2149:
60:
284:
interests in an industry have the greatest financial stake in regulatory activity and are more likely to be motivated to influence the regulatory body than dispersed individual consumers, each of whom has little particular incentive to try to influence regulators. Regulatory capture is a risk to which an agency is exposed by its very nature.
496:'s administration. Though largely considered a success and considerably reducing government deficit, critics argue that standards, wages, and employment declined due to privatization. Others point out that lack of careful regulations on some of the privatized industries is a source of continued problems.
265:(APA), which formalized means of ensuring the regularity of government administrative activity and its conformance with authorizing legislation. The APA established uniform procedures for a federal agency's promulgation of regulations and adjudication of claims. The APA also sets forth the process for
249:
was passed in 1934 under the
Franklin D. Roosevelt administration. However, regulation and deregulation came in waves, with the deregulation of big business in the Gilded Age leading to President Theodore Roosevelt's trust busting from 1901 to 1909, deregulation and Laissez-Faire economics once again
513:
refers to this process as the 'embedding' of markets in society. Further, contemporary economic sociologists such as Neil
Fligstein (in his 2001 Architecture of Markets) argue that markets depend on state regulation for their stability, resulting in a long term co-evolution of the state and markets
296:
The former examine why regulation occurs. These theories include theories of market power, "interest group theories that describe stakeholders' interests in regulation," and "theories of government opportunism that describe why restrictions on government discretion may be necessary for the sector to
283:
Regulatory capture is the process through which a regulatory agency, created to act in the public interest, instead advances the commercial or special concerns of interest groups that dominate the industry it is meant to regulate. The probability of regulatory capture is economically biased: vested
217:
are imposed without regard for any individual's consent or dissent regarding that particular trade. However, in a democracy, there is still collective agreement on the constraint—the body politic as a whole agrees, through its representatives, and imposes the agreement on those participating in the
205:
Not all types of regulation are government-mandated, so some professional industries and corporations choose to adopt self-regulating models. There can be internal regulation measures within a company, which work towards the mutual benefit of all members. Often, voluntary self-regulation is imposed
475:
signed an executive order that he claimed would "knock out two regulations for every new regulation." Trump made the claim: "Every regulation should have to pass a simple test. Does it make life better or safer for
American workers or consumers? If the answer is no, we will be getting rid of it."
458:
The allure of free market capitalism remains present in
American politics today, with many economists recognizing the importance of finding balance between the inherent risks associated with investment and the safeguards of regulation. Some, particularly members of industry, feel that lingering
352:) and the history of government institutions partaking in regulatory processes. "To allow the market mechanism to be sole director of the fate of human beings and their natural environment, indeed, even of the amount and use of purchasing power, would result in the demolition of society."
335:
Alternatively, many heterodox economists and legal scholars stress the importance of market regulation for "safeguarding against monopoly formation, the overall stability of markets, environmental harm, and to ensure a variety of social protections." These draw on sociologists (such as
140:). Most governments, therefore, have some form of control or regulation to manage these possible conflicts. The ideal goal of economic regulation is to ensure the delivery of a safe and appropriate service, while not discouraging the effective functioning and development of businesses.
451:, which sought to stimulate the economy through income and corporate tax cuts coupled with deregulation and reduced government spending. Though favored by industry, Reagan-era economic policies concerning deregulation are regarded by many economists as having contributed to the
580:
Some argue that companies are incentivized to behave in a socially responsible manner, therefore eliminating the need for external regulation, by their commitment to stakeholders, their interest in preserving reputability, and their goals for long term growth.
240:
In
America, throughout the 18th and 19th centuries, the government engaged in substantial regulation of the economy. In the 18th century, the production and distribution of goods were regulated by British government ministries over the American Colonies (see
467:
are too stringent and impede economic growth, especially among small businesses. Others support continued regulation on the basis that deregulation of the financial sector led to the 2007 financial crisis and that regulations lend stability to the economy.
362:
Principal-agent theory addresses issues of information asymmetry. Here, the government is the principal, and the operator the agent, regardless of who owns the operator. Principal-agent theory is applied in incentive regulation and multi-part tariffs.
