By Phyllis Deane, Jessica Kuper
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Additional resources for A Lexicon of Economics (Social Science Lexicons)
Eds) (1970), Foreign Aid. Selected Readings, Harmondsworth. Brandt Commission (1983), Common Crisis. North-South Co operation for World Recovery, London. Pincus, J. (1967), Trade, Aid and Development, New York. Antitrust Legislation Capitalist economies rely primarily on free markets to allocate resources efficiently and make suppliers responsive to consumer preferences. If individual businesses or combinations of suppliers (cartels) are able to restrict output and raise prices, resources will be misallocated and consumer choice may be limited.
AUSTRIAN SCHOOL 15 See also: business concentration; cartels and trade associations; competition; monopoly; oligopoly. Austrian School The Austrian School of Economics is one of the branches of economic thought which grew out of the Marginalist or neoclassical revolution (1870–1890). Although basically similar to the teachings stemming from Jevons, Leon Walras and Marshall, the Austrian School’s unique ideas were already contained in Menger’s relatively slim volume, Grundsätze der Volkswirtschaftslehreo (1871), thus giving the school its alternative name, the ‘Menger School’.
1983), ‘Industrial concentration: a survey’, Journal of Industrial Economics, 31. See also: antitrust legislation; competition;corporate enterprise; monopoly; oligopoly. Business Cycles Business cycles are recurring cycles of economic events involving a period of more rapid than normal or average growth (the expansionary phase) and culminating in a peak, followed by a phase of slower than average growth (a recession), or a period post-war literature, business cycles are normally assumed to be forty to sixty months in duration distinguishable from various of negative growth (a depression) culminating in a trough.
A Lexicon of Economics (Social Science Lexicons) by Phyllis Deane, Jessica Kuper