be found by following the link to the CBO discussion cited in the refences. ...more on Wikipedia about "Current account balance"
Deregulation is the process by which governments remove restrictions on business in order to (in theory) encourage the efficient operation of markets. The stated rationale for deregulation is often that fewer regulations will lead to a raised level of competitiveness, therefore higher productivity, more efficiency and lower prices overall. Deregulation is different from liberalization because a liberalized market, allowing any number of players, can be regulated to protect the consumer's rights, especially to prevent de facto or even legal oligopolies. However, the terms are often used interchangeably within deregulated/liberalised industries. ...more on Wikipedia about "Deregulation"
Economic growth is the increase in the value of goods and services produced by an economy. It is generally considered to be an increase in the wealth, or more precisely the income, of a nation or entity. It is conventionally measured as the percent rate of increase in real gross domestic product, or GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to net out the effect of inflation on the price of the goods and services produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at " full employment," rather than growth of aggregate demand. ...more on Wikipedia about "Economic growth"
Economic interdependence describes countries/nation-states and/or supranational states such as the European Union (EU) or North American Free Trade Agreement (NAFTA) that are interdependent for any (or all) of the following: ...more on Wikipedia about "Economic interdependence"
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