355:*Information asymmetry deals with transactions in which one party has more information than the other, which creates an imbalance in power that at the worst can cause a kind of market failure. They are most commonly studied in the context of
382:
collects data from 178 countries on the costs of regulation in certain areas, such as starting a business, employing workers, getting credit, and paying taxes. For example, it takes an average of 19 working days to start a business in the
245:). Subsidies were granted to agriculture, and tariffs were imposed, sparking the American Revolution. The United States government maintained a high tariff throughout the 19th century and into the 20th century until the
292:
The art of regulation has long been studied, particularly in the utilities sector. Two ideas have been formed on regulatory policy: positive theories of regulation and normative theories of regulation.
730:
440:
introduced sweeping deregulation reform of the financial system (by the removal of interest rate ceilings) and the transportation industry, allowing the airline industry to operate more freely.
1007:
577:
This position is alternatively summarized in what is known as the Iron Law of
Regulation, which states that all government regulation eventually leads to a net loss in social welfare.
331:
establish regulatory processes that provide for "regulation under the law and independence, transparency, predictability, legitimacy, and credibility for the regulatory system."
571:(Chicago School / Pragmatism). Generally, these schools attest that government needs to limit its involvement in economic sectors and focus instead on protecting individual
464:
402:
project at the World Bank recognizes that regulations have a significant impact in the quality of governance of a country. The
Regulatory Quality of a country, defined as
858:
527:
that push for restrictions and limitations on governmental role in economic markets. Economists who advocate these policies do not necessarily share principles, such as
509:
The regulation of markets is to safeguard society and has been the mainstay of industrialized capitalist economic governance through the twentieth century.
1307:
Peltzman, S. 1989 "The
Economic Theory of Regulation after a Decade of Deregulation," Brookings Papers on Economic Activity: Microeconomics, pp. 1 –41
1162:
727:
2108:
436:, and outdated transportation regulations made deregulation an appealing idea in the US in the late 1970s. During his presidency (1977-1981), President
237:
for a given activity to promote the best interests of those participating as well as the continuation of the activity itself within specified limits.
213:, there are explicit rules of conduct, or contractual and agreed-upon conditions, to which the broker must conform. The coercive regulations of the
176:
An inspection process or other form of ensuring standard compliance, including reporting and management of non-compliance with these standards; or
1163:"Margaret Thatcher Was a Privatization Pioneer, and This Is the Story of How Her Agenda Did Nothing But Make Life Worse for Millions of People"
404:"the ability of the government to formulate and implement sound policies and regulations that permit and promote private sector development"
262:
201:
A de-licensing process through which an organization or person, if judged to be operating unsafely, is ordered to stop or suffer a penalty.
1257:
1353:
233:(the UK's recognized national association for sailing). Regulation in this sense approaches the ideal of an accepted standard of
214:
173:
A registration or licensing process to approve and permit the operation of a service, usually by a named organization or person;
1700:
1475:
254:
under
Franklin Roosevelt's New Deal plan. President Ronald Reagan deregulated business in the 1980s with his Reaganomics plan.
865:
1040:
151:, as well as the food business, provision of personal or residential care, public transport, construction, film and TV, etc.
81:
447:
took up the mantle of deregulation during his two terms in office (1981-1989) and expanded upon it with the introduction of
564:
1841:
1685:
325:
minimize information asymmetry costs by gathering information and incentivizing operators to improve their performance,
1328:
Worldwide ratings of country performances on
Regulatory Quality and other governance dimensions from 1996 to present.
952:
842:
460:
107:
751:
413:
The cost of regulations increased by above 1 trillion and can explain 31-37% of the rise in industry concentration.
89:
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85:
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595:
556:
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1541:
1465:
1393:
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Laffont, J. J., & Tirole, J. (1993). A theory of incentives in procurement and regulation. MIT press.
1056:
544:
356:
308:
customers desire protection from market power in the presence of non-existent or ineffective competition,
1836:
1819:
1695:
737:
ICE Australia, International Conferences and Events (PDF) (October 24, 2007). Retrieved April 14, 2011
2181:
1717:
184:
913:
802:
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provide efficient services for customers." These theories conclude that regulation occurs because:
1919:
1881:
1707:
1225:
882:
Singla, Shikhar, Regulatory Costs and Market Power (February 23, 2023). LawFin Working Paper No. 47
615:
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70:
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74:
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in the roaring 1920s prior to the Great Depression, and intense governmental regulation and
1876:
1680:
1524:
650:
640:
524:
492:
of denationalized industries. Privatization was widely pursued in Great Britain throughout
180:
120:
Regulation is generally defined as legislation imposed by a government on individuals and
8:
2103:
1968:
1792:
1750:
1490:
1453:
971:
Johnston, Van R. (2013). "The Struggle for Optimal Financial Regulation and Governance".
