Economics

Phillips curve: the trade-off between inflation and unemployment Phillips curve An overview of the Phillips curve, its origins, theoretical developments, policy implications, and why the simple inverse trade-off broke down during the 1970s.

Physiocracy: the 18th‑century economic doctrine centered on land and natural order Physiocracy Physiocracy was an 18th‑century economic school that argued agricultural land was the primary source of wealth and promoted policies aligned with a 'natural order'. It influenced c…

Political economy: the study of markets, power, and institutions Political economy Political economy examines how production, exchange, law, customs and government shape distribution of resources, combining economic analysis with political and institutional conte…

Poll tax (head tax): definition, history, and controversies Poll tax A poll tax, or head tax, is a flat per-person levy. This article outlines its definition, variants, historical uses, notable examples, controversies and how it contrasts with progr…

Portfolio management Portfolio management is the art and science of assembling and overseeing a collection of financial assets to meet specific goals, balancing risk, return, liquidity, taxes and time…

Pound: meanings as a unit, currency, place, and verb Pound Pound is an English term with several common senses: a unit of mass, several national currencies, an enclosure for stray animals, and verbs meaning to strike or crush. Overview, hi…

Pound (currency) The pound is a name used by several national and territorial currencies, most famously the British Pound sterling; it historically referenced a pound weight of silver and today den…

Pound sterling (GBP) Pound sterling The pound sterling (GBP, £) is the official currency of the United Kingdom and several Crown dependencies. Divided into 100 pence, it is issued by the Bank of England and other aut…

Poverty: causes, measures, consequences and policy responses Poverty A clear, neutral overview of poverty: definitions, ways to measure it, common causes and effects, global trends, and policy approaches used to reduce deprivation and support inclus…

Poverty in India: measures, trends, causes and policy responses Poverty in India Overview of poverty in India: measurement approaches, historical trends, causes, and major government and social responses, distinguishing monetary and multidimensional perspective…

Poverty line Definition, measurement and uses of the poverty line: how thresholds are set, income vs consumption measures, absolute and relative poverty, policy uses and limitations.

Price elasticity of demand Measure of how quantity demanded responds to price changes. Explains calculation, interpretation, types, determinants, measurement methods, examples, applications and practical lim…

Pricing: Principles, Strategies, and Market Dynamics Pricing An overview of pricing: what price is, how supply and demand shape it, common methods firms use, historical development, uses in business, and important distinctions and constraint…

Primary sector of the economy The primary sector gathers and extracts natural resources — agriculture, fishing, forestry and mining — and supplies materials that feed industry, trade and livelihoods worldwide.

Prisoner's dilemma: the game-theory paradox of cooperation Prisoner's dilemma A fundamental game-theory problem that explains why rational actors may not cooperate even when mutual cooperation yields a better collective outcome; important across economics, b…

Private equity: overview, structures, strategies, and impacts Private equity Private equity consists of investment in privately held companies or buyouts of public firms, using active ownership and varied financing strategies to create value over multi-year…

Product (business): definition, types, lifecycle and uses Product (business) Comprehensive overview of products in business: definitions in economics and marketing, classifications, development and lifecycle, roles in retail and manufacturing, and distincti…

Production: processes, types, and economic role Production Production is the creation of goods or services from inputs. This article explains its economic meaning, methods, history, measures, and distinctions such as manufacturing, operati…

Productive Efficiency Productive efficiency is the condition in which an economy or firm produces the maximum possible output from available inputs; it is shown by the production possibility frontier an…

Profit (business and economic meaning) Profit Profit is the positive financial return that remains after deducting costs from revenue. It is measured in multiple ways and used to assess performance, investment, taxation and bu…

Protectionism (trade policy) Protectionism Protectionism is a set of government measures that restrict or discourage imports to support domestic producers; this article explains tools, history, economic arguments, and moder…

Public finance Public finance examines how governments raise revenue, allocate spending, manage debt, and use fiscal policy to influence the economy and provide public goods and redistribution.

