01. Overview of Course Content (Vocab)

ECO 3132 Unit 01

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.