01. Overview of Course Content (Vocab)

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ECO 3132 Unit 01

12 Terms

1

Paradigm

Model, conceptual perspective or approach, way of thinking regarding how the economy works.

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2

Defenestration

Throwing a thing out the window; discarding economic paradigms that no longer reflect reality.

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3

Jettison

To totally discard; same as above.

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4

Secular trend

Opposite of cyclical or volatile pattern; relates to the absolute/discovery view of the evolution of economic thought.

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5

Metaphysical

Beyond the strictly, purely physical realm; used frequently in the course context.

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6

Autonomously

All by itself; describes how full employment is restored according to classical macroeconomists.

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7

Halcyon

Golden, prosperous, affluent; refers to the 'good old days' of macroeconomic performance between 1945 and 1973.

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8

Scylla and Charybdis

Between two equally hazardous alternatives; relates to stabilization policy avoiding high inflation and high unemployment.

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9

Riposte

A quick return thrust following a parry in fencing; refers to the conservative critique of the Keynesian model.

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10

Canon

A generally accepted principle or collection of works; basis of an economic doctrine.

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11

Tenet

A principle or belief, especially one of the main principles of a religion or philosophy.

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12

Salient

Most noticeable or important; prominent; conspicuous.

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