Economic terms, from “absolute advantage” to “zero-sum game”, explained to you in plain English 经济术语，从“绝对优势”到“零和博弈”，用简单的英语向您解释

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A

• Absolute advantage 绝对优势

  A concept that helps to explain international trade. If country A is better at making toasters than country B, and B is better at making kettles than A, it makes sense for each country to focus on the area where they have this advantage, and then trade toasters for kettles. But see, more importantly, comparative advantage. 一个有助于解释国际贸易的概念。如果A国比B国更擅长制作烤面包机，B国比A国更擅长制作水壶，那么每个国家都专注于他们有这种优势的领域，然后用烤面包机换水壶是有意义的。但更重要的是，看到比较优势。

• Active management 主动管理

  A branch of investment management that attempts to outperform other investors by selecting a limited number of assets, and trading them regularly. See also passive management. 投资管理的一个分支，试图通过选择有限数量的资产并定期交易来超越其他投资者。另请参阅被动管理。

• Activist investing 激进投资

  Fund managers who take a stake in a company and then agitate for a change of management, or strategy, in the belief that this will increase profits, and thus the share price. 基金经理持有一家公司的股份，然后鼓动改变管理层或战略，相信这将增加利润，从而增加股价。

• Adverse selection 逆向选择

  A risk associated with insurance, and linked to asymmetric information. People who are worried about their health will be more inclined to pay for health insurance than those who are fighting fit. One way to avoid the problem is to make insurance compulsory for all, as happens with car ownership. For more detail, see our Schools Brief. 与保险相关的风险，并与不对称信息相关联。担心自己健康的人比那些身体健康的人更倾向于支付健康保险。避免这个问题的一种方法是让所有人都必须购买保险，就像汽车所有权一样。有关更多详细信息，请参阅我们的学校简介。

• Agency costs 代理费用

  The expense involved in using a third party to carry out a task. Examples include hiring a fund manager to look after an individual’s investment portfolio, or the cost to shareholders of having professional managers run a business. See also principal-agent problem. 使用第三方执行任务所涉及的费用。例子包括聘请基金经理来照顾个人的投资组合，或者让职业经理人经营企业给股东带来的成本。另请参阅委托代理问题。

• Aggregate demand 总需求

  The flow of spending, across the economy, on goods and services. Demand can fall, even if people’s income and wealth are unchanged, if they decide to save, rather than spend. 整个经济中商品和服务的支出流动。即使人们的收入和财富保持不变，如果他们决定储蓄而不是消费，需求也会下降。

• Agriculture 农业

  The cultivation of crops and the tending of animals for the purpose of supplying food. For millennia, this was mankind’s primary economic activity. 种植农作物和照顾动物以提供食物。几千年来，这是人类的主要经济活动。

• Alpha 阿尔法

  That part of an investment return that is due to the skill of the fund manager. This can be very hard to measure. 投资回报的那部分是由于基金经理的技能。这可能很难衡量。

• Amortisation 摊销

  The gradual reduction in the value of an asset (or a debt) over time. A debt (such as a mortgage) is amortised via regular repayments. Companies use amortisation to steadily reduce the value of intangible assets on their balance-sheets. 资产（或债务）价值随着时间的推移逐渐减少。债务（如抵押贷款）通过定期还款进行摊销。公司使用摊销来稳步降低资产负债表上无形资产的价值。

• Animal spirits 动物精神

  Term used by John Maynard Keynes to describe sentiment among businesspeople and consumers. If sentiment is depressed, economies may struggle to escape from recession. For more detail, read this article. See also Keynesian economics. 约翰·梅纳德·凯恩斯（John Maynard Keynes）用来描述商人和消费者情绪的术语。如果情绪低迷，经济可能难以摆脱衰退。有关更多详细信息，请阅读本文。另见凯恩斯主义经济学。

• Antitrust 反 垄断

  Term used to describe laws or regulations designed to stop firms from exploiting their monopoly positions in markets at the expense of consumers or rival businesses. To learn more, see our Schools Brief. 用于描述旨在阻止公司以牺牲消费者或竞争对手企业为代价利用其在市场上的垄断地位的法律或法规的术语。要了解更多信息，请参阅我们的学校简介。

• Appreciation 升值

  The rise in the value of an asset. In particular, currencies are often described as appreciating when they go up and depreciating when they go down. 资产价值的上升。特别是，货币通常被描述为在上涨时升值，在下跌时贬值。

• Arbitrage 套汇

  The practice of exploiting price differentials in different markets; for example, buying an asset cheaply in London and selling it for a higher price in New York. Thanks to the speed of modern information flows, risk-free arbitrage opportunities are rare. See also regulatory arbitrage. 利用不同市场的价格差异的做法;例如，在伦敦以低价购买资产，在纽约以更高的价格出售。由于现代信息流动的速度，无风险套利机会很少。另见监管套利。

• Asset 资产

  Something that can be used to create economic value. An asset can be tangible, such as a building or machinery or intangible, such as a patent or a brand name. Assets make up one side of a company’s balance-sheet; the other is liabilities. 可以用来创造经济价值的东西。资产可以是有形的，例如建筑物或机械，也可以是无形的，例如专利或品牌名称。资产构成公司资产负债表的一侧;另一个是负债。

• Asset stripping 资产剥离

  The practice of buying a company and rapidly selling off the component parts with the aim of making a profit. This often leads to great disruption in the business and a loss of jobs. 以盈利为目的，收购公司并迅速出售零部件的做法。这通常会导致业务严重中断和失业。

• Asset value 资产价值

  One measure used by investors to calculate the worth of a company. Normally, a company’s debts are deducted to calculate a net asset value. Also known as book value. 投资者用来计算公司价值的一种衡量标准。通常，扣除公司的债务以计算资产净值。也称为账面价值。

• Asymmetric information 信息不对称

  This occurs when one party to a transaction knows more than the other. Asymmetry can lead to market abuse, as when those with inside information of a coming takeover buy shares in the target company. It can also lead to inefficiencies. Since buyers of used cars know less than sellers, they will be inclined to regard all cars as potential “lemons”, leading to lower prices. See also adverse selection and moral hazard. To learn more, see our Schools Brief. 当交易的一方比另一方知道得更多时，就会发生这种情况。不对称可能导致市场滥用，例如那些掌握即将被收购的内幕信息的人购买目标公司的股票。它还可能导致效率低下。由于二手车的购买者比卖家知道的少，他们会倾向于将所有汽车视为潜在的“柠檬”，从而导致价格下降。另见逆向选择和道德风险。要了解更多信息，请参阅我们的学校简介。

• Auctions 拍卖

  These are usually associated with the sale of livestock, antiques and works of art. But in recent decades, they have been favoured by economists as a means of ensuring that sellers get the best price for a wider range of assets. For example, governments have used auctions to sell off parts of the electromagnetic spectrum to mobile telecoms companies. See this article for more detail. 这些通常与牲畜、古董和艺术品的销售有关。但近几十年来，它们一直受到经济学家的青睐，作为确保卖家以更广泛的资产获得最优惠价格的一种手段。例如，政府利用拍卖将部分电磁频谱出售给移动电信公司。有关更多详细信息，请参阅此文章。

• Austerity 冰霜

  A term used to describe efforts to reduce the share of public spending in GDP, particularly in the 2010s. When the economy is already weak, Keynesian economists view austerity programmes as a mistake, because they reduce demand. But free-market economists worry that, without austerity, the government’s role in the economy inexorably expands over time. 用于描述减少公共支出在GDP中所占份额的努力的术语，特别是在2010年代。当经济已经疲软时，凯恩斯主义经济学家认为紧缩计划是一个错误，因为它们减少了需求。但自由市场经济学家担心，如果没有紧缩政策，政府在经济中的作用会随着时间的推移而不可避免地扩大。

• Austrian school 奥地利学校

  A group of libertarian economists, notably Friedrich Hayek and Ludwig von Mises, focused on the individual and deeply suspicious of state planning. The school developed in opposition to communism and social democracy, and believes in low taxes and a minimal state. 一群自由意志主义经济学家，特别是弗里德里希·哈耶克（Friedrich Hayek）和路德维希·冯·米塞斯（Ludwig von Mises），专注于个人，对国家计划深表怀疑。这所学校的发展反对共产主义和社会民主主义，并相信低税收和最小国家。

• Autarky 自给自足

  Self-sufficiency. Authoritarian regimes sometimes pursue a policy of autarky in order to reduce their dependence on other countries. Economists generally regard this approach as inefficient since trade in goods and services allows a country to specialise in those activities which it is best at producing, exploiting comparative advantage. 自给自足。专制政权有时会奉行自给自足的政策，以减少对其他国家的依赖。经济学家普遍认为这种方法效率低下，因为货物和服务贸易使一个国家能够专门从事它最擅长生产的活动，利用比较优势。

• Authoritarian capitalism 威权资本主义

  Usually applied especially to China and Russia, this describes economies in which big business co-exists with an authoritarian government. Businesses are allowed to make money but if they dare to criticise the government, or appear too independent, they may face criminal or financial sanctions. 通常特别适用于中国和俄罗斯，这描述了大企业与威权政府共存的经济。企业被允许赚钱，但如果他们敢于批评政府，或者显得过于独立，他们可能会面临刑事或金融制裁。

B

• Backwardation 逆价差

  A term used in the commodity market for when the price for delivering a product today (the spot price) is higher than for delivery in future. Normally, the future price is higher, a situation known as contango. Backwardation is normally the sign of a supply shortage, causing traders to compete to get the product immediately. 商品市场中使用的术语，表示今天交付产品的价格（现货价格）高于未来交付的价格。通常，未来价格更高，这种情况称为期货溢价。溢价通常是供应短缺的标志，导致贸易商竞相立即获得产品。

• Balance of payments 国际收支

  A term used to describe a country’s transactions with the rest of the world. The import and export of goods and services are captured in the current account, which also includes investment income and transfers (such as expatriate workers sending money home). The capital account captures financial transactions such as foreign direct investment or purchases of bonds and equities. These will balance in the sense that a current-account deficit (or surplus) must be offset by a capital-account surplus (or deficit). 用于描述一个国家与世界其他地区的交易的术语。商品和服务的进出口记入经常账户，其中还包括投资收入和转移（如外籍工人汇款回家）。资本账户记录金融交易，如外国直接投资或购买债券和股票。这些将在经常账户赤字（或盈余）必须由资本账户盈余（或赤字）抵消的意义上实现平衡。

• Balance-sheet 资产负债表

  In accounting, a statement of the assets and liabilities of a business. It must balance in the sense that assets equal liabilities. The assets such as cash or equipment or inventory are being used in the business; the liabilities show how those assets were funded whether in the form of debt (owed to creditors) or equity (owed to shareholders). 在会计中，这指的是企业资产和负债的报表。它必须在资产等于负债的意义上实现平衡。现金、设备或库存等资产正在业务中使用;负债显示了这些资产是如何以债务（欠债权人）还是股权（欠股东）的形式融资的。

• Bank rate 银行利率

  Term used in Britain to describe the official rate set by the Bank of England when it pays interest to commercial banks. By manipulating this rate, the Bank of England affects the level of rates that businesses and consumers pay to borrow money. 英国用来描述英格兰银行在向商业银行支付利息时设定的官方利率的术语。通过操纵这个利率，英格兰银行影响了企业和消费者为借钱而支付的利率水平。

• Bank run 银行挤兑

  In a crisis, bank depositors may start to doubt they will get their money back. So they may demand to withdraw it. Since banks have lent out this money, it is impossible for them to repay all depositors instantly. The bank may fail. To avoid this, most countries have schemes of deposit insurance. 在危机中，银行储户可能会开始怀疑他们能否拿回他们的钱。所以他们可能会要求撤回它。由于银行已经借出了这笔钱，他们不可能立即偿还所有储户。银行可能会倒闭。为了避免这种情况，大多数国家都有存款保险计划。

• Banks 银行

  Institutions at the heart of the financial system. Commercial banks take in deposits and make loans, thereby creating money. In a crisis, banks may cease lending (or insist on the repayment of past loans) causing immense economic damage. Investment banks advise on transactions such as acquisitions and make markets in financial assets such as bonds and shares. Many institutions act as both commercial and investment banks. 处于金融体系核心的机构。商业银行吸收存款并发放贷款，从而创造货币。在危机中，银行可能会停止放贷（或坚持偿还过去的贷款），造成巨大的经济损失。投资银行就收购等交易提供建议，并以债券和股票等金融资产进行市场化。许多机构既是商业银行，也是投资银行。

• Barter 实物交易

  The direct swap of goods and services for other goods and services, without the use of money. This is normally a less efficient form of trade, since the wants and needs of buyers and sellers rarely match exactly. 直接将商品和服务换成其他商品和服务，而无需使用金钱。这通常是一种效率较低的贸易形式，因为买卖双方的需求很少完全匹配。

• Basis point 基点

  One hundredth of a percentage point. The term is often used to describe interest rate changes. A quarter-percentage-point rise or fall in rates is described as 25 basis points. 百分之一个百分点。该术语通常用于描述利率变化。利率上升或下降四分之一个百分点被描述为25个基点。

• Baumol’s cost disease 鲍莫尔成本病

  In theory, workers should get higher pay because they get more productive. But an economist called William Baumol noticed this isn’t always true; musicians take the same time to play a string quartet as they did in Mozart’s day, but are paid more nevertheless. The reason is competition for labour; musicians can take other jobs. So rising wages in productive parts of the economy (eg, manufacturing) lead to higher wages in less productive sectors. For more on the disease, read this article; for more on Baumol, read this one. 从理论上讲，工人应该得到更高的工资，因为他们的生产力更高。但一位名叫威廉·鲍莫尔的经济学家注意到这并不总是正确的;音乐家们花同样的时间演奏弦乐四重奏，就像他们在莫扎特时代一样，但报酬仍然更高。原因是对劳动力的竞争;音乐家可以从事其他工作。因此，经济生产部分（例如制造业）的工资上涨会导致生产率较低的部门的工资上涨。有关该疾病的更多信息，请阅读本文;有关鲍莫尔的更多信息，请阅读此内容。

• Bear 熊

  Investor who expects the price of an asset or assets in general to fall. 预计一项或多项资产价格总体上会下跌的投资者。

• Behavioural economics 行为经济学

  School of thought that believes that the economic decisions of individuals are often driven by psychological biases rather than the rational analysis of expected returns. One example is the endowment effect. Individuals value the goods they own more highly than they would pay for the same item in an open market. For more, see this article. 认为个人的经济决策往往是由心理偏见而不是对预期回报的理性分析驱动的学派。一个例子是禀赋效应。个人对他们拥有的商品的重视程度高于他们在公开市场上为同一物品支付的价格。有关详细信息，请参阅此文章。

• Beta 试用版

  This ratio measures the sensitivity of an individual asset’s price to that of the overall market. A stock that tends to go up even more rapidly than the market when it is rising, and drop more precipitously when it is falling, is described as “high beta”; one that moves less violently than the market is “low beta”. 该比率衡量单个资产价格对整体市场的敏感性。一只股票在上涨时往往比市场上涨得更快，而在下跌时下跌得更急剧，被描述为“高贝塔”;一个比市场波动幅度较小的是“低贝塔”。

• Big Mac index 巨无霸指数

  A light-hearted guide to whether currencies are over- or undervalued, invented by The Economist in 1986. The index is based on the theory of purchasing-power parity—the notion that in the long run exchange rates should tend to equalise the prices of goods in different currencies. Fresh helpings of burgernomics are served up regularly. You can tuck into the latest—with a side of more details about the index—here. 关于货币是否被高估或低估的轻松指南，由《经济学人》于1986年发明。该指数基于购买力平价理论，即从长远来看，汇率应该倾向于使不同货币的商品价格趋于平衡。定期提供新鲜的汉堡经济学。您可以在此处获取最新信息，并提供有关索引的更多详细信息。

• Bill of exchange 汇票

  A short-term financial instrument, originally used to finance international trade. The buyer of goods would give the seller a signed bill, equal to the value of the purchase, which the seller could then cash with a banker. In modern finance, bills are a catch-all term for short-term debt such as Treasury bills and commercial bills. 一种短期金融工具，最初用于为国际贸易融资。货物的买方将给卖方一张签名的票据，相当于购买的价值，然后卖方可以向银行兑现。在现代金融中，票据是短期债务（如国库券和商业票据）的统称。

• Blockchain 区块链

  A distributed ledger used to make a digital record of the ownership of assets, in particular cryptocurrencies. 一种分布式账本，用于对资产所有权（特别是加密货币）进行数字记录。

• Bonds 债券

  IOUs issued by a borrower which normally promise repayment of the money on a set date (the maturity) with regular interest payments during the life of the bond. The more risky the issue, the higher the interest rate (or yield) on the bond. Governments issue bonds to cover the gap between the amount they receive in taxes and the amount they spend. Companies issue bonds to finance investment programmes. 借款人发行的借据，通常承诺在设定日期（到期日）偿还款项，并在债券有效期内定期支付利息。发行风险越大，债券的利率（或收益率）就越高。政府发行债券以弥补他们收到的税收金额与支出金额之间的差距。公司发行债券为投资计划提供资金。

• Book value 帐面价值

  Another term for asset value. 资产价值的另一个术语。

• Boom 繁荣

  A state of rapid economic expansion, as opposed to bust. 经济快速扩张的状态，而不是萧条。

• Bounded rationality 有限理性

  A theory which assumes that, while individuals try to act rationally, there is a limit to the amount of information they may have, or can absorb. This may make their decisions look irrational (see also behavioural economics). 一种理论，假设虽然个人试图理性行事，但他们可能拥有或可以吸收的信息量是有限的。这可能会使他们的决定看起来不合理（另见行为经济学）。

• Bretton Woods 布雷顿森林体系

  Location in New Hampshire of a conference in 1944 which decided the post-war economic order. It led to the establishment of the International Monetary Fund and the World Bank. And it agreed on a currency system that linked all currencies at fixed exchange rates to the dollar, which was convertible into gold at $35 an ounce. 1944年在新罕布什尔州举行的一次会议，该会议决定了战后的经济秩序。它导致了国际货币基金组织和世界银行的成立。它同意建立一个货币体系，将所有货币以固定汇率与美元挂钩，美元可以每盎司35美元的价格兑换成黄金。

• Bubble 泡沫

  The concept that asset prices can rise far higher than can be justified by their fundamentals, such as the expected cashflows that will derive from them. A famous example is the South Sea bubble of the early 18th century. Economists who believe in efficient markets are dubious that bubbles ever occur. Identifying bubbles at the time isn’t always easy: see this article. 资产价格可能上涨远远高于其基本面所能证明的概念，例如从中产生的预期现金流。一个著名的例子是18世纪初的南海泡沫。相信有效市场的经济学家对泡沫是否会发生持怀疑态度。当时识别气泡并不总是那么容易：请参阅这篇文章。

• Budget 预算

  The annual process through which a government sets out its spending plans and tax measures. A balanced budget is when revenues are expected to match expenditure. More usually, spending outstrips revenues and the government runs a budget deficit. Creating or expanding a deficit can be a deliberate act to boost an economy (see Keynesian economics). 政府制定支出计划和税收措施的年度过程。平衡预算是指预计收入与支出相匹配的情况。更常见的是，支出超过收入，政府存在预算赤字。创造或扩大赤字可能是促进经济的蓄意行为（见凯恩斯主义经济学）。

• Bull 牛

  Investor who expects the price of an asset or assets in general to rise. 预期一项或多项资产价格一般会上涨的投资者。

• Business cluster 业务集群

  When companies in an industrial sector gather in a specific area, such as technology companies in Silicon Valley. When a cluster forms, companies will find it easier to attract high-skilled staff, workers have a wider choice of employers, innovations can circulate more quickly and start-up companies may find it easier to get finance. 当工业部门的公司聚集在特定领域时，例如硅谷的科技公司。当集群形成时，公司会发现更容易吸引高技能员工，工人有更广泛的雇主选择，创新可以更快地流通，初创公司可能会发现更容易获得融资。

• Business cycle 商业周期

  Another term to describe the way that economies tend to expand and contract over time. Various economists have tried to calculate the length of a typical cycle but these have varied widely over history. Booms tend to be much longer than busts, particularly in recent decades. As this article explains, economists still lack a proper understanding of business cycles. 另一个术语，用于描述经济随着时间的推移而倾向于扩张和收缩的方式。各种经济学家都试图计算一个典型周期的长度，但这些在历史上差异很大。繁荣往往比萧条要长得多，尤其是在最近几十年。正如本文所解释的，经济学家仍然缺乏对商业周期的正确理解。

• Bust 半身像

  A sudden economic contraction, also known as a recession. 突然的经济收缩，也称为衰退。

C

• Capital 资本

  A word that serves a lot of purposes in economics. It is used to refer to the investment that an entrepreneur puts into a new project or business (hence capitalism); to any lump sum that has been saved; and more broadly to the people and institutions who invest in the world’s financial markets. It can also refer to a bank’s equity capital. 这个词在经济学中有很多用途。它用于指企业家对新项目或业务（因此是资本主义）的投资;任何已节省的一次性款项;更广泛地说，投资于世界金融市场的个人和机构。它也可以指银行的股本。

• Capital account 资本账户

  In international trade, the component of the balance of payments that comprises financial transactions, such as foreign direct investment. On a company’s balance-sheet, the capital account largely comprises the equity capital invested by the owners and retained profits. 在国际贸易中，这指的是国际收支的组成部分，包括金融交易，例如外国直接投资。在公司的资产负债表上，资本账户主要包括所有者投资的股权资本和留存利润。

• Capital asset pricing model 资本资产定价模型

  A financial model that relates the return of an asset class to its riskiness. It is based on the idea of a risk-free asset (usually defined as government bonds). Investors in riskier assets (like equities) should demand a higher return than they get from government bonds to reflect the greater risk of loss. This risk relates to the beta of the asset concerned. 将资产类别的回报与其风险相关联的财务模型。它基于无风险资产（通常定义为政府债券）的理念。风险较高的资产（如股票）的投资者应该要求比政府债券更高的回报，以反映更大的损失风险。这种风险与有关资产的贝塔系数有关。

• Capital controls 资本管制

  Regulations designed to prevent money from moving across borders. They are often used in regimes with a fixed exchange rate; by preventing money from flowing abroad, they protect the domestic currency from depreciation. Capital controls were a key component of the Bretton Woods system. For more detail, read our Explainer. 旨在防止资金跨境流动的法规。它们通常用于固定汇率的制度;通过防止资金流向国外，它们保护本国货币免于贬值。资本管制是布雷顿森林体系的一个关键组成部分。有关更多详细信息，请阅读我们的解释器。

• Capital flight 资本外逃

  What happens when investors try to avoid high taxes, or the prospect of currency devaluation, by sending their money abroad. Governments try to prevent such flight by imposing capital controls but they need to act quickly. Investors will anticipate the introduction of capital controls by indulging in capital flight. 当投资者试图通过将资金汇往国外来避免高税收或货币贬值的前景时会发生什么。政府试图通过实施资本管制来防止这种外逃，但他们需要迅速采取行动。投资者将期待通过沉迷于资本外逃来引入资本管制。

• Capital gains tax 资本利得税

  A tax levied when investors sell assets for more than the purchase price. Some economists argue that such taxes discourage risk-taking. But if capital gains are tax-free, and income is taxable, that creates a potential incentive; ingenious accountants will find ways to transform income into capital gains. 当投资者以超过购买价格的价格出售资产时征收的税。一些经济学家认为，这种税收阻碍了冒险行为。但是，如果资本收益是免税的，收入是应税的，这就会产生潜在的激励;聪明的会计师会找到将收入转化为资本收益的方法。

• Capital goods 资本货物

  Physical assets that companies use in the manufacturing process. 公司在制造过程中使用的实物资产。

• Capital markets 资本市场

  Those markets where governments, companies and other institutions raise long-term money in the form of equities and bonds. By contrast, the term “money markets” is used for the places where short-term finance is raised. 政府、公司和其他机构以股票和债券的形式筹集长期资金的市场。相比之下，“货币市场”一词用于筹集短期资金的地方。

• Capitalism 资本主义

  A term coined to describe the use of private capital to finance economic activity. Investors and entrepreneurs use their money to create businesses, hiring workers, renting property and buying equipment as needed. Any surplus, or profit, belongs to the entrepreneur or investors. Communism is seen as the obverse of capitalism, as all economic activity is controlled by the state. 一个术语，用于描述使用私人资本为经济活动提供资金。投资者和企业家用他们的钱来创建企业，雇用工人，租用房产和根据需要购买设备。任何盈余或利润都属于企业家或投资者。共产主义被视为资本主义的正面，因为所有经济活动都由国家控制。

• Carbon tax 碳税

  A tax levied on carbon emissions. The aim is to penalise heavy emitters and encourage alternative approaches that do not contribute to global warming. For more on their design—and unpopularity—see this article. 对碳排放征税。其目的是惩罚排放重的国家，并鼓励无助于全球变暖的替代方法。有关其设计和不受欢迎的更多信息，请参阅本文。

• Cartel 卡特尔

  Agreement where a group of producers collaborate to fix the price, or restrict the supply, of a good or service. Perhaps the best known example is the Organisation of the Petroleum Exporting Countries, or OPEC. Cartels among companies are often outlawed by government antitrust regulations because they restrict competition. 一组生产商合作确定商品或服务的价格或限制供应的协议。也许最著名的例子是石油输出国组织（OPEC）。公司之间的卡特尔通常被政府反垄断法规取缔，因为它们限制了竞争。

• Central bank 中央银行

  The institution at the heart of a country’s financial system. It has many roles. Traditionally, it sets the level of short-term interest rates through its interactions with commercial banks. It uses rate changes to control inflation (often under an inflation targeting regime) and affect the level of economic output. More recently, central banks have attempted to affect long-term interest rates through quantitative easing. The central bank acts as a lender of last resort to protect the financial system from collapse; some central banks also act as regulators. Central banks also control foreign exchange reserves and can use these to intervene in the currency markets. 处于一个国家金融体系核心的机构。它有很多作用。传统上，它通过与商业银行的互动来设定短期利率水平。它利用利率变化来控制通货膨胀（通常在通货膨胀目标制下）并影响经济产出水平。最近，各国央行试图通过量化宽松来影响长期利率。中央银行充当最后贷款人，以保护金融体系免于崩溃;一些中央银行也充当监管机构。中央银行还控制外汇储备，并可以利用这些储备来干预货币市场。

• Chicago school 芝加哥学派

  A school of thought that emerged from the University of Chicago and was associated with belief in the free market, monetarism, and that people are rational, and act in their self-interest. Its leading exponents include Gary Becker, Ronald Coase and Milton Friedman. The school gained influence in the 1970s, as conservative politicians adopted its nostrums and the Keynesian post-war consensus broke down. See also monetarism and public choice theory. 一个从芝加哥大学产生的思想流派，与自由市场、货币主义以及人们理性并按照自身利益行事的信念有关。其主要代表人物包括Gary Becker，Ronald Coase和Milton Friedman。这所学校在1970年代获得了影响力，因为保守派政客采用了它的秘诀，凯恩斯主义的战后共识破裂了。另见货币主义和公共选择理论。

