The New Palgrave Dictionary of Economics

926 Pages·2008·36.067 MB·English

by  Steven N. Durlauf, Lawrence E. Blume

THEN EWP ALGRAVE
DICTIONAORFYE CONOMICS
SECONDE DITION

THEN EWP ALGRAVE
DICTIOANRYO F ECONOMICS
SECONDE DITION
EditbeydS tevNe.nD urlauf and LEa.Bw lruemnec e
Volum1e Abramovitz-collusion
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ISBN-01-02 30-226V3o7l-uXm 1e
ISBN-91738 -0-230-2V2o6l3u7m-1e1
ISBN-01-03 33-78687-6V-o9l usmeet
ISBN-91738 -0-333-788-6V7o6l-u5sm eet
Thibso oki sp rintoendp apesru itafbolrree cyclainndmg a def rofmu lly
manageadn ds ustaifnoerdes sotu rcLeosg.g inpgu,l pianngdm anufactuprrioncge sses
areex pectteocd o nfotromt hee nvironmernetgaull atoifto hnecs o untorfoy r igin.
A catalorgeuceo frodtr h ibso oki sa vailafbrlotemh eB ritLiisbhr ary.
LibroafrCy o ngreCsast aloging-in-DPautbal ication
Then ewP algrdaivcet ioonfae rcyo nomiIec dsi tbeydS teveNn.D urlauf
andL awrenEc.Be l um-e2.n de d.
v.c m.
Reve.d .o fT:h eN ewP algra:v deai ctioonfae rcyo nomi1c9s8.7 .
Inclubdiebsl iograrpehfiecraeln ces.
ISB9N7 8-0-333-7(8a6lp7ka6.p- e5r )
1.E conomiDcisc-tionaIr.Di uersl.a Sutfe,v eNn. IIB.l ume,
LawrencIel.Nl e.w P algrave.
HB61.N49 2008
330.03-dc22
2007047205
10 9 8 7 6 53 24 1
17 16 15 14 13 12 11 10 09 08
TypesetatnidXn MgL c odinbygM acmilPluabnl isShoilnugt iBoannsg,a lIonrdei,a
PrintienCd h ina
Contents
Publishhiinsgt ory
Vl
Editorial abdovairsdo ry vii
Associeadtiet ors viii
Preface ix
ThNeeP wa lgDriacvyteo iE:foc noanromics
Prefacteot heF irEsdti tioofn A xi
Dincyato riPfoo lEictoincoamly
Introducttoit ohne First oEftd hiet ion xiii
Lisotfe ntries A-Z
xv
Thed ictionvaorlyu,m1 e
v
Publishhiisntgo ry
Firesdti tioofDn ictioofPn oalriEytc iocnaolm y,
editbeydR oberHta rrIyn glPiasl graivnet ,h reveo lumes:
VolumIe,p rint1e8d9 4.
Reprinptaedg e1s- 25w6i tch orrect1i9o0n1s1,,9 09.
Reprinwtietdh corre1c9t1i5o1,n9 s1,9 .
VolumIeI p,r int1e8d9 6.
Reprint1e9d0 0.
Reprinwtietdh corre1c9t1i01o,9n 1s5,.
VolumIeI Ipr,i nt1e8d9 9.
Reprin1t9e0d1 .
Correcwtietdah p pend1i9x0,8 .
Reprinwtietdch o rrecti1o9n10s1,,9 13.
Reprint1e9d1,8 .
Newe ditiroent,i tPlaerd/ agvDei'cst ioofPn oalriEytc iocnaolm y,
editbeydH enrHyi ggisn,t hreveo lumes:
VolumIe,p rint1e9d2 5.
Reprin1t9e2d6 .
VolumIeI p,r int1e9d2 3.
Reprin1t9e2d5 1,9 26.
VolumIeI Ipr,i ntFeedb rua1r9y2 6.
ReprinMtaeyd1 926.
ThNee wP arlagvAeD :i ctyio ofEn caornomics,
editbeydJ ohEna tweMlulr,r aMyi lgaatned P eteNre wman.
Publisihnef do uvro lumes.
Firpsutb lis1h9e8d7 .
Reprin1t9e8d8 ( twice).
Reprinwtietdch orrections 1991.
Reprin1t9e9d4 1,9 96.
Firpsutb lisihnep da perba1c9k9 8.
Reprin1t9e9d9 2,0 032,0 04.
ThNee wP a/gDriacvtei oofEn caornyo meidcist ion,
211d
editbeydS teveNn. D urlaaunfd L awrenEc.eB lume.