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251:
31:
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of state-run industries. The goal of privatization is for market forces to increase the
221:
Other examples of voluntary compliance in structured settings include the activities of
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318:
Normative economic theories of regulation generally conclude that regulators should
148:
124:
firms in order to regulate and modify economic behaviors. Conflict can occur between
43:
1978:
1008:"Regulatory Environment Has More Impact on Business Than the Economy, Say U.S. CEOs"
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2038:
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1507:
1497:
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1413:
1383:
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1230:
1102:
980:
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1093:
Gamble, Andrew (1988-01-01). "Privatization, Thatcherism, and the British State".
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2018:
1998:
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For example, in most countries, regulation controls the sale and consumption of
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1206:"Effects of corporate social responsibility and irresponsibility policies"
136:), and also the interests of those not directly involved in transactions (
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448:
818:
The Great Transformation: The Political and Economic Origins of Our Time
2003:
1933:
1864:
1809:
1114:
893:
Crain, Andrew D (2007). "Ford, Carter, and Deregulation in the 1970s".
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27:
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Overly complicated regulatory law, increasing inflation, concern over
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in order to maintain professionalism, ethics, and industry standards.
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1943:
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1398:
349:
337:
35:
1280:
Economic Freedom, Regulatory Quality, Taxation, and Living Standards
1106:
59:
1035:. Chicago and London: University of Chicago Press. pp. 1–24.
1331:
160:
144:
914:"A Short History of Financial Deregulation in the United States"
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1325:
1320:
1289:
234:
395:(not including bribes) is 8% in the OECD, and 225% in Africa.
1727:
1502:
1057:"Breaking the Impasse on Dodd-Frank | Brookings Institution"
695:"OECD Glossary of Statistical Terms - Regulation Definition"
384:
226:
1300:
Stigler, J. G. 1971, "The Theory of Economic Regulation,"
1282:, MPRA Paper 58108, University Library of Munich, Germany.
170:
Public statutes, standards, or statements of expectations;
726:
Gary Adams, Sharon Hayes, Stuart Weierter and John Boyd,
392:
230:
132:), the interests of the people using these services (see
23:
514:
in capitalist societies in the last two hundred years.
328:
provide for economically efficient price structures, and
314:
operators desire protection from government opportunism.
895:
Journal on Telecommunications & High Technology Law
766:"Competition Versus Regulation in the Post-Sunset PSTN"
692:
1258:"Should government force companies to be responsible?"
305:
and in aligning their own interest with the operator,
1204:
Armstrong, J. Scott; Green, Kesten C. (2013-10-01).
834:
A Theory of Incentives in Procurement and Regulation
406:
is one of the six dimensions of governance that the
209:For example, when a broker purchases a seat on the
191:Where there is non-compliance, this can result in:
1129:
944:Jimmy Carter's Economy: Policy in an Age of Limits
155:, especially those that are difficult to abolish (
859:"A Decade of Measuring the Quality of Governance"
2163:
1295:Bell Journal of Economics and Management Science
1199:
1197:
1293:Posner, R. A. 1974 “ Theories of Regulation”,
1079:
1077:
1203:
752:Body of Knowledge on Infrastructure regulation
427:
1347:
1194:
830:
179:The setting of price controls in the form of
1074:
831:Laffont, Jean-Jacques; Tirole, Jean (1993).
596:Financial economics § Financial markets
484:A common counterpart of deregulation is the
301:the government is interested in overcoming *
311:operators desire protection from rivals, or
128:and commercial procedures (e.g. maximizing
88:. Unsourced material may be challenged and
1354:
1340:
973:Public Performance & Management Review
1249:
1224:
287:
108:Learn how and when to remove this message
970:
1185:
921:Center for Economic and Policy Research
911:
815:
747:
745:
743:
728:"Regulatory Capture: Managing the Risk"
215:U.S. Securities and Exchange Commission
38:-related purposes, including remedying
2164:
1476:Measures of national income and output
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1092:
763:
166:Regulation can have several elements:
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1255:
1127:
966:
964:
940:
892:
410:measure for more than 200 countries.