• Classical economics 古典经济学

  The dominant school of thought in the late 18th and 19th centuries, as developed by Adam Smith and David Ricardo. It largely focused on the self-correcting nature of economies if left alone by governments and thus argued for a laissez faire approach and, thanks in part to the theory of comparative advantage, developed by Ricardo, a belief in free trade. 18世纪末和19世纪的主导思想流派，由亚当·斯密和大卫·李嘉图发展。它主要关注的是如果政府置之不理，经济的自我纠正性质，因此主张自由放任的方法，部分归功于李嘉图开发的比较优势理论，相信自由贸易。

• Coase theorem 科斯定理

  A concept, developed by Ronald Coase (see article), that deals with externalities. Coase thinks of the problem in terms of conflicting property rights such as the right of a factory to operate noisy machinery and the right of its neighbours to enjoy peace and quiet. If property rights are clearly delineated then, in the absence of transaction costs, bargaining should lead to an efficient outcome, such as the factory compensating its neighbours for the noise. Coase’s work on externalities, along with that on the theory of the firm, won him a Nobel prize in 1991. 罗纳德·科斯（Ronald Coase）提出的一个概念（见文章），涉及外部性。科斯从相互冲突的财产权的角度思考这个问题，例如工厂操作嘈杂机器的权利和邻居享受和平与安宁的权利。如果产权被明确界定，那么在没有交易成本的情况下，讨价还价应该导致有效的结果，例如工厂补偿其邻居的噪音。科斯关于外部性的工作，以及关于公司理论的工作，为他赢得了1991年的诺贝尔奖。

• Coase’s theory of the firm (theory of the firm) 科斯的公司理论（Theory of the Firm）

  Ronald Coase, a British economist, tried to explain why companies exist in “The nature of the firm”, a paper published in 1937. His answer was that markets can be expensive and fiddly to use, especially for non-standard goods. Rather than arrange contracts for each and every transaction, entrepreneurs set up firms and employ workers to do a range of tasks. This allows them to shift employees from one area to another as they see fit. The paper, along with his work on externalities and property rights, helped to win Coase the Nobel prize for economics in 1991. For more detail, read our Schools Brief. 英国经济学家罗纳德·科斯（Ronald Coase）试图在1937年发表的论文《公司的本质》中解释公司存在的原因。他的回答是，市场使用起来可能既昂贵又繁琐，尤其是对于非标准商品。企业家不是为每笔交易安排合同，而是建立公司并雇用工人来完成一系列任务。这使他们能够根据需要将员工从一个区域转移到另一个区域。这篇论文以及他在外部性和产权方面的工作帮助科斯赢得了1991年的诺贝尔经济学奖。有关更多详细信息，请阅读我们的学校简介。

• Collateral 旁系的

  An item pledged as security against a loan. An obvious example is a house or flat, which homeowners used as collateral when taking out a mortgage. In financial markets, safe securities such as Treasury bonds are often used as collateral by traders and investors. 作为贷款担保质押的物品。一个明显的例子是房屋或公寓，房主在抵押贷款时将其用作抵押品。在金融市场中，国债等安全证券经常被交易者和投资者用作抵押品。

• Commercial banks 商业银行

  Banks that focus on taking in money in the form of deposits and lending it out to individuals and businesses. Such banks have a weakness in that most deposits can be withdrawn instantly whereas it can take time to recall loans. This can lead to a bank run. 专注于以存款形式吸收资金并将其借给个人和企业的银行。这些银行有一个弱点，即大多数存款可以立即提取，而收回贷款可能需要时间。这可能导致银行挤兑。

• Commodity 商品

  A raw material, such as oil or copper, that is usually traded in bulk. Changes in commodity prices can have significant economic effects by, for example, feeding through into consumer prices. A sharp rise in energy prices can adversely affect consumer demand; because consumers have to spend more on energy, they have less to spend elsewhere. For more, read this Explainer. 通常批量交易的原材料，例如石油或铜。例如，商品价格的变化可以产生重大的经济影响，例如，影响消费者价格。能源价格的急剧上涨会对消费者需求产生不利影响;因为消费者必须在能源上花费更多，所以他们在其他地方花费更少。有关更多信息，请阅读此解释器。

• Commodity cycle 商品周期

  A pattern of rising and falling commodity prices and production. Rising commodity prices cause consumers to cut back their use and producers to expand output. In the ensuing glut, prices fall and output falls until commodities are so cheap that their use rises again. 商品价格和生产的上涨和下跌模式。商品价格上涨导致消费者减少使用，生产者扩大产量。在随后的过剩中，价格下跌，产出下降，直到商品如此便宜以至于其使用量再次上升。

• Communism 共产主义

  A system, devised by Karl Marx, in which the state controls virtually all economic activity. Private property is outlawed and income inequality is reduced. The theory is idealistic; in practice, communist regimes have been highly authoritarian. 卡尔·马克思（Karl Marx）设计的一种制度，其中国家几乎控制着所有的经济活动。私有财产被取缔，收入不平等得到减少。该理论是理想主义的;实际上，共产主义政权一直是高度专制的。

• Comparative advantage 比较优势

  This idea has been called one of the most profound insights in economics. If country A can make cars more cheaply than country B, and B can produce shirts more cheaply than A, it clearly makes sense to trade. Each has an absolute advantage in one area. But what if A is more efficient at producing everything than B? It still makes sense for them to trade, with B producing the goods where it is more competitive; if for example it is 90% as efficient as A in making shirts, and only 60% in car manufacturing, then it should specialise in making shirts and trade them for cars. Both countries will gain. 这个想法被称为经济学中最深刻的见解之一。如果A国可以比B国更便宜地制造汽车，B国可以比A国更便宜地生产衬衫，那么交易显然是有意义的。每个领域都有绝对的优势。但是，如果 A 在生产所有东西方面比 B 更有效呢？对他们来说，贸易仍然有意义，B生产更具竞争力的商品;例如，如果它在制造衬衫方面的效率是 A 的 90%，而在汽车制造方面只有 60%，那么它应该专门制造衬衫并将其换成汽车。两国都将受益。

• Competition 竞争

  A concept at the heart of economics. Firms compete to sell the best goods and services to consumers, and to attract the best workers. The aim is to allocate resources in the most efficient manner. 经济学的核心概念。公司竞相向消费者销售最好的商品和服务，并吸引最优秀的工人。目的是以最有效的方式分配资源。

• Conglomerate 砾岩

  A large company that has diversified across a range of countries and business areas, normally through making acquisitions. 一家大公司，通常在一系列国家和业务领域实现多元化，通常是通过收购。

• Consumer confidence 消费者信心

  A measure, taken from a survey, of the public’s attitude towards the economic outlook. If people are worried about their jobs, or political unrest, or a pandemic, they will be less likely to spend money. 从调查中衡量公众对经济前景的态度。如果人们担心自己的工作、政治动荡或大流行，他们就不太可能花钱。

• Consumer prices index 居民消费价格指数

  A measure of the cost of a “typical” assortment of goods and services, used to calculate the rate of inflation. Statisticians first calculate the composition of the basket of goods and services bought by the average consumer: eg, bread, petrol and electrical goods. They then compare the cost of those goods in one period with that in another, weighting the goods and services to reflect the amount the average consumer spends. The change in this consumer prices index over the period (eg, a year) is the inflation rate. For more detail, read our explainer. 衡量“典型”商品和服务分类的成本，用于计算通货膨胀率。统计学家首先计算普通消费者购买的一篮子商品和服务的组成：例如，面包，汽油和电子产品。然后，他们将一个时期的这些商品的成本与另一个时期的成本进行比较，对商品和服务进行加权以反映普通消费者的支出金额。该消费者价格指数在这段时间内（例如，一年）的变化是通货膨胀率。有关更多详细信息，请阅读我们的解释器。

• Consumption 消费

  The spending of money on goods and services by households. Consumers can either spend their income, or save it. When consumers are cautious, they spend less and save more. This can have adverse economic effects as consumption is usually the largest component of aggregate demand, ahead of public spending and investment. 家庭在商品和服务上的支出。消费者既可以花掉他们的收入，也可以储蓄。当消费者谨慎时，他们会少花钱，多存钱。这可能会产生不利的经济影响，因为消费通常是总需求的最大组成部分，排在公共支出和投资之前。

• Contango 康桑戈

  When the futures price of a commodity is higher than the spot price. See also backwardation. 当商品的期货价格高于现货价格时。另请参阅逆价差。

• Cost-benefit analysis 成本效益分析

  A process of assessing the feasibility and profitability of a public-sector project or business decision. As the name suggests, all the potential costs are compared with the potential revenues and other benefits. Although the idea is sound, the estimates are subject to a lot of uncertainty. Building projects are notorious for running over time and over budget. Quantifying non-monetary factors (eg, the value of life or the environment) is difficult—and controversial: see this Explainer and this article. 评估公共部门项目或业务决策的可行性和盈利能力的过程。顾名思义，将所有潜在成本与潜在收入和其他收益进行比较。虽然这个想法是合理的，但估计存在很多不确定性。建筑项目因超时和超出预算而臭名昭著。量化非货币因素（例如，生命或环境的价值）是困难的，也是有争议的：请参阅此解释器和本文。

• Coupon 息票

  Term given to the interest rate on a bond, which stems from a time when physical coupons were attached to bond certificates. On a fixed-rate bond, the coupon does not change but the price of the bond does; the yield of the bond is determined by the relationship between the coupon and the price, plus any capital gain or loss that would result in holding the bond until it matures. 债券利率的术语，源于债券凭证附加实物息票的时代。在固定利率债券上，息票不变，但债券价格会改变;债券的收益率取决于息票和价格之间的关系，加上可能导致持有债券直至到期的任何资本收益或损失。

• Crawling peg 爬行钉

  An exchange-rate system in which a currency is tied to another, but can fluctuate within a range, or band, depending on certain conditions. See also currency peg and fixed exchange rate. 一种汇率制度，其中一种货币与另一种货币挂钩，但可以根据某些条件在某个范围或区间内波动。另请参阅货币挂钩和固定汇率。

• Creative destruction 创造性破坏

  A concept, developed by Joseph Schumpeter, to explain economic innovation. Old inefficient companies must go out of business to release capital and workers so they can be used in new, more innovative ways. 约瑟夫·熊彼特（Joseph Schumpeter）提出的一个概念，用于解释经济创新。旧的低效公司必须倒闭，以释放资本和工人，以便它们可以以新的、更具创新性的方式使用。

• Credit 信用

  A catch-all term for the extension of loans to individuals, companies or organisations. The term is also used more generally to refer to the total amount of debt in an economy, as in credit crunch and credit expansion. More narrowly, a credit is a sum added to a bank account, as opposed to a debit. 向个人、公司或组织提供贷款的统称。该术语也更普遍地用于指代经济体中的债务总额，如信贷紧缩和信贷扩张。更狭义地说，贷方是添加到银行账户的金额，而不是借方。

• Credit crunch 信贷紧缩

  A sudden reduction in the willingness of banks and others to lend money. This usually has adverse economic consequences. 银行和其他机构的借贷意愿突然下降。这通常会产生不利的经济后果。

• Credit default swap 信用违约掉期

  A derivative contract between two parties in which one insures the other against the default of a bond or loan. One of the products at the heart of the 2007-09 financial crisis. See also swaps. 双方之间的衍生合约，其中一方为另一方提供债券或贷款违约保险。2007-09年金融危机的核心产品之一。另请参阅掉期。

• Credit expansion 信贷扩张

  An increase in the willingness of banks and others to lend money. This normally happens in the course of an economic boom. If credit expands too fast, this can be a sign of excessive speculation, often in the property market. 银行和其他机构放贷的意愿增加。这通常发生在经济繁荣的过程中。如果信贷扩张过快，这可能是过度投机的迹象，通常是在房地产市场。

• Credit ratings 信用评级

  See ratings 查看评分

• Creditor 债权人

  A person or institution that is owed money. 欠钱的个人或机构。

• Crony capitalism 裙带资本主义

  An economic system in which businesses thrive because of their connections with political leaders rather than prowess in a competitive market. The Economist devised a crony-capitalism index, ranking several big economies, in 2014 (see article). See also rent-seeking. 一种经济体系，企业之所以蓬勃发展，是因为它们与政治领导人的关系，而不是在竞争激烈的市场中的实力。《经济学人》在2014年设计了一个裙带资本主义指数，对几个大经济体进行了排名（见文章）。另见寻租。

• Crowding out 挤出

  The notion that actions by the state might restrict the options of the private sector. It usually applies to credit. If the government borrows a lot, and pushes up interest rates, then investors may not have enough capital to supply the investment needs of businesses. 国家行动可能会限制私营部门的选择。它通常适用于信贷。如果政府大量借款，并推高利率，那么投资者可能没有足够的资金来满足企业的投资需求。

• Cryptocurrency 加密货币

  Tokens created digitally and at the moment privately, although some central banks have created their own (see this article). Enthusiasts see the currencies as a way of avoiding fiat currency and hence the oversight of governments and banks; ownership and transfer are recorded in a distributed ledger, called the blockchain. The value of cryptocurrencies has been highly volatile, making it difficult for them to be either a store of value or medium of exchange, two essential functions of a conventional currency. 代币以数字方式创建，目前是私人创建的，尽管一些中央银行已经创建了自己的代币（见这篇文章）。狂热者认为货币是避免法定货币的一种方式，因此受到政府和银行的监督;所有权和转让记录在称为区块链的分布式账本中。加密货币的价值一直高度波动，这使得它们很难成为价值储存或交换媒介，这是传统货币的两个基本功能。

• Currency 货币

  The monetary unit of a nation state, or group of states. Examples are the American dollar, the euro and the Japanese yen. In the modern era, most currencies are allowed to rise and fall in value against each other and are traded in the foreign exchange market. 一个民族国家或国家集团的货币单位。例如美元、欧元和日元。在现代，大多数货币被允许相互升值和贬值，并在外汇市场上交易。

• Currency peg 货币挂钩

  A system in which a national currency is fixed in relation to another currency (usually the US dollar). In the modern era, this tends to be done by a developing country with a history of inflation and currency depreciation; the peg is supposedly a way of imposing some discipline. Often, however, maintaining the peg leads to pain in the form of high interest rates and recession, so the link is abandoned. (See also: fixed exchange rate.) 一种国家货币相对于另一种货币（通常是美元）固定的系统。在现代，这往往是由一个有通货膨胀和货币贬值历史的发展中国家完成的。钉子据说是强加一些纪律的一种方式。然而，维持挂钩通常会导致高利率和经济衰退形式的痛苦，因此放弃了这种联系。（另请参阅：固定汇率。

• Current account 往来账户

  This measures all the non-financial transactions between a country and the rest of the world—chiefly its imports and exports of goods and services—and transfers such as remittances and financial aid. Since the balance of payments must balance, a current account deficit necessitates a capital account surplus (an inflow of money) to balance it. 这衡量一个国家与世界其他地区之间的所有非金融交易 - 主要是其商品和服务的进出口 - 以及汇款和金融援助等转移。由于国际收支必须平衡，经常账户赤字需要资本账户盈余（资金流入）来平衡它。

D

• Debt 债务

  Money borrowed from someone else, whether a bank, a company or a person. 从别人那里借来的钱，无论是银行、公司还是个人。

• Default 违约

  When a borrower fails to repay a debt. Widespread defaults are problematic since they can lead to a collapse in the banking system. 当借款人未能偿还债务时。广泛的违约是有问题的，因为它们可能导致银行体系崩溃。

• Deflation 通货紧缩

  Falling prices across an entire economy. Deflationary years were quite common under the gold standard when prices were stable over the long run, with some up and some down years. But deflation tends to be a problem in the modern era since it tends to be associated with falling nominal incomes. Since debt repayments are fixed in nominal terms, deflation often leads to a crisis as debtors struggle to repay their loans. Not to be confused with disinflation. For more, see this Explainer. 整个经济体的价格下跌。在金本位制下，通货紧缩年份很常见，当时价格长期稳定，有些年份上涨，有些年份下跌。但通货紧缩在现代往往是一个问题，因为它往往与名义收入下降有关。由于债务偿还是按名义价值确定的，通货紧缩往往会导致危机，因为债务人难以偿还贷款。不要与通货紧缩混淆。有关更多信息，请参阅此解释器。

• Demand 需求

  See aggregate demand. 查看总需求。

• Demographics 人口

  Characteristics of a population, such as size or composition by age. Demographics and demographic change can have an effect on economic growth; if there are more people of working age, growth is likely to be stronger. 人口的特征，例如按年龄划分的规模或组成。人口结构和人口变化会对经济增长产生影响;如果劳动年龄人口较多，增长可能会更强劲。

• Dependency ratio 受扶养人比率

  The proportion of the population that is not of working age, compared with that which could work, if it chose to. Conventionally, dependants are defined as those aged up to 14 or over 65. Sometimes the figures are separated into youth dependency and old-age dependency. The higher the ratio, the greater the tax burden that is likely to fall on the working population; this is a problem for many developed economies, given the numbers now surviving into old age. See also economically inactive. 未达到工作年龄的人口比例，与可以选择工作的人口比例相比。传统上，受抚养人被定义为年龄不超过 14 岁或超过 65 岁的人。有时，这些数字分为青年受扶养人和老年受扶养人。比率越高，可能落在劳动人口的税收负担就越大;这对许多发达经济体来说是一个问题，因为现在有许多人活到老年。另见非经济活动。

• Deposit insurance 存款保险

  A scheme whereby a government agrees to compensate depositors if a bank goes bust. This can help prevent bank runs, when depositors panic. 一种计划，政府同意在银行破产时赔偿储户。这有助于防止存款人恐慌时银行挤兑。

• Depreciation 折旧

  In the foreign exchange markets, this means a decline in the value of a currency; eg, “the pound depreciated by 10% against the dollar”. (See also devaluation.) In accounting, this relates to the gradual decline in the value of an asset, due to wear and tear. Companies depreciate their assets over their lifetime; this will show up as a deduction on the income account and a reduction in the value of assets on the balance-sheet. 在外汇市场上，这意味着货币价值下降;例如，“英镑兑美元贬值 10%”。（另请参阅贬值。在会计中，这与由于磨损而导致的资产价值逐渐下降有关。公司在其生命周期内折旧其资产;这将显示为收入账户上的扣除和资产负债表上资产价值的减少。

• Depression 抑郁症

  A prolonged and sharp fall in economic output, associated with a high level of unemployment. The Great Depression of the 1930s is the most notable example. 经济产出长期急剧下降，失业率居高不下。1930年代的大萧条就是最显著的例子。

• Deregulation 放松 管制

  It is a staple of conservative thought that there are too many regulations which hold back economic growth. So every few years, governments announce a policy of deregulation to cut back the red tape. It turns out, however, that public opinion often demands that governments act to ban things that are bad, or that are disliked. And so more regulations are introduced. 保守思想的主要内容是，有太多的法规阻碍了经济增长。因此，每隔几年，各国政府就会宣布一项放松管制的政策，以减少繁文缛节。然而，事实证明，公众舆论经常要求政府采取行动禁止不好或不喜欢的事情。因此引入了更多的法规。

• Derivatives 衍生物

  Financial assets whose value “derives” from something else, such as a stockmarket index or a commodity price. Examples include futures, options and swaps. Derivatives are often used to insure against a sudden change in the value of a key variable, such as a sharp rise in the oil price. But they can also be used to speculate on price movements which is why Warren Buffett, a veteran investor, described them as “financial weapons of mass destruction”. 其价值“来源于”其他东西的金融资产，例如股票市场指数或商品价格。例子包括期货、期权和掉期。衍生品通常用于防止关键变量价值的突然变化，例如油价急剧上涨。但它们也可以用来推测价格走势，这就是为什么资深投资者沃伦·巴菲特（Warren Buffett）将其描述为“大规模杀伤性金融武器”。

• Devaluation 贬值

  A formal reduction in the value of a currency. This occurs when a country has a fixed exchange rate and decides to alter the rate; for example, sterling was devalued in 1949 and 1967. Depreciation, in contrast, is a day-to-day currency decline. 货币价值的正式减少。当一个国家有固定汇率并决定改变汇率时，就会发生这种情况;例如，英镑在1949年和1967年贬值。相比之下，贬值是货币的日常贬值。

• Developed countries 发达国家

  A term used for nations where incomes per person are high, relative to the global average. These countries tended to industrialise early and are mainly based in Europe, and in former European settler colonies in North America and Australasia. Many Asian nations such as Japan and South Korea are also classified as developed. For more, see this article. 用于人均收入高于全球平均水平的国家的术语。这些国家倾向于早期工业化，主要位于欧洲，以及北美和澳大拉西亚的前欧洲定居者殖民地。日本和韩国等许多亚洲国家也被列为发达国家。有关详细信息，请参阅此文章。

• Developing countries 发展中国家

  A term used to describe countries where income per person is lower than in “developed nations”. These countries will usually have industrialised later than those in Europe or America. There is no official designation of developing countries and the World Bank uses the terms “lower-middle” and “low-income”. 用于描述人均收入低于“发达国家”的国家的术语。这些国家的工业化通常晚于欧洲或美国。没有正式指定发展中国家，世界银行使用“中低收入”和“低收入”这两个词。

• Diminishing returns 递减

  Production involves certain inputs; labour, machinery, raw materials. At first, adding more inputs will improve productivity substantially; using fertilisers on crops for example or adding waiters in a restaurant to serve more diners. But eventually the marginal gains from adding more inputs will reduce; the waiters will have fewer people to serve. This is the law of diminishing returns, 生产涉及某些投入;劳动力、机械、原材料。首先，增加更多投入将大大提高生产力;例如，在农作物上使用肥料或在餐厅增加服务员以服务更多食客。但最终，增加更多投入的边际收益将减少;服务员服务的人会更少。这是收益递减定律，

• Direct taxes 直接税

  Taxes collected directly by the government. Examples include income tax and corporate profits tax. See also indirect taxation. 由政府直接征收的税款。例子包括所得税和企业利得税。另见间接税。

• Discount rate 贴现率

  The rate the Federal Reserve charges for lending to commercial banks (like the bank rate in Britain). In addition, a discount rate is used by any investor or company trying to calculate the present value of a series of future cashflows. Since money in the future is worth less than money today, these cashflows must be reduced or discounted. The chosen discount rate, usually related to current interest rates or bond yields, can make a big difference to the net present value. For more, see this article. See also time value of money. 美联储对商业银行贷款收取的利率（如英国的银行利率）。此外，任何试图计算一系列未来现金流现值的投资者或公司都使用贴现率。由于未来的钱比今天的钱值钱，这些现金流必须减少或贴现。所选择的贴现率通常与当前利率或债券收益率有关，可以对净现值产生重大影响。有关详细信息，请参阅此文章。另请参阅货币的时间价值。

• Discouraged workers 灰心丧气的工人

  See economically inactive. 请参阅非经济活动。

• Disinflation 通货 紧缩

  A situation where prices across the economy are rising, but more slowly than before—eg, a fall in the annual inflation rate from 10% to 5%. Not to be confused with deflation. 整个经济价格都在上涨，但比以前更慢的情况——例如，年通货膨胀率从10%下降到5%。不要与通货紧缩混淆。

• Disintermediation 去中介化

  Cutting out the middleman, or connecting customers directly with producers. In theory, this should reduce costs. In practice, middlemen emerge in a new form; high-street travel agents may have declined in importance but many people use online versions such as Expedia or Booking.com 切断中间商，或将客户与生产商直接联系起来。从理论上讲，这应该可以降低成本。在实践中，中间商以一种新的形式出现;高街旅行社的重要性可能已经下降，但许多人使用Expedia或 Booking.com 等在线版本

• Diversification 多样化

  The practice of spreading one’s interests widely. In investment, diversification is considered best practice: a big pension fund will own shares in a wide range of companies, across many nations, and will own bonds and property as well. Companies will also diversify across nations. Diversifying across business activities to form a conglomerate is more controversial; many commentators think that focusing on a small range of activities is more efficient. 广泛传播利益的做法。在投资方面，多元化被认为是最佳实践：大型养老基金将拥有许多国家众多公司的股份，并将拥有债券和财产。公司也将在各国之间实现多元化。在业务活动中实现多元化以组建企业集团更具争议性;许多评论家认为，专注于小范围的活动更有效率。

• Dividend 股利

  A regular payment made by a company to its shareholders. The payment comes from a company’s profits. Normally companies try to increase dividends over time; when they cut the dividend, this is a sign of trouble. 公司向其股东支付的定期款项。付款来自公司的利润。通常，公司会随着时间的推移增加股息;当他们削减股息时，这是麻烦的迹象。

• Dividend discount model 股息贴现模型

  A way of valuing shares, based on the future stream of dividends that an investor will receive, discounted to allow for the time value of money. 一种根据投资者将获得的未来股息流对股票进行估值的方法，打折以考虑货币的时间价值。

• Division of labour 分工

  One of the fundamental principles of economics, described by Adam Smith in “The Wealth of Nations”. Work can be undertaken more efficiently if broken up into discrete tasks. It is also more efficient for individuals to focus on their own jobs and use their wages to purchase goods and services, rather than attempt to grow their own food or make their own electrical devices. See also specialisation. 经济学的基本原理之一，由亚当·斯密在《国富论》中描述。如果分解为离散的任务，可以更有效地开展工作。对于个人来说，专注于自己的工作并用他们的工资购买商品和服务，而不是试图种植自己的食物或制造自己的电气设备也更有效率。另请参阅专业化。

• Dumping 倾销

  Selling something for less than the cost of producing it. This practice may be adopted by a dominant supplier in an industry in the hope of driving competitors out of business. More commonly, countries argue that producers in other nations are “dumping” goods and gaining market share; this can be used as an excuse to adopt protectionist measures such as tariffs. 以低于生产成本的价格出售东西。这种做法可能被行业中占主导地位的供应商采用，以期将竞争对手赶出市场。更常见的是，各国认为其他国家的生产商正在“倾销”商品并获得市场份额;这可以作为采取关税等保护主义措施的借口。

• Duopoly 双头垄断

  A situation where two producers control a market. See also monopoly, oligopoly and cartel. 两个生产者控制一个市场的情况。另见垄断、寡头垄断和卡特尔。

E

• ESG investing 环境、社会及管治投资

  The initials stand for “environmental”, “social” and “corporate governance”. The amount of money devoted to ESG investing increased substantially in the second decade of the 21st century, and is linked more broadly to belief in stakeholder capitalism. Supporters said that companies which neglected these issues would eventually come a cropper in the face of regulation, consumer backlash or scandal; opponents argued that the criteria for ESG investing were often woolly and that companies simply paid lip service to the issues involved. For (much) more detail, read our Special Report. 首字母代表“环境”、“社会”和“公司治理”。在21世纪的第二个十年中，用于ESG投资的资金大幅增加，并且与利益相关者资本主义的信念更广泛地联系在一起。支持者表示，忽视这些问题的公司最终会在面对监管、消费者反弹或丑闻时成为庄稼人;反对者认为，ESG投资的标准往往是毛茸茸的，公司只是对所涉及的问题口头上说说而已。有关（更多）更多详细信息，请阅读我们的特别报告。

• Econometrics 计量经济学

  The use of statistical analysis to quantify economic relationships. 使用统计分析来量化经济关系。

• Economic rent 经济租金

  The extra income that accrues to the owner of a limited asset or resource. So a skilled worker may be able to earn far more than the lowest wage he or she would be willing to accept; a landlord may earn higher rent on a property if the local authority builds a railway station nearby. 有限资产或资源的所有者获得的额外收入。因此，技术工人的收入可能远远超过他或她愿意接受的最低工资;如果地方当局在附近建造火车站，房东可能会在房产上赚取更高的租金。