Publisihnee di ghvto lumes
vi
Editorial boaadrvdi sory
KenneAtrhr owE,m eritPurso fesosfoE rc onomiSctsa,n forUdn iversUiStAy ,
SiTro nyA tkinsPorno,f esosfoE rc onomiNcusffi,e ldC olleUgnei,v ersoifOt xyf orUdK,
RicharBdl undePlrlo,f esosfoE rc onomiUcnsi,v ersCiotlyl eLgoen donU,K
WilliBarmo cVki,l aRse searPcrho fesosfoE rc onomiUcnsi,v ersoifWt iys consMiand,i soUnS,A
SiPr artDhaa sgupPtrao,f esosfoE rc onomiUcnsi,v ersofiC taym bridUgKe ,
PeteDri amonIdn,s titPurtofee sMsaosrs,a chusIentsttsi toufTt eec hnolUoSgAy ,
RogeGru esnerDieel,tP aA,R IS-JourdFarna,n ce
JameJs.H eckmanH,e nrSyc hulDtizs tinguSiesrhevdiP creo fesosfoE rc onomiUcnsi,v ersoifCt hyi cagUoS,A
ElhanHaenl pmaGna,l eLn. S tonPer ofesosfoI rn ternatTiroandaHela, r vaUrndi versUiStAy ,
TakatosIhtioP ,r ofesosfoE rc onomiUcnsi,v ersoifTt okyy oJ,a pan
AndreMua s-ColSeolcli,e dteal taI nformaci6/UniPvoemrpseiuFt aabtr Sap,a in
PetePrh illips, PSrtoefrelsoisfnoE grc onomiacnsdP rofesosfoS rt atisYtailcUesn ,i versUiStAy ,
ThomaSsa rgeSnetn,i Foerl loHwo,o veIrn stituatnidWo .nR .B erkelPreoyf esNseowrY ,o rUkn iversUiStAy ,
PeteTre minE,c onomiPcrso fesMsaosrs,a chusIentsttsi toufTt eceh noloUgSyA,
vii
Associate editors
RogeBra ckhouse, UnoifBv ierrmsiintgyh UaKm ,
MarkB ilUsn,i versofiR toyc hesUtSeAr ,
MosheB uchinsUknyi,v ersofiC tayl ifornLioasA, n gelUeSsA,
GregoCrlya rUkn,i verosfiC tayl ifornDiaav,iU sS,A
CatherEicnkee Uln,i verosfiT texya sa tD allaUsSA,
MarceFla fchamOpxsf,o rUdn iversUiKt y,
DaviGde nesoHveeb,r eUwn iversoifJt eyr usaIlserma,e l
JameHsi neUsn,i verosfiM tiyc higUaSnA,
BarrIyc kePse,n nsylvSatnaitUaen iversUiStAy ,
YanniM.s IoannidTueftss,U niversUiStAy ,
EckhaJradn ebUan,i verosfiM tayn nheiGme,r many
ShelLluyn dbregU,n iversoifWt ays hingtUoSnA,
JohnN achbaWra,s hingUtnoin vers(SiLttyo uisU)S,A
LeeO haniaUnn,i versofiC tayl iforLnoisAa n,g elUeSsA,
JooPna rkT,ex asA &M UniversUiStAy ,
JohnK arSlc holUzn,i versofiW tiys consMiand,i soUnS,A
ChristoTpahbeerUr n,i versofiW tiys consMiand,i soUnS,A
BrucWee inbeOrhgi,o S tatUen iversUiStAy ,
viii
Praecfe
ThNeeP wa lgDriacvyte i:o nar
Thes econedd itioofn A equalolnyw hatt hosmee thodhsa vfoeu nd.I tp laces
oEfc oincosm
sharRe.sH I.n glis Palgrave's moorrieeg mipnhaals oignseo mapli,r iwcoarlkt hahna vaen yo fi ts
'. .t.o p rovitdhees tudewnitt shu cahs sistaasmn acye predecessroerfsl,e cttihneg s ignificant empirical
enablhei mt ou ndersttahnedp ositioofen c onomica dvanctehsa hta veo ccurriendt hem icroeconomic
thougahttt hep resetnitm .eT 'hat gwoaaslc ertainfileyl disn p articuBluatar s.t atsinca pshcootu lndo t
withirne ac(ha nda chieviendP )a lgratviem'eas n d pretetnodb ec ontemporfoarr lyo ngO.u rp ublishers
thaotf h iss uccesHseorn,r yH iggsSo.m e6 0 yearsh avree cogninzoetjd u stth em agnituodfte h ec hange
lateirtw asa muchm ored auntiancgh ievemeinntt hes tocokfk nowledbgeet wetehnel asetd itiaonnd
for JohEna tweMlulr,r aMyi lgaatnedP eteNre wman, thep resebnutt,a lstoh ei ncreagsreodw trha toef
ThNee Pwa lgrDaivcaetro:iyf o n
thee ditoorfs A economiicnst'e lleccatpuiatlTa hle.y have made the
EconAo memrie2 1cy esar.lsa tetrh,et asiks n earlyD incyatd riynoamiWci.t ht hise ditioTnh,N ee w
PalDgircaytvo ieEfo c noanromics
insuperaWbhleen. E atwelMli,l gataen dN ewman moves onwliinteh,
Dicyt ionar
begacno mmissioennitnrgi foers t heir in thee xpectatoifo rne guluaprd atetso keept he
Dicyt ionar
1983t,h IeB MP C wit1h6 Ko fr amw ast woy earosl d. curreinn't r etailm e'.
