Income: definition, types, measurement, and uses Income Income is the money received by individuals or businesses from work, investments or other sources. This article explains definitions, types (earned, passive), measurements (gross,…
Income inequality in the United States: trends, causes, and impacts Income inequality in the United States Overview of rising income inequality in the U.S., how it is measured, historical trends since the 1970s, major causes, social and economic consequences, and common policy responses…
Income Tax in the United States A clear, concise guide to federal, state, and local income taxes in the United States: how they are structured, collected, reported, and how they differ across jurisdictions.
Inconvertible currency: definition, causes, effects, and policy responses Inconvertible currency An inconvertible currency cannot be legally exchanged freely for other currencies; this article explains how and why convertibility is restricted, consequences, historical contexts…
Indian rupee: overview, denominations, history and notable features Indian rupee The Indian rupee (INR) is the official currency of India, issued by the Reserve Bank of India. This article summarizes denominations, symbol, history, administration, and distincti…
Indirect tax Taxes levied on goods, services or transactions and collected from sellers or producers but typically passed on to consumers through prices.
Individual Retirement Account (IRA): Overview, Types, and Uses Individual retirement account An Individual Retirement Account (IRA) is a tax-advantaged personal retirement savings account that holds investments. This article explains how IRAs work, common types, uses, and…
Indonesian rupiah The rupiah (IDR, symbol Rp) is Indonesia's official currency, issued by Bank Indonesia. This article summarizes its denominations, history, design features, economic role, and nota…
Induced consumption: definition, mechanics, and economic significance Induced consumption Induced consumption is the portion of household spending that varies with disposable income, captured by the consumption function and driven by the marginal propensity to consume.
Industry: economic sectors, production methods, and classifications Industry An overview of what an industry is, its defining features, historical development, major categories, and its role in economies and society, with examples and key distinctions.
Inferior goods: income elasticity and consumer substitution behavior Inferior good Explore how inferior goods exhibit negative income elasticity, why consumers substitute toward alternatives as incomes rise, and the implications for demand, markets, and policy.
Inflation A clear, balanced overview of inflation: what it is, how it is measured, common causes, economic effects, policy responses and how it differs from deflation and related concepts.
Informal economy: definition, features, role, gender aspects and policy responses Informal economy Overview of the informal economy: what it is, how it is measured, its characteristics, importance for livelihoods, gender patterns, and common policy approaches to reduce vulnerabi…
Information Age (Digital Age) Information Age Epoch characterized by the central economic and cultural role of digital information, networked communications, and computing technologies, transforming work, industry, and daily l…
Information asymmetry Overview of information asymmetry in economics and contract theory: causes, common forms (adverse selection, moral hazard), historical development, real-world examples, remedies an…
Information economics: how information shapes markets and decisions Information economics Study of how information — its availability, distribution, credibility and cost — affects markets, contracts, institutions and policy in modern economies.
Initial public offering (IPO) Initial public offering An initial public offering (IPO) is the first sale of a company’s shares to the public, converting a private firm into a publicly traded company to raise capital and provide liquid…
Insider trading: definition, law, market effects and compliance Insider trading Insider trading is buying or selling securities based on material non-public information. This article explains what it is, legal distinctions, enforcement, policy debates, and com…
Insolvency: Definition, Types, Legal Outcomes and Remedies Insolvency Insolvency occurs when an individual or organisation cannot meet its debts. This article explains cash-flow and balance-sheet insolvency, common legal outcomes, causes, prevention…
Insurance: Purpose, Types, Mechanisms, and Consumer Considerations Insurance Insurance transfers financial risk from individuals or organizations to insurers in exchange for premiums. Covers types, components, history, economic role, regulation, and consume…
Intensive farming (intensive agriculture) Intensive farming Intensive farming is a high-input agricultural approach that increases output per land unit using machinery, chemicals, and management; it raises productivity and also environmenta…
Interest (finance) — cost of borrowing and reward for lending Interest Interest is the payment made for use of money over time. This article explains definitions, types (simple, compound, nominal, real), key components, historical context, common uses…
Interest rate: definition, types, history, and economic role Interest rate Interest rate: the cost of borrowing or the return on lending, how it’s measured, main types, historical background, and its role in monetary policy, inflation and financial market…
International economics: trade, finance, and policy International economics Field examining cross-border flows of goods, services and capital, covering trade theory, exchange rates, policy tools, and the economic effects of globalization and comparative ad…
International trade: concepts, history, policies, and economic effects International trade Comprehensive overview of international trade: definitions, participants, historical development, policy tools (tariffs, quotas, sanctions), trade theory, contemporary issues and m…
Investment: Concepts, Types, History, and Practical Uses Investment Overview of investment: definitions, main forms (financial and real), history, motives, risks, and common examples such as stocks, bonds, property, business and education.
