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inflation

(Encyclopedia)inflation, in economics, persistent and relatively large increase in the general price level of goods and services. Its opposite is deflation, a process of generally declining prices. The U.S. Bureau ...

deflation

(Encyclopedia)deflation: see inflation.

stagflation

(Encyclopedia)stagflation: see inflation.

Phelps, Edmund Strother, Jr.

(Encyclopedia)Phelps, Edmund Strother, Jr., 1933–, American economist, b. Evanston, Ill., Ph.D. Yale, 1959. He has been a professor at Yale (1960–66), the Univ. of Pennsylvania (1966–71), Columbia (1971–), ...

Lerner, Abba Ptachya

(Encyclopedia)Lerner, Abba Ptachya äbˈə pətächˈyə lĕrˈnər, lûrˈnər [key], 1903–82, American economist, b. Romania. After studying at the London School of Economics in the 1930s, he collaborated with ...

wage and price controls

(Encyclopedia)wage and price controls, economic policy measure in which the government places a ceiling on wages and prices to curb inflation. Also known as incomes policy, such programs have generally been avoided...

Cuno, Wilhelm

(Encyclopedia)Cuno, Wilhelm vĭlˈhĕlm ko͞oˈnō [key], 1876–1933, German chancellor (Nov., 1922–Aug., 1923). A businessman, he headed a nonpartisan conservative ministry. His attempt to establish a moratoriu...

Thermidor

(Encyclopedia)Thermidor thûrˈmĭdôr, Fr. tĕrmēdôrˈ [key], 11th month of the French Revolutionary calendar. The coup of 9 Thermidor (July 27, 1794) marked the downfall of Robespierre and the end of the Reign ...

Baunsgård, Hilmar

(Encyclopedia)Baunsgård, Hilmar hĭlˈmər bounsˈgôr [key], 1920–90. Danish politician. A businessman, he was president of the youth organization of the Social-Liberal party (1948–50) and a member of the exe...

cost of living

(Encyclopedia)cost of living, amount of money needed to buy the goods and services necessary to maintain a specified standard of living. The cost of living is closely tied to rates of inflation and deflation. In es...