Public good: definition, characteristics, economics and provision Public good A public good is non-excludable and non-rivalrous; this article explains its defining features, examples, causes of market failure, common solutions, and distinctions from related…

Purchasing power: meaning, measurement, history and practical importance Purchasing power Purchasing power describes how much goods or services money can buy. It reflects prices, inflation, wages, and currency strength and is measured by indices like CPI or by parity co…

Purchasing power parity (PPP): concept, measurement, uses, and limitations Purchasing power parity Purchasing power parity (PPP) compares currencies by the cost of a common basket of goods. It informs GDP comparisons, cost-of-living adjustments and exchange-rate analysis, but ha…

Quaternary sector: the knowledge‑based segment of modern economies Quaternary sector The quaternary sector describes knowledge‑ and technology‑intensive economic activities beyond traditional services — including information services, R&D, education, and data-drive…

Random Walk Hypothesis Theory that asset prices follow a stochastic path and price changes are essentially unpredictable; influences investing strategy, market efficiency debates, and empirical tests of…

Reaganomics: economic policy and legacy of the 1980s United States Reaganomics Reaganomics describes the 1980s U.S. economic program associated with President Ronald Reagan—tax cuts, deregulation, spending restraint and monetary policy—its aims, controversies…

Recession (economic downturn) Recession A recession is a sustained period of economic decline, often signalled by falling GDP, rising unemployment, and reduced spending. This entry explains definitions, causes, indicator…

Reichsmark (RM): Germany's currency, 1924–1948 Reichsmark The Reichsmark (RM) was Germany’s national currency from 1924 until the currency reform of 20 June 1948. It replaced the Rentenmark after hyperinflation and was itself replaced by…

Renminbi (RMB): China's official currency Renminbi Renminbi (RMB, CNY) is the official currency of the People's Republic of China. This article explains its units, denominations, issuer, history, international role, and distinction…

Rent: payments, types, economics and legal aspects Rent Rent refers to payments for temporary use of property or assets. This article explains common meanings, types, economic concepts, legal issues, determining factors and distinctions…

Rental Vacancy Rate: Definition, Measurement, and Market Significance Rental vacancy rate The rental vacancy rate is the share of rental units that are unoccupied and available for rent. This article explains calculation, data sources, drivers, uses, and common limitati…

Renting (Leasing): Definition, Roles, Types, History and Practical Notes Renting An overview of renting or leasing: what it means, the roles and documents involved, common types (residential, vehicle, equipment, media), historical issues, and practical distinct…

Retail: The Business of Selling Goods to Final Consumers Retail Retail is the sale of goods and services in small quantities to end users. This article explains retail formats, channels, history, supply relationships, uses, and how it differs f…

Returns (economics) — Payments to factors of production Returns (economics) Returns are the distributions paid to suppliers of production factors — wages, rent, interest, profit — shaped by productivity, markets, risk and institutions and central to income…

Ricardian model of international trade Ricardian model An accessible summary of the Ricardian model: its assumptions, how comparative advantage arises from labor productivity differences, examples, implications for gains from trade, an…

Rivalry: Causes, Types, and Effects in Business, Sport, Family, and International Relations Rival Overview of rivalry: causes, types (business, sport, family, international), dynamics and effects—how competition can spur innovation or cause conflict, with common examples, outco…

Robber baron: medieval toll-takers and industrial-era magnates Robber baron Two historical meanings: medieval lords who extorted unauthorized tolls from river and road traffic, and the Gilded Age pejorative for U.S. industrialists and financiers accused of…

Robert R. Neild — British Economist, SIPRI's Founding Director Robert Neild Brief biography of Robert R. Neild (1924–2018), British economist, Cambridge professor, deputy director at NIESR and founding director of SIPRI; overview of career, work on public…

Roberto Alemann: Argentine lawyer, economist and two-time Minister of Economy Roberto Alemann Roberto Alemann (1922–2020) was an Argentine lawyer, economist, writer and academic who served twice as Minister of the Economy. He published on economic and legal issues and took…

Romanian leu The Romanian leu (plural: lei) is Romania's national currency, subdivided into 100 bani. Issued by the National Bank, it has modern banknotes and coins and has been redenominated;…

Ruble — currency unit of Russia and several Eastern European states Ruble The ruble (or rouble) is a long‑standing currency unit used in Russia and some neighboring states. This article covers its origin, subdivisions, modern usage, and distinguishing fe…

Rupee — name, history and modern varieties of the South Asian currency Rupee The rupee is a historical and contemporary currency name used across South Asia and beyond. This article explains its origin, spread, modern variants, and distinguishing features.

Russian ruble The official currency of the Russian Federation. Divided into 100 kopeks, the ruble has imperial and Soviet roots, underwent modern redenominations, and is used in several neighbor…

Sale (commerce, law, places and people) Sale An overview of 'sale' as a commercial transaction, legal concept and common name: types of sales, processes and promotions, brief history, and notable places and people called Sale…

Sales tax: consumption taxes, VAT, and key distinctions Sales tax A consumption tax charged on purchases instead of income. Covers retail sales taxes and value added tax (VAT), how they work, exemptions, common variants, and notable national exam…

Savings account A savings account is a bank deposit product that stores funds securely while earning interest; used for short- to medium-term savings, emergency funds, and safe liquidity, distinct…