Investment bank An investment bank arranges capital, advises on mergers and acquisitions, underwrites securities, trades financial instruments and provides related services to corporations, govern…
Iranian rial The Iranian rial (IRR) is Iran's official currency. Introduced in the late 18th century, it is officially subdivided only historically by the toman; in everyday use Iranians quote…
Iraqi dinar (IQD) Iraqi dinar The Iraqi dinar is Iraq’s official currency (ISO code IQD), subdivided into 1,000 fils. Issued by the Central Bank of Iraq, its role and value have changed with the country’s polit…
Jacques Lesourne: French economist, writer and newspaper director Jacques Lesourne Overview of Jacques Lesourne (1926–2020), his work in economics and foresight, tenure as director of Le Monde, major publications, and recognition including the Legion of Honour.
Jan Tinbergen: Pioneer of Econometrics and Economic Policy Modeling Jan Tinbergen Jan Tinbergen (1903–1994) was a Dutch economist who pioneered econometric methods, built early macroeconomic models used for policy analysis, and shared the first Nobel Prize in Ec…
Jean Tirole — French economist known for market power and regulation Jean Tirole Profile of Jean Tirole, French economist and Nobel laureate noted for contributions to industrial organization, regulation, game theory and public policy.
Job guarantee: public employment as an employer of last resort Job guarantee A job guarantee is a public policy that promises work to anyone willing and able to work, aiming to secure full employment, support incomes, and stabilize the economy while address…
John Maynard Keynes British economist whose ideas on aggregate demand and government policy reshaped modern macroeconomics and informed 20th‑century fiscal policy and economic thought.
John Richard Hicks — British economist and theorist of general equilibrium John Richard Hicks Overview of Sir John R. Hicks (1904–1989), his key theories (IS–LM, Value and Capital, Hicksian demand), influence on micro- and macroeconomics, awards and legacy.
Joseph Schumpeter: Economist of Innovation and Creative Destruction Joseph Schumpeter Profile of Joseph A. Schumpeter, his life, major theories (notably creative destruction), principal works, career highlights and continuing influence on economics, entrepreneurship…
Joseph Stiglitz: Economist, Nobel Laureate, and Critic of Market Orthodoxy Joseph Stiglitz Profile of Joseph E. Stiglitz, his life, major contributions to economics (asymmetric information), public service, critiques of globalization, key works, and influence.
Kaldor–Hicks efficiency Kaldor-Hicks efficiency An economic efficiency criterion that judges outcomes by potential compensations: an allocation is Kaldor–Hicks efficient if winners could hypothetically compensate losers to make…
Kenneth J. Arrow — economist and pioneer of social choice theory Kenneth Arrow Overview of Kenneth J. Arrow (1921–2017), his major contributions to economics including the Impossibility Theorem, general equilibrium theory and his Nobel Prize in 1972.
Keynesian economics: theory, history, policy tools, and debates Keynesian economics Overview of Keynesian economics: core concepts of aggregate demand and fiscal stimulus, historical development, policy instruments, critiques, and its modern legacy in economic tho…
KFC Index An informal purchasing-power parity indicator using KFC menu prices across African countries to compare currencies, adapted from the Big Mac concept and useful as a simple, media-f…
Kiminori Matsuyama Japanese economist known for work on macroeconomics, international trade and growth. Professor at Northwestern University; adviser to Tokyo Foundation; Nakahara Prize winner and Ec…
Kuruş — subdivision of the Turkish lira Kuruş Kuruş is the fractional monetary unit of Turkey; since 2005 one new Turkish lira equals 100 kuruş. The term has Ottoman roots and is cognate with Groschen and other historical coin…
Labour (economics) An explanation of labour as an economic factor: definition, types, measurement, historical ideas, role in production and income distribution, and policy-relevant distinctions.
Laissez‑faire: principles, history, and debates Laissez-faire Laissez‑faire is a doctrine favoring minimal government intervention in economic life. This article explains its meaning, origins, main ideas, historical development, applications,…
Land (economics): natural resources, factor of production, and rent Land (economics) In economics, land denotes natural resources and locations whose supply is largely inelastic; a distinct factor of production that yields rent and influences agriculture, housing,…
Landlord: owners of rented property — roles, history, and responsibilities Landlord A landlord owns land or buildings and makes them available to others for a fee. This article explains types of landlords, common duties, historical origins, financing, legal contex…
Lars Peter Hansen — American econometrician and Nobel laureate Lars Peter Hansen Profile of Lars Peter Hansen, American economist known for the generalized method of moments and empirical asset-pricing research; University of Chicago professor and 2013 Nobel Pr…
