Economics

Latvian lats (Ls) — former currency of Latvia Latvian lats The Latvian lats (Ls), subdivided into 100 santīmi, was Latvia's national currency in 1922–1940 and 1993–2013 before being replaced by the euro on 1 January 2014.

Laura D'Andrea Tyson Laura Tyson American economist and professor known for leading economic policy in the Clinton administration and for research on trade, competitiveness, and labor markets.

Lawrence R. Klein: Pioneer of Econometric Forecasting Lawrence Klein American econometrician Lawrence R. Klein (1920–2013) developed large-scale computer-based economic models, won the 1980 Nobel Prize in Economic Sciences, and shaped modern macroec…

Accounting Ledger: Types, Functions, and Role in Double-Entry Bookkeeping Ledger Overview of accounting ledgers: types, functions, and their role in double-entry bookkeeping. Learn how general, receivable, payable and subsidiary ledgers record transactions and…

Liquidity preference (Keynesian concept) Liquidity preference Liquidity preference describes the demand to hold money rather than other assets, explaining how interest rates and monetary policy interact with motives to hold cash.

List of countries by GDP (nominal) Explanation of how countries are ranked by nominal gross domestic product, how the measure is calculated, its uses and limits, common data sources, and notable examples of top econ…

List of countries by GDP (nominal) per capita Overview of nominal GDP per capita rankings, methodology, limitations, comparisons with PPP, treatment of territories and special cases, and how to interpret these figures.

List of countries by GDP (PPP) Overview and explanation of country GDP ranked by purchasing power parity (PPP): methodology, differences from nominal GDP, uses, limitations, typical patterns among top economies,…

Countries by GDP per Capita (Purchasing Power Parity) List of countries by GDP (PPP) per capita An explanatory guide to rankings of countries by GDP per capita adjusted for purchasing power parity (PPP): definition, calculation, uses, limitations and how to interpret comparis…

Lithuanian litas Former national currency of Lithuania, first issued in 1922 and reintroduced in 1993; subdivided into 100 centų and replaced by the euro in 2015. Denominations included coins from…

Loan shark: illegal high-interest lenders and coercive collection tactics Loan shark A loan shark is an unlicensed lender who charges excessive interest and often uses threats or violence to collect. This article explains practices, risks, history, and how loan sha…

London Stock Exchange: overview, structure, history and role London Stock Exchange Primary securities exchange in London offering listing, trading and market services; home to major UK indices and markets for companies of varied size and origin.

Macroeconomics: scope, measures, policy tools, and practical issues Macroeconomics Survey of macroeconomics: aggregates (GDP, inflation, unemployment), major models, policy instruments (fiscal, monetary, exchange rates), measurement challenges and international l…

Maltese lira Former national currency of Malta until euro adoption in 2008; subdivided into 100 cents, issued by the Central Bank of Malta, and notable for coins and banknotes featuring Maltese…

Malthusianism: theory, history, and enduring influence Malthusianism Malthusianism is the political and economic theory originating with Thomas Malthus that population growth can outpace resources, prompting debate about limits, policy, and technolo…

Management accounting (managerial accounting) Management accounting Management accounting provides internal financial and nonfinancial information to help managers plan, control, and make decisions. It emphasizes forward-looking analysis, costing,…

Management buyout (MBO): definition, structure, history and uses Management buyout A management buyout (MBO) occurs when a company's existing management purchase a substantial portion or all of the business. This article explains structure, financing, history, us…

Manchukuo yuan (currency of Manchukuo, 1932–1945) Manchukuo yuan The Manchukuo yuan was the official currency of the Japanese-controlled state of Manchukuo from June 1932 to August 1945, issued by the Central Bank of Manchou and originally linke…

Manx pound (Isle of Man currency) Manx pound The Manx pound is the currency of the Isle of Man, issued by the Isle of Man Government and kept at parity with the pound sterling. Notes and coins circulate locally alongside UK c…

Marginal propensity to consume (MPC) Marginal propensity to consume The marginal propensity to consume (MPC) is the fraction of an additional unit of disposable income that households spend on consumption rather than save, shaping fiscal multiplier…

Marginal utility Marginal utility is the additional satisfaction from consuming one more unit of a good or service; it underpins consumer choice, demand behavior, and arguments about value and allo…

Market basket (commodity basket) Market basket A market basket is a selected list of goods and services used to track price changes and compare cost levels across time or between economies; it underpins measures such as the con…

Market capitalization: definition, uses, classifications and limitations Market capitalization Market capitalization (market cap) measures a public company's equity value by multiplying share price by outstanding shares. It is used for classification, index weighting and qui…

Market economy: principles, history, functions and criticisms Market economy An overview of market economies: how prices, private ownership and competition allocate resources; historical origins; benefits and common criticisms; and how real-world systems bl…

Market Forms (Market Structure): Types, Features, and Policy Relevance Market forms An overview of market forms: how markets are classified by number and size of participants, product type, entry barriers and information, with examples, measurement and policy impl…

Market share: definition, measurement, history, and strategic importance Market share An overview of market share: definitions, measurement methods, estimation techniques, strategic uses, limitations, and common tactics firms use to gain or defend share.

