A Lexicon of economics by Phyllis Deane; Jessica Kuper PDF

By Phyllis Deane; Jessica Kuper

ISBN-10: 0203990277

ISBN-13: 9780203990278

ISBN-10: 0415002346

ISBN-13: 9780415002349

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One way out of the theoretical and empirical impasse is the suggestion by economists of the Austrian school that advertising should be seen as part of the total product package bought, or not bought, by the consumer. Without advertising, the product either ceases to exist or is a different product, just as it would be if a tangible input was removed. Littlechild (1981) claims that the relevant (practical) alternatives then become the product as it stands or no product at all. The concept of the product with or without advertising is not a real world choice.

S. (eds) (1970), Foreign Aid. Selected Readings, Harmondsworth. Brandt Commission (1983), Common Crisis. North-South Co operation for World Recovery, London. Pincus, J. (1967), Trade, Aid and Development, New York. Antitrust Legislation Capitalist economies rely primarily on free markets to allocate resources efficiently and make suppliers responsive to consumer preferences. If individual businesses or combinations of suppliers (cartels) are able to restrict output and raise prices, resources will be misallocated and consumer choice may be limited.

The measures that have been imposed on banks include control of their interest rates, primary and secondary requirements on holdings of reserves with the central bank and of government securities, limitation of the amount of credit extended, and control over the direction of credit. Many of these measures built on constraints that the banks had previously observed on their own initiative for prudential reasons. Banking is a business that depends completely on the confidence of the public, and for the most part banks have always been very careful not to endanger that confidence.

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A Lexicon of economics by Phyllis Deane; Jessica Kuper

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