• Economically inactive 非经济活动人口

  A term generally used to cover people of working age (generally 15 to 64 years old) who are not seeking a job, nor in full-time education. This includes people who are caring for relatives, those who are too sick to work, those who have retired before the state pension age and “discouraged workers” who have given up trying for a job. See also voluntary unemployment. 该术语通常用于涵盖不求职或接受全日制教育的工作年龄（通常为15至64岁）的人。这包括照顾亲戚的人，那些病得太重而无法工作的人，那些在国家养老金年龄之前退休的人以及那些放弃尝试工作的“沮丧工人”。另见自愿失业。

• Economies of scale 规模经济

  The owner of a firm needs to buy machinery, rent property, and so on. Some of these costs are fixed. As the firm produces more, these costs are spread over more units; the average cost of production falls. These economies of scale mean that mass production tends to result in cheaper goods. 公司的所有者需要购买机器，租用财产等。其中一些成本是固定的。随着公司生产的更多，这些成本分摊到更多的单位;平均生产成本下降。这些规模经济意味着大规模生产往往会带来更便宜的商品。

• Efficient market hypothesis 有效市场假说

  The theory that market prices reflect all public information. Trading, or investing, on the basis of that information will thus not offer any advantage. The hypothesis explains why so many fund managers fail to beat the market, after costs, and has led to the popularity of low-cost index funds, which simply buy all the securities in the index. For more, see this article. 市场价格反映所有公共信息的理论。因此，基于这些信息进行交易或投资不会提供任何优势。该假设解释了为什么如此多的基金经理未能在成本后跑赢市场，并导致低成本指数基金的普及，这些基金只是购买指数中的所有证券。有关详细信息，请参阅此文章。

• Elasticity 弹性

  A measure of the responsiveness of one variable to changes in another. For example, if a good rises in price by 10%, then demand could fall by less than 10% (price inelasticity) or more than 10% (price elasticity). Essential goods like food and fuel tend to be price inelastic. 一个变量对另一个变量变化的响应能力的度量。例如，如果一件商品价格上涨了10%，那么需求可能会下降不到10%（价格无弹性）或超过10%（价格弹性）。食品和燃料等必需品往往价格没有弹性。

• Emerging markets 新兴市场

  A term, largely used in investment circles, for developing countries. Investors might put their capital into emerging markets because they believe the growth prospects for such countries (and thus the returns on equities) will be higher. But emerging markets tend to be risky, and can suffer from capital flight when investors become risk-averse. 一个术语，主要用于投资界，指发展中国家。投资者可能会将资金投入新兴市场，因为他们相信这些国家的增长前景（以及股票回报）会更高。但新兴市场往往存在风险，当投资者变得厌恶风险时，可能会遭受资本外逃。

• Endogenous growth theory 内源性生长理论

  A hypothesis, put forward by Paul Romer, that economic growth does not simply arise from exogenous factors (such as the creative insights of inventors) but also from government policies, such as investment in research and development and laws that protect intellectual property. Gordon Brown, Britain’s former prime minister, was mocked for referring to “post-neoclassical endogenous growth theory” in a speech. Mr Romer’s work earned a Nobel prize, but economists still don’t fully understand how and why economies grow. 保罗·罗默（Paul Romer）提出的一个假设是，经济增长不仅来自外部因素（如发明家的创造性见解），还来自政府政策，如研发投资和保护知识产权的法律。英国前首相戈登·布朗（Gordon Brown）因在一次演讲中提到“后新古典内生增长理论”而受到嘲笑。罗默的工作获得了诺贝尔奖，但经济学家仍然不完全了解经济如何以及为什么增长。

• Endowment effect 禀赋效应

  A psychological bias that causes people to be more willing to retain an object than acquire the same object if they don’t own it. Put another way, they value an object they won more highly than the market value. This may explain behaviour that is not “rational” in economic terms. See behavioural economics. 一种心理偏见，导致人们更愿意保留一个对象，而不是获得一个对象，如果他们不拥有它。换句话说，他们更看重他们赢得的物品，而不是市场价值。这可以解释从经济角度来看不“理性”的行为。参见行为经济学。

• Entrepreneur 企业家

  Individual who puts together the factors of production (labour, machinery, business) to found a new business. Entrepreneurs tend to be much praised as risk-takers who boost economic growth. 将生产要素（劳动力、机器、商业）组合在一起以建立新业务的个人。企业家往往被称赞为促进经济增长的冒险者。

• Equilibrium 平衡

  One of the commonest concepts in economics. At its simplest, equilibrium means a balance between the supply of and demand for a good at a market-clearing price. But economists also study equilibria across the entire economy (“general equilibrium”) or in which markets do not clear (see involuntary unemployment). Unhelpfully, equilibria need not be stable (see the commodity cycle) or socially optimal. See also Nash equilibrium. Some economists think too much attention has been given to equilibrium: see this article. 经济学中最常见的概念之一。简单来说，均衡意味着以市场出清的价格平衡商品的供求关系。但经济学家也研究整个经济的均衡（“一般均衡”）或市场不明确的均衡（见非自愿失业）。无益的是，均衡不一定是稳定的（见商品周期）或社会最优的。另见纳什均衡。一些经济学家认为均衡被给予了太多的关注：见这篇文章。

• Equity 公平

  Long-term capital raised from investors in the form of shares. The shareholders are the owners of the company and share in its assets and profits; to take over a company, a rival must make an offer that satisfies its shareholders. In normal circumstances, equity is never repaid (unlike debt). Shareholders have voting rights (over issues such as the appointment of directors) and will sometimes receive income in the form of dividends. 以股票形式从投资者那里筹集的长期资金。股东是公司的所有者，并分享其资产和利润;要接管一家公司，竞争对手必须提出令其股东满意的要约。在正常情况下，股权永远不会偿还（与债务不同）。股东拥有投票权（在任命董事等问题上），有时会以股息的形式获得收入。

• Euro zone 欧元区

  Those countries within the European Union (20 at the time of writing) that have adopted the euro as their currency. In addition, six non-EU countries (Andorra, Kosovo, Monaco, Montenegro, San Marino and the Vatican City) use the currency. Monetary policy in the euro zone is set by the European Central Bank. 欧盟内采用欧元作为货币的国家（在撰写本文时为20个）。此外，六个非欧盟国家（安道尔、科索沃、摩纳哥、黑山、圣马力诺和梵蒂冈城）使用该货币。欧元区的货币政策由欧洲央行制定。

• Eurobond 欧洲债券

  A bond issued by a government or company in a foreign currency. The first eurobond raised $15m for Autostrade, operator of Italy’s motorway network, in 1963. 政府或公司以外币发行的债券。1963年，第一只欧洲债券为意大利高速公路网络的运营商Autostrade筹集了1500万美元。

• European Central Bank 欧洲中央银行

  The monetary authority for the euro zone. The bank is based in Frankfurt and describes its main task as to “maintain price stability”. It also supervises banks in the euro area. Its governing council comprises six members of the executive board plus the governors of the 19 central banks of euro zone countries. 欧元区的货币管理局。该银行总部位于法兰克福，其主要任务是“维持价格稳定”。它还监管欧元区的银行。其管理委员会由六名执行委员会成员以及欧元区国家19家中央银行的行长组成。

• Exchange rate 汇率

  The rate at which one currency is exchanged for another. Generally, this is either a fixed exchange rate or a floating exchange rate although halfway houses (such as a crawling peg) have been attempted. 一种货币兑换另一种货币的汇率。一般来说，这要么是固定汇率，要么是浮动汇率，尽管已经尝试过中途房屋（例如爬行钉）。

• Exports 出口

  Goods and services sold to foreign buyers. When a foreign tourist buys a meal in Spain, that counts as a Spanish export. 出售给外国买家的商品和服务。当外国游客在西班牙购买餐点时，这算作西班牙出口。

• Externality 外部

  An externality is a cost or benefit to a third party as a result of someone else’s actions. Externalities lie outside the market system. Polluted air, caused by a chemical plant’s emissions, is a negative externality. A common textbook example of positive externalities involves beehives next door to an orchard: the nectar feeds the bees, which in turn pollinate the trees. See also Coase theorem, free rider, Pigouvian taxes and public goods. 外部性是由于他人的行为而给第三方带来的成本或收益。外部性在市场体系之外。由化工厂排放引起的污染空气是一种负外部性。正外部性的一个常见教科书例子涉及果园隔壁的蜂箱：花蜜喂养蜜蜂，蜜蜂又为树木授粉。另见科斯定理，搭便车，皮古夫税和公共物品。

F

• Factors of production 生产要素

  The ingredients necessary for economic activity: land, labour, capital and entrepreneurship, which is needed to bring the other three elements together. 经济活动所必需的要素：土地、劳动力、资本和企业家精神，这是将其他三个要素结合在一起所必需的。

• Fair trade 公平交易

  An approach which argues that consumers should not simply focus on the cost of the goods they buy but on the working conditions and wages of the workers that supply them. Various schemes offer to certify that a product (such as coffee) has been made in a fair-trade fashion. 这种方法认为，消费者不应该只关注他们购买的商品的成本，而应该关注供应它们的工人的工作条件和工资。各种计划提供证明产品（如咖啡）是以公平贸易的方式制造的。

• Fat tails 肥尾巴

  A situation when more extreme events occur more frequently than in a normal distribution. In 2007, during the financial crisis, David Viniar, the chief financial officer of Goldman Sachs, said the firm had experienced “25 standard deviation events, several days in a row”. This was a sign that the firm’s models were wrong, as they had not anticipated fat tails. 比正态分布更频繁地发生更极端事件的情况。2007年，在金融危机期间，高盛（Goldman Sachs）首席财务官大卫·维尼亚尔（David Viniar）表示，该公司经历了“连续几天的25次标准差事件”。这表明该公司的模型是错误的，因为他们没有预料到肥尾巴。

• Federal Reserve System 联邦储备系统

  The most powerful actor in the global financial system. Set up in 1913, America’s central bank actually divides the country into 12 Reserve districts, each with its own regional Federal Reserve bank. These are overseen by the Federal Reserve Board, consisting of seven governors based in Washington, DC. The key decisions on monetary policy are made by the Federal Open Market Committee or FOMC. For more detail, see this Explainer. 全球金融体系中最强大的参与者。美国中央银行成立于1913年，实际上将国家划分为12个储备区，每个区都有自己的地区联邦储备银行。这些由联邦储备委员会监督，该委员会由位于华盛顿特区的七位州长组成。货币政策的关键决策由联邦公开市场委员会（FOMC）做出。有关更多详细信息，请参阅此解释器。

• Fiat currency 法定货币

  A currency declared to be legal tender in a country by a government. Such a currency is not backed by gold or another asset; the government simply issues an order (or fiat) that it is legal tender, and can insist it be used to pay taxes. Most countries have fiat currencies and they achieve widespread acceptance as a medium of exchange because of their convenience. 政府宣布为一个国家法定货币的货币。这种货币没有黄金或其他资产的支持;政府只需发布命令（或法令）表明它是法定货币，并可以坚持用它来纳税。大多数国家都有法定货币，并且由于其便利性而被广泛接受为交换媒介。

• Financial markets 金融市场

  The places where money is invested, in the form of short-term loans, bonds, equities and derivatives. Often anthropomorphised in the media (eg, “The markets were unhappy with the government’s budget plans”). 以短期贷款、债券、股票和衍生品的形式投资资金的地方。经常在媒体上被拟人化（例如，“市场对政府的预算计划不满意”）。

• First mover advantage 先发优势

  The benefit that can, but does not always, accrue to the first company to introduce a product, or an innovation. Consumers may come to associate the product with the company name and other firms may be discouraged from entering the market. More broadly, first mover advantage can apply in any adversarial game: see game theory. 可以但并非总是为第一家推出产品或创新的公司带来的好处。消费者可能会将产品与公司名称联系起来，而其他公司可能会被劝阻进入市场。更广泛地说，先发优势可以应用于任何对抗性博弈：参见博弈论。

• Fiscal drag 财政拖累

  A way in which inflation can boost tax revenues. In most tax systems, workers must earn a certain amount before they pay income tax, or pay it a higher rate. If those allowances are not uprated every year in line with inflation, workers end up paying more in tax in real terms when their wages rise. 通货膨胀可以增加税收的一种方式。在大多数税收制度中，工人在缴纳所得税之前必须赚取一定金额，或者支付更高的税率。如果这些津贴没有随着通货膨胀而每年增加，那么当工人的工资上涨时，他们最终会实际缴纳更多的税款。

• Fiscal policy 财政政策

  Decisions relating to the amount a government raises in taxes and spends on public services. Fiscal tightening means the government is raising taxes, or cutting spending (or both) and thus taking demand out of the economy. Fiscal easing means the government is lowering taxes, or raising spending (or both) and thus adding demand. A fiscally neutral budget would neither add nor subtract demand by, say, raising taxes and spending by the same amount. 与政府筹集税收和公共服务支出金额有关的决定。财政紧缩意味着政府正在提高税收或削减支出（或两者兼而有之），从而将需求从经济中剔除。财政宽松意味着政府正在降低税收或增加支出（或两者兼而有之），从而增加需求。财政中立的预算既不会通过增加税收和支出等额来增加或减少需求。

• Fixed costs 固定成本

  Costs of production that do not change when output changes, for example the rent paid on a factory. See also variable costs. 产量变化时不会改变的生产成本，例如支付给工厂的租金。另请参阅可变成本。

• Fixed exchange rate 固定汇率

  When the value of one currency is tied to that of another or (in the past) to gold. Fixed exchange rates were common until the 1970s as they offered certainties; importers knew the cost of goods bought from abroad; exporters knew the value of the revenues they would receive for selling goods to foreigners. But they proved difficult to maintain as capital flowed more freely across national boundaries. Before the creation of the euro zone its founding members maintained fixed exchange rates with one another. See also floating exchange rate and gold standard. 当一种货币的价值与另一种货币的价值或（过去）与黄金挂钩时。直到1970年代，固定汇率都很普遍，因为它们提供了确定性;进口商知道从国外购买商品的成本;出口商知道他们向外国人出售商品将获得的收入价值。但事实证明，随着资本更自由地跨越国界流动，它们难以维持。在欧元区成立之前，其创始成员国彼此之间保持固定汇率。另见浮动汇率和金本位制。

• Fixed rate 固定利率

  When the interest rate on a bond, or other financial instrument, is invariable. 当债券或其他金融工具的利率不变时。

• Floating exchange rate 浮动汇率

  When a currency’s value moves freely against that of other countries. Floating rates have been widespread since the 1970s after the weakening of capital controls. In theory, the exchange rate bears the burden of economic adjustment; a currency with a trade deficit can let its currency decline in order to make its goods more competitive, rather than slash workers’ wages. 当一种货币的价值相对于其他国家的价值自由波动时。自1970年代资本管制减弱以来，浮动利率一直很普遍。从理论上讲，汇率承担着经济调整的负担;有贸易逆差的货币可以让其货币贬值，以使其商品更具竞争力，而不是削减工人的工资。

• Floating rate note 浮动利率票据

  Financial instrument where the interest rate varies over time according to a set formula. 利率根据设定公式随时间变化的金融工具。

• Flotation 浮选

  The term used when a company lists its shares on a stock market for the first time. This is also known as an initial public offering, or IPO. 公司首次在股票市场上市时使用的术语。这也称为首次公开募股或IPO。

• Foreign direct investment (FDI) 外商直接投资

  When a foreign investor sets up a new operation in a country, or buys an existing business. FDI is distinct from portfolio investment, the purchase of a small stake in a business by a pension fund or sovereign wealth fund. FDI can boost productivity, by bringing new technology and upgrading the skills of domestic workers. It expanded rapidly at the end of the 20th century. But governments can be suspicious if a foreign company takes over an industry in an area (like technology or defence) which is perceived to be strategically important. 当外国投资者在一个国家建立新业务或购买现有业务时。外国直接投资不同于证券投资，证券投资是指由养老基金或主权财富基金购买企业的一小部分股份。外国直接投资可以通过带来新技术和提高家政工人的技能来提高生产力。它在20世纪末迅速扩张。但是，如果一家外国公司接管了一个被认为具有战略重要性的领域（如技术或国防）的行业，政府可能会持怀疑态度。

• Foreign exchange market 外汇市场

  The forum where currencies are traded. Often abbreviated to FX or forex. 交易货币的论坛。通常缩写为外汇或外汇。

• Foreign exchange reserves 外汇储备

  Assets, normally held by a central bank, that can be used in a financial crisis or to influence the country’s exchange rate. Central banks tend to hold their reserves in major currencies like the dollar or euro, as well as gold. Reserves were vital under the gold standard and other fixed exchange rate systems, since the central bank could sell the reserves and buy the domestic currency to support its price. In the modern era, the scale of daily currency trading is so great that it is hard for any country to hold enough reserves to combat the markets. 通常由中央银行持有的资产，可用于金融危机或影响国家汇率。中央银行倾向于以美元或欧元等主要货币以及黄金持有储备。在金本位制和其他固定汇率制度下，储备至关重要，因为中央银行可以出售储备并购买本国货币以支持其价格。在现代，每日货币交易的规模如此之大，以至于任何国家都很难持有足够的储备来对抗市场。

• Forward exchange rate 远期汇率

  A rate agreed between two parties for trading currencies in a few months’ or a year’s time. The difference between the forward rate and the spot rate is driven by the interest rate differentials between the two countries concerned. 双方在几个月或一年内商定的货币交易汇率。远期利率和即期汇率之间的差异是由有关两国之间的利率差异驱动的。

• Forward rate agreement 远期利率协议

  Contract between two parties that determines the rate of interest to be paid in the future. May be used by borrowers to fix their interest costs in advance. 双方之间的合同，确定未来要支付的利率。借款人可以使用它提前确定其利息成本。

• Framing 框架

  In behavioural economics, the idea that how a proposition is framed can affect the reaction of individuals. So expressing the cost of an annual subscription at $72 a year will attract fewer customers than describing it as $6 a month. 在行为经济学中，一个命题是如何构建的，可以影响个人的反应。因此，将年度订阅费用表示为每年 72 美元将比将其描述为每月 6 美元吸引更少的客户。

• Free rider 搭便车

  A free rider benefits from a good or service without paying the full price, or anything at all. The term derives from those who ride on a bus or train without paying. More generally, free-rider problems relate to positive externalities, especially those associated with public goods such as clean air or water. See also tragedy of the commons. 搭便车者无需支付全价或任何东西即可从商品或服务中受益。该术语源自那些不付费乘坐公共汽车或火车的人。更一般地说，搭便车问题与正外部性有关，特别是与清洁空气或水等公共产品相关的外部性。另见公地悲剧。

• Free trade 自由贸易

  The cause that led to the founding of The Economist in 1843. Free-trade enthusiasts believe that the unfettered international exchange of goods and services leads to more efficient economies (see comparative advantage) and thus, in the long run, greater prosperity for all: see this Explainer. Opponents argue that workers in domestic industries lose their jobs when exposed to international trade, and this leads many governments to adopt tariffs and protectionist policies. 这一事业导致了1843年《经济学人》的创立。自由贸易爱好者认为，不受约束的商品和服务国际交换会带来更有效率的经济（见比较优势），因此，从长远来看，所有人都会更加繁荣：见本解释。反对者认为，国内工业的工人在接触国际贸易时会失去工作，这导致许多政府采取关税和保护主义政策。

• Free trade area 自由贸易区

  Region which has dropped tariffs, quotas and other controls on imports and exports. The best-known examples are the European Union, which also embodies much deeper economic integration, and NAFTA (now the USMCA). 取消了对进出口的关税、配额和其他控制的地区。最著名的例子是欧盟，它也体现了更深层次的经济一体化，以及北美自由贸易协定（现在的USMCA）。

• Free-market economists 自由市场经济学家

  Those who believe that the market is better at allocating resources than governments and that excessive regulation and high public spending tend to diminish growth in the long run. See also Austrian school, Chicago school, laissez-faire and neoliberalism. 那些认为市场比政府更善于配置资源的人，以及过度监管和高公共支出往往会削弱长期增长的人。另见奥地利学派，芝加哥学派，自由放任和新自由主义。

• Frictional unemployment 摩擦性失业

  The joblessness that results from people quitting their jobs in search of better opportunities or that occurs as struggling firms shed labour and rising firms hunt for new workers. For more detail, read this Explainer. 失业是由于人们为了寻找更好的机会而辞职造成的，或者发生在陷入困境的公司裁员和新兴公司寻找新工人时发生的失业。有关更多详细信息，请阅读此解释器。

• Full employment 充分就业

  When everyone who wants a job at prevailing wages can find one. Zero unemployment is not possible since companies go bust, or shed labour, and it can take time for workers to find a new job (see frictional unemployment). Central banks and governments may aim to achieve full employment but it is hard to define the rate (2%? 3%?) at which it is achieved. See also the Nairu and this Explainer. 当每个想要以现行工资找到工作的人都能找到一份工作时。零失业是不可能的，因为公司破产或裁员，工人找到新工作可能需要时间（见摩擦失业）。中央银行和政府可能旨在实现充分就业，但很难确定实现充分就业的比率（2%？3%？）。另见奈鲁和这个解释器。

• Future 前途

  A contract, traded on an exchange, to trade a commodity, or a financial instrument, at a future date. Futures can be used to hedge against a price change (for example, a farmer might sell his crop in advance) or to speculate on a future price change. 在交易所交易的合约，用于在未来某个日期交易商品或金融工具。期货可用于对冲价格变化（例如，农民可能会提前出售他的作物）或推测未来的价格变化。

G

• GDP

  See Gross Domestic Product. 见国内生产总值。

• Game theory 博弈论

  A technique for analysing how people, firms and governments behave in situations they must take into account what others are likely to do and might respond to what they do. For instance, competition among firms can be analysed as a game in which they strive for long-term advantage; game theory has also been applied to nuclear deterrence (see this article). See also Nash equilibrium; and for more detail, read our Schools Brief. 一种分析人们、公司和政府在他们必须考虑其他人可能做什么以及可能回应他们所做的事情的情况下的行为的技术。例如，公司之间的竞争可以分析为它们争取长期利益的游戏;博弈论也已应用于核威慑（见本文）。另见纳什均衡;有关更多详细信息，请阅读我们的学校简介。

• Gearing 传动

  See leverage. 请参阅杠杆。

• General Agreement on Tariffs and Trade 关税及贸易总协定

  The General Agreement on Tariffs and Trade or GATT was signed in 1947 and aimed to eliminate the protectionism that had dogged the global economy in the 1930s. It was followed by several rounds of negotiations which gradually reduced trade barriers and was eventually superseded in the 1990s by the World Trade Organisation or WTO. 关税及贸易总协定（GATT）于1947年签署，旨在消除1930年代困扰全球经济的保护主义。随后进行了几轮谈判，逐渐减少了贸易壁垒，最终在1990年代被世界贸易组织或世贸组织所取代。

• Giffen goods 吉芬商品

  A basic product for which the normal relationship between supply and demand does not apply: when the price goes up, so does demand because the hit to real incomes from the higher price causes more expensive products to be shunned. Very few examples have been observed in practice, although staple products such as bread and rice can occasionally have Giffen characteristics. See also Veblen goods. 供需之间正常关系不适用的一种基本产品：当价格上涨时，需求也会上涨，因为价格上涨对实际收入的打击会导致更昂贵的产品被回避。在实践中观察到的例子很少，尽管面包和大米等主食产品偶尔会具有吉芬特征。另见凡勃伦商品。

• Gig economy 零工经济

  A term given to workers whose jobs are part-time or temporary, and who thus lack job security. Many work for the new wave of platform companies that have emerged in the 21st century such as Uber, a ride-sharing company, or Deliveroo, a food-delivery group. As contractors, gig-economy workers have few rights such as holiday pay or pensions, although courts have ruled that some must be treated as conventional employees. See also precariat. 一个术语，指那些工作是兼职或临时的，因此缺乏工作保障的工人。许多人为21世纪出现的新一波平台公司工作，例如乘车共享公司Uber或食品配送集团Deliveroo。作为承包商，零工经济工人几乎没有假期工资或养老金等权利，尽管法院裁定有些人必须被视为传统雇员。另见不稳定。

• Gilts 国债

  Bonds issued by the British government. At one stage, the debt certificates had a gilt edge but the term “gilt-edged” came to refer to the quality of the government’s credit: investors could be assured of repayment. 英国政府发行的债券。在某个阶段，债务凭证具有镀金边缘，但“镀金边缘”一词指的是政府信用的质量：投资者可以放心偿还。

• Gini coefficient 基尼系数

  An indicator designed to measure inequality of income and wealth. It ranges from zero, which indicates perfect equality, with every household earning or owning exactly the same, to one, which implies absolute inequality, with a single household earning a country's entire income or owning all its wealth. African countries tend to have high Gini coefficients; European countries tend to have low ones. Among rich countries, America has a relatively high coefficient (see this article for more detail). Despite being a notionally communist country, China has a higher coefficient than many rich countries (for more, read this article). 旨在衡量收入和财富不平等的指标。它的范围从零（表示完全平等，每个家庭的收入或拥有完全相同）到一，这意味着绝对不平等，单个家庭赚取一个国家的全部收入或拥有其所有财富。非洲国家的基尼系数往往很高;欧洲国家往往低。在富裕国家中，美国的系数相对较高（有关更多详细信息，请参阅本文）。尽管中国是一个名义上的共产主义国家，但中国的系数高于许多富裕国家（有关更多信息，请阅读本文）。

• Globalisation 全球化

  The tendency for national economies to become integrated with each other, through the movement of goods and services, capital and people. The first modern wave of globalisation in the late 19th century was brought to an end by the first world war. A second stage emerged during the late 20th century as China, and the ex-communist countries of eastern Europe, joined the global trading system. 通过商品和服务、资本和人员的流动，国民经济相互融合的趋势。19世纪末的第一次现代全球化浪潮因第一次世界大战而结束。第二阶段出现在20世纪后期，中国和东欧的前共产主义国家加入了全球贸易体系。

• Gold 金

  Precious metal that was once a central part of the global monetary system (see gold standard). Central banks still hold gold as part of their reserves. Some see the metal, which is limited in supply, as a hedge against inflation, although its record in that respect is patchy. 曾经是全球货币体系核心部分的贵金属（见金本位制）。各国央行仍然持有黄金作为其储备的一部分。一些人认为供应有限的金属是对冲通胀的一种工具，尽管它在这方面的记录是不完整的。

• Gold standard 金本位

  International system, used in the late 19th and early 20th centuries, that linked the amount of domestic currency in circulation (and the exchange rate) to a country’s gold reserves. Since these reserves grew slowly, so did the money supply and there was little long-term inflation. This protected the interests of creditors but it meant that any competitive adjustment in the economy involved painful deflation. As a result, the world abandoned the standard in the Great Depression of the 1930s. 19世纪末和20世纪初使用的国际体系，将流通中的本国货币数量（和汇率）与一个国家的黄金储备联系起来。由于这些储备增长缓慢，货币供应量也增长缓慢，长期通货膨胀很少。这保护了债权人的利益，但这意味着经济中的任何竞争性调整都涉及痛苦的通货紧缩。结果，世界在 1930 年代的大萧条中放弃了标准。

