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A restriction on a country's imports that is achieved by negotiating with the foreign exporting country for it to restrict its exports.
Industry:Economy
A program to pay displaced workers, when they become re-employed and for a limited period of time, a specified fraction of the difference between their old wage and their lower new wage. As of 2002, the US provides wage insurance to a limited number of workers as part of Alternative Trade Adjustment Assistance.
Industry:Economy
A feedback process in which increasing wages lead, through costs, to increasing prices, while increasing prices lead, through the need to maintain real wages, to increasing wages.
Industry:Economy
A market adjustment mechanism in which price rises when there is excess demand and falls when there is excess supply. Strictly speaking, these excess supplies and demands are those that would obtain without any history of disequilibrium, as with a Walrasian auctioneer.
Industry:Economy
A hypothetical entity that facilitates market adjustment in disequilibrium by announcing prices and collecting information about supply and demand at those prices without any disequilibrium transactions actually taking place.
Industry:Economy
A "treaty of friendship, co-operation, and mutual assistance" including the Soviet Union and its satellite states in Central Europe. Signed in 1955, it included eight countries.
Industry:Economy
A set of economic practices and reforms deemed by international financial institutions (located in Washington, D. C. ) to be helpful for financial stability and economic development; often imposed as conditions for economic assistance by these institutions. Phrase coined by John Williamson (1990).
Industry:Economy
1. The extent to which a tariff is higher than necessary to be prohibitive. 2. The extent to which an applied tariff is below the bound tariff.
Industry:Economy
A basis, usually quantitative, for judging whether one state of the world or of an economy is better than another, for use in welfare economics and in evaluation of policies.
Industry:Economy
A set of government programs that attempt to provide economic security for the population by providing for people when they are unemployed, ill, or elderly.
Industry:Economy
