By Brian Snowdon
The Encyclopedia of Macroeconomics is an authoritative and necessary reference resource on macroeconomics which embraces definitions of phrases and ideas, conflicting ideological methods and the contributions of significant thinkers. entire in scope, it comprises over three hundred brief entries and greater than a hundred especially commissioned major entries from an the world over popular staff of students.
The alphabetically ordered entries could be priceless either as a uncomplicated reference resource and a provocative stimulus for additional interpreting. The Encyclopedia will quickly be confirmed as a number one reference resource on macroeconomics that might either enlighten scholars and be hugely valued by means of students and lecturers of economics.
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Extra resources for An Encyclopedia of Macroeconomics
13 To answer in the affirmative would vitiate the very distinction between consumption and production. Conversely, if we are to maintain this distinction then we must be able to say that production and consumption have different (albeit necessary) outcomes, and that the outcome of consumption is not an output. In this same sense, the outcome of national defense is not an output either. 14 And since, like consumption, it uses up resources in pursuit of a nonproduction goal, we label it as a form of social consumption.
In sum, the distinction we seek has nothing to do with the efficiency, morality, physicality, or politics of the activities involved. With this in mind, we can turn to the argument itself. 2 Basic activities of social reproduction In analyzing the overall process of social reproduction, we can distinguish four major types of social activities: production, in which the various objects of social use (use values) are utilized in the process of the creation of new such objects; distribution, in which various objects of social use are utilized in order to transfer such objects from their immediate possessors to those who intend to use them; social maintenance and reproduction, in v/hich use values are used up in the private and public administration, maintenance, 1 2 According to Poulantzas (1975, pp.
In business, purchases of plant and equipment are capital investments that yield returns (profits) in subsequent years. On the (false) premise that the salient characteristic of business fixed capital is its durability,19 extended accounts treat stocks of consumer durables (houses, cars, shoes, clothing, equipment, and furnishings) and government durables (building and equipment) as household and government "capital," respectively (Eisner 1988, p. 1653). Of course, unlike business capital, there is no actual profit indeed, no revenue at all - attached.