• Government bonds 政府债券

  Debt issued by governments is often the most important instrument in a country’s financial markets. Because most governments can be relied upon to repay the debt, it is regarded as a risk-free asset and is a core part of the portfolios of insurance companies and pension funds. The government bond yield also drives the cost of borrowing for companies, which will usually pay a higher yield because of the greater risk of default. 政府发行的债务往往是一国金融市场中最重要的工具。由于可以依靠大多数政府来偿还债务，因此它被视为无风险资产，是保险公司和养老基金投资组合的核心部分。政府债券收益率也推动了公司的借贷成本，由于违约风险更大，公司通常会支付更高的收益率。

• Gravity model of trade 贸易的引力模型

  The theory that the intensity of trade between two countries is dependent on two factors; their economic size and their distance from one another. In 2021 America’s top three trading partners were Canada and Mexico (its nearest neighbours) and China (the world’s second-largest economy). 两国之间贸易强度取决于两个因素的理论;他们的经济规模和彼此之间的距离。2021年，美国的三大贸易伙伴是加拿大和墨西哥（其最近的邻国）和中国（世界第二大经济体）。

• Great Compression 出色的压缩

  A period from in the mid-20th century when income differentials narrowed in the face of the growth of the welfare state and high rates of marginal taxation. 从20世纪中叶开始，面对福利国家的增长和高边际税率，收入差距缩小。

• Great Depression 大萧条

  The era in the 1930s when economic output and volumes of international trade collapsed. The depression was a challenge to classical economics which held that market forces would eventually bring the economy back to growth and eventually led to the adoption of Keynesian economics after the second world war. 1930年代经济产出和国际贸易量崩溃的时代。大萧条是对古典经济学的挑战，古典经济学认为市场力量最终将使经济恢复增长，并最终导致第二次世界大战后采用凯恩斯主义经济学。

• Great Moderation 大节制

  A period from the mid-1980s to 2007 when recessions in the developed world were rare, inflation was mostly low, interest rates steadily fell and asset markets soared. Came to a halt with the financial crisis of 2007, in what could be described as a Minsky moment. 从1980年代中期到2007年，发达国家经济衰退很少见，通货膨胀率大多很低，利率稳步下降，资产市场飙升。随着2007年的金融危机而停止，可以说是明斯基时刻。

• Gresham’s Law 格雷欣定律

  The idea that bad money drives out good. Suppose that some coins in circulation are pure gold, and others are only 90% metal but both have the same par value (eg, a dollar or a pound). Traders will keep the pure coins for themselves and hand over the debased coinage. Eventually only the debased coins will be in circulation. 劣币驱逐良币的想法。假设流通中的一些硬币是纯金，而其他硬币只有90%是金属，但两者都具有相同的面值（例如，一美元或一磅）。交易者将自己保留纯硬币，并交出贬值的硬币。最终，只有贬值的硬币才会流通。

• Gross domestic product (GDP) 国内生产总值

  The main measure of an economy’s size. GDP is calculated from the market value of all the finished goods and services within a country’s borders over a set period of time. It has its critics; if a vandal breaks a window, the cost of its repair is an addition to GDP even though human welfare has hardly improved. (For more detail, see this Explainer.) It is also hard to calculate and initial GDP figures are often revised later. 衡量一个经济体规模的主要指标。GDP是根据一国境内所有制成品和服务在一定时期内的市场价值计算的。它有批评者;如果破坏者打破了窗户，即使人类福利几乎没有改善，其维修成本也是GDP的补充。（有关更多详细信息，请参阅此说明。它也很难计算，最初的GDP数据经常在以后修改。

• Gross national product (GNP) 国民生产总值（国产总值）

  An alternative to GDP, GNP is the value of all goods and services produced by citizens of a country, both domestically and internationally. Income earned by foreign residents is deducted. The difference can sometimes be dramatic. Thanks to Ireland’s low corporate-tax rate, so many multinationals are based in the country that its GDP is much higher than its GNP. 作为GDP的替代品，GNP是一个国家公民在国内和国际上生产的所有商品和服务的价值。扣除外国居民的收入。差异有时可能是巨大的。由于爱尔兰的公司税率低，许多跨国公司都设在该国，其GDP远高于其国民生产总值。

H

• Haircut 理发

  When financial institutions like banks borrow money, creditors often ask for collateral to protect themselves against default (just as homeowners use their houses as security for a mortgage). Often this collateral will be in the form of financial securities, such as bonds. The creditors face the risk that the collateral might fall in value at the very time the borrower defaults. So they will not accept the collateral at its value, but will apply a discount, or haircut (for example, securities with a market value of $100m would only count as collateral of $90m). The more risky the securities, the greater the haircut. 当银行等金融机构借钱时，债权人通常会要求提供抵押品以保护自己免受违约（就像房主将他们的房屋用作抵押贷款的担保一样）。通常，这种抵押品将以金融证券的形式出现，例如债券。债权人面临的风险是，抵押品可能在借款人违约时价值下降。因此，他们不会接受抵押品的价值，而是会应用折扣或理发（例如，市值为1亿美元的证券仅算作9000万美元的抵押品）。证券风险越大，理发就越大。

• Hedge funds 对冲基金

  Investment vehicles that attract money from institutions (such as endowments and pension funds) and from wealthy individuals. They follow a wide range of strategies, often using leverage and going short (betting on falling prices). As well as an annual management fee, they charge a performance fee; individual hedge-fund managers can become very wealthy themselves. For more, see this Explainer. 吸引机构（如捐赠基金和养老基金）和富人资金的投资工具。他们遵循广泛的策略，通常使用杠杆和做空（押注价格下跌）。除了年度管理费外，他们还收取绩效费;个别对冲基金经理自己也可以变得非常富有。有关更多信息，请参阅此解释器。

• Hedging 对冲

  This occurs when individuals, companies and institutions try to protect themselves against adverse market movements, such as changes in commodity prices, currencies or interest rates. See also insurance. 当个人、公司和机构试图保护自己免受不利的市场波动（例如商品价格、货币或利率的变化）的影响时，就会发生这种情况。另请参阅保险。

• Hedonic adjustment 享乐调整

  The change made to recorded inflation rates to reflect improvements in the quality of goods, such as personal computers. 对记录的通货膨胀率所做的更改，以反映个人电脑等商品质量的提高。

• Hot money 热钱

  Short-term capital that flows into a country in search of quick returns. Hot money tends to flow through the banks, leading to a lending spree that causes speculation in the property market. It also drives up the country’s currency, making life more difficult for its exports. When sentiment turns, hot money flows out, causing the currency to slump, bursting any speculative bubbles and leading to a banking crisis. Nations prefer to rely on foreign direct investment, which is more permanent. 流入一个国家以寻求快速回报的短期资本。热钱往往流经银行，导致贷款狂潮，导致房地产市场投机。它还推高了该国的货币，使其出口生活更加困难。当情绪转变时，热钱流出，导致货币暴跌，打破任何投机泡沫并导致银行危机。各国更愿意依赖外国直接投资，这种投资更持久。

• Human capital 人力资本

  The skills and brainpower of workers. Improving human capital through training and education is often seen as a way of improving productivity, although the effectiveness of such programmes can be hard to measure. For more detail, read our Explainer and Schools Brief. 工人的技能和脑力。通过培训和教育改善人力资本往往被视为提高生产力的一种方式，尽管这些方案的效力可能难以衡量。有关更多详细信息，请阅读我们的解释器和学校简介。

• Hybrid working 混合工作

  A term that emerged during the pandemic to describe employees who work part of the time in the office and part of the time at home. This appeals to many workers, as it reduces commuting time, while also being acceptable to companies, since employees still come in to attend meetings and interact with their managers and colleagues. For more, see this article. 大流行期间出现的一个术语，用于描述部分时间在办公室工作和部分时间在家工作的员工。这吸引了许多工人，因为它减少了通勤时间，同时也为公司所接受，因为员工仍然来参加会议并与他们的经理和同事互动。有关详细信息，请参阅此文章。

• Hyperinflation 恶性通货膨胀

  When inflation gets out of control—as happened, for example, in Germany in 1923. A loaf of bread cost 200bn marks in November 1923 and workers were paid twice a day because their wages fell in value during the day. Such high rates of inflation are fuelled by rapid expansion of the money supply. To learn more, read this Explainer and this article. 当通货膨胀失控时——例如，1923年的德国。1923 年 11 月，一条面包的价格为 2000 亿马克，工人每天获得两次工资，因为他们的工资在白天贬值。如此高的通货膨胀率是由货币供应量的迅速扩张推动的。要了解更多信息，请阅读此解释器和本文。

• Hypothecated taxes 假设税

  The earmarking of tax revenues for a specific purpose, such as road-building or the health service. Hypothecation can be a way of making tax rises more politically acceptable but governments often find a way of diverting the revenues to other departments. 将税收指定用于特定目的，例如筑路或保健服务。假设可以成为使增税在政治上更容易接受的一种方式，但政府通常会找到一种将收入转移到其他部门的方法。

• Hysteresis 磁滞现象

  A term borrowed from physics, where it refers to a lagged effect. In economics, it is used to describe persistent phenomena, such as the continuation of high levels of unemployment, even when an economy has recovered; workers may have lost enthusiasm or seen their skills decline. For more, read this Explainer. 从物理学中借来的一个术语，指的是滞后效应。在经济学中，它被用来描述持续存在的现象，例如即使经济已经复苏，失业率仍然居高不下;工人可能已经失去了热情或看到他们的技能下降。有关更多信息，请阅读此解释器。

I

• Illiquid assets 非流动资产

  Assets that cannot readily be tuned into cash or can only be sold quickly at a substantial discount. Illiquid assets are often the cause of financial crises when entities like banks have a mismatch between their liabilities (customers’ deposits, which can be instantly withdrawn) and their assets (long-term loans, which are illiquid). Illiquid assets will often offer a higher return because of their greater risk. 不能轻易调整为现金或只能以大幅折扣快速出售的资产。当银行等实体的负债（客户的存款，可以立即提取）和资产（长期贷款，流动性差）不匹配时，非流动性资产通常是金融危机的原因。非流动性资产通常会提供更高的回报，因为它们的风险更大。

• Imports 进口

  Goods and services acquired from outside the country. When a German tourist buys a meal in Spain, that counts as a German import. 从国外获得的商品和服务。当德国游客在西班牙购买餐点时，这算作德国进口。

• Income 收入

  The (fairly regular) flow of money to the factors of production. Labour receives wages; land receives rent; capital receives profits, interest and dividends. （相当规律的）资金流向生产要素。劳动者领取工资;土地收取租金;资本获得利润、利息和股息。

• Income tax 所得税

  One of the most reliable ways of raising revenue for governments. In many systems, income tax is deducted by the employer before workers receive their pay. Most governments don’t levy tax until individual incomes have reached a minimum level and tax higher incomes at higher rates. See also: progressive taxation. 为政府增加收入的最可靠方法之一。在许多制度中，所得税由雇主在工人收到工资之前扣除。大多数政府在个人收入达到最低水平之前不征税，并以更高的税率对高收入征税。另请参阅：累进税。

• Indexation 指数

  This term is most commonly used to describe the linking of a variable to the inflation rate. Some governments link benefits to inflation, and others link prices such as rail fares to the same measure. Several governments have issued government bonds of which the coupon and repayment value rise in line with inflation; these are known as index-linked bonds. Indexation also refers to a field of fund management that attempts to replicate the performance of a stock-market index; see passive management. 该术语最常用于描述变量与通货膨胀率的联系。一些政府将福利与通货膨胀联系起来，而另一些政府则将铁路票价等价格与同一措施联系起来。一些政府发行了政府债券，其票面和还款价值随着通货膨胀而上升;这些被称为指数挂钩债券。指数化也指试图复制股票市场指数表现的基金管理领域;请参阅被动管理。

• Indirect taxation 间接税

  Tax collected by an entity other than the government. Examples include sales tax (collected by retailers), levies on alcohol and tobacco, and taxes on tourism (collected by hotels and airlines). Governments can favour these as a way of increasing revenues without changing the headline rate of direct taxes like income tax. 由政府以外的实体征收的税款。示例包括销售税（由零售商收取）、酒精和烟草税以及旅游税（由酒店和航空公司征收）。政府可以支持这些作为增加收入的一种方式，而无需改变所得税等直接税的总体税率。

• Industrial policy 产业政策

  The promotion of what a government considers to be strategic industries, often using an “infant industry” justification (see article). The disruption of supply chains during and after the covid-19 pandemic, concerns about the rise of Chinese economic power, and the Russian invasion of Ukraine have given industrial policy a new lease of life in the West. The widespread adoption of subsidies, tariffs and other measures to promote favoured industries raises the danger of renewed protectionism (see article). 促进政府认为是战略性产业，通常使用“幼稚产业”的理由（见文章）。covid-19大流行期间和之后供应链的中断，对中国经济实力崛起的担忧以及俄罗斯入侵乌克兰，使产业政策在西方重获新生。广泛采取补贴、关税和其他措施来促进受惠产业，增加了保护主义死灰复燃的危险（见文章）。

• Inequality 不等式

  A subject of perennial debate among economists is how much inequality is “normal” and which changes in economic policy are likely to decrease or increase it? Inequality is often measured by the Gini coefficient but other gauges include the share of income and wealth taken by the top 1% or 10% of the population. One hypothesis, the Kuznets curve, suggested that industrialisation initially increases inequality, then decreases it. This seemed plausible during the Great Compression from 1940 to 1980 but inequality in the developed world has increased since then. This Briefing explores a debate among economists about whether inequality is increasing and this Explainer examines the relationship between inequality and economic growth. 经济学家之间长期争论的一个话题是，多大程度的不平等是“正常的”，经济政策的哪些变化可能会减少或增加不平等？不平等通常以基尼系数来衡量，但其他衡量标准包括收入和财富中收入最高的1%或10%的人口所占的份额。库兹涅茨曲线（Kuznets curve）的一个假设表明，工业化最初增加了不平等，然后减少了不平等。在1940年至1980年的大压缩期间，这似乎是合理的，但自那时以来，发达国家的不平等现象有所增加。本简报探讨了经济学家之间关于不平等是否正在加剧的辩论，本解释器研究了不平等与经济增长之间的关系。

• Infant industry 幼稚产业

  A young sector that a government nurtures with protection from foreign competition, in the form of tariffs, subsidies and other barriers. Usually associated with developing economies hoping to kickstart industrialisation and accelerate economic growth—but developed economies also resort to the infant-industry argument for protectionism (see article). 一个年轻的部门，政府以关税、补贴和其他壁垒的形式培育免受外国竞争的影响。通常与希望启动工业化和加速经济增长的发展中经济体联系在一起，但发达经济体也诉诸于保护主义的幼稚产业论点（见文章）。

• Inflation 通货膨胀

  A general rise in the price level. This is normally calculated by comparing the price of a basket of goods (measured by a consumer price index) at different times, and can be used as a measure of the cost of living. But consumers can substitute cheaper products for more expensive ones (eg, chicken for beef) and a hedonic adjustment needs to be made to reflect the improved quality of goods. Central banks often have a mandate to control inflation and may look at a wide range of gauges to understand the underlying trend; for example, measures of “core” inflation that exclude volatile items such as food and energy. In this article, we ask whether inflation really matters. 价格水平普遍上涨。这通常是通过比较一篮子商品的价格（由消费者价格指数衡量）在不同时间计算的，可以用作生活成本的衡量标准。但消费者可以用更便宜的产品代替更昂贵的产品（例如，鸡肉换牛肉），并且需要进行享乐调整以反映商品质量的提高。中央银行通常负有控制通胀的任务，并可能查看广泛的指标以了解潜在趋势;例如，不包括食品和能源等波动性项目的“核心”通货膨胀指标。在本文中，我们询问通货膨胀是否真的重要。

• Inflation targeting 通胀目标

  In the modern era, governments in many countries have asked central banks to target a specific rate of, or range for, inflation and given them independence from political control of their operations. Inflation-targeting central banks have used various tools of monetary policy, such as changes in interest rates or quantitative easing. This article looks at the question of whether central banks’ inflation targets should be raised and this one at central banks’ independence. 在现代，许多国家的政府要求中央银行设定特定的通货膨胀率或范围，并赋予它们独立于对其业务的政治控制。以通胀为目标的央行使用了各种货币政策工具，例如利率变化或量化宽松。本文着眼于是否应该提高央行的通胀目标的问题，以及央行的独立性问题。

• Informal economy 非正规经济

  Activities that have economic value but are not registered with the country’s authorities; this may include teenagers who babysit for neighbours, hawkers who sell tourist souvenirs in big cities and ticket touts. The International Labour Organisation has estimated that 2bn people may have occasional involvement in the informal economy. 具有经济价值但未在国家当局注册的活动;这可能包括为邻居照看孩子的青少年、在大城市出售旅游纪念品的小贩和门票兜售者。国际劳工组织估计，有20亿人可能偶尔参与非正规经济。

• Infrastructure 基础设施

  The plumbing of the economy. Roads, railways, airports and container ports are all vital for an economy’s operation. But they take up a lot of land and can have negative externalities, such as noise. Democracies can thus struggle to build infrastructure as quickly as autocracies such as China, which faces no democratic constraints (see article). Some infrastructure is built privately but roads, in particular, suffer from the free rider problem and tend to be built by the public sector. For more, see this article. 经济的管道。公路、铁路、机场和集装箱港口对经济的运行都至关重要。但它们占用大量土地，并且可能具有负外部性，例如噪音。因此，民主国家很难像中国这样的专制国家那样迅速地建设基础设施，因为中国没有民主限制（见文章）。一些基础设施是私人建造的，但道路尤其受到搭便车问题的影响，往往由公共部门建造。有关详细信息，请参阅此文章。

• Inheritance taxes 遗产税

  Levies on the assets of those who die. In theory, this can help to ensure that societies stay meritocratic. But they tend to be unpopular with middle-class voters who hope to pass on their assets (usually in the form of houses) to their children. Governments also create exemptions to prevent small business and farms from being broken up on the owner’s death. Accordingly, the OECD calculated in 2021 that only 0.5% of all government tax revenues came from this source, on average. See also wealth tax. 对死者的资产征税。从理论上讲，这有助于确保社会保持精英统治。但他们往往不受中产阶级选民的欢迎，他们希望将他们的资产（通常以房屋的形式）传给子女。政府还制定了豁免，以防止小企业和农场因所有者死亡而被拆分。因此，经合组织在 2021 年计算出，平均只有 0.5% 的政府税收来自这一来源。另请参阅财富税。

• Initial public offering (IPO) 首次公开募股 （IPO）

  Or IPO. See flotation. 或首次公开募股。见浮选。

• Innovation 创新

  Innovation is a key element in improving productivity, which in turn is a big driver of economic growth. In the modern era, innovation tends to be associated with new gadgets and disruptive technology (see this Explainer) but it can be a new way of organising work, such as Henry Ford’s mass production line or the shift in agriculture from a two-field to a three-field rotation system, which increased yields substantially. Innovation can arise from the insight of entrepreneurs or from investment in research and development, which can be done by the government; the internet and the global positioning system were first developed by nation states. 创新是提高生产率的关键因素，而生产率又是经济增长的重要驱动力。在现代，创新往往与新的设备和颠覆性技术有关（见本解释器），但它可以是一种组织工作的新方式，例如亨利福特的大规模生产线或农业从两田轮作系统转向三田轮作系统，这大大提高了产量。创新可以来自企业家的洞察力，也可以来自对研发的投资，这可以由政府完成;互联网和全球定位系统最初是由民族国家开发的。

• Insider trading 内线交易

  The use of non-public information to gain an advantage in financial markets. It is illegal in many countries because it discriminates against other investors and can cause confidence in the probity of financial markets to fall. 利用非公开信息在金融市场上获得优势。这在许多国家是非法的，因为它歧视其他投资者，并可能导致对金融市场诚信的信心下降。

• Institutional investors 机构投资者

  A catch-all term to describe some of the major investors in the financial markets: insurance companies, pension funds, sovereign wealth funds, charitable endowments and the like. 一个包罗万象的术语，用于描述金融市场中的一些主要投资者：保险公司、养老基金、主权财富基金、慈善捐赠基金等。

• Insurance 保险

  The act of protecting yourself against the financial impact of risk. Traditionally, insurance was developed to cover fire, the sinking or seizure of a ship, or the death of the family breadwinner. Insurance companies attempted to calculate the likelihood of such risks occurring and protected themselves by diversification. In the modern era, insurance is also widely used to protect, or hedge, against risks such as changes in market prices or interest rates. Sometimes the other side of the risk is assumed by speculators hoping to make a profit. 保护自己免受风险财务影响的行为。传统上，保险是为了承保火灾、沉没或扣押船只或家庭养家糊口者的死亡而开发的。保险公司试图计算此类风险发生的可能性，并通过多样化来保护自己。在现代，保险也被广泛用于保护或对冲市场价格或利率变化等风险。有时，风险的另一面是由希望获利的投机者承担的。

• Intangible asset 无形资产

  Something without physical form that can create value. Examples include patents and brand names. See also intellectual property. You can read more about intangible assets in this article. 没有物理形式的东西可以创造价值。例子包括专利和品牌名称。另请参阅知识产权。您可以在本文中阅读有关无形资产的更多信息。

• Intellectual property 知识产权

  An asset created solely by human intelligence and creativity. Examples include copyrights, patents and trademarks. 完全由人类智慧和创造力创造的资产。示例包括版权、专利和商标。

• Interest on reserves 准备金利息

  The return paid by central banks on reserves held by commercial banks. These interest payments help to keep market interest rates at the desired level. 中央银行对商业银行持有的准备金支付的回报。这些利息支付有助于将市场利率保持在理想水平。

• Interest rates 利率

  The return for lending money, and the cost of borrowing it. The level of interest rates depends on the time value of money, the credit risk of the borrower, the level of inflation and other factors. Short-term rates are generally set by, or are closely linked to, the decisions of the country’s central bank. Long-term interest rates, including long-term bond yields, are affected by the balance between the supply of savings and the demand for credit. 借钱的回报，以及借钱的成本。利率水平取决于货币的时间价值、借款人的信用风险、通货膨胀水平和其他因素。短期利率通常由该国中央银行的决定设定或密切相关。包括长期债券收益率在内的长期利率受到储蓄供应和信贷需求之间平衡的影响。

• Internal rate of return 内部收益率

  A measure used by businesses to calculate the profitability of a potential investment. Broadly speaking, the higher the internal rate of return the better. Businesses will usually set a minimum rate before commencing a project. See also rate of return. 企业用来计算潜在投资盈利能力的度量。从广义上讲，内部收益率越高越好。企业通常会在开始项目之前设定最低费率。另见回报率。

• International Monetary Fund (IMF) 国际货币基金组织（基金组织）

  One of the institutions set up after the Bretton Woods agreement of 1944. Its initial aim was to help countries suffering balance-of-payments crises. It is the international body that countries turn to when in financial difficulties. Its advice has often been controversial because of the perception that it imposes austerity on workers in order to benefit rich creditors. Its prescriptions in times of crisis, which include deregulation, privatisation and openness to international trade, have been dubbed the “Washington consensus” after the city where the IMF has its headquarters. 1944年布雷顿森林协定后成立的机构之一。其最初目标是帮助遭受国际收支危机的国家。它是各国在遇到财政困难时求助的国际机构。它的建议经常引起争议，因为人们认为它对工人实施紧缩政策是为了使富有的债权人受益。它在危机时期的处方，包括放松管制，私有化和对国际贸易的开放，被称为“华盛顿共识”，以国际货币基金组织总部所在的城市命名。

• Internet 互联网

  The internet, a system which connects electronic devices such as personal computers, has clearly transformed the global economy, changing the way many people work, communicate and shop. However, its rise has coincided with a slowdown in productivity growth in the developed world. Economists debate whether this is related to measurement issues or whether the internet is a less transforming technology than previous breakthroughs such as electrification and the internal combustion engine. 互联网是一个连接个人电脑等电子设备的系统，它显然改变了全球经济，改变了许多人的工作、沟通和购物方式。然而，它的崛起恰逢发达国家生产率增长放缓。经济学家争论这是否与测量问题有关，或者互联网是否是一种比以前的突破（如电气化和内燃机）更不重要的技术。

• Investment 投资

  This term is used in two linked ways, both referring to putting money to work, usually for the long term. Business investment occurs when companies buy new machines, or build new factories, or conduct research and development, with the aim of increasing profits. Portfolio investment occurs when individuals or institutions put money into long-term assets such as bonds, equities and property. 这个术语以两种相互联系的方式使用，都是指将资金投入工作，通常是长期的。当公司购买新机器、建造新工厂或进行研发以增加利润时，就会发生商业投资。当个人或机构将资金投入债券、股票和财产等长期资产时，就会发生组合投资。

• Investment banks 投资银行

  Institutions that make their money from advising corporate clients, and from trading assets, rather than from taking in deposits and making loans (like a commercial bank). America’s Glass-Steagall act of 1933, a response to the Great Depression, drew a rigid distinction between commercial and investment banks, but now the two are often combined. 通过为企业客户提供咨询和交易资产而不是通过吸收存款和贷款（如商业银行）来赚钱的机构。美国1933年的格拉斯-斯蒂格尔法案是对大萧条的回应，严格区分了商业银行和投资银行，但现在两者经常结合在一起。

• Investment management 投资管理

  A sector that focuses on managing the money of others. Most charge an annual fee but some also add a performance fee. See also active management, passive management, hedge funds, pension funds and private equity. 一个专注于管理他人资金的部门。大多数收取年费，但有些还增加了绩效费。另见主动管理、被动管理、对冲基金、养老基金和私募股权。

• Invisible hand 看不见的手

  A metaphor used by Adam Smith to describe how an individual may be “led by an invisible hand to promote an end which was no part of his intention”. This has been interpreted in the modern era to suggest that individuals who act in their own self-interest may end up promoting the good of society as a whole. 亚当·斯密用来描述一个人如何“被一只看不见的手引导，以促进一个不属于他意图的目的”的比喻。这在现代被解释为表明，为自身利益行事的个人最终可能会促进整个社会的利益。

• Invisible trade 隐形贸易

  Trade in non-physical things, particularly services such as banking and insurance. 非实物交易，特别是银行和保险等服务。

• Involuntary unemployment 非自愿失业

  The unemployment that results when not everyone who is willing to work at the prevailing wage can find a job. Causes can include a shortfall in aggregate demand or some rigidity in the labour market. A central idea in Keynesian economics. For more, see this Explainer. 当不是每个愿意以现行工资工作的人都能找到工作时，就会出现失业。原因可能包括总需求不足或劳动力市场有些僵化。凯恩斯主义经济学的中心思想。有关更多信息，请参阅此解释器。

J

• J-curve J 曲线

  This describes the normal pattern of a country’s balance of payments after the devaluation or sharp depreciation of its currency. Initially imports are more expensive and exports are cheaper, so the balance deteriorates (the deficit widens). Eventually, foreigners buy more of the country’s exports while domestic consumers buy fewer imports and the balance improves. 这描述了一个国家在其货币贬值或急剧贬值后国际收支的正常模式。最初进口更贵，出口更便宜，因此平衡恶化（赤字扩大）。最终，外国人购买了更多的国家出口产品，而国内消费者购买的进口产品减少了，平衡性有所改善。

• Job vacancies 职位空缺

  A measure of slack in the labour market. In an expansionary phase, job vacancies will increase, and this may lead to upward pressure on wages. In a contractionary phase, vacancies will contract. See also quit rate. 劳动力市场松弛的衡量标准。在扩张阶段，职位空缺会增加，这可能导致工资上行压力。在收缩阶段，空缺将收缩。另请参阅戒烟率。