Marketing: Principles, History, and Practices Marketing Overview of marketing as the business process that links producers and customers, its core concepts (4Ps, segmentation, branding), history, methods (market research, advertising) a…

Martin Feldstein: American economist and public-policy scholar Martin Feldstein Overview of Martin Feldstein (1939–2019), his research on consumption and public finance, roles at Harvard and the NBER, government service, and influence on economic policy and sc…

Marxist economics: theory, core concepts, and historical influence Marxist economics An overview of Marxist economics: its main concepts (labor theory of value, surplus value, class), historical development, influence, critiques, and distinctions from other economi…

Master of Commerce (MCom) — postgraduate degree in commerce and related fields Master of Commerce A postgraduate academic degree focused on commerce, economics, accounting and management; emphasizes advanced coursework, research and specialization for academic or professional c…

Means of production Resources, tools, land, capital and infrastructure used to produce goods and services; ownership and control of these resources shape economic systems and social relations.

Mercantilism: economic nationalism, bullion, and trade policy (16th–18th centuries) Mercantilism Mercantilism was an early-modern economic doctrine that emphasized state control, bullion accumulation, a favourable balance of trade, colonies and protectionist policy in Europe f…

Merchant: roles, types, history, and modern legal and commercial aspects Merchant A merchant buys and sells goods or services for profit. This article explains types of merchants, historical development, legal duties, modern forms (including e-commerce) and key…

Mercosur (Southern Common Market) Mercosur Mercosur is a South American regional trade bloc founded in 1991 to promote free trade, a customs union, and easier movement of goods, people and capital among its member states.

Mexican peso (MXN) Mexican peso The Mexican peso (symbol $; ISO code MXN) is Mexico's currency, subdivided into 100 centavos. Issued by Banco de México, it was redenominated in 1993 and is an important emerging-m…

Microeconomics: principles, methods, and applications Microeconomics Study of individual economic choices by households, firms and markets; explains price formation, resource allocation, market structures and strategic behavior.

Microfinance: small-scale financial services for underserved people Microfinance Microfinance provides small loans, savings, insurance and payment services to people excluded from traditional banking, supporting livelihoods, entrepreneurship and financial inclu…

Middle class: definition, composition, history, and social role Middle class A concise guide to the middle class: definitions, internal divisions, historical and theoretical perspectives, economic and cultural functions, and debates over measurement and bou…

Midlands Engine Strategy: regional growth plan for the English Midlands Midlands Engine Strategy A UK government regional economic strategy, launched in 2017, to raise productivity and investment across the East and West Midlands through infrastructure, skills, innovation and…

Mill (currency) A mill (also mil or mille) is one thousandth of a US dollar (one‑tenth of a cent). Used mainly for fuel pricing, property tax rates and utility billing, it remains a practical acco…

Millionaire A millionaire is a person whose net worth equals or exceeds one million units of currency. This article covers definitions, how net worth is calculated, related wealth categories,…

Milton Friedman: Economist, Monetarist, and Public Intellectual Milton Friedman Overview of Milton Friedman's life, major economic ideas (monetarism, permanent income), career at the University of Chicago, policy influence, major works and legacy.

Minimum wage: definition, variations, arguments, and policy considerations Minimum wage An overview of minimum wage laws, how they vary, historical background, common forms, and the main economic and social arguments for and against raising them.

Mint (money) A mint is a facility where metal blanks are produced and struck into coins for use as currency, bullion, commemoratives and collector pieces. Mints have ancient origins and specifi…

Modern Monetary Theory (MMT): Principles, History, and Policy Implications Modern Monetary Theory Modern Monetary Theory explains how sovereign fiat-currency issuers can use fiscal policy to achieve public goals, its intellectual roots, policy proposals, and common critiques.

Monetarism (economic theory) Monetarism Monetarism is an economic school emphasizing control of the money supply to influence inflation, output, and growth. It shaped late 20th-century policy debates and remains influent…

Monetary authority: role, tools, and institutional forms Monetary authority An overview of monetary authorities — institutions that manage a currency's money supply and interest rates, their tools, institutional types, history, and why they matter for infl…

Monetary policy: goals, tools, history and practical effects Monetary policy Monetary policy is the management of interest rates and money supply by a country's monetary authority to stabilise prices, support economic growth and employment, and influence ex…