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Keynesian model. In the Keynesian model, derived from the writings of John
Maynard Keynes, prices and wages are fixed in the short run. The aggregate
supply curve is horizontal, so that real GNP is determined entirely by the level
of aggregate demand.
Laissez-faire (“Leave us alone” ). The view that government should interfere as
little as possible in economic activity and leave decisions to the marketplace. As
expressed by classical economists like Adam Smith, this view held that the role
of government should be limited to (1) maintenance of law and order, (2)
national defense, and (3) provision of certain public goods that private business
would not undertake (e.g., public health and sanitation).
Mercantilism. A political doctrine perhaps best known as the object of Adam
Smith’s attack in The Wealth of Nations. Mercantilists emphasized the
importance of balance-of-payments surpluses as a device to accumulate gold.
They therefore advocated tight government control of economic policies,
believing that laissez-faire policies might lead to a loss of gold.
Monetarism. A school of thought holding that changes in the money supply are
the major cause of macroeconomic fluctuations. For the short run, this view
holds that changes in the money supply are the primary determinant of changes
in both real output and the price level. For the long run, this holds that prices
tend to move proportionally with the money supply. Monetarists often conclude
that the best macroeconomic policy is one with a stable growth in the money
supply. Modern monetary economics was developed after World War II by
Milton Friedman and his colleagues and followers. Monetarists challenged the
Keynesian approach to macroeconomic stabilization. Monetarism is generally
associated with a laissez-faire and anti-big-government political philosophy.
Monopoly (or Monopolist). The only seller of a particular good or service in a
market.
Smith, Adam (1723-1790), a Scottish philosophy professor and one of the
founders of economics, in his classical book The Wealth of Nations (1776) wrote
that individuals pursuing their self-interest in a free-market economy would be
led, “as if by an invisible hand” , to do things that are in the interests of others
and of society as a whole. Adam Smith’s contribution was to analyze the way
that markets organized economic life and produced rapid economic growth. He
showed that a system of prices and markets is able to coordinate people and
businesses without any central direction. Much of modern economics rests on
Smith’s insight.
Stagflation. A period of continuing inflation combined with a recession or
stagnation of economic activity.
World Bank. An international institution created in 1945 as part of the Bretton
Woods system and located in Washington, D.C. Began by making loans to
finance postwar reconstruction and is now an important source of development
finance and of expertise and advice on development policy.