• Joint supply 联合供应

  When the process of producing one product leads to the production of another. For example, the distillation of crude oil yields gasoline, kerosene, asphalt and more. 当生产一种产品的过程导致另一种产品的生产时。例如，原油蒸馏产生汽油、煤油、沥青等。

• Junk bonds 垃圾债券

  Bonds that are deemed to be highly risky where the borrower might stop paying interest or default on repayment altogether. They offer a high yield as compensation for that risk. See ratings. 被认为具有高风险的债券，借款人可能会停止支付利息或完全拖欠还款。他们提供高收益作为对这种风险的补偿。查看评级。

• Just-in-time manufacturing 即时制造

  A process that aims to keep down costs and reduce waste by producing items only when ordered (rather than in advance) and by keeping inventory levels down. The risk of the approach is that companies can be caught out by disruptions in their supply chain, caused for example by natural disasters or the covid-19 pandemic. See also lean manufacturing. 旨在通过仅在订购时（而不是提前）生产物品并降低库存水平来降低成本和减少浪费的过程。这种方法的风险在于，公司可能会因供应链中断而陷入困境，例如自然灾害或covid-19大流行。另请参阅精益生产。

K

• Keynesian economics 凯恩斯主义经济学

  John Maynard Keynes, a British academic and government official, changed the field of economics. Under classical economics, governments did little to manage the economic cycle, which they believed would right itself. But Keynes argued, in the face of the Great Depression, that a recession could dent the “animal spirits” of businesspeople and discourage consumers from spending. Governments, rather than balance their budgets, could borrow to spend money and this spending would revive demand. After 1945, many governments adopted a Keynesian approach and used fiscal policy to manage the economic cycle. 英国学者和政府官员约翰·梅纳德·凯恩斯（John Maynard Keynes）改变了经济学领域。在古典经济学下，政府在管理经济周期方面做得很少，他们认为经济周期会自我纠正。但凯恩斯认为，面对大萧条，经济衰退可能会削弱商人的“动物精神”，并阻止消费者消费。政府不是平衡预算，而是可以借钱花钱，这种支出将恢复需求。1945年后，许多政府采取凯恩斯主义的方法，利用财政政策来管理经济周期。

• Knightian uncertainty 奈特式的不确定性

  A concept, developed by Frank Knight, an American economist and a founder of the Chicago School of economics—to describe the problem faced by economic actors who are unable to quantify risk, because there is not enough information to assess the probability of the various potential outcomes. The probability distribution is only clear in a very limited set of circumstances; betting on a number in the game of roulette, for example. 由美国经济学家、芝加哥经济学派创始人弗兰克·奈特（Frank Knight）提出的一个概念，用于描述无法量化风险的经济参与者所面临的问题，因为没有足够的信息来评估各种潜在结果的可能性。概率分布仅在非常有限的情况下才清晰;例如，在轮盘赌游戏中投注一个数字。

L

• Labour 劳动

  A term used for both a factor for production and for the organised representatives of the working classes (trade unions and some political parties). The supply of labour is an important determinant of economic growth, and the shrinking of the working-age population in developed countries—and China—may be a limiting factor on growth in coming decades. Improving the skills of the workforce and enticing reluctant workers back into jobs may be vital. 一个术语，既用于生产要素，也用于工人阶级（工会和一些政党）的有组织的代表。劳动力供应是经济增长的重要决定因素，发达国家——以及中国——劳动年龄人口的减少可能是未来几十年增长的限制因素。提高劳动力的技能并吸引不情愿的工人重返工作岗位可能至关重要。

• Labour market flexibility 劳动力市场灵活性

  Making it easier to hire and fire workers. Those in favour of flexibility argue that giving workers too much job security discourages employers from taking on new labour, and results in a “two tier” market, comprising secure workers and a large number of long-term unemployed. Flexibility also helps with the process of creative destruction, allowing workers to move from old, unproductive industries to new, innovative ones. Opponents argue flexibility leads to a precariat of insecure, low-paid employees. 使雇用和解雇工人变得更加容易。那些赞成灵活性的人认为，给予工人过多的工作保障会阻碍雇主雇用新劳动力，并导致“两级”市场，包括有保障的工人和大量长期失业者。灵活性还有助于创造性破坏的过程，使工人能够从旧的、非生产性的行业转向新的、创新的行业。反对者认为，灵活性导致不安全、低薪员工的不稳定。

• Labour theory of value 劳动价值论

  The idea, mentioned by Adam Smith and championed by Karl Marx, that the value of a good depends on the labour put into it. The problem is that the value of a good is also dependent on demand; someone might put an enormous amount of effort into assembling a model of the Eiffel Tower from old pencils, but it will have little market value if no one wants to buy it. 亚当·斯密（Adam Smith）提到并由卡尔·马克思（Karl Marx）倡导的观点是，商品的价值取决于投入其中的劳动。问题在于，商品的价值也取决于需求;有人可能会花费大量精力用旧铅笔组装埃菲尔铁塔的模型，但如果没人愿意购买，它将几乎没有市场价值。

• Laffer curve 拉弗曲线

  Named after Arthur Laffer, an American economist, this curve shows tax revenues increasing as tax rates rise from zero but starting to fall when tax rates reach a certain level, because high taxes discourage work and enterprise. The argument is often cited by conservative politicians in America and Britain, and is probably true in principle. But it is not clear where the bend in the curve occurs (see this article), and it may be at tax rates much higher than current levels. 这条曲线以美国经济学家亚瑟·拉弗（Arthur Laffer）的名字命名，显示税收收入随着税率从零上升而增加，但在税率达到一定水平时开始下降，因为高税收阻碍了工作和企业。美国和英国的保守派政客经常引用这一论点，原则上可能是正确的。但目前尚不清楚曲线弯曲发生的位置（见本文），税率可能远高于当前水平。

• Lagged effect 滞后效果

  The time taken for economic policy changes to affect the economy. Changes in interest rates, for example, can take as much as 18 months to have their full impact, as rates may only change when loan terms are renegotiated. The danger is that, by the time the policy starts to work, economic circumstances have changed. 经济政策变化影响经济所需的时间。例如，利率的变化可能需要长达18个月的时间才能产生全部影响，因为利率只有在重新谈判贷款条款时才会改变。危险在于，当政策开始发挥作用时，经济环境已经发生了变化。

• Lagging indicators 滞后指标

  Economic data that are more important for revealing the economic past than pointing to the future. Gross domestic product numbers are released well after a quarter has ended (and are often revised later); unemployment tends to be slow in falling when an economy recovers. See also leading indicators and real-time indicators. 经济数据对于揭示经济过去比指向未来更重要。国内生产总值数字在一个季度结束后很久才公布（并且通常在以后修订）;当经济复苏时，失业率往往下降缓慢。另请参阅领先指标和实时指标。

• Laissez-faire 自由放任

  This French term refers to the idea that governments should leave the economy alone as much as possible, and should allow free trade. Associated with the classical school of economics. 这个法语术语指的是政府应该尽可能地远离经济，应该允许自由贸易的想法。与古典经济学派有关。

• Land 土地

  One of the factors of production. Land is in fairly fixed supply (a little can be reclaimed from the sea, and some is lost to coastal erosion and desertification). Before the industrial revolution, expansion in land use and changes in the productivity of agricultural land were among the most important drivers of growth. Today, planning restrictions may be an important restraint on productivity improvements. Taxes on land values are popular with economists but not politicians: this article explains why. 生产要素之一。土地供应相当固定（少量可以从海洋中开垦，有些则因海岸侵蚀和荒漠化而消失）。在工业革命之前，土地利用的扩大和农业用地生产力的变化是增长的最重要驱动力。今天，规划限制可能是提高生产力的重要制约因素。对土地价值征税受到经济学家的欢迎，但不受政治家的欢迎：本文解释了原因。

• Leading indicators 领先指标

  Economic data that are examined for clues to coming trends. Surveys of consumer confidence, for example, may provide a pointer to the outlook for retail sales; inflation in producer prices may herald changes in consumer inflation. Some view the stockmarket as a leading indicator of the economic outlook, although it is far from infallible. See also lagging indicators and real-time indicators. 检查经济数据以寻找未来趋势的线索。例如，对消费者信心的调查可以提供零售销售前景的指针;生产者价格的通货膨胀可能预示着消费者通货膨胀的变化。一些人认为股市是经济前景的领先指标，尽管它远非万无一失。另请参阅滞后指标和实时指标。

• Lean manufacturing 精益生产

  A concept, associated with the Toyota motor company, associated with the elimination of waste and the continuous improvement (kaizen in Japanese) of the production process. See also just–in-time manufacturing. 与丰田汽车公司相关的概念，与消除浪费和生产过程的持续改进（日语为改善）有关。另请参阅即时制造。

• Lemons 柠檬

  An example used by George Akerlof, an American economist (and winner of a Nobel prize) to explain why markets might not operate efficiently because of adverse selection. There is information asymmetry in the used-car market, he pointed out, as sellers know a lot more about the condition of the vehicle than buyers. Buyers will be suspicious of purchasing a dud car, or lemon, and will thus reduce the price they are willing to pay. If sellers are unwilling to agree, there may be no deal at all. For more detail, read our Schools Brief. 美国经济学家（诺贝尔奖获得者）乔治·阿克洛夫（George Akerlof）举了一个例子来解释为什么市场可能因为逆向选择而无法有效运作。他指出，二手车市场存在信息不对称，因为卖家比买家更了解车辆的状况。买家会对购买哑巴汽车或柠檬持怀疑态度，从而降低他们愿意支付的价格。如果卖家不愿意同意，可能根本就没有交易。有关更多详细信息，请阅读我们的学校简介。

• Lender of last resort 最后贷款人

  A crucial role played by central banks during financial crises. There can be moments when depositors and creditors lose faith in the banking system, with the risk that the banks will collapse. By acting as lender of last resort to banks that would be solvent in the medium term, a central bank can reduce the economic damage. 中央银行在金融危机期间发挥的关键作用。有时，储户和债权人可能会对银行体系失去信心，银行面临倒闭的风险。通过充当银行的最后贷款人，中央银行可以减少经济损失。

• Leverage 杠杆作用

  Investing, or speculating, with borrowed money or by putting down only a small part of the purchase price. For example, a company may buy another using a small amount of its own cash, and a larger amount of debt in the form of bank loans or bonds; the greater the proportion of debt, the higher the leverage, or gearing. See leveraged buyout. Another use of leverage is to buy shares on margin; if the investor puts up just 10% of the cost, and the share price rises by 10%, they have doubled their money. But if the share price falls by 10%, their investment is wiped out. Perhaps the commonest instance of leverage is associated with buying houses: most people pay a small proportion of the price at first and borrow the balance. Financial crises often have excessive leverage at their heart. 用借来的钱或只支付购买价格的一小部分进行投资或投机。例如，一家公司可能使用少量自有现金和大量债务以银行贷款或债券的形式购买另一家公司;债务比例越大，杠杆或杠杆率就越高。请参阅杠杆收购。杠杆的另一个用途是以保证金购买股票;如果投资者只投入10%的成本，而股价上涨10%，他们的钱就翻了一番。但如果股价下跌10%，他们的投资就会被抹去。也许最常见的杠杆例子与买房有关：大多数人一开始支付一小部分价格并借入余额。金融危机的核心往往具有过度的杠杆作用。

• Leveraged buyout 杠杆收购

  A corporate takeover, usually undertaken by a private equity group, using a lot of borrowed money. The aim is to cut costs and sell assets at the target company, thereby bringing down the debt, and making it possible for the private equity group to make a profit for its investors. 公司收购，通常由私募股权集团进行，使用大量借入的资金。目的是削减成本并出售目标公司的资产，从而降低债务，并使私募股权集团有可能为其投资者获利。

• Liabilities 负债

  Something owed to others, and the other side of the balance-sheet from assets. Often, this is in the form of money, such as a debt. But it could be a warranty to repair or replace a product that the company has sold or the legal costs involved in compensating customers for a defective product. 欠别人的东西，以及资产负债表的另一边。通常，这是金钱的形式，例如债务。但它可能是维修或更换公司销售的产品的保修，或者是赔偿客户有缺陷产品所涉及的法律费用。

• Liberalisation 自由化

  In economic terms, this usually refers to reducing the role of the government, and the restrictions on the private sector, by privatising business and cutting regulations. See also neoliberalism. 在经济术语中，这通常是指通过私有化业务和削减法规来减少政府的作用和对私营部门的限制。另见新自由主义。

• Life-cycle hypothesis 生命周期假设

  Most people see their incomes improve as their career progresses. But their need to spend is less variable than their incomes. So the life-cycle hypothesis, proposed by Franco Modigliani, an Italian-American economist and Nobel laureate, suggests that they will borrow to fund their spending (or to buy a house) at the start of their careers, save as they approach retirement and run down their savings after they stop working. See also permanent income hypothesis. 大多数人看到他们的收入随着他们的职业发展而提高。但他们的支出需求比他们的收入变化较小。因此，由意大利裔美国经济学家、诺贝尔奖获得者佛朗哥·莫迪利亚尼（Franco Modigliani）提出的生命周期假说表明，他们会在职业生涯开始时借钱来资助他们的支出（或买房），在他们接近退休时储蓄，并在停止工作后耗尽他们的积蓄。另见永久收入假设。

• Limited liability 有限责任

  One of the most important concepts in modern capitalism. Limited liability means that investors who own the equity of a company can only lose their initial stake if the business collapses; creditors cannot pursue their other assets, such as their homes. By limiting liabilities in this way, more entrepreneurs are willing to take the risk of setting up businesses, and more investors are willing to back them. 现代资本主义中最重要的概念之一。有限责任是指拥有公司股权的投资者只有在业务崩溃时才能失去其初始股份;债权人不能追求他们的其他资产，例如他们的房屋。通过这种方式限制负债，更多的企业家愿意承担创业的风险，更多的投资者愿意支持他们。

• Liquidity 流动性

  The quality of being easily turned into cash. This can depend on the nature of the instrument; Treasury bills, short-term debt issued by the American government, are cash-like instruments. Or it can depend on the volume of trading in the market; government bonds are easier to sell quickly than debt issued by a small company. In times of crisis, investors tend to have a strong preference for liquidity; when asset markets are booming, illiquid assets seem more attractive. See liquidity trap. 容易变成现金的品质。这可能取决于仪器的性质;国库券，即美国政府发行的短期债务，是类似现金的工具。或者它可以取决于市场的交易量;政府债券比小公司发行的债券更容易快速出售。在危机时期，投资者往往对流动性有强烈的偏好;当资产市场蓬勃发展时，非流动性资产似乎更具吸引力。请参阅流动性陷阱。

• Liquidity trap 流动性陷阱

  A concept, introduced by John Maynard Keynes, that monetary policy has a limited effect when animal spirits are depressed. Cutting interest rates will not cause more businesses to invest, or consumers to spend rather than save, because they will prefer the liquidity of cash. In such circumstances, fiscal policy has to do the work of reviving the economy. See also zero lower bound. 约翰·梅纳德·凯恩斯（John Maynard Keynes）提出的一个概念是，当动物精神萧条时，货币政策的效果有限。降低利率不会导致更多的企业投资，也不会让消费者消费而不是储蓄，因为他们更喜欢现金的流动性。在这种情况下，财政政策必须做振兴经济的工作。另请参阅零下限。

• Loss aversion 损失厌恶

  A psychological trait, discussed in behavioural economics, that dislikes the acceptance of losses. Investors may hold on to losing positions, rather than sell them, because they are unwilling to recognise their mistake. Depending on how a proposition is framed, people may act differently; a discount for paying taxes early will be less effective as an inducement for early payment than a penalty for paying late. See also framing and sunk cost syndrome. 行为经济学中讨论的一种心理特征，不喜欢接受损失。投资者可能会持有亏损头寸，而不是出售头寸，因为他们不愿意承认自己的错误。根据命题的框架方式，人们可能会采取不同的行动;提前纳税的折扣作为提前付款的诱因不如逾期缴纳的罚款有效。另见框架和沉没成本综合症。

• Lump of labour fallacy 劳动谬误的块状物

  The assumption that there is a fixed amount of work to go round, so that letting new entrants into the job market will penalise existing workers. It was once used to argue against women joining the workforce and is still used against immigrants. But the fallacy ignores an obvious point; that new workers earn wages and then spend those wages on goods and services produced by other workers. Indeed, the global population has increased enormously over the past century, yet most people have found jobs. 假设有固定数量的工作量要做，因此让新进入就业市场将惩罚现有工人。它曾经被用来反对女性加入劳动力队伍，现在仍然被用来反对移民。但谬误忽略了一个明显的观点;新工人赚取工资，然后将这些工资用于其他工人生产的商品和服务。事实上，在过去的一个世纪里，全球人口大幅增加，但大多数人都找到了工作。

M

• Macroeconomics 宏观经济 学

  The analysis of how the overall economy works; how the decisions of consumers, business, investors and governments affect key measures such as inflation, unemployment and gross domestic product. Economists try to use macroeconomic analysis to forecast economic indicators but human behaviour is hard to predict, especially as forecasts can affect individual decisions. But macroeconomic policy tools include fiscal policy, monetary policy and changes in laws and regulations designed to change behaviour. See also microeconomics. 分析整体经济如何运作;消费者、企业、投资者和政府的决定如何影响通货膨胀、失业和国内生产总值等关键指标。经济学家试图使用宏观经济分析来预测经济指标，但人类行为很难预测，特别是因为预测会影响个人决策。但宏观经济政策工具包括财政政策、货币政策以及旨在改变行为的法律和法规的变化。另见微观经济学。

• Macroprudential regulation 宏观审慎监管

  Setting rules for the financial system to try to prevent a widespread collapse, on the lines of the 2007-09 crisis. Examples might include getting banks to have minimum amounts of equity capital or requiring home buyers to put up a larger deposit when they take out a mortgage. See also systemic risk. 为金融体系制定规则，试图防止2007-09年危机的广泛崩溃。例子可能包括让银行拥有最低数量的股本，或者要求购房者在抵押贷款时支付更大的存款。另见系统性风险。

• Manufacturing 制造业

  The process of making physical products from raw materials through the use of labour and machinery. Once dominant in developed economies, it now takes a smaller share of GDP than services. That is unlikely to be reversed: see this Explainer. 通过使用劳动力和机械从原材料制造实物产品的过程。它曾经在发达经济体中占主导地位，现在占GDP的比重低于服务业。这不太可能逆转：请参阅此解释器。

• Margin 边缘

  The term crops up quite often in economics and finance. In the stockmarket, investors and analysts often focus on profit margins; the difference between the revenues from selling a product and the costs of producing it, often expressed as a percentage of the latter. Investors can also buy shares on margin; putting up only a fraction of the overall cost (an example of leverage). The marginal product of labour is how much extra output a firm would get by employing an extra worker, or by getting an existing worker to put in an extra hour. See also marginal cost, marginal propensity to consume, marginal tax rate and marginal utility. 这个词在经济和金融中经常出现。在股市中，投资者和分析师往往关注利润率;销售产品的收入与生产产品的成本之间的差额，通常表示为后者的百分比。投资者也可以保证金购买股票;仅占总成本的一小部分（杠杆示例）。劳动力的边际产品是企业通过雇用额外的工人或让现有工人多投入一个小时来获得多少额外产出。另见边际成本、边际消费倾向、边际税率和边际效用。

• Marginal cost 边际成本

  The cost of producing an extra unit of something. When production is increased, the marginal cost of producing an extra item can be significantly lower than the average cost of production (see economies of scale). 生产额外单位某物的成本。当产量增加时，生产额外项目的边际成本可能明显低于平均生产成本（见规模经济）。

• Marginal propensity to consume 边际消费倾向

  The proportion of an extra earned dollar that an individual would spend rather than save. People with lower incomes have a higher marginal propensity to consume than the rich. This means that attempts to ease fiscal policy are best targeted at those who are not well off. 个人愿意花费而不是储蓄的额外赚取美元的比例。收入较低的人的边际消费倾向高于富人。这意味着放松财政政策的尝试最好针对那些不富裕的人。

• Marginal tax rate 边际税率

  The proportion of an extra earned dollar that will be taken by tax. High marginal tax rates can reduce incentives to work. This occurs at both ends of the income scale. At the lower end, marginal tax rates can be high as welfare benefits are withdrawn once individuals’ incomes pass certain levels. At the upper end, many societies impose higher marginal tax rates on those with high incomes. See also progressive taxation. 额外赚取的美元将被征税的比例。高边际税率会降低工作的积极性。这发生在收入规模的两端。在低端，边际税率可能很高，因为一旦个人收入超过一定水平，福利就会被取消。在高端，许多社会对高收入者征收更高的边际税率。另见累进税。

• Marginal utility 边际效用

  The added (or lost) satisfaction or benefit gained by consumers from the increase (or decrease) of one unit. The usual assumption is that marginal utility declines as consumption increases: for a hungry person, the first slice of toast is very satisfying but they may stop eating before their seventh or eighth. 消费者从增加（或减少）一个单位中获得的增加（或失去）满意度或收益。通常的假设是边际效用随着消费的增加而下降：对于饥饿的人来说，第一片吐司是非常令人满意的，但他们可能会在第七或第八片之前停止进食。

• Mark-to-market 按市值计价

  The practice of recording the value of an asset in a set of accounts at the current price, rather than the price at which it was bought. Though logical in theory, the practice has been criticised for encouraging short-termism. If the market value is hard to ascertain, then the company can exploit the uncertainty to manipulate the figures: mark-to-market accounting was at the heart of the Enron scandal. 以当前价格而不是购买价格在一组账户中记录资产价值的做法。尽管这种做法在理论上是合乎逻辑的，但这种做法因鼓励短期主义而受到批评。如果市场价值难以确定，那么公司可以利用不确定性来操纵数字：按市值计价会计是安然丑闻的核心。

• Market failure 市场失灵

  This occurs when a market fails to allocate resources efficiently, or fails to account for real-world costs. This can occur because of externalities, such as the pollution emitted by a chemical plant which is a cost that falls on people with no economic connection to the chemical company. Some goods (public goods), such as defence or roadbuilding, can only (or mainly) be supplied by the public sector since they are subject to the free rider problem. Market failures can occur if an industry is dominated by a monopoly or monopsony, or in the presence of asymmetric information. 当市场未能有效分配资源或未能考虑现实世界的成本时，就会发生这种情况。这可能是由于外部性造成的，例如化工厂排放的污染，这是与化学公司没有经济联系的人的成本。一些商品（公共物品），如国防或道路建设，只能（或主要）由公共部门提供，因为它们受到搭便车问题的影响。如果一个行业被垄断或垄断所支配，或者在信息不对称的情况下，就会发生市场失灵。

• Marxism 马克思主义

  See communism. 见共产主义。

• Mass production 大规模生产

  One of the breakthroughs in 20th-century manufacturing was the development of mass production, normally associated with the Ford Motor Company. Mass production usually involved the division of labour, specialised machinery and standardised products. The economies of scale involved allowed manufacturers to lower their prices and vastly expand the potential market for their goods. 20世纪制造业的突破之一是大规模生产的发展，通常与福特汽车公司有关。大规模生产通常涉及分工、专业机械和标准化产品。所涉及的规模经济使制造商能够降低价格并大大扩大其商品的潜在市场。

• Maturity 成熟

  A term which applies to debt, and refers to the amount of life before the debt needs to be repaid and thus refinanced. 适用于债务的术语，是指债务需要偿还并因此再融资之前的寿命金额。

• Medium of exchange 交换媒介

  One of the important functions of a currency is that it is easy to use to buy and sell goods. Modern fiat currencies achieve this feat but cryptocurrencies have yet to do so. 货币的重要功能之一是它易于使用来买卖商品。现代法定货币实现了这一壮举，但加密货币尚未这样做。

• Mercantilism 重商主义

  An economic school of thought, common in the 17th and 18th centuries, which argued that countries should focus on building up their supplies of gold and silver. This required nations to restrict imports and attempt to boost exports, and to restrict free trade. Mercantilists believed trade was a zero-sum game. Adam Smith’s arguments against state intervention were linked to his belief that mercantilism was misguided. 17世纪和18世纪常见的经济学派认为各国应该专注于建立黄金和白银的供应。这要求各国限制进口，试图促进出口，并限制自由贸易。重商主义者认为贸易是一场零和游戏。亚当·斯密反对国家干预的论点与他认为重商主义被误导的信念有关。

• Mergers and acquisitions 兼并和收购

  This term, often abbreviated to M&A, concerns corporate takeovers. Genuine mergers, in which two companies of roughly equal size combine, are much rarer than acquisitions, in which a larger company buys a smaller one. And hostile acquisitions, in which the smaller company resists the deal, are rarer than agreed takeovers. The deals are very lucrative for investment banks, and other advisers, who are thus understandably happy to recommend them. But the buying company faces the risk of overpaying for the target and the danger that the culture of the two businesses is incompatible, leading to disappointing returns. 这个术语通常缩写为并购，涉及公司收购。真正的合并，即两家规模大致相等的公司合并，比收购（大公司收购小公司）要少得多。而规模较小的公司抵制交易的敌意收购比商定的收购更为罕见。这些交易对投资银行和其他顾问来说非常有利可图，因此他们很乐意推荐它们，这是可以理解的。但收购公司面临着为目标公司支付过高费用的风险，以及两家公司的文化不相容的危险，导致回报令人失望。

• Microeconomics 微观 经济学

  The branch of economics that studies the decision-making of individual entities, such as individuals and businesses. Microeconomists look at how these agents will respond to incentives, or to changes in prices, regulations or taxes. By contrast, macroeconomics looks at the behaviour of the economy in aggregate. 研究个人和企业等单个实体决策的经济学分支。微观经济学家研究这些代理人将如何应对激励措施，或价格、法规或税收的变化。相比之下，宏观经济学着眼于整体经济行为。

• Middle income trap 中等收入陷阱

  A problem that can affect developing countries as they get stuck at a certain level of GDP per person. Such countries can have success in manufacturing low-value goods but then supposedly struggle to develop higher value-added sectors in services or technology. For a sceptical view, see this article. And on China’s prospects of escaping it, see this one. 这个问题可能会影响发展中国家，因为它们停留在人均GDP的一定水平。这些国家可以在制造低价值商品方面取得成功，但据说很难在服务或技术领域发展高附加值部门。有关怀疑的观点，请参阅本文。关于中国摆脱它的前景，请看这个。

• Minimum wage 最低工资

  An hourly pay rate for workers, set by law, with the aim of reducing poverty and protecting workers from exploitation. Many economists were historically dubious about the benefits of a minimum wage (see Explainer), believing it would reduce demand for labour and thus drive up unemployment. The evidence in practice is that there has been relatively little impact on employment, perhaps because higher wages attract better-skilled workers and reduce staff turnover, or because, in many sectors, using minimum-wage labour is still cheaper than using machinery. For more detail, see our Schools Brief. 法律规定的工人小时工资率，目的是减少贫困和保护工人免受剥削。许多经济学家历来对最低工资的好处持怀疑态度（见解释），认为它会减少对劳动力的需求，从而推高失业率。实践中的证据表明，对就业的影响相对较小，也许是因为较高的工资吸引了技能更好的工人并减少了员工流动率，或者因为在许多部门，使用最低工资劳动力仍然比使用机器便宜。有关更多详细信息，请参阅我们的学校简介。

