econometrics
econometrics (ee-kon-[schwa]-me-triks). The branch of economics that expresses economic theory in mathematical terms and that seeks to verify theory through statistical methods.
Search Results for: ECONOMICS
critical legal studies
Critical Legal Studies. 1. A school of thought advancing the idea that the legal system perpetuates the status quo in terms of economics, race, and gender by using manipulable concepts and by creating an imaginary world of social harmony regulated by law. • The Marxist wing of this school focuses on socioeconomic issues. Femcrits emphasize
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rent seeking
rent-seeking, n. Economic behavior motivated by an incentive to overproduce goods that will yield a return greater than the cost of production. • The term is often used in the field of law and economics. See RENT(4).
international relations
international relations. 1. World politics. 2. Global political interaction, primarily among sovereign nations. 3. The academic discipline devoted to studying world politics, embracing international law, international economics, and the history and art of diplomacy.
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efficient breach theory
efficient-breach theory. Contracts. The view that a party should be allowed to breach a contract and pay damages, if doing so would be more economically efficient than performing under the contract. • This relatively modern theory stems from the law-and-economics movement. See BREACH OF CONTRACT. [Cases: Contracts 275. C.J.S. Contracts § 502.]
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bads
bads, n. Slang. In economics, the counterpart of “goods,” characterized by a negative correlation between the amount consumed and the consumer’s wealth; specif., the kinds of products that tend to be bought only by poor people. “Some products are termed ‘bads’ because consumption of the product tends to decrease with increasing wealth. Spam is one
before and after theory
before-and-after theory. Antitrust. A method of determining damages for lost profits (and sometimes overcharges), whereby the plaintiff’s profits are examined before, during, and after the violation to estimate the reduction in profits due to the defendant’s violation. — Also termed before-and-after method. Cf. YARDSTICK THEORY; MARKET-SHARE THEORY. “In its simplest form, the [before-and-after] theory looks
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trade deficit
In economics, the excess of merchandise imports over merchandise exports during a specific period. — Also termed trade gap. Cf. trade surplus under SURPLUS.
coase theorem
Coase Theorem (kohs). An economic proposition describing the relationship between legal rules about entitle-ments and economic efficiency. • The theorem, innovated by Ronald Coase, holds that if there are no transaction costs — such as the costs of bargaining or acquiring information — then any legal rule will produce an efficient result. Coase’s seminal article
bureau of the census
Bureau of the Census. A unit in the U.S. Department of Commerce responsible for conducting and publishing the census required by the U.S. Constitution to be taken every ten years. • Established in 1902, the Bureau also conducts other population surveys and estimates as required by law. It is a part of the Department’s Economics
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