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By Phyllis Deane; Jessica Kuper

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Dictionary of Economics: Over 3,000 Terms Clearly Defined

Economics is the foundation of our day-by-day lives, whether we don't consistently fully grasp it. if it is a proof of the way organisations paintings, or humans vote, or clients purchase, or governments subsidise, economists have tested facts and produced theories that are checked opposed to practice.

This e-book goals to hide the most elements of the research of economics which scholars might want to study whilst learning for examinations at a number of degrees. The publication may also be precious for the overall reader who comes throughout those phrases within the monetary pages of newspapers in addition to in expert magazines.

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On the positive side, automation can, although not necessarily will, reduce the need for work in harsh physical environments, increase the potential for leisure in society, generate new products, expand the potential for scientific advance, open up the frontiers of space or help tap new sources of energy (for example, solar power). Here again diffusion is slow, and one cannot expect instantaneous results. Perhaps one of the most interesting impacts of automation or information technology will be its effect on the industrial structure of the economy.

One of the main distinctions is between bilateral aid and multilateral aid (contributions of multilateral institutions such as the World Bank, the Regional Development Banks, and so forth). This distinction is also not entirely clear. For example, the Western European countries give some of their aid through the EEC (European Economic Community). EEC aid is not bilateral nor is it fully multilateral as the World Bank is; it is therefore to some extent a matter of arbitrary definition whether EEC aid should be counted as bilateral or multilateral.

2) The donor’s objective should be non-commercial. (3) The terms of the transfer should have a concessional element (‘grant element’). Each of these criteria gives rise to some conceptual difficulty. The first one neglects the factor of ‘fungibility’, that is, that up to a point the use of resources by the recipient country is somewhat flexible. For example, aid may be given and ostensibly used for developmental purposes, but in fact the recipient country may use its own resources set free by this transaction in order to buy armaments; or the aid may lead to leakages and abuses and result in the building up of bank accounts in Switzerland, rather than to the ostensible developmental objectives.

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