• Minsky moment 明斯基时刻

  A sudden collapse in market sentiment. Named after Hyman Minsky, an economist, who developed a financial instability hypothesis. As asset prices rise, investors become more and more confident and use leverage to finance their positions. By the end, they will be buying regardless of underlying valuations. At some point, confidence will falter and investors will rush to sell and repay their debts, causing prices to collapse. For more, read our Schools Brief. 市场情绪突然崩溃。以经济学家海曼·明斯基（Hyman Minsky）的名字命名，他提出了金融不稳定假说。随着资产价格上涨，投资者变得越来越有信心，并利用杠杆为其头寸融资。到最后，无论基础估值如何，他们都将买入。在某个时候，信心将动摇，投资者将急于出售和偿还债务，导致价格暴跌。有关更多信息，请阅读我们的学校简介。

• Misery index 痛苦指数

  The sum of the rates of inflation and unemployment. Created in the 1970s by Arthur Okun, an American economist, to gauge the cost of stagflation. 通货膨胀率和失业率的总和。由美国经济学家亚瑟·奥肯（Arthur Okun）于1970年代创建，用于衡量滞胀的成本。

• Mixed economy 混合经济

  An economic system that combines elements of free enterprise and state planning. Few economies are not mixed to some degree, with the possible exception of North Korea. Even communist Cuba allows some market activity. 结合自由企业和国家计划要素的经济体系。很少有经济体在某种程度上不是混合的，朝鲜可能除外。甚至共产主义的古巴也允许一些市场活动。

• Models 模型

  A description of economic relationships in mathematical or graphical form, designed to allow hypotheses to be tested. Inevitably, models have to simplify the incredibly complex nature of relationships in the real world. Although models can add clarity and mathematical rigour to statements about the economy, some are criticised for their unrealistic assumptions (such as perfect information and rational expectations). And a fondness for complex mathematical equations has led economists to be accused of “physics envy”; trying to create precise rules in a social science. 以数学或图形形式描述经济关系，旨在允许测试假设。不可避免地，模型必须简化现实世界中关系的极其复杂的性质。尽管模型可以为有关经济的陈述增加清晰度和数学严谨性，但有些模型因其不切实际的假设（例如完美的信息和理性的预期）而受到批评。对复杂数学方程式的喜爱导致经济学家被指责为“物理学嫉妒”;试图在社会科学中创造精确的规则。

• Modern monetary theory (MMT) 现代货币理论

  A school of economic thought which argues that a government, which can borrow in its own currency, can issue as much debt, and run as large a deficit, as it likes, subject only to the constraint of higher inflation. The government does not have to worry about financing its deficit, since the central bank can buy the extra debt, or indeed just create the required money. Only if the economy is at full capacity will this credit creation lead to inflation. Adherents to MMT tend to believe that the business cycle should be managed with fiscal policy rather than interest rates. Orthodox economists are dismissive of MMT: see this article and our Schools Brief. 一个经济学派认为，一个可以用本国货币借款的政府可以随心所欲地发行尽可能多的债务，并运行尽可能多的赤字，只受更高通货膨胀的约束。政府不必担心为赤字融资，因为央行可以购买额外的债务，或者实际上只是创造所需的资金。只有当经济满负荷运转时，这种信贷创造才会导致通货膨胀。MMT的拥护者倾向于认为，商业周期应该通过财政政策而不是利率来管理。正统经济学家对MMT不屑一顾：请参阅这篇文章和我们的学校简报。

• Monetarism 货币主义

  The belief that changes in the money supply are the main determinant of changes in inflation, associated especially with Milton Friedman, an American economist. Cases of hyperinflation have indeed been associated with the rapid printing of money. But when governments adopted monetarist policies in the late 1970s and early 1980s, they found money supply hard to control and also struggled to decide which measure of money supply was best to target. Monetarist policies were abandoned in favour of inflation targeting. 相信货币供应量的变化是通货膨胀变化的主要决定因素，尤其是美国经济学家米尔顿弗里德曼。恶性通货膨胀的情况确实与快速印钞有关。但是，当政府在1970年代末和1980年代初采取货币主义政策时，他们发现货币供应难以控制，并且也难以决定哪种货币供应量是最好的目标。货币主义政策被放弃，转而支持通货膨胀目标。

• Monetary financing 货币融资

  The direct financing of government spending by the central bank. This happened during the hyperinflation in Germany in 1923 and was thus regarded as anathema for a long period afterwards. As a result, some commentators viewed quantitative easing after the financial crisis of 2007-09 with great suspicion. Technically, however, QE is not monetary financing, because central banks only buy government bonds in the secondary market and because they pay interest on reserves (the money they create). 中央银行对政府支出的直接融资。这发生在1923年德国的恶性通货膨胀期间，因此在之后的很长一段时间内被视为诅咒。因此，一些评论员对2007-09年金融危机后的量化宽松持怀疑态度。然而，从技术上讲，量化宽松不是货币融资，因为央行只在二级市场上购买政府债券，并且因为它们支付准备金利息（他们创造的货币）。

• Monetary policy 货币政策

  The use, normally by the central bank, of interest rates and other tools to try to influence the economy. Interest rates are raised when the bank is trying to control inflation and lowered when inflation is low and it is trying to revive the economy. The financial crisis of 2007-09 led central banks to face the zero lower bound. This prompted many of them to use a new tool, quantitative easing, which was designed to bring down long-term rates or bond yields. 通常由中央银行使用利率和其他工具来试图影响经济。当银行试图控制通货膨胀时，利率会提高，当通货膨胀率较低并试图重振经济时，利率会降低。2007-09年的金融危机导致各国央行面临零下限。这促使他们中的许多人使用一种新工具，即量化宽松，旨在降低长期利率或债券收益率。

• Money 钱

  The oil that greases the economy’s wheels, and acts as the unit of account for economic activity. Money can be any token that is accepted as payment; past examples have included seashells and the giant stones on the island of Yap. For a while, money was linked to precious metals but modern money is largely fiat currency and is electronic in form. Whatever its form, money needs to be a reasonably stable store of value and an acceptable medium of exchange. 润滑经济车轮的油，并充当经济活动的记账单位。货币可以是任何被接受为付款的代币;过去的例子包括贝壳和雅浦岛上的巨石。有一段时间，货币与贵金属挂钩，但现代货币主要是法定货币，形式是电子的。无论其形式如何，货币都需要是一种相当稳定的价值储存手段和可接受的交换媒介。

• Money illusion 金钱幻觉

  Failing to take account of the effect of inflation. Employers may find workers more willing to agree to a pay rise of 4% when inflation is 6% than to accept a pay freeze when prices are falling. Savers should be happier about earning a return of 2% when inflation is zero than the prospect of earning 4% when inflation is 6%. See also real terms. 没有考虑到通货膨胀的影响。雇主可能会发现，当通货膨胀率为6%时，工人更愿意同意加薪4%，而不是在物价下跌时接受工资冻结。当通货膨胀为零时，储户应该更乐意获得2%的回报，而不是在通货膨胀率为6%时获得4%的回报。另请参阅实际术语。

• Money markets 货币市场

  A term used to describe the borrowing and lending of money on a short-term basis (generally for less than a year). Banks need to finance themselves with short-term borrowing on a regular basis, so when the money markets freeze (as they did in 2008) a crisis usually follows. 用于描述短期（通常不到一年）借入和借出资金的术语。银行需要定期通过短期借款为自己融资，因此当货币市场冻结时（就像2008年那样），危机通常会随之而来。

• Money supply 货币供应量

  The total amount of money in an economy. This is very hard to define; notes and coins are only a small part of the money we use. Current account balances, unused credit card balances and holdings of money-market funds can all be added to the mix. Measuring all these, and deciding which are the most important, dogged the application of monetarism in practice. 一个经济体中的货币总量。这很难定义;纸币和硬币只是我们使用的货币的一小部分。经常账户余额、未使用的信用卡余额和货币市场基金的持有量都可以添加到组合中。衡量所有这些，并确定哪些是最重要的，阻碍了货币主义在实践中的应用。

• Monopoly 垄断

  A company with a controlling position in an industry or sector. Traditionally, the main fear was that monopolies would exploit their position to overcharge customers. But in the internet age, concerns have shifted to the idea that technology companies with strong franchises will strangle competition by denying new firms access to their platforms, or by simply acquiring them to add the product to their range, thereby increasing their dominance. See antitrust. 在行业或部门中具有控股地位的公司。传统上，主要担心的是垄断企业会利用其地位向顾客收取过高的费用。但在互联网时代，人们的担忧已经转移到这样一种观点上，即拥有强大特许经营权的科技公司将通过拒绝新公司访问其平台来扼杀竞争，或者只是通过收购它们以将产品添加到其范围内，从而增加其主导地位。参见反垄断。

• Monopsony 独体

  Whereas a monopoly is a seller with a dominant position, a monopsony is a dominant buyer. An example could be a food producer which is the main buyer of coffee beans or fresh chickens from farmers. A monopsonist can exploit its position by insisting on low prices. 垄断是具有支配地位的卖方，而垄断是占支配地位的买方。一个例子是食品生产商，它是农民咖啡豆或新鲜鸡的主要买家。垄断者可以通过坚持低价来利用其地位。

• Moral hazard 道德风险

  The risk that providing insurance might alter the behaviour of those being insured. Homeowners or car drivers may take more risks if they know that an insurance company will cover their losses. This is also a problem for central banks when they act as a lender of last resort for banks; knowing they will be rescued in a crisis, bank executives may take more risks and investors may be less choosy about the banks with which they do business. See asymmetric information. 提供保险可能会改变被保险人行为的风险。如果房主或汽车司机知道保险公司将承担他们的损失，他们可能会承担更多风险。当中央银行充当银行的最后贷款人时，这也是一个问题;知道自己将在危机中获救，银行高管可能会承担更多风险，投资者可能对与他们开展业务的银行不那么挑剔。请参阅非对称信息。

• Most favoured nation 最惠国待遇

  A core principle of the World Trade Organisation (WTO) and the GATT, this requires countries to treat the imports and exports of all other WTO members in the way that they treat the “most favoured nation” among their trading partners. In other words, there is no special treatment for any one country. 作为世界贸易组织（WTO）和关贸总协定的核心原则，这要求各国以对待贸易伙伴中“最惠国”的方式对待所有其他WTO成员的进出口。换言之，任何一个国家都没有特殊待遇。

• Multiplier effect 乘数效应

  This concept, central to Keynesian economics, relates to the proportional increase, or decrease, in demand that can arise from an injection, or withdrawal, of spending. So a government increase in spending on, say, roadbuilding will mean more jobs for workers who spend their wages on other goods and services, which encourages the employment of more workers, and so on. For more detail, see our Explainer and Schools Brief. 这个概念是凯恩斯主义经济学的核心，与注入或撤回支出可能产生的需求比例增加或减少有关。因此，政府增加道路建设支出将意味着为那些将工资用于其他商品和服务的工人提供更多就业机会，从而鼓励更多工人就业，等等。有关更多详细信息，请参阅我们的解释器和学校简介。

N

• NAFTA (North American Free Trade Agreement) 北美自由贸易协定（北美自由贸易协定）

  A deal signed in 1993 by America, Canada and Mexico to eliminate tariff barriers between the three countries by creating a free trade area. The agreement was disliked by many on both the left and the right of American politics and President Donald Trump renegotiated it during his term of office, renaming it the US-Mexico-Canada Agreement (USMCA). The main change was that a greater proportion of a car or truck’s components had to be manufactured in America to qualify for tariff exemption. 美国，加拿大和墨西哥于1993年签署的协议，通过建立自由贸易区来消除三国之间的关税壁垒。该协议遭到美国政坛左翼和右翼许多人的厌恶，唐纳德·特朗普总统在任期内重新谈判，将其更名为美国 - 墨西哥 - 加拿大协议（USMCA）。主要变化是，更大比例的汽车或卡车部件必须在美国制造才有资格获得关税豁免。

• Nairu (Non-Accelerating Inflation Rate of Unemployment) 奈鲁（非加速通货膨胀失业率）

  The lowest rate of unemployment that does not lead to a jump in wages and inflation. It is a development of the “natural rate of unemployment”, a concept developed by Milton Friedman. This holds that a certain level of unemployment is inevitable, as workers switch jobs or take time to upgrade their skills. Trying to force unemployment below this level does nothing but stoke inflation. However, calculating the Nairu at any given moment is very tricky; it clearly varies over time. See also frictional unemployment, Phillips curve. For more detail, read our Schools Brief. 不会导致工资和通货膨胀上升的最低失业率。它是米尔顿·弗里德曼（Milton Friedman）提出的“自然失业率”（Natural T失业率）的发展。这认为，一定程度的失业是不可避免的，因为工人换工作或花时间提高他们的技能。试图将失业率压低到这一水平以下，只会加剧通货膨胀。但是，在任何给定时刻计算奈鲁都非常棘手;它显然会随着时间的推移而变化。另见摩擦性失业，菲利普斯曲线。有关更多详细信息，请阅读我们的学校简介。

• Nash equilibrium 纳什均衡

  A definition of equilibrium, devised by John Nash, an American mathematician, in the late 1940s, that has become one of the most powerful ideas in economics. Every agent chooses their optimal strategy, taking the strategies of everyone else as given. Nash equilibrium is thus the best everyone can do, but need not be the best for society. The idea won Nash a share of the Nobel prize for economics in 1994. For more, see our Schools Brief. 均衡的定义由美国数学家约翰·纳什（John Nash）在1940年代后期设计，已成为经济学中最有力的思想之一。每个智能体都会选择自己的最佳策略，将其他人的策略视为给定的策略。因此，纳什均衡是每个人都能做的最好的事情，但不一定是社会最好的。这个想法为纳什赢得了1994年诺贝尔经济学奖的份额。有关更多信息，请参阅我们的学校简介。

• National debt 国债

  The sum of government debt, usually expressed as a proportion of GDP. The debate over whether this proportion has any real significance has sharpened in recent years, particularly in the light of quantitative easing, which has led to central banks owning large chunks of government bonds. Clearly, it matters what interest rate is payable, the maturity of the debt, the currency of denomination and who the creditors are. Governments struggle most if they have a lot of short-term debt to refinance in a foreign currency. 政府债务的总和，通常表示为占GDP的比例。近年来，关于这一比例是否具有任何实际意义的争论愈演愈烈，特别是在量化宽松的情况下，这导致央行拥有大量政府债券。显然，应付的利率、债务的期限、面额的货币以及债权人是谁都很重要。如果政府有大量短期债务需要外币再融资，那么政府最困难。

• National income 国民收入

  See gross domestic product and gross national product 见国内生产总值和国民生产总值

• Nationalisation 国有化

  The takeover by the state of private businesses. Under communism, all large businesses are state-owned and the previous private owners are rarely compensated. In a social democracy, the state tends to focus on certain industries, notably utilities (power generation, water etc), those deemed to be strategically important (steel, coal) and loss-making businesses that employ a lot of workers. Nationalisation was common after 1945 but was reversed under the privatisation programmes of the 1980s and 1990s. 国家对私营企业的接管。在共产主义制度下，所有大企业都是国有的，以前的私人所有者很少得到补偿。在社会民主主义中，国家倾向于关注某些行业，特别是公用事业（发电，水等），那些被认为具有战略重要性的行业（钢铁，煤炭）和雇用大量工人的亏损企业。国有化在1945年后很常见，但在1980年代和1990年代的私有化计划中被逆转。

• Natural experiment 自然实验

  Unlike scientists in a laboratory, economists do not, as a rule, carry out controlled experiments on real economies (see, however, randomised control trials). But sometimes circumstances throw up similar opportunities, known as natural experiments—eg, a rise in the minimum wage in one place but not another. The pioneering work in this field was carried out by David Card, who shared the Nobel prize in 2021 (see article) and the late Alan Krueger (see this appreciation). 与实验室中的科学家不同，经济学家通常不会对实体经济进行对照实验（但是，参见随机对照试验）。但有时情况会抛出类似的机会，称为自然实验 - 例如，在一个地方提高最低工资，而不是另一个地方。该领域的开创性工作由大卫·卡德（David Card）和已故的艾伦·克鲁格（见此赞赏）共同获得2021年诺贝尔奖（见文章）进行。

• Natural rate of unemployment 自然失业率

  See Nairu. 见奈鲁。

• Negative equity 负资产

  This arises when a borrower buys a property and the price falls sharply, so that the size of the loan is greater than the value of the property. This was a big problem in the American housing market in the mid-2000s. Negative equity meant, at best, borrowers would be unable to move and at worst, they would default, with resulting losses for the lenders as well as themselves. 当借款人购买房产并且价格急剧下跌时，就会出现这种情况，因此贷款规模大于房产价值。这是2000年代中期美国房地产市场的一个大问题。负资产意味着，充其量，借款人将无法移动，最坏的情况是，他们将违约，从而给贷款人和他们自己带来损失。

• Negative income tax 负所得税

  A payment made to people on low incomes as a way of reducing poverty. The approach can be an alternative to welfare payments, which can be complex to administer and carry social stigma. Instead the state just makes a payment to those whose incomes are below a certain level. 向低收入人群支付的款项，作为减少贫困的一种方式。这种方法可以替代福利金，福利金的管理和社会污名可能很复杂。相反，国家只是向收入低于一定水平的人付款。

• Negative interest rates 负利率

  A modern development that would have surprised economists from earlier eras, negative rates mean that investors are in effect charged for lending, or depositing, their money. They emerged in the wake of the 2007-09 financial crisis, as central banks found new ways to ease monetary policy. Investors had a number of reasons for tolerating negative yields on government bonds; they might face bigger losses investing elsewhere; falling prices could make negative rates positive in real terms; and holding their money in cash (banknotes) was impractical. See also zero lower bound. And see this article for more. 负利率是现代发展，会让早期的经济学家感到惊讶，这意味着投资者实际上需要为贷款或存入他们的钱而付费。它们出现在2007-09年金融危机之后，因为各国央行找到了放松货币政策的新方法。投资者容忍政府债券负收益率的原因有很多;他们在其他地方投资可能会面临更大的损失;价格下跌可能使负利率在实际价值上为正;将他们的钱持有在现金（纸币）中是不切实际的。另请参阅零下限。并查看本文了解更多信息。

• Neoclassical economics 新古典经济学

  A school of thought, associated with Alfred Marshall, an English economist, that developed in the late 19th and early 20th centuries. Rather than focus on the cost of production as the most important element in determining the price of a good or service (as did the classical school), neoclassical economists focused on the preferences of consumers, and the utility they attach to the product. The focus on both producers and consumers in maximising utility allowed the neoclassicists to build models of how the economy works. 与英国经济学家阿尔弗雷德·马歇尔（Alfred Marshall）有关的思想流派，发展于19世纪末和20世纪初。新古典经济学家没有像古典学派那样将生产成本作为决定商品或服务价格的最重要因素，而是关注消费者的偏好以及他们对产品的效用。对生产者和消费者在最大化效用方面的关注使新古典主义者能够建立经济如何运作的模型。

• Neoliberalism 新自由主义

  A term, often used by opponents, applied to the economic reforms pursued by Margaret Thatcher and Ronald Reagain in the 1980s. Broadly, the reforms included lower taxes, constraints on public spending, privatisation and deregulation. Neither politician used the term to refer to their own policies. See also supply-side economics. 一个经常被反对者使用的术语，适用于玛格丽特·撒切尔和罗纳德·雷瓦在1980年代推行的经济改革。从广义上讲，改革包括降低税收，限制公共支出，私有化和放松管制。两位政治家都没有用这个词来指代他们自己的政策。另见供给侧经济学。

• Net present value 净现值

  A standard approach used in business investment. A firm estimates all the future revenues that will flow from a project and then discounts them to reflect their value in today’s money. The calculation is highly sensitive to the assumptions about future revenue growth and the discount rate applied; the risk is overoptimism. See also time value of money. 商业投资中使用的标准方法。一家公司估计一个项目将产生的所有未来收入，然后贴现它们以反映它们在今天货币中的价值。该计算对有关未来收入增长和所应用的贴现率的假设高度敏感;风险是过于乐观。另请参阅货币的时间价值。

• Network effect 网络效应

  The benefits that accrue to consumers and producers when more customers buy a product; it is little use being the only person to own a telephone, for example. Network effects have been significant in the development of the internet; platforms such as eBay and Airbnb benefit from network effects as consumers are attracted by a plethora of suppliers and suppliers flock to platforms with many consumers. See also first mover advantage. 当更多客户购买产品时，消费者和生产者获得的好处;例如，唯一拥有电话的人几乎没有用。网络效应在互联网的发展中具有显著意义;eBay和Airbnb等平台受益于网络效应，因为消费者被过多的供应商所吸引，供应商涌向拥有众多消费者的平台。另请参阅先发优势。

• Nobel prize for economics 诺贝尔经济学奖

  This award was first awarded in 1969, well after Alfred Nobel’s death, and was set up in his memory, with Sweden’s central bank funding the prize. Notable winners have included Paul Samuelson, Simon Kuznets and Milton Friedman. 该奖项于1969年首次颁发，在阿尔弗雷德·诺贝尔去世很久之后，是为了纪念他而设立的，瑞典中央银行资助了该奖项。著名的获奖者包括Paul Samuelson，Simon Kuznets和Milton Friedman。

• Nominal interest rates 名义利率

  The stated level of interest rates, taking no account of inflation. A nominal return of 5% might sound good, but if inflation is 8%, then the purchasing value of the saver’s money is declining (by about 3%). Real interest rates adjust for actual, or expected, inflation. 规定的利率水平，不考虑通货膨胀。5%的名义回报率可能听起来不错，但如果通货膨胀率为8%，那么储蓄者资金的购买价值正在下降（约3%）。实际利率根据实际或预期的通货膨胀进行调整。

• Normal distribution 正态分布

  Also known as the bell curve, this describes phenomena where most data points cluster around the average and there are few outliers; human heights are a classic example. When bankers use the normal distribution in financial models, however, they can be caught out by extreme events or fat tails. 也称为钟形曲线，它描述了大多数数据点聚集在平均值周围并且异常值很少的现象;人类的身高就是一个典型的例子。然而，当银行家在金融模型中使用正态分布时，他们可能会被极端事件或肥尾所吸引。

O

• OECD 经合组织

  The Organisation for Economic Co-operation and Development was created in 1961 and has acted as a club for developed nations, compiling reports on individual economies and serving as a hub for research on policy options and economic data. For more, see this Explainer. 经济合作与发展组织成立于1961年，是发达国家的俱乐部，编制个别经济体的报告，并作为政策选择和经济数据研究的中心。有关更多信息，请参阅此解释器。

• OPEC 石油输出国组织

  The Organisation of Petroleum Exporting Countries is a producers’ cartel which attempts to influence both the supply and the price of oil. It was most effective in the 1970s, quadrupling the oil price and contributing to the stagflation of the era. Its influence waned after that era as new producers like Norway emerged and America developed its shale oil reserves. But OPEC’s decisions (these days taken after consultation with Russia and other producers) still matter. 石油输出国组织是一个生产国卡特尔，试图影响石油的供应和价格。它在1970年代最为有效，使石油价格翻了两番，并促成了那个时代的滞胀。在那个时代之后，随着挪威等新产油国的出现和美国页岩油储量的开发，它的影响力逐渐减弱。但欧佩克的决定（这些天是在与俄罗斯和其他产油国协商后做出的）仍然很重要。

• Offshore haven 离岸避风港

  A jurisdiction which imposes little or no tax on transactions or profits and thus is chosen by financial and multinational companies as a hub for some of their activities. Rich individuals also hold money offshore, to reduce their tax bills. The IMF has estimated that governments worldwide lose around $500bn to $600bn a year through the use of offshore havens. For more, see this Explainer. 对交易或利润征收很少或没有税的司法管辖区，因此被金融和跨国公司选为其某些活动的枢纽。富人也将资金存放在海外，以减少他们的税单。国际货币基金组织估计，通过使用离岸避风港，世界各国政府每年损失约5000亿至6000亿美元。有关更多信息，请参阅此解释器。

• Oligopoly 寡头 垄断

  When a few firms control a market. This can lead to agreements (tacit or explicit) to fix prices or exclude new entrants. Adam Smith famously wrote: “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” See cartel. 当少数公司控制市场时。这可能导致协议（默认或明确）以固定价格或排除新进入者。亚当·斯密（Adam Smith）有一句名言：“同一行业的人很少聚在一起，即使是为了欢乐和消遣，但谈话以针对公众的阴谋或提高价格的阴谋告终。见卡特尔。

• Opportunity cost 机会成本

  The cost of something may not just be its price but the alternative; what was given up to get it. So the opportunity cost of spending the afternoon at a bar is the wages you might have earned had you stayed at work. Money spent on a fancy meal could have been spent on a training course to enhance your skills. 某物的成本可能不仅仅是它的价格，而是替代品;为了得到它而放弃了什么。因此，在酒吧度过下午的机会成本是你留在工作中可能赚取的工资。花在一顿美餐上的钱本可以花在培训课程上，以提高您的技能。

• Optimal currency area 最佳货币区

  A theoretical assessment of the geopolitical regions where it would be most efficient, in economic terms, to share a currency. The criteria, developed by Robert Mundell (winner of a Nobel prize), include the existence of highly integrated economies, with flexible labour markets, and the potential for fiscal transfers between nations. 对地缘政治区域的理论评估，从经济角度来看，共享货币最有效。该标准由诺贝尔奖获得者罗伯特·蒙代尔（Robert Mundell）制定，包括存在高度一体化的经济体，具有灵活的劳动力市场以及国家之间财政转移的潜力。

• Option 选择

  A derivative contract that gives the right, but not the obligation, to undertake a transaction at a set price for a set period. A call option is the right to buy and a put option the right to sell. In return, the option holder pays a premium to the person who grants the option. See also share options. 一种衍生合约，赋予在设定的期限内以设定的价格进行交易的权利，但不是义务。看涨期权是买入权，看跌期权是卖出权。作为回报，期权持有人向授予期权的人支付溢价。另请参阅共享选项。

• Output 输出

  The result of economic activity. GDP is the total output of a nation’s economy. 经济活动的结果。GDP是一个国家经济的总产出。

• Output gap 输出间隙

  The extent to which an economy is operating above potential. In theory, the economy will overheat, driving inflation, only if the output gap is positive, meaning that businesses are chasing scarce workers and resources. But assessing the level of potential output is very difficult, so estimates of the output gap are imprecise. 一个经济体在多大程度上高于潜力。从理论上讲，只有当产出缺口为正时，经济才会过热，推动通货膨胀，这意味着企业正在追逐稀缺的劳动力和资源。但评估潜在产出水平非常困难，因此对产出差距的估计并不精确。

• Over-the-counter markets 场外交易市场

  Forums where financial instruments are traded, but are not a recognised exchange (like the New York Stock Exchange). Trillions of dollars of currencies are traded this way every day. 交易金融工具但不是公认交易所的论坛（如纽约证券交易所）。每天有数万亿美元的货币以这种方式进行交易。

• Overheating 过热

  If an economy is growing too fast, companies may face bottlenecks in acquiring resources or hiring labour. This will lead to higher costs and wages, and thus rising inflation. 如果经济增长过快，公司可能会在获取资源或雇用劳动力方面面临瓶颈。这将导致更高的成本和工资，从而导致通货膨胀上升。

