Studied by 0 people
Paradigm
Model, conceptual perspective or approach, way of thinking regarding how the economy works.
Defenestration
Throwing a thing out the window; discarding economic paradigms that no longer reflect reality.
Jettison
To totally discard; same as above.
Secular trend
Opposite of cyclical or volatile pattern; relates to the absolute/discovery view of the evolution of economic thought.
Metaphysical
Beyond the strictly, purely physical realm; used frequently in the course context.
Autonomously
All by itself; describes how full employment is restored according to classical macroeconomists.
Halcyon
Golden, prosperous, affluent; refers to the 'good old days' of macroeconomic performance between 1945 and 1973.
Scylla and Charybdis
Between two equally hazardous alternatives; relates to stabilization policy avoiding high inflation and high unemployment.
Riposte
A quick return thrust following a parry in fencing; refers to the conservative critique of the Keynesian model.
Canon
A generally accepted principle or collection of works; basis of an economic doctrine.
Tenet
A principle or belief, especially one of the main principles of a religion or philosophy.
Salient
Most noticeable or important; prominent; conspicuous.