Econometwraiscs st illalr gtehleye stimatoiflo inn ear Iti sn ol ongpeors sitbolp er oduacr ee ferewnocrek
modelosn m ainframceo mputeSresq.u enteiqauli lit­haats pitroebs e c omprehenosnit vhees maleld itorial
briuhma db eefonr malilnyt rodutcote hdep rofessisocna loef t hel oneP algraovret heE atwell-Milgate­
onlyt hey ear beafonrdet ,h eB ayesiraenv olutiNoenw,m ant riToh.e p reseendti tihoansb enefitfrtoemd
indeetdh em oderrne vivoafgl a met heorhya,dj ustt woe ditorialW eb owaerrpdels e.a steohd a vaec cetsos
begun. Econaonmdpi ssytcsh olohgaidas ltrse abdeye n ab oarodf a dviseodriyt omrasn,yo fw hosmee mbers'
talkifonrg s omet imeb,u tt hefi eldo fb ehaviorwaolr kh asd efinetdh em ethodologaincdsa ulb ject­
economiwcasss tiilngl e statOinolnya. f ewfa rsightemda ttetrr ansformaotfit ohnel as2t0y earAs b.o arodf
economissatwsa nythimnogr et os ocioltohgayn areead itotrosoo kn t her esponsiobfic lointsyt ructing
Dicyt,i onar
JameDsu esenberfarmyo'ussq uipt,h a'tE conomiisc sl argpea rtosf the choosintgo pics,
alalb ouhto wp eoplmea ke choiscoecsi;o liosga yl l commissiownriintge arnsde dititnhgee ntriTehsi.s
1
abouhto w theyd on'hta vea nyc hoicteosm ake.'edition sciomuplnldoy th avbee epnr oducweidt hout
ThNee Pwga rlave:
Sincteh ea ppearaonfct eh e A theierx pertainsdee ff ortBsy.a nym easuroefs weat­
Dicyto iEfoc noiancrosm
in1 987t,h ed iscipolfi neeq uittyh,eo yw nm ucho ft hibso ok.
Dicyt ionar
economihcassg rowenn ormousboltyh i na nalyticaTlh ise ditioofnt he hasc omet op rint
andt echniscoaplh isticaantdii not nh es copoef t he onltyh routghhe e ffortosfp eoplteo on umeroutso
subject. properly acknobuwtls eodmgeen ,a mesm ustb e
The growtohf economiicssr eflectiend t he celebraItne pda.r ticuwlea cra,n notth anekn ough
Dicyt.i onar
expansiooftn h e Thiesd itihoansg rown RuthL efevrien Londona nd SusanN elsoinn
toe ighvto lumefrso m thefo ur ofi tpsr edecessMoard,i sownh,o o rganiezveedr nyu ta ndb olotf t his
althoumgahn ye ntrfrioems thep revioeudsi tiwoenr e projecatn,d keptt racokf manuscriopnt sfi ve
eithreerm oveodr electronairccahlilvyFe udr.t herc­ontineEnctosn.o midstosn otw ritaes w elals o ur
Dicatriyo n Dicyt ionar
moret,h e hass hedmu cho fi thsi storical entries sEuvgegreaysu tt.h or benefitted
characfrtoemr p:r ovidair negc oorfdt hed evelopmefrnotm supercbo py-edibtyi Mnigc haeJla mesa nd
ofe conomic thiothu agshb te,c ommeo rea snapshoEtl izabSettohn eF.i naliltyi ,st hej obo ft hee ditors
ofc ontemporeacroyn omiWchse.r eatsh ef iresdti tiotno k eept hew riteirnls i niet;w ast hej obo fA lison
emphasizeecdo nommiect hodt,h iesd itiroenp ortJso netsok eetph ee ditoirnls i nWee. d eepalpyp reciate
botthh ev elvgelto vaen dt hei rofni sitte ncloses.
Theh ugee fforrte quirteobd r intgh iesd ititoon
1
CommenitnD emograpahnidcE conomic iCnhD aenvgee­ prinitsc ompensafotre bdy t heo pportunihtayv et o
lopeCodu ntrieesd,U. n iversitieBsu-rNeCaaotumi mointaftloe re c ontemporeacroyn omilcasio du tb eforues W.h at joy
EconoRmeisce arch. PPrriinncUcenetitoovnne P:rr sei1st9sy6, 0 . toh aveth ea biltiotc yo mmissiaonen x planabtyi on
ix