• Overshooting 过冲

  When financial markets take a trend too far. For example, when a currency depreciates, investors may lose confidence and sell, driving the currency to an undervalued level. Investors may also overreact when central banks start to tighten monetary policy, driving up rate expectations further than the authorities intend. But overshooting is not always irrational or mistaken. Rudi Dornbusch, a German economist, showed that exchange rates naturally overshoot under certain conditions. 当金融市场的趋势走得太远时。例如，当一种货币贬值时，投资者可能会失去信心并抛售，从而将货币推高到被低估的水平。当央行开始收紧货币政策时，投资者也可能反应过度，从而进一步推高利率预期，超出当局的预期。但过度自卫并不总是不合理或错误的。德国经济学家鲁迪·多恩布什（Rudi Dornbusch）表明，在某些条件下，汇率自然会超调。

P

• Pareto distribution 帕累托分布

  Vilfredo Pareto, an Italian economist, noticed that 80% of Italian land was owned by 20% of the population. This distribution, also known as a power law, crops up in a wide variety of circumstances; one study found that 80% of health-care expenses were linked to just 20% of patients. 意大利经济学家维尔弗雷多·帕累托（Vilfredo Pareto）注意到，80%的意大利土地由20%的人口拥有。这种分布，也称为幂律，在各种情况下都会出现;一项研究发现，80%的医疗保健费用仅与20%的患者有关。

• Pareto efficiency 帕累托效率

  Another idea named after Vilfredo Pareto. It describes a situation in which resources are distributed so that it is not possible to make anyone better off without making someone else worse off. In theory, if Pareto efficiency is not achieved, this is a case of market failure since it is possible to improve the allocation of resources. 另一个以维尔弗雷多·帕累托命名的想法。它描述了一种情况，其中资源被分配，因此不可能在不使其他人变得更糟的情况下使任何人过得更好。从理论上讲，如果没有达到帕累托效率，这就是市场失灵的情况，因为有可能改善资源配置。

• Passive management 被动管理

  The purchase of a portfolio that replicates the broad market in an asset class (usually equities). Passive management emerged in the 1970s when it was noticed that many active managers failed to beat the index after fees (this is inevitable, because the index does not reflect costs). 购买在资产类别（通常是股票）中复制广泛市场的投资组合。被动管理出现在1970年代，当时人们注意到许多主动型管理人未能在扣除费用后跑赢指数（这是不可避免的，因为该指数不反映成本）。

• Pension funds 养恤基金

  Institutional investors that run portfolios on behalf of current and future retirees. Final-salary (or defined-benefit) funds offer a pension that is linked to employees’ salaries; these are increasingly confined to the public sector. In the private sector, younger employees are only offered defined-contribution pensions, where the retirement income is dependent on market performance. 代表当前和未来退休人员经营投资组合的机构投资者。最终工资（或固定福利）基金提供与雇员工资挂钩的养老金;这些越来越局限于公共部门。在私营部门，年轻雇员只获得固定缴款养恤金，退休收入取决于市场表现。

• Perfect competition 完美竞争

  A model that describes a market where buyers and sellers are numerous and well-informed and thus there is no scope for monopoly, monopsony or oligopoly. The model requires a number of idealised assumptions (such as no transaction costs) that do not apply in the real world. 一种描述市场的模型，其中买家和卖家人数众多且消息灵通，因此没有垄断、垄断或寡头垄断的余地。该模型需要一些不适用于现实世界的理想化假设（例如没有交易成本）。

• Permanent income hypothesis 永久收入假说

  A theory of consumption, developed by Milton Friedman, that suggests people try to spread their spending evenly over their lifetimes. A sudden windfall will not be spent entirely; a significant part will be saved. And those savings will be used to top up spending in the event of a loss of income; for example, losing a job. Thus an individual’s spending will be less volatile than their income. See also life-cycle hypothesis. 米尔顿·弗里德曼（Milton Friedman）提出的一种消费理论表明，人们试图在一生中平均分配支出。突如其来的意外之财不会完全花掉;将保存很大一部分。这些储蓄将用于在收入损失时补充支出;例如，失去工作。因此，个人的支出波动性将小于其收入。另见生命周期假说。

• Phillips curve 菲利普斯曲线

  This concept, developed by William Phillips, an economist, suggests that inflation and unemployment are inversely related; when inflation is high, unemployment is low and vice versa. Phillips had discovered the link in data from the British economy between 1861 and 1957. In the 1970s, however, both inflation and unemployment were high (see stagflation) and in the 2000s, both were low by historical standards. This suggests the relationship is far from stable. Our Schools Brief explains in more detail. 这个概念由经济学家威廉·菲利普斯（William Phillips）提出，表明通货膨胀和失业是负相关的;当通货膨胀率高时，失业率低，反之亦然。菲利普斯在1861年至1957年间的英国经济数据中发现了这种联系。然而，在1970年代，通货膨胀和失业率都很高（见滞胀），而在2000年代，按照历史标准，两者都很低。这表明这种关系远非稳定。我们的学校简介更详细地解释了。

• Physics envy 物理嫉妒

  See models. 查看模型。

• Pigouvian tax 皮古维亚税

  Named after Arthur Pigou, a 20th-century British economist, a Pigouvian tax is imposed on activities that have negative side effects, or externalities. Examples might include taxes on pollution, tobacco or the sales of plastic bags. For more detail, read our Schools Brief, and this article on carbon taxes. 以20世纪英国经济学家亚瑟·庇古（Arthur Pigou）的名字命名，皮古夫税是对具有负面副作用或外部性的活动征收的。例子可能包括污染税、烟草税或塑料袋销售税。有关更多详细信息，请阅读我们的学校简介和这篇关于碳税的文章。

• Platform company 平台公司

  A new type of firm that emerged with the internet and links together suppliers and consumers. For example, AirBnB connects homeowners with properties to rent and holidaymakers who need somewhere to stay. Platform companies benefit from network effects: a large number of suppliers attracts consumers and vice versa. 一种新型的公司，随着互联网而出现，将供应商和消费者联系在一起。例如，AirBnB将房主与出租物业和需要住宿的度假者联系起来。平台公司受益于网络效应：大量供应商吸引消费者，反之亦然。

• Positional goods 定位商品

  Products that confer status and are thus both limited in supply and carry premium prices. Examples include properties in highly residential areas, fancy sports cars and upmarket hotels. The existence of positional goods helps explain why rising living standards have not been accompanied by a substantial reduction in working hours; people work hard so they can feel a cut above the rest. For more, see this article. 赋予地位的产品，因此供应有限，价格高。例子包括高度住宅区的房产、高档跑车和高档酒店。职位商品的存在有助于解释为什么生活水平的提高没有伴随着工作时间的大幅减少;人们努力工作，这样他们才能感到自己比其他人高出一筹。有关详细信息，请参阅此文章。

• Post-neoclassical endogenous growth theory 后新古典内生生长理论

  See endogenous growth theory. 见内源性生长理论。

• Poverty 贫困

  Measures of poverty can be absolute or relative. In the former case, individuals or households have insufficient income to afford the basics of life: food, shelter, heat, clothing. In the latter, poverty is measured against a proportion (say, 50% or 60%) of median income. At the global level, extreme poverty is defined by the World Bank as an income of less than $2.15 a day, at the time of writing. On this measure, the proportion of the world population in extreme poverty has dropped from more than 35% in 1990 to less than 10%. 贫困的衡量标准可以是绝对的，也可以是相对的。在前一种情况下，个人或家庭的收入不足以负担基本的生活：食物、住所、暖气、衣服。在后者中，贫困是根据收入中位数的比例（例如50%或60%）来衡量的。在全球一级，在编写本报告时，世界银行将极端贫困定义为每天收入低于2.15美元。按照这一标准，世界赤贫人口的比例从1990年的35%以上下降到不到10%。

• Poverty trap 贫困陷阱

  A term used when people find it impossible to improve their circumstances thanks to institutional barriers. One example is the workings of the tax and benefits system. High effective marginal tax rates—combining taxes on earnings and withdrawal of benefits as incomes rise—may mean that their employment earnings will make them barely any better off. Another is access to the highest level of education and health services, which may prevent people from realising their full potential. 当人们发现由于制度障碍而无法改善他们的环境时使用的术语。一个例子是税收和福利制度的运作。高有效边际税率——结合收入税和随着收入增加而提取福利——可能意味着他们的就业收入几乎不会让他们过得更好。另一个是获得最高水平的教育和卫生服务，这可能会阻碍人们充分发挥潜力。

• Power law 幂律

  See Pareto distribution. 请参阅帕累托分布。

• Precariat 不稳定

  A term given to workers in low-paid jobs, often part-time or on zero-hours contracts, who struggle to make ends meet, and often rely on welfare payments to top up their incomes. Left-leaning politicians blame the existence of the precariat on the promotion of labour market flexibility since the 1980s. See also gig economy. 一个术语，用于从事低薪工作的工人，通常是兼职或零小时合同，他们努力维持生计，并且经常依靠福利金来增加收入。左倾政客将不稳定的存在归咎于自1980年代以来促进劳动力市场的灵活性。另见零工经济。

• Precautionary motive 预防动机

  Holding a proportion of assets in cash, so that the individual can bear the cost of an unexpected event. Keynes suggested there were three reasons to hang on to cash: the other two are the speculative motive and the transactions motive. 以现金持有一定比例的资产，以便个人能够承担意外事件的成本。凯恩斯认为，持有现金有三个原因：另外两个是投机动机和交易动机。

• Price 价格

  The cost of a good or service to the customer, which should be set by the balance of supply and demand. How this relates to the cost of production depends on the nature of the product or the structure of the market; positional goods may be sold well above their production cost and monopolies can also charge a premium. See also sticky prices. 商品或服务对客户的成本，应由供需平衡来设定。这与生产成本的关系取决于产品的性质或市场结构;位置商品的售价可能远高于其生产成本，垄断企业也可以收取溢价。另请参阅粘性价格。

• Price elasticity 价格弹性

  See elasticity. 请参阅弹性。

• Price-earnings ratio 市盈率

  An oft-used valuation method for individual shares and for the stock market as a whole. It compares the share price with the company’s after-tax profits. This can be based on historic or forecast profits. Robert Shiller of Yale University (a winner of a Nobel prize) has developed a method for valuing the entire market, based on an average of the past ten years’ profits (adjusted for inflation), called the cyclically adjusted price-earnings ratio or CAPE. 一种经常使用的个股和整个股票市场的估值方法。它将股价与公司的税后利润进行比较。这可以基于历史或预测利润。耶鲁大学的罗伯特·席勒（诺贝尔奖获得者）开发了一种评估整个市场的方法，该方法基于过去十年利润的平均值（经通货膨胀调整），称为周期性调整市盈率或CAPE。

• Primary balance 主要余额

  The gap between a government’s revenues and expenditure in a given year, excluding interest payments on its existing debt. This is sometimes used as a measure of the sustainability of a country’s finances. Much depends on the size of the government’s existing debt and the level of interest rates. But a country that can run a primary surplus is likely to reduce its ratio of debt to GDP over time. 政府在某一年的收入和支出之间的差距，不包括其现有债务的利息支付。这有时被用作衡量一个国家财政可持续性的指标。这在很大程度上取决于政府现有债务的规模和利率水平。但一个能够实现基本盈余的国家可能会随着时间的推移降低其债务与GDP的比率。

• Primary market 一级市场

  The forum where new money is raised either in the form of equity (the flotation, or listing, of a company) or a bond. In a crisis, the primary market may freeze, making it impossible to raise new money. See also secondary market. 以股权（公司上市或上市）或债券形式筹集新资金的论坛。在危机中，一级市场可能会冻结，从而无法筹集新资金。另见二级市场。

• Principal-agent problem 委托代理问题

  Many economic activities involve the use of agents: selling a house, for example. But the risk is that the interests of the principal and the agents are not exactly aligned; and the agents are likely to be better informed than the principal. When shareholders hire managers to run a company, the latter may focus on increasing their salaries, or their perks, rather than maximising the returns of investors. See also agency costs and asymmetric information, and, for more detail, our Schools Brief. 许多经济活动涉及代理人的使用：例如出售房屋。但风险在于委托人和代理人的利益并不完全一致;代理人可能比委托人更了解情况。当股东聘请经理来经营一家公司时，后者可能专注于增加他们的薪水或津贴，而不是最大化投资者的回报。另请参阅代理成本和不对称信息，以及更多详细信息，请参阅我们的学校简介。

• Private equity 私募股权

  A specialist branch of investment management that focuses on companies that are not quoted on a stock market. Private-equity firms will often take over a quoted company, using borrowed money, and then incentivise the management with share options. The aim will be to refocus the business by cutting costs with the hope of selling for a profit in a few years. 投资管理的专业分支，专注于未在股票市场上报价的公司。私募股权公司通常会使用借来的资金接管一家上市公司，然后用股票期权激励管理层。目标是通过削减成本来重新调整业务重点，希望在几年内出售以获取利润。

• Private sector 私营部门

  Those economic activities that are not controlled by the government, ranging from a one-man window cleaning business to giant corporations. 那些不受政府控制的经济活动，从一个人的窗户清洁业务到大公司。

• Privatisation 私有化

  The transfer of assets or firms from the public sector to the private sector. There was much enthusiasm for this in the 1980s and 1990s, not least because it raised money for governments in a relatively painless fashion. Some sectors, such as telecoms and airlines, clearly benefited in terms of operating efficiency from being privatised. But the evidence is less clear when it comes to utilities, such as water companies, which are natural monopolies. 资产或公司从公共部门向私营部门转移。在1980年代和1990年代，人们对此充满热情，尤其是因为它以相对轻松的方式为政府筹集资金。一些部门，如电信和航空公司，显然从私有化的运营效率中受益。但是，当涉及到公用事业公司时，证据就不太清楚了，比如水务公司，它们是自然垄断的。

• Productivity 生产力

  One of the most important concepts in economics, productivity measures the level of output for a given level of inputs. This is most commonly expressed as output per worker hour. Boosting productivity is the key to long-term economic growth, which is why there has been much concern about the sluggish performance of productivity in the developed world since the financial crisis of 2007-09. See also total factor productivity. 生产率是经济学中最重要的概念之一，它衡量的是给定投入水平的产出水平。这通常表示为每工时的产出。提高生产率是长期经济增长的关键，这就是为什么自2007-09年金融危机以来，人们对发达国家生产力表现低迷感到担忧的原因。另请参阅全要素生产率。

• Profits 利润

  The difference between a company’s revenues and its costs. Profits lie at the heart of the capitalist system and are one of the key motives for business formation. They will either be reinvested in the business or distributed to shareholders in the form of dividends or share buy-backs. See also windfall tax. Profit is also the term used when an asset is sold for a gain. 公司收入与成本之间的差额。利润是资本主义制度的核心，也是企业形成的关键动机之一。它们要么再投资于业务，要么以股息或股票回购的形式分配给股东。另请参阅暴利税。利润也是出售资产以获取收益时使用的术语。

• Progressive taxation 累进税制

  A system in which higher marginal rates of taxation apply to higher incomes. In the past, these rates have been very high. In America, a rate of 94% was imposed on the highest incomes in 1944. The top rates were lowered significantly in America and Britain under Ronald Reagan and Margaret Thatcher. 一种对较高收入适用较高边际税率的制度。过去，这些比率非常高。在美国，1944年对最高收入者征收94%的税率。在罗纳德·里根（Ronald Reagan）和玛格丽特·撒切尔（Margaret Thatcher）的领导下，美国和英国的最高利率大幅降低。

• Property 财产

  Ownership of private property is the essence of all economic systems, bar communism. Those who own property (defined broadly as all assets) have an incentive to use it productively and to invest it for future gains. These incentives are reduced without property rights; hence the quip “no one ever washed a rented car”. See also tragedy of the commons. In narrow terms, the word is also used to describe land and buildings as an asset class. 私有财产所有权是一切经济制度的本质，除了共产主义。那些拥有财产（广义上定义为所有资产）的人有动力有效地使用它，并将其投资于未来的收益。这些激励措施在没有财产权的情况下减少;因此，俏皮话“没有人洗过租来的车”。另见公地悲剧。狭义地说，这个词也用于将土地和建筑物描述为一种资产类别。

• Protectionism 保护主义

  A policy that attempts to promote companies based in the home country and discriminate against those from abroad. This can be done via taxes or tariffs or via regulations that exclude or hobble imports. Protectionism is often politically popular because it appears to safeguard workers’ jobs, and many companies will lobby politicians to exclude foreign competitors. But believers in free trade argue that the effect of protectionism is to reward inefficient domestic companies and to increase the prices paid by consumers. For more, see this Explainer. 一项试图促进总部设在本国的公司并歧视来自国外的公司的政策。这可以通过税收或关税或通过排除或阻碍进口的法规来实现。保护主义在政治上往往很受欢迎，因为它似乎保护了工人的工作，许多公司会游说政客排除外国竞争对手。但自由贸易的信徒认为，保护主义的效果是奖励效率低下的国内公司，并提高消费者支付的价格。有关更多信息，请参阅此解释器。

• Public choice theory 公共选择理论

  A branch of economics that studies how those involved in government (politicians, bureaucrats etc) might behave. The theory suggests that those in the public sector might act in line with their self-interest; building up their departments to enhance their power and status, or framing regulations to favour the localities they represent. Thus there can be government failures as well as market failures. 经济学的一个分支，研究参与政府的人（政治家、官僚等）的行为方式。该理论表明，公共部门的人可能会按照自己的利益行事;建立他们的部门以提高他们的权力和地位，或者制定有利于他们所代表的地方的法规。因此，既有政府失灵，也有市场失灵。

• Public goods 公共产品

  Things that, if they exist, can only exist for everyone in a society. If one person consumes a public good, that does not stop another person from doing so too. Among the commonest examples are clean air, radio broadcasts and national defence. Because public goods are subject to the free-rider problem they tend to be provided by governments and paid for by taxation. 如果存在的东西，只能存在于社会中的每个人身上。如果一个人消费公共产品，这并不能阻止另一个人也这样做。最常见的例子是清洁空气、无线电广播和国防。由于公共产品受到搭便车问题的影响，它们往往由政府提供并由税收支付。

• Public sector 公共部门

  That part of the economy which is controlled by, or owned by, the government. 由政府控制或拥有的经济部分。

• Public spending 公共支出

  The amount that the government spends is a significant part of most economies, ranging from 30% to 50% of GDP across OECD countries. Periodic efforts to reduce it through programmes of austerity have generally been followed by prolonged rebounds, as the need to spend money on health, pensions and welfare creeps upwards (for more detail, see this Briefing). Keynes argued that public spending should be increased during recessions as a way of boosting demand. See also fiscal policy. 政府支出是大多数经济体的重要组成部分，占经合组织国家GDP的30%至50%。通过紧缩计划定期努力减少紧缩政策之后，通常会出现长期反弹，因为将钱花在健康、养老金和福利上的需求逐渐增加（有关更多详细信息，请参阅本简报）。凯恩斯认为，在经济衰退期间应该增加公共支出，作为刺激需求的一种方式。另见财政政策。

• Purchasing-power parity (PPP) 购买力平价 （PPP）

  A method of adjusting exchange rates to take account of the different levels of prices in different countries. In the absence of barriers to trade, theory suggests that the prices of goods and services in different countries should be roughly equivalent (allowing for transport costs). In practice, this is rarely the case. But economists calculate PPP exchange rates as a way of assessing whether currencies are under- or over-valued; The Economist does this in a light-hearted way with its Big Mac index (see this article), which uses the prices of McDonald’s burgers. 一种根据不同国家的不同价格水平调整汇率的方法。在没有贸易壁垒的情况下，理论表明，不同国家的商品和服务价格应该大致相等（考虑到运输成本）。在实践中，这种情况很少发生。但经济学家计算购买力平价汇率是评估货币是被低估还是被高估的一种方式;《经济学人》通过其巨无霸指数（见这篇文章）以一种轻松的方式做到这一点，该指数使用麦当劳汉堡的价格。

Q

• Quantitative easing (QE) 量化宽松

  A policy introduced to alleviate the effects of the 2007-09 financial crisis. Central banks slashed interest rates but the effect of such cuts seemed to diminish as they approached the zero lower bound. Quantitative easing (QE) involved banks buying government bonds (and some other assets) in the secondary market and creating new money to pay the sellers (see this Explainer). This had the double effect of injecting liquidity into the economy and pushing down bond yields, cutting the cost of borrowing for the corporate sector. Critics argue that QE is hard to reverse (see this article) and is perilously close to monetary financing. 为减轻2007-09年金融危机的影响而推出的政策。各国央行削减了利率，但随着利率接近零下限，这种降息的影响似乎减弱了。量化宽松（QE）涉及银行在二级市场上购买政府债券（和其他一些资产），并创造新资金来支付卖方（见本解释）。这产生了双重效果，即向经济注入流动性并压低债券收益率，从而降低了企业部门的借贷成本。批评者认为，量化宽松很难逆转（见这篇文章），并且危险地接近货币融资。

• Quantitative tightening 定量紧缩

  The opposite of QE. This involves shrinking the central bank’s bond portfolio—either by selling bonds back to the private sector or by letting them mature and not reinvesting the proceeds—thereby removing liquidity from the economy and adding to the upward pressure on bond yields. At the time of writing, quantitative tightening is in its early stages and it seems likely that it will be a long while before QE is reversed. For more detail, see this article. 与量化宽松相反。这涉及缩减央行的债券投资组合——要么将债券卖回给私营部门，要么让债券到期而不将收益再投资——从而从经济中移除流动性，增加债券收益率的上行压力。在撰写本文时，量化紧缩还处于早期阶段，似乎还需要很长时间才能逆转量化宽松政策。有关更多详细信息，请参阅此文章。

• Quantity theory of money 货币的数量理论

  A tenet of monetarism which holds that the money supply is the main driver of inflation. The crucial equation is MV=PT which states that the money supply multiplied by the velocity with which it changes hands is equal to the price level multiplied by the number of transactions. However, increases in the money supply do not always translate directly into higher prices. One reason is that the velocity can also vary; people can have more cash but sit on it when they are worried about the economic outlook. 货币主义的一个信条，认为货币供应量是通货膨胀的主要驱动力。关键的等式是MV=PT，它指出货币供应量乘以易手速度等于价格水平乘以交易数量。然而，货币供应量的增加并不总是直接转化为更高的价格。一个原因是速度也可能变化;人们可以拥有更多的现金，但当他们担心经济前景时，他们会坐以待毙。

• Quit rate 戒烟率

  A measure of how many people leave their jobs voluntarily, rather than being laid off or fired. A rising quit rate implies that workers are more confident about finding new jobs, and thus the economy is expanding. See also job vacancies. 衡量有多少人自愿离职，而不是被解雇或解雇。辞职率上升意味着工人对寻找新工作更有信心，因此经济正在扩张。另请参阅职位空缺。

• Quota 配额

  A trade barrier that limits the number, or monetary value, of goods that a country imports. See also protectionism. 限制一个国家进口商品数量或货币价值的贸易壁垒。另见保护主义。

• Quoted company 上市公司

  A business which has listed its shares on a stock exchange. 在证券交易所上市的企业。

R

• R*

  The real (after inflation) interest rate that would prevail when the economy is operating at potential. Models of the macroeconomy say monetary policy is delivering stimulus if and only if the prevailing real interest rate set by the central bank is lower than r*. Unfortunately, this crucial variable cannot be observed directly. 当经济以潜在方式运行时将占上风的实际（通货膨胀后）利率。宏观经济模型表明，当且仅当央行设定的现行实际利率低于r*时，货币政策才会提供刺激。不幸的是，这个关键变量无法直接观察到。

• Randomised control trials 随机对照试验

  Experiments in which a policy change is applied to a randomly selected subset of people, in order to isolate its economic effects. Most examples have been in developing countries. Abhijit Banerjee, Esther Duflo and Michael Kremer shared the 2019 Nobel prize for their work on RCTs (for more details, see this article and this book review). Some have questioned the ethics of such trials (see article). 将政策变化应用于随机选择的人群子集以隔离其经济影响的实验。大多数例子发生在发展中国家。Abhijit Banerjee，Esther Duflo和Michael Kremer分享了2019年诺贝尔奖，以表彰他们在RCT方面的工作（有关更多详细信息，请参阅本文和这篇书评）。有些人质疑这种审判的道德规范（见文章）。

• Rate of return 回报率

  The annual gain (profit, income and increase in value) from a project, expressed as a proportion of the capital invested. See also internal rate of return. 项目的年度收益（利润，收入和价值增加），以投资资本的比例表示。另见内部收益率。

• Ratings 评级

  Measures of the riskiness of a financial instrument, provided by a ratings agency (such as Standard & Poor’s, Moody’s and Fitch). The higher the credit rating, the lower the risk, and when applied to debt instruments, the lower the interest rate the borrower has to pay. Ratings below a certain level are regarded as high-risk (see junk bonds). The ratings agencies came in for heavy criticism during the financial crisis of 2007-09, when financial instruments that had been rated highly plunged in value. 由评级机构（如标准普尔、穆迪和惠誉）提供的金融工具风险衡量标准。信用评级越高，风险越低，当应用于债务工具时，借款人必须支付的利率就越低。低于一定水平的评级被视为高风险（见垃圾债券）。评级机构在2007 - 09年的金融危机期间受到严厉批评，当时评级为高度价值的金融工具。

• Rational expectations 理性预期

  The idea that people base their decisions on the best information available to them and learn from their mistakes. In particular, this led free-market and monetarist economists to argue that consumers would anticipate government policy changes and adjust their behaviour accordingly. So if the government runs a big budget deficit to stimulate demand, consumers will anticipate that taxes will rise in the long run, and save some of the windfall to meet their future tax bills (an idea known as Ricardian equivalence). Thus Keynesian fiscal policy will be self-defeating in the long run. 人们根据他们可用的最佳信息做出决定并从错误中吸取教训的想法。特别是，这导致自由市场和货币主义经济学家认为，消费者会预测政府政策的变化并相应地调整他们的行为。因此，如果政府为了刺激需求而出现巨额预算赤字，消费者将预计从长远来看税收会上升，并将一些意外之财留起来以满足他们未来的税单（这一想法被称为李嘉图等价）。因此，从长远来看，凯恩斯主义的财政政策将弄巧成拙。

• Raw materials 原材料

  Basic commodities—eg, oil, metals and cotton—that firms need to manufacture products. 企业制造产品所需的基本商品，例如石油，金属和棉花。

• Real terms 实际条款

  An adjustment for inflation. A pay increase of 5% represents a cut in real terms if inflation is 10% but a gain in real terms if inflation is 2%. Real interest rates and real exchange rates are adjusted for inflation. See also money illusion and nominal interest rates. 通货膨胀的调整。如果通货膨胀率为10%，则加薪5%意味着实际削减，但如果通货膨胀率为2%，则实际增长。实际利率和实际汇率根据通货膨胀进行调整。另见货币幻觉和名义利率。

• Real-time indicators 实时指标

  Much economic data is only published after a lag and thus tells policymakers about the previous state of the economy. So statisticians are looking increasingly at real-time data such as the number of online job adverts, traffic activity on the roads, credit-card spending and so on. To learn more about the growing importance of real-time data, read our Briefing. 许多经济数据只是在滞后后才公布的，因此可以告诉政策制定者以前的经济状况。因此，统计学家越来越多地关注实时数据，例如在线招聘广告的数量，道路上的交通活动，信用卡支出等。要了解有关实时数据日益增长的重要性的更多信息，请阅读我们的简报。