366:
322:encourage competition where feasible,
272:
1278:Cebula, R., & Clark, J. (2014).
1262:Review - Institute of Public Affairs
1131:"Privatisation defined Thatcher era"
1030:
1005:
740:
688:
686:
565:Virginia School of Political Economy
187:, especially for natural monopolies.
86:adding citations to reliable sources
53:
1321:World Bank "Doing Business project"
1215:. Strategic Thinking in Marketing.
1190:. Boston: Beacon Press. p. 44.
13:
1361:
1302:Bell Journal of Management Science
1297:, 25 (1), Spring, pp. 335–373
1272:
1033:Economic Regulation and its Reform
961:
14:
2198:
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683:
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2147:
947:. Univ of North Carolina Press.
58:
1326:Worldwide Governance Indicators
1286:Journal of Regulatory Economics
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1154:
1142:from the original on 2022-12-11
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1086:
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1024:
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671:Worldwide Governance Indicators
479:
465:Dodd-Frank financial reform act
416:
408:Worldwide Governance Indicators
400:Worldwide Governance Indicators
2109:Publications in macroeconomics
1304:, 2 (1), Spring, pp. 3–21
1161:Hudson, Michael (2013-04-10).
1128:Groom, Brian (December 2011).
912:Sherman, Matthew (July 2009).
875:
851:
824:
809:
757:
720:
711:
575:(life, liberty, and property).
499:
459:regulations imposed after the
391:; the cost as a percentage of
1:
2089:Critique of political economy
1235:10.1016/j.jbusres.2013.02.014
941:Biven, W. Carl (2003-10-16).
693:OECD Statistics Directorate.
676:
504:
455:of the late 1980s and 1990s.
49:
1213:Journal of Business Research
621:Rule according to higher law
557:Austrian School of Economics
517:
263:Administrative Procedure Act
159:), are often regulated. The
7:
584:
545:Chicago School of Economics
428:In modern American politics
10:
2203:
1837:New neoclassical synthesis
1820:Real business-cycle theory
1095:Journal of Law and Society
985:10.2753/pmr1530-9576370202
420:
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231:Royal Yachting Association
163:is also highly regulated.
44:protecting the environment
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1632:
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185:rate-of-return regulation
46:and economic management.
1842:Saltwater and freshwater
1264:. Melbourne 64.4: 44–45.
1188:The Great Transformation
764:Taylor, Richard (2013).
616:Constitutional economics
591:Economic interventionism
461:financial crisis of 2007
357:principal-agent problems
2177:Economics of regulation
1766:International economics
1691:Overlapping generations
1031:Rose, Nancy L. (2014).
754:Theories of Regulation.
549:Neo-Classical Economics
453:Savings and Loan Crisis
303:information asymmetries
211:New York Stock Exchange
16:Economics of regulation
2136:Mathematical economics
1870:Modern monetary theory
1623:Universal basic income
1256:Green, K. (Dec 2012).
1186:Polanyi, Karl (1944).
816:Polanyi, Karl (1944).
797:Cite journal requires
288:Theories of regulation
22:is the application of
1964:Wesley Clair Mitchell
1939:Thomas Robert Malthus
1761:Development economics
606:Averch-Johnson effect
247:Reciprocal Tariff Act
223:Major League Baseball
2187:Public choice theory
2172:Monopoly (economics)
1686:Ramsey–Cass–Koopmans
1525:Liquidity preference
774:10.2139/ssrn.2242636
651:Public choice theory
641:Price-cap regulation
531:-winning economists
525:schools of economics
387:, compared to 60 in
218:regulated activity.
181:price-cap regulation
82:improve this section
20:Regulatory economics
2104:Macroeconomic model
1969:John Maynard Keynes
1751:Economic statistics
1696:General equilibrium
471:In 2017, President
252:Keynesian economics
196:Financial penalties
32:regulatory agencies
2044:Edward C. Prescott
1756:Monetary economics
1006:Insights, Forbes.
733:2011-07-20 at the
611:Banded forbearance
601:Administrative law
523:There are various
434:regulatory capture
389:Sub-Saharan Africa
367:Regulatory metrics
279:Regulatory capture
273:Regulatory capture
269:of agency action.
