Economic History

Economic History

A field combining the examination of economic phenomena with historical analysis.

Malthusian Regime

A state characterized by high birth and death rates and minimal long-term economic growth.

Neolithic Revolution

A period around 10,000 BCE marking the transition from hunting-gathering to agriculture, enabling larger populations.

Industral Revolution

A pivotal phase of economic growth starting in Britain that transformed work and productivity.

Human Capital

Knowledge, skills, and expertise that enhance productivity, highlighted by investment in education.

Fertility Rate

The number of births per woman, often high in subsistence economies and lower in industrialized countries.

Demographic Transition

The shift from high fertility and mortality rates to lower rates as a society becomes more developed.

Cognitive Revolution

A major shift in human history facilitating the development of structured cultures and innovations.

Social Stratification

The emergence of social hierarchies within societies due to resource allocation and economic systems.

Provider State Theory

The idea that states emerged to provide public goods that support larger societies.

Prisoner’s Dilemma

A scenario in strategic decision-making that impacts cooperative behavior, relevant in state formation contexts.

Great Divergence

The distinct economic transformation of Northern and Western Europe compared to Southern and Eastern Europe.

Feudalism

A socio-economic system where lords owned land in exchange for service or labor from peasants.

Taxation

A key revenue source for states, funding public goods while reinforcing elite interests.

Baran Ratio

A concept illustrating investment levels during the transition from feudalism towards capitalism.

Agricultural Surplus

Excess production from agriculture allowing for job specialization and the rise of complex societies.

Cultural Constructs

Shared ideas and values that shape social behavior and group cohesion beyond small community sizes.

Writing Systems

Methods of recording information developed independently across various agricultural centers.

Urbanization

The process of increasing population density in cities, often leading to socio-economic transformations.

Public Goods

Resources that are non-rivalrous and require collective financing, often managed by state authorities.

Economic Stagnation

A prolonged period with no significant economic growth or development.

Capitalism

An economic system characterized by private ownership of production and their operation for profit.

Social Contract Theory

A philosophical concept suggesting that individuals consent to form a society for mutual benefit.

Globalization

The process by which businesses and other organizations develop international influence or operate on an international scale.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Inflation

The rate at which the general level of prices for goods and services rises, eroding purchasing power.

Market Economy

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Marginal Utility

The additional satisfaction a consumer gains from consuming one more unit of a good or service.

Institutional Framework

The formal and informal rules that shape economic behavior and societal interactions.

Economic Indicators

Statistics that provide information about the overall economic activity and conditions.

Labor Force Participation Rate

The percentage of the working-age population that engages actively in the labor market, either by working or looking for work.

Economic Growth

An increase in the production of goods and services in an economy over a period.

Supply and Demand

The relationship between the availability of goods and the desire for them, affecting pricing.

Monetary Policy

The process by which a government controls the money supply to achieve specific goals.

Trade Balance

The difference between the value of a country's exports and imports.

Social Mobility

The ability of individuals to move up or down the social ladder within a society.

Labor Market

The marketplace where employers seek to hire and employees offer their labor.

Inflation Rate Target

A specific target set by policymakers to manage the economy's inflation.

Entrepreneurship

The process of starting and operating a new business, often involving risk and innovation.

Fiscal Policy

Government spending and taxation policies used to influence economic conditions.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Microeconomics

The branch of economics that studies individual agents and their interactions in markets.

Macroeconomics

The field of economics that focuses on aggregate outcomes in an economy, including growth, inflation, and unemployment.

Supply Chain Management

The management of the flow of goods and services from raw materials to final products.

Consumer Confidence Index

An economic indicator that measures the degree of optimism that consumers feel about the overall state of the economy.

Net Export

The value of a country's total exports minus its total imports.

Opportunity Cost

The loss of potential gain when one alternative is chosen over another.

Gini Coefficient

A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (perfect inequality).

Behavioral Economics

A field of economics that studies how psychological factors influence economic decision-making.

Direct and Indirect Taxes

Direct taxes are levied on income or profits, while indirect taxes are applied to goods and services.