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Old 08-07-2011, 10:25 PM   #401
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College, Oxford, from 1946 to 1952 and in the senior Oxford chair as Drummond Professor of Political Economy from 1952 to 1965, he was to be a major extender and clarifier of Keynesian ideas.<br /> The breadth of Hicks's gigantic contribution to economics, much of it now the bread and butter of economics teaching in the West, is evident in his long series of books and articles since 1932, recognized in the award of a NOBEL PRIZE FOR ECONOMICS, shared with ARRow, in 1972 for his early work Oil WELFARE ECONOMICS. His first work, A Theory of Wages (1932), went beyond traditional labour economics to consider the ELASTICITY OF SUBSTITUTION and the relative income shares of labour and capital. His Value and Capital (1939) expounded consumer theory by using INDIFFERENCE CURVES. His careful reaction to Keynes's General Theory was in his celebrated article of 1937 in Econometrica ('Mr Keynes and the Classics') which introduced IS-LM analysis into macroeconomics, clarifying the contrast between goods and money markets and between what was old and new in Keynesian theory. Subsequently, Hicks, seeing the overuse of the apparatus, regarded it as an albatross. His Social Framework (1942), unusually for an introductory economics textbook, used NATIONAL INCOME accounting as a starting point. In the post-war period, his range was considerable: economic dynamics in A Contribution to the Trade Cycle (1950), a development of revealed preference theory in A Revision of Demand Theory (1956), growth theory in Capital and Growth (1965) and in Capital and Time: a Neo-Austrian Theory (1973) and historical development in A Theory of Economic History (1969). With his wife Ursula, he was co-author of works on PUBLIC FINANCE. Throughout his long academic career his many applications of GENERAL EQUILIBRIUM theory enabled him to provide a powerful synthesis of microeconomics and macroeconomics. References Baumol, WJ. (1972) 'John R. Hicks's contribution to economics', Swedish Journal of Economics 74: 503-27.<br /> Hahn, F. (1990) 'John Hicks the theorist', Economic Journal 100: 539-49.<br /> Helm, D. (1984) The Economics of John Hicks, Oxford: Basil Blackwell.<br /> Hicks, J.R. (1979) 'The formation of an economist', Banca Nazionale del Lavoro Quarterly Review 130: 195-204.<br /> Hicks, Sir J. (1991) The Status of Economics, Oxford: Basil Blackwell.
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rent (D3, QO)<br />The charge made by the owner of property to another person wishing to use it. From PETTY onwards, it was recognized that the amount of rent would vary according to the location and fertility of land: ANDERSON and RICARDO refined this view into a DIFFERENTIAL THEORY OF RENT. Without the private ownership of property, rent would

<strong>State aid</strong> – Financial aid programs funded by the state of Missouri. The MDHE administers several state aid programs.
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Old 08-07-2011, 10:50 PM   #402
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Monetary Control Act 1980 (G2)<br />The popular shortened title of the DEPOSITORY fNSTITUTIONS DEREGULATION AND MONETARYCONTROLACT 1980.<br /> monetary inflation (E3)<br />INFLATION brought about by an increase in the MONEY SUPPLY.

Financial Statement and Budget Report (H6)<br />An annual report of the UK Treasury on the UK's recent economic performance and forecasts for the next year. The major sections of the report detail output and expenditure aggregates, movements in the retail price index, the growth of money, gross domestic product at market prices, the current account balance of payments and the public sector borrowing requirement. This report is colloquially referred to as the 'Red Book'.
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Old 08-07-2011, 10:54 PM   #403
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Old 08-07-2011, 10:55 PM   #404
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Old 08-07-2011, 10:57 PM   #405
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Old 08-09-2011, 02:14 AM   #406
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<strong>Last Date of Attendance (LDA)</strong> – The last day the student was physically present in class, as confirmed by the student' s attendance records. An LDA may also be referred to as an out of school date (OSD) or, if the student completed the program of study, the actual graduation date.

<strong>Cohort Default Rate (CDR)</strong> – As defined within 34 CFR 668.181</strong> – 668.198 (subpart M), the percentage of Stafford Loan borrowers who default before the end of the fiscal year following the fiscal year in which they entered repayment on their loans. The U.S. Department of Education calculates this rate annually for each school participating in the federal student loan programs. The most recent period for which final CDRs have been published is 2004. Schools may also obtain their draft CDR for 2005.
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<strong>Delivery of proceeds</strong> – Delivery of loan proceeds by the school to the borrower. Also referred to as “release of proceeds.”

corporation (M1)<br />A privately or publicly owned firm whose

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Old 08-09-2011, 02:40 AM   #407
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financial crisis (G1, G2)<br />The simultaneous collapse of related financial institutions brought about by the attempts of investors, speculators, lenders and depositors to liquidate their assets. This liquidation occurs because of a change from optimistic to pessimistic EXPECfATIONS. An exogenous event such as a major war or a natural disaster can destabilize markets and create a crisis. A speculative investment boom with the promotion of many dubious schemes and ovERTRADING are also common causes of crises. These crises can occur within one economy or in several which are interlinked, as happened in 1929. The role of a CENTRAL BANK in restoring liquidity and general business confidence is crucial.<br /><em>See also:</em> bubble <br /><em>Reference</em><br />Altman, E.I. and Sametz, A.W (eds) (1977) Financial Crises: Institutions and Markets in a Fragile Environment, New York: Wiley.

fair value (G1)<br />In stock market trading, a suggested formula for fair value is

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Old 08-09-2011, 03:08 AM   #408
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<strong>NOG</strong> – Notice of Loan Guarantee and Disclosure Statement, which is sent to lenders upon the guarantee of a loan by the MDHE. The lender then sends a copy of the NOG to the borrower.

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Old 08-09-2011, 03:36 AM   #409
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<strong>Nonsubsidized loan</strong> – A loan that is not eligible for federal interest benefits. (Note: nonsubsidized loans were offered by some guarantors before the introduction of the unsubsidized Stafford Loan Program.)
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interlinked transaction (Ll)<br />The tying of a purchase in one market with one in another, e.g. the purchase of equipment and raw materials or the servicing of it. In developing countries, it is common to find the provision of credit tied to a tenancy or to the provision of agricultural labour. Interlinking reduces transactions costs but has long been a method of monopoly exploitation. See also: bundling; tying contract; upselling <br /><em>Reference</em><br />Bardhan, D.K. and Rudra, A. (1978)<br />'Interlinkage of land, labour and credit relations: an analysis of village survey data in East India', Economic and Political Weekly 13: 367-84.

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Old 08-09-2011, 04:04 AM   #410
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feudalism (N4)<br />The hierarchical medieval system of power and production in European countries with the monarch at the top and serfs tied to the land at the bottom. More recently the term has been loosely used to describe private agricultural estates in Latin America and Japanese industrial companies, with varying degrees of justification.<br /> <br /><em>Reference</em><br />Strayer, JR. (1965) Feudalism, New York: Van Nostrand Reinhold.

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debt-led growth (04)<br />Economic development financed by borrowing, usually from foreign countries. This turned out to be a disastrous policy in the 1970s leading to the THIRD WORLD DEBT PROBLEM.
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intermediation (02)<br />The bringing together of lenders and borrowers (savers and investors) by a bank or other financial institution. This activity attempts to reduce market imperfections which have arisen from uneven amounts of information in the market and ECONOMIES oF scALE, provides insurance against risk and responds to the different preferences of lenders and savers for holding a financial asset.<br /><em>See also:</em> disintermediation

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