149:prescription drugs
2159:
2158:
2131:Political economy
2074:N. Gregory Mankiw
2064:Thomas J. Sargent
1913:
1912:
1904:Market monetarism
1708:Endogenous growth
1537:National accounts
1219:(10): 1922–1927.
1042:978-0-226-13802-2
666:Regulation school
561:James M. Buchanan
494:Margaret Thatcher
118:
117:
110:
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2182:Market structure
2151:
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2054:William Nordhaus
2039:Robert Lucas Jr.
1929:François Quesnay
1782:
1781:
1549:Nominal rigidity
1520:Demand for money
1498:Microfoundations
1434:Financial crisis
1414:Effective demand
1384:Aggregate supply
1379:Aggregate demand
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2019:Milton Friedman
1999:Friedrich Hayek
1920:macroeconomists
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67:This section
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37:
33:
29:
25:
21:
2069:Paul Krugman
2014:Hyman Minsky
1974:Alvin Hansen
1746:Econometrics
1723:Overshooting
1676:Harrod–Domar
1671:Arrow–Debreu
1618:Central bank
1584:Unemployment
1574:Supply shock
1532:Money supply
1409:Disinflation
1404:Demand shock
1301:
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1170:. Retrieved
1166:
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1144:. Retrieved
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1083:Donald Trump
1065:. Retrieved
1063:. 2017-02-28
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1015:. Retrieved
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924:. Retrieved
920:
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866:the original
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833:
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790:cite journal
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717:Achola Kevin
713:
702:. Retrieved
698:
626:Deregulation
579:
521:
511:Karl Polanyi
508:
483:
480:Counterparts
473:Donald Trump
470:
463:such as the
457:
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438:Jimmy Carter
431:
423:Deregulation
417:Deregulation
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342:Karl Polanyi
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261:enacted the
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80:Please help
68:
34:for various
19:
18:
1949:LĂ©on Walras
1832:Supply-side
1661:Accelerator
1569:Stagflation
1554:Price level
1449:Demand-pull
1101:(1): 1–20.
529:Nobel prize
500:Controversy
449:Reaganomics
2166:Categories
2004:John Hicks
1934:Adam Smith
1887:Circuitism
1877:Ecological
1865:Chartalism
1810:Monetarism
1785:Mainstream
1681:Solow–Swan
1656:Multiplier
1613:Commercial
1508:Endogenous
1466:Investment
1172:2017-03-03
1067:2017-02-28
1017:2017-02-28
901:: 413–447.
704:2017-02-21
677:References
661:Regulation
537:monetarist
505:Proponents
490:efficiency
443:President
373:World Bank
229:, and the
153:Monopolies
98:April 2016
50:Regulation
28:government
2114:Economics
1944:Karl Marx
1852:Heterodox
1827:Stockholm
1793:Keynesian
1559:Recession
1454:Cost-push
1444:Inflation
1399:Deflation
1288:(1989– )
1243:145059055
1221:CiteSeerX
1061:Brookings
993:153455946
782:109965340
539:school),
518:Opponents
350:Karl Marx
338:Max Weber
69:does not
36:economics
2153:Category
2096:See also
2084:Critique
1918:Notable
1860:Austrian
1608:Monetary
1595:Policies
1427:Rational
1422:Adaptive
1167:AlterNet
1146:March 3,
1140:Archived
731:Archived
585:See also
380:database
2119:Applied
1899:Marxian
1777:Schools
1115:1409974
559:), and
145:alcohol
90:removed
75:sources
1633:Models
1603:Fiscal
1579:Saving
1439:Growth
1241:
1223:
1113:
1039:
1012:Forbes
991:
951:
841:
780:
573:rights
348:, and
235:ethics
130:profit
1728:NAIRU
1646:AD–AS
1641:IS–LM
1503:Money
1239:S2CID
1209:(PDF)
1111:JSTOR
989:S2CID
917:(PDF)
869:(PDF)
862:(PDF)
778:S2CID
1798:Neo-
1701:DSGE
1394:CAGR
1148:2017
1037:ISBN
949:ISBN
928:2017
839:ISBN
803:help
398:The
385:OECD
371:The
227:FIFA
198:; or
147:and
73:any
71:cite
1803:New
1542:SNA
1491:NNI
1486:GNI
1481:GDP
1231:doi
1103:doi
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551:),
393:GNP
375:'s
183:or
84:by
30:or
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