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Entrepreneur
Entrepreneurship
Entrepreneurship
is the process of designing, launching and running a new business, which is often initially a small business
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Modern Monetary Theory
Modern Monetary Theory (MMT or Modern Money
Money
Theory, also known as Neo-Chartalism) is a macroeconomic theory that describes and analyses modern economies in which the national currency is fiat money, established and created by the government. The key insight of MMT is that governments that are the sole supplier of national currency can issue currency of any denomination, and in physical or non-physical forms. Consequently, the government has an unlimited ability to pay for the things it wishes to purchase and to fulfill promised future payments. The government also has an unlimited ability to provide funds to other sectors. Because of this, it is not possible for a government that issues its own currency to be bankrupt.[1] In sovereign financial systems, banks can create money but these "horizontal" transactions do not increase net financial assets as assets are offset by liabilities
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Fictitious Capital
Fictitious capital
Fictitious capital
(German: fiktives Kapital) is a concept used by Karl Marx
Karl Marx
in his critique of political economy. It is introduced in chapter 25 of the third volume of Capital.[1] Fictitious capital contrasts with what Marx calls "real capital", which is capital actually invested in physical means of production and workers, and "money capital", which is actual funds being held. The market value of fictitious capital assets (such as stocks and securities) varies according to the expected return or yield of those assets in the future, which Marx felt was only indirectly related to the growth of real production. Effectively, fictitious capital represents "accumulated claims, legal titles, to future production"[2] and more specifically claims to the income generated by that production. Fictitious capital
Fictitious capital
could be defined as a capitalisation on property ownership
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Surplus Value
Surplus value
Surplus value
is a central concept in Karl Marx's critique of political economy. "Surplus value" is a translation of the German word "Mehrwert", which simply means value added (sales revenue less the cost of materials used up). Conventionally, value-added is equal to the sum of gross wage income and gross profit income. However, Marx uses the term Mehrwert to describe the yield, profit or return on production capital invested, i.e. the amount of the increase in the value of capital
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Marginalism
Marginalism
Marginalism
is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. The reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water. Thus, while the water has greater total utility, the diamond has greater marginal utility. Although the central concept of marginalism is that of marginal utility, marginalists, following the lead of Alfred Marshall, drew upon the idea of marginal physical productivity in explanation of cost
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Liberalization
Liberalization (or liberalisation) is a general term for any process whereby a state lifts restrictions on some private individual activities. Liberalization occurs when something which used to be banned is no longer banned, or when government regulations are relaxed. Liberalisation means the removal of rules and regulations at various levels of the economy. It prefers free and competitive market and reduce the role of the state in economic affairs. It refers free trade and the removal of government control over economy, for example external trade, foreign investment, loans and aid, technological progress, etc
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Invisible Hand
The invisible hand is a term used by Adam Smith
Adam Smith
to describe the unintended social benefits of individual self-interested actions. The phrase was employed by Smith with respect to income distribution (1759) and production (1776). The exact phrase is used just three times in Smith's writings, but has come to capture his notion that individuals' efforts to pursue their own interest may frequently benefit society more than if their actions were directly intending to benefit society. Smith may have come up with the two meanings of the phrase from Richard Cantillon
Richard Cantillon
who developed both economic applications in his model of the isolated estate.[1] Smith first introduced the concept in The Theory of Moral Sentiments, written in 1759, invoking it in reference to income distribution
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Anglo-Saxon Model
The Anglo-Saxon model or Anglo-Saxon capitalism (so called because it is practiced in English-speaking countries such as the United Kingdom, the United States, Canada, New Zealand, Australia[1] and Ireland[2]) is a capitalist model that emerged in the 1970s, based on the Chicago school of economics. However, its origins date to the 18th century in the United Kingdom
United Kingdom
under the ideas of the classical economist Adam Smith. Characteristics of this model include low levels of regulation and taxes, and the public sector providing very few services
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Mercantilism
Mercantilism
Mercantilism
is a national economic policy designed to maximize the trade of a nation and, historically, to maximize the accumulation of gold and silver.[citation needed] Mercantilism
Mercantilism
was dominant in modernized parts of Europe from the 16th to the 18th centuries[1] before falling into decline, although some commentators argue[2] that it is still practised in the economies of industrializing countries in the form of neomercantilism. It promotes governmental regulation of a nation's economy for the purpose of augmenting state power at the expense of rival national powers. Mercantilism
Mercantilism
includes a national economic policy aimed at accumulating monetary reserves through a positive balance of trade, especially of finished goods
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Mixed Economy
A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.[1] There is not only one definition of a mixed economy,[2] but two major definitions are recognized. The first of these definitions is a mixture of markets with state interventionism, referring to capitalist market economies with strong regulatory oversight, interventionist policies and governmental provision of public services. The second definition is apolitical in nature and strictly refers to an economy containing a mixture of private enterprise with public enterprise.[3] In most cases and particularly with reference to Western economies, a mixed economy refers to a capitalist economy characterized by the predominance of private ownership of the means of production with profit-seeking enterprise and the accumulation of capital as its fundamental driving force
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Regulated Market
A regulated market (RM) or controlled market is an idealized system where the government controls the forces of supply and demand, such as who is allowed to enter the market and/or what prices may be charged.[1] It is common for some markets to be regulated under the claim that they are natural monopolies. For example, telecommunications, water, gas or electricity supply. Often, regulated markets are established during the partial privatisation of government controlled utility assets
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Financial Market
A financial market is a market in which people trade financial securities, commodities, and value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural products. The term "market" is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, e.g., a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, LSE, JSE) or an electronic system (like NASDAQ)
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Economic Surplus
In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus (after Alfred Marshall), refers to two related quantities. Consumer surplus or consumers' surplus is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay
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Rent Seeking
In economics and in public-choice theory, rent-seeking involves seeking to increase one's share of existing wealth without creating new wealth. Rent-seeking results in reduced economic efficiency through poor allocation of resources, reduced actual wealth-creation, lost government revenue, increased income inequality,[1] and (potentially) national decline. Attempts at capture of regulatory agencies to gain a coercive monopoly can result in advantages for the rent seeker in a market while imposing disadvantages on (incorrupt) competitors
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Economic Interventionism
Economic interventionism
Economic interventionism
(sometimes state interventionism) is an economic policy perspective favoring government intervention in the market process to correct the market failures and promote the general welfare of the people
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State-sponsored Capitalism
The East Asian model (sometimes known as state-sponsored capitalism [1]) is an economic system where the government invests in certain sectors of the economy in order to stimulate the growth of new (or specific) industries in the private sector. It generally refers to the model of development pursued in East Asian economies such as Hong Kong, Macau, Japan, South Korea, and Taiwan.[2] It has also been used to classify the contemporary economic system in Mainland China
China
since the Deng Xiaoping economic reforms during the late 1970s.[3] Key aspects of the East Asian model include state control of finance, direct support for state-owned enterprises in "strategic sectors" of the economy or the creation of privately owned "national champions", high dependence on the export market for growth, and a high rate of savings
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