• Recession 衰退

  A period of falling economic output. This is often defined as two consecutive quarters of declining gross domestic product. However, the National Bureau of Economic Research, which is the authority on American recessions, simply regards them as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months”. It looks at measures such as real incomes, employment and industrial production. This Explainer tells you more. 经济产出下降的时期。这通常被定义为连续两个季度国内生产总值下降。然而，美国经济衰退的权威国家经济研究局（National Bureau of Economic Research）只是将其视为“经济活动的显着下降，这种下降遍及整个经济，持续了几个月以上”。它着眼于实际收入、就业和工业生产等指标。这个解释器告诉你更多。

• Redlining 红线

  The discriminatory practice of refusing financial services (such as loans or insurance) to people living in certain areas, usually based on ethnicity. The American government has passed regulations to try to stop redlining, but cases are still discovered. 拒绝向居住在某些地区的人们提供金融服务（如贷款或保险）的歧视性做法，通常基于种族。美国政府已经通过了试图阻止红线的法规，但案件仍在被发现。

• Reflation 通货再膨胀

  Policies designed to stimulate the economy. This may involve fiscal policy (cutting taxes and/or increasing public spending) or monetary policy (cutting interest rates and/or quantitative easing). Both approaches are likely to send the inflation rate higher, although this is not a problem if the economy is experiencing low inflation or deflation. 旨在刺激经济的政策。这可能涉及财政政策（减税和/或增加公共支出）或货币政策（降低利率和/或量化宽松）。这两种方法都可能推高通胀率，但如果经济正在经历低通胀或通货紧缩，这不是问题。

• Regressive taxes 累退税

  Levies that take a larger proportion of the income of poor people than of the wealthy. Sales taxes are generally regressive, whereas income taxes are not. Any flat-rate levy, such as the “poll tax” introduced by Margaret Thatcher to finance local government in Britain in the late 1980s, is regressive. See also progressive taxation. 征税占穷人收入的比例高于富人。销售税通常是累退的，而所得税不是。任何统一税率的征税，例如玛格丽特·撒切尔（Margaret Thatcher）在1980年代后期为资助英国地方政府而引入的“人头税”，都是累退的。另见累进税。

• Regulatory arbitrage 监管套利

  The practice of shifting the location of, or structure of, a company so that it can benefit from more favourable rules. A classic example was the shadow banking system, which avoided many of the regulations that applied to commercial banks; the lack of scrutiny of the sector contributed to the 2007-09 financial crisis. 改变公司所在地或结构以使其能够从更有利的规则中受益的做法。一个典型的例子是影子银行系统，它避免了适用于商业银行的许多法规;缺乏对该部门的审查导致了2007-09年的金融危机。

• Regulatory capture 法规捕获

  When the regulator gets too close to the sector it is overseeing. This may occur because the industry will spend a lot of effort lobbying for its cause, and will have more spending power than consumer groups on the other side of the argument. Or it may happen because the regulator recruits staff from the sector or because the regulator’s employees hope to get lucrative jobs in the sector in subsequent years. 当监管机构与其监管的行业走得太近时。这可能是因为该行业将花费大量精力为其事业进行游说，并且将比争论另一方的消费者群体拥有更多的消费能力。或者这可能是因为监管机构从该行业招聘员工，或者因为监管机构的员工希望在随后几年获得该行业的利润丰厚的工作。

• Remittances 汇款

  Money sent by migrants back to their home country, usually to support their families. They are an important source of income for some developing nations; the World Bank estimated that low- to middle-income countries received $626bn via this route in 2022. 移民寄回本国的钱，通常是为了养家糊口。它们是一些发展中国家的重要收入来源;世界银行估计，2022年低收入和中等收入国家通过这条途径获得了6260亿美元。

• Rent 租金

  The income paid to a landowner for the use of land or buildings. Economists also use the word in a different sense; see economic rent. 支付给土地所有者的用于使用土地或建筑物的收入。经济学家也以不同的意义使用这个词;见经济租金。

• Rent-seeking 寻租

  A broad term used to describe the practice of grabbing a bigger slice of the cake without adding more value. A company might lobby the government to grant it profitable contracts on sweetheart terms, or regulations that stifle competitors. See crony capitalism (and our index). The most basic private-sector example of rent-seeking is a protection racket, in which criminals demand a cut of (say) a bar-owner’s or shopkeeper’s revenue. 一个广义的术语，用于描述在不增加更多价值的情况下抓住更大蛋糕的做法。一家公司可能会游说政府以甜心条款或扼杀竞争对手的法规授予其有利可图的合同。参见裙带资本主义（和我们的索引）。私营部门最基本的寻租例子是保护球，犯罪分子要求从酒吧老板或店主的收入中分一杯羹。

• Repo 回购

  See repurchase agreement 查看回购协议

• Repurchase agreement 回购协议

  In a repurchase agreement, or repo, one party sells a security (usually a government bond) to another and agrees to buy it back for a slightly higher price at a future date (usually the following day). This is a form of borrowing and the difference between the two prices is essentially the interest rate on the debt. The repo market is huge, with an estimated size of more than $4trn in America alone. It is the way many market participants finance themselves in the short term. 在回购协议或回购中，一方将证券（通常是政府债券）出售给另一方，并同意在未来某个日期（通常是第二天）以略高的价格回购。这是一种借款形式，两个价格之间的差异本质上是债务利率。回购市场规模巨大，仅在美国估计规模就超过4万亿美元。这是许多市场参与者在短期内为自己融资的方式。

• Rescheduling 重新安排

  The rearrangement of the terms of a debt, when the borrower is struggling to repay. This will usually involve reducing the interest payments in the short term and extending the life of the loan or bond. Rescheduling often requires lengthy negotiations between the borrower and the creditors. 当借款人难以偿还时，债务条款的重新安排。这通常涉及在短期内减少利息支付并延长贷款或债券的寿命。重新安排往往需要借款人和债权人之间进行漫长的谈判。

• Research and development 研究与开发

  Often shortened to R&D, this is the vital work that helps to create innovation and boosts productivity in the economy. Governments can directly fund R&D themselves (particularly in wartime) or encourage it through tax breaks. Countries in the OECD spend around 2.5% of GDP each year at the time of writing, although some countries (eg, Israel, South Korea and Taiwan) spend much more. 通常简称为研发，这是有助于创造创新和提高经济生产力的重要工作。政府可以直接自己资助研发（特别是在战时），也可以通过税收减免来鼓励研发。在撰写本文时，经合组织国家每年的支出约占GDP的2.5%，尽管一些国家（例如，以色列，韩国和台湾）的支出要高得多。

• Reservation wage 预留工资

  The lowest wage at which a worker will accept employment. Looked at in another way, this is a measure of potential workers’ valuation of their leisure time. 工人接受就业的最低工资。从另一个角度来看，这是衡量潜在工人对闲暇时间的评价。

• Reserve currency 储备货币

  A currency held by a central bank for use in emergencies. The central bank might need reserves to defend the currency of its home nation (by selling the foreign currency and buying the domestic one). Or it might lend its reserves to domestic banks should they need them. The dominant reserve currency is the American dollar (around 60% of global reserves at the time of writing) but the euro and Japanese yen are also used. 中央银行持有的用于紧急情况的货币。中央银行可能需要储备来捍卫其本国的货币（通过卖出外币并购买本国货币）。或者，如果国内银行需要，它可能会将其储备借给它们。主要的储备货币是美元（在撰写本文时约占全球储备的60%），但也使用欧元和日元。

• Reserve requirements 储备要求

  Reserves are electronic money held in accounts at the central bank. Usually only commercial banks can hold reserves. The overall amount in existence is determined by the central bank, though individual commercial banks can lend them to one another or convert them into physical cash. In the past some central banks have set minimum reserve requirements and the authorities sometimes changed the level of required reserves as a way of tightening or loosening monetary policy; China still does this today. Since 2008 the quantity of reserves has grown significantly because of quantitative easing, leading the Federal Reserve and other central banks to pay interest on reserves. This sets a floor under interest rates in the interbank market. 储备是保存在中央银行账户中的电子货币。通常只有商业银行才能持有准备金。现有的总金额由中央银行决定，尽管个别商业银行可以相互借出或将其转换为实物现金。过去，一些央行设定了最低准备金要求，当局有时会改变所需准备金的水平，作为收紧或放松货币政策的一种方式;中国今天仍然这样做。自2008年以来，由于量化宽松政策，准备金数量大幅增长，导致美联储和其他央行支付准备金利息。这为银行间市场的利率设定了下限。

• Resource curse 资源诅咒

  A problem that afflicts some countries with an abundance of natural resources, such as oil, gas or minerals. The profits from such activities are so large that politicians indulge in rent-seeking activities, building up their personal wealth and crushing opposition. In such countries, other industries can find it hard to establish themselves, leaving the economy dependent on the commodity cycle. 这个问题困扰着一些拥有丰富自然资源的国家，例如石油，天然气或矿产。这些活动的利润如此之大，以至于政客们沉迷于寻租活动，积累个人财富并镇压反对派。在这些国家，其他行业可能很难建立起来，使经济依赖于商品周期。

• Ricardian equivalence 李嘉图等价

  The idea, suggested by David Ricardo, that debt-financed expansion of the public sector will not boost demand. This is because citizens will recognise that government debt will have to be repaid in the form of future taxes, and thus they will save money to meet that future tax bill. Thus Keynesian stimulus programmes will not work. See also rational expectations. 大卫·李嘉图（David Ricardo）提出的观点是，债务融资的公共部门扩张不会刺激需求。这是因为公民将认识到政府债务必须以未来税收的形式偿还，因此他们将省钱来满足未来的税收。因此，凯恩斯主义的刺激计划是行不通的。另见理性预期。

• Risk 风险

  The possibility that events might not turn out as expected. Risk faces all economic participants; workers might not get paid, or might lose their jobs; customers may overpay or purchase a shoddy product; producers may find that demand is much lower than they hoped; investors may lose money; and so on. Some risks can be quantified: actuaries have a pretty good idea how many people will die in a normal year. But much risk is subject to Knightian uncertainty; there is not enough information to assess all the probabilities. 事件可能不会按预期进行的可能性。所有经济参与者都面临风险;工人可能无法获得报酬，或者可能失去工作;客户可能会多付钱或购买劣质产品;生产者可能会发现需求远低于他们的预期;投资者可能会赔钱;等等。一些风险是可以量化的：精算师很清楚正常年份会有多少人死亡。但很多风险都受到奈特式不确定性的影响;没有足够的信息来评估所有概率。

• Risk premium 风险溢价

  The extra return investors demand for holding risky assets such as equities, compared with the return they get on risk-free assets such as cash or government bonds. The risk premium needs to reflect two factors; the potential for absolute loss (if the company goes bust or defaults on a debt) and the volatility of the asset (that is, the variability of its price). In a crisis, risky assets plunge in price, meaning that investors may have to sell them at a loss. 与现金或政府债券等无风险资产相比，投资者持有股票等风险资产所需的额外回报。风险溢价需要反映两个因素;绝对损失的可能性（如果公司破产或债务违约）和资产的波动性（即其价格的变化）。在危机中，风险资产价格暴跌，这意味着投资者可能不得不亏本出售。

• Risk-adjusted return 风险调整后回报

  A calculation that reflects the greater risks of some portfolios compared with others. A fund manager might achieve a 20% return over a year, compared with a market return of just 10%. But if the manager owned just a few stocks, that portfolio was a lot riskier than the market as a whole. There is no guarantee that the manager’s luck will hold in subsequent years. 反映某些投资组合与其他投资组合相比风险更大的计算。基金经理可能在一年内获得20%的回报，而市场回报仅为10%。但是，如果经理人只拥有几只股票，那么该投资组合的风险比整个市场要大得多。不能保证经理的运气会在随后的几年中保持下去。

• Risk-averse 规避风险

  A state of caution which can lead to subdued economic activity. Businesses are unwilling to invest in new production facilities; banks are unwilling to lend; investors prefer the safety of government bonds to equities. Analysts sometimes refer to conditions of financial uncertainty as “risk-off” markets. See also animal spirits. 一种可能导致经济活动疲软的谨慎状态。企业不愿意投资新的生产设施;银行不愿意放贷;投资者更喜欢政府债券的安全性，而不是股票。分析师有时将金融不确定性的情况称为“避险”市场。另见动物精神。

• Risk-free return 无风险回报

  The return on assets deemed to be safe, such as cash or government bonds. This concept is the basis for financial models in which investors demand a risk premium over the risk-free rate. However, such assets are not really risk-free, as investors can suffer real losses if the returns are below inflation and, in the case of government bonds, capital losses when yields rise. In the late 2010s, when government bonds in some countries traded on negative yields, some commentators quipped they offered “return-free risk”. 被视为安全的资产的回报率，例如现金或政府债券。这个概念是金融模型的基础，在这种模型中，投资者要求风险溢价高于无风险利率。然而，这些资产并非真正没有风险，因为如果回报低于通货膨胀，投资者可能会遭受实际损失，而对于政府债券，当收益率上升时，投资者可能会遭受资本损失。在2010年代后期，当一些国家的政府债券以负收益率交易时，一些评论员打趣说，它们提供了“无回报风险”。

• Rules of origin 原产地规则

  Regulations that determine where a product is sourced or made and thus how it will be treated for trade purposes, in particular whether they qualify for tariff-free treatment within a free-trade area. 确定产品来源或制造地点的法规，从而确定出于贸易目的如何处理产品，特别是它们是否有资格在自由贸易区内获得免关税待遇。

S

• Sales tax 营业税

  A much-used and lucrative source of government finance, sales taxes are a form of indirect taxation, as they are collected by retailers and other middlemen. In Europe, the sales tax comes in the form of a value added tax, which is levied at each point of the supply chain. 销售税是政府资金的一个常用且利润丰厚的来源，是一种间接税，因为它们由零售商和其他中间商收取。在欧洲，销售税以增值税的形式出现，在供应链的每个环节征收。

• Sanctions 制裁

  Defined by Benjamin Coates, a historian, as “a collective denial of economic access designed to enforce global order”. Sanctions might include trade embargoes, bans on travel and investment, and asset freezes. They have become a widely used tool of foreign policy, not least after Russia’s invasion of Ukraine in 2022. For more about their use, history and effectiveness, read our Briefing and this article. 历史学家本杰明·科茨（Benjamin Coates）将其定义为“旨在执行全球秩序的经济准入的集体拒绝”。制裁可能包括贸易禁运、旅行和投资禁令以及资产冻结。它们已成为广泛使用的外交政策工具，尤其是在 2022 年俄罗斯入侵乌克兰之后。有关其用途、历史和有效性的更多信息，请阅读我们的简报和本文。

• Savings 储蓄

  Income that, instead of being consumed, is set aside for future use. Keynes suggested three reasons for this decision: the precautionary motive, speculative motive and transactions motive. Across the economy, a sudden increase in saving leads to a fall in aggregate demand, and thus increases the potential for a recession. But savings are also vital for long-term economic growth since they provide the funds for investment. In the world economy—or in a theoretical economy closed to trade—saving and investment must be equal. 收入，不是被消费，而是留作将来使用。凯恩斯提出了这一决定的三个原因：预防动机、投机动机和交易动机。在整个经济中，储蓄的突然增加导致总需求下降，从而增加了经济衰退的可能性。但储蓄对长期经济增长也至关重要，因为它们为投资提供了资金。在世界经济中——或者在对贸易封闭的理论经济中——储蓄和投资必须是平等的。

• Say’s law 萨伊定律

  The idea, coined in the 19th century by Jean-Baptiste Say, a French economist, that supply creates its own demand. Say was referring to aggregate demand, rather than that for individual products. In producing a good, a business will have paid wages to workers, bought raw materials from suppliers and so on. These wages and revenues will be used to buy other products. Say’s law was used by classical economists to argue that recessions would right themselves without government intervention. For more, see our Schools Brief. 法国经济学家让-巴蒂斯特·萨伊（Jean-Baptiste Say）在19世纪提出了这一观点，即供给创造了自己的需求。萨伊指的是总需求，而不是单个产品的总需求。在生产商品时，企业将向工人支付工资，从供应商那里购买原材料等等。这些工资和收入将用于购买其他产品。萨伊定律被古典经济学家用来论证经济衰退会在没有政府干预的情况下自行纠正。有关更多信息，请参阅我们的学校简介。

• Seasonal adjustment 季节性调整

  Some economic activity varies depending on the time of the year. Retail sales surge in the run-up to Christmas, for example. Statisticians adjust economic data to take account of these variations. 一些经济活动因一年中的时间而异。例如，圣诞节前的零售销售激增。统计学家调整经济数据以考虑到这些变化。

• Secondary market 二级市场

  The forum where existing securities (such as bonds or equity) are traded. Turnover in the secondary market is vast, running at many trillions of dollars a day. When the media report on “nervous markets”, it is the secondary market to which they refer. See also primary market. 交易现有证券（如债券或股权）的论坛。二级市场的营业额是巨大的，每天运行数万亿美元。当媒体报道“紧张市场”时，他们所指的是二级市场。另请参阅一级市场。

• Securities 有价证券

  A catch-all term used to describe tradable financial instruments, such as bonds and equities. 用于描述可交易金融工具（如债券和股票）的统称。

• Securitisation 证券化

  The practice of bundling together certain types of assets so they can be repackaged as interest-bearing securities. The assets in question tend to be those that are not normally tradable: residential mortgages, commercial mortgages, car loans etc. Securitisation was highly popular in the early 2000s, when investors were looking for assets that yielded more than government bonds. But the bundling of subprime mortgages led to the financial crisis of 2007-09. 将某些类型的资产捆绑在一起的做法，以便它们可以重新包装为有息证券。有关资产往往是通常不可交易的资产：住宅抵押贷款、商业抵押贷款、汽车贷款等。证券化在 2000 年代初非常流行，当时投资者正在寻找收益率高于政府债券的资产。但次级抵押贷款的捆绑导致了2007-09年的金融危机。

• Seigniorage 铸币 税

  The difference between the face value of money and the cost of producing it. Over history, this has been a nice little earner for governments. However, small coins, such as the American penny, can cost more to make than they are worth. 货币的面值与生产成本之间的差额。纵观历史，这对政府来说是一个不错的小收入来源。然而，小硬币，如美国便士，制造成本可能高于其价值。

• Seniority 排行

  The order in which creditors are entitled to be repaid in the event of a company going bankrupt. Senior debt must be paid off before junior debt and is thus less risky, carrying a lower yield. 在公司破产时债权人有权获得偿还的顺序。高级债务必须在初级债务之前还清，因此风险较小，收益率较低。

• Services 服务业

  Economic activities that, unlike manufacturing, do not create a physical product. These make up the greater part of the GDP of most developed economies and include everything from architecture to zookeeping. 与制造业不同，经济活动不创造实物产品。这些构成了大多数发达经济体GDP的大部分，包括从建筑到动物园的所有内容。

• Shadow banks 影子银行

  Financial services companies that are not part of the regulated banking system but are still involved in lending and derivatives trading. The expansion of shadow banks in the early 2000s resulted in the credit expansion that eventually triggered the 2007-09 financial crisis. See also subprime mortgages. 不属于受监管银行系统但仍参与贷款和衍生品交易的金融服务公司。2000年代初影子银行的扩张导致了信贷扩张，最终引发了2007-09年的金融危机。另见次级抵押贷款。

• Share options 股票期权

  One of the main ways in which executives at big companies are incentivised. Options give people the right, but not the obligation, to buy shares at a set price. The idea is to reduce the principal-agent problem by aligning the incentives of managers and owners, who want to see the share price rise. Executives have certainly prospered since options became more widely used in the 1980s, thanks to a long bull market in equities. But options have been criticised for encouraging short-termism; managers may be reluctant to make investments that damage the share price. See also options. 激励大公司高管的主要方式之一。期权赋予人们以固定价格购买股票的权利，但不是义务。这个想法是通过调整希望看到股价上涨的经理和所有者的激励措施来减少委托代理问题。自1980年代期权得到更广泛使用以来，由于股票的长期牛市，高管们肯定繁荣起来。但有人批评各种选择鼓励短期主义;管理人可能不愿意进行损害股价的投资。另请参阅选项。

• Shareholder value 股东价值

  The idea, especially influential in the 1990s and early 2000s, that businesses should focus only on improving shareholder returns. Supporters argued that it was up to governments to pass laws to promote wider social goals, not companies. Opponents argued that the concept led to short-termism and a callous disregard for workers’ rights and the environment. See also stakeholder capitalism. 这个想法在1990年代和2000年代初尤其具有影响力，即企业应该只专注于提高股东回报。支持者认为，应该由政府通过法律来促进更广泛的社会目标，而不是公司。反对者认为，这个概念导致了短期主义和对工人权利和环境的冷酷漠视。另见利益相关者资本主义。

• Shares 股票

  An alternative term for equities. 股票的替代术语。

• Short-selling 卖空

  The practice of borrowing shares, then selling them, in the hope of buying them back at a lower price and making a profit. Short-sellers tend to be unpopular, on the grounds that they prosper from bad news, and the practice tends to be banned or restricted during crises, the very times when it is most profitable. But short-sellers can play a useful role in sniffing out scandals and acting as a check on overheated markets. 借入股票然后出售股票的做法，希望以较低的价格买回并获利。卖空者往往不受欢迎，理由是他们从坏消息中获利，而且这种做法往往在危机期间被禁止或限制，而这正是最有利可图的时候。但卖空者可以在嗅出丑闻和检查过热的市场方面发挥有用的作用。

• Short-termism 短期主义

  An excessive focus on immediate returns at the expense of the long-term. This can apply to businesses if they pay too much attention to quarterly profits targets, or to institutional investors if they hold their position for a few weeks, rather than a few years. See share options. 过度关注即时回报而牺牲长期回报。如果企业过于关注季度利润目标，这可能适用于机构投资者，如果他们持有几周而不是几年的头寸，这可能适用于机构投资者。请参阅共享选项。

• Skill-biased technological change (SBTC) 技能偏向技术变革 （SBTC）

  An explanation for the rise in income inequality in the developed world. The rising use of new technology has led to a wage premium for those who can use it efficiently and depressed the wages of lower-skilled workers. 对发达国家收入不平等加剧的解释。新技术的使用越来越多，导致那些能够有效使用它的人的工资溢价，并压低了低技能工人的工资。

• Socialism 社会主义

  A term that is hard to define. Socialists believe in some forms of collective ownership but not the near-complete abolition of the private sector imposed under communism. They will attempt to redistribute wealth through taxes on the rich and welfare for the poor, but not to eliminate all income differentials. 一个难以定义的术语。社会主义者相信某种形式的集体所有制，但不相信共产主义强加的几乎完全废除私营部门。他们将试图通过对富人征税和穷人福利来重新分配财富，但不会消除所有收入差距。

• Sovereign risk 主权风险

  The risk that a government will default on a bond or a loan. 政府违约债券或贷款的风险。

• Sovereign-wealth funds 主权财富基金

  Investment pools accumulated by national governments, often from the proceeds of energy wealth. Among the largest are those of China, Norway, Abu Dhabi and Kuwait. These funds give countries a chance to diversify their assets, and thus to protect themselves against an economic downturn or a decline in a key industry. 国家政府积累的投资池，通常来自能源财富的收益。其中最大的是中国、挪威、阿布扎比和科威特。这些基金使各国有机会使其资产多样化，从而保护自己免受经济衰退或关键行业衰退的影响。

• Special drawing right (SDR) 特别提款权

  Reserve asset created by the International Monetary Fund and defined in terms of a basket of five currencies (American dollar, euro, yen, yuan and British pound). New assets can be created at times of crisis, as they were in 2009, during the financial crisis, and in 2021, during the pandemic. The SDRs were distributed to countries, based on their shares in the IMF, thereby boosting their foreign exchange reserves and improving global liquidity. 由国际货币基金组织创建的储备资产，以一篮子五种货币（美元、欧元、日元、人民币和英镑）定义。在危机时期可以创造新的资产，就像 2009 年金融危机期间和 2021 年大流行期间一样。特别提款权根据各国在国际货币基金组织中的份额分配给各国，从而增加了它们的外汇储备并改善了全球流动性。

• Specialisation 专业化

  Another term for the division of labour, and a key insight of Adam Smith, who used the example of a pin factory. By breaking up a production process into a series of tasks, workers could learn to do the tasks quickly and efficiently. Productivity would be far higher than if each worker attempted to handle the entire production process on their own. At the level of the whole economy, specialisation is the means of exploiting comparative advantage and hence the gains from free trade. 劳动分工的另一个术语，也是亚当·斯密（Adam Smith）的一个关键见解，他以别针厂为例。通过将生产过程分解为一系列任务，工人可以学会快速有效地完成任务。生产率将远远高于每个工人试图自己处理整个生产过程。在整个经济层面，专业化是利用比较优势的手段，因此也是从自由贸易中获得收益的手段。

• Speculation 投机

  The line between speculation and conventional investment is a fine one. Generally speaking, speculation will be short-term in nature, will involve leverage and will have no fundamental relationship to the business or personal interests of the speculator. Although speculators are often condemned, many businesses would struggle to hedge their risks without a speculator to take the other side of the position. 投机和传统投资之间的界限很好。一般来说，投机是短期的，涉及杠杆，与投机者的商业或个人利益没有根本关系。尽管投机者经常受到谴责，但如果没有投机者采取另一方，许多企业将难以对冲风险。

• Speculative motive 投机动机

  One of three reasons suggested by Keynes for holding cash. An investor might hope that asset prices will fall and thus hangs on to cash in the expectation of buying the assets more cheaply. See also precautionary motive and transactions motive. 凯恩斯提出的持有现金的三个原因之一。投资者可能希望资产价格下跌，从而持有现金，期望以更便宜的价格购买资产。另见预防动机和交易动机。

• Spot price 现货价格

  The price that has to be paid for something if it is bought immediately. Most commonly used in the commodity markets, and a contrast with the futures price. 如果立即购买某物，则必须支付的价格。最常用于商品市场，与期货价格形成对比。

• Spread 传播

  A common term in financial markets to describe the difference between two prices or interest rates. When an investor seeks to trade a share, the dealer will offer a spread between the price at which they buy and sell. Riskier companies pay a higher rate to borrow than high-quality companies, or the American government, and the difference in yields is known as the spread over the less-risky bond. 金融市场中的常用术语，用于描述两种价格或利率之间的差异。当投资者寻求交易股票时，交易商将提供他们买入和卖出价格之间的价差。风险较高的公司支付的借贷利率高于优质公司或美国政府，收益率的差异被称为风险较低的债券的利差。

• Stagflation 滞胀

  A combination of high inflation and high unemployment. The Phillips curve suggests this should be rare, as high unemployment is associated with a shortage of demand, and high inflation with demand outstripping supply. But it happened in the 1970s after the supply shock of the OPEC oil embargo, and has also been a threat in the wake of the covid-19 pandemic (see this Explainer). 高通胀和高失业率的结合。菲利普斯曲线表明，这种情况应该很少见，因为高失业率与需求短缺有关，而高通胀与需求超过供应有关。但它发生在 1970 年代欧佩克石油禁运的供应冲击之后，并且在 covid-19 大流行之后也是一种威胁（见此解释器）。

• Stagnation 停滞

  A prolonged period of little or no economic growth. 长期很少或没有经济增长。

• Stakeholder capitalism 利益相关者资本主义

  The idea that businesses should serve a wider community than just their shareholders, including their workers, suppliers and society at large. Proponents argue that this is better for the economy in the long run than a focus on short-term profit; indeed, they believe that companies that ignore their other stakeholders will eventually run into trouble. See also shareholder value. 企业应该为更广泛的社区服务，而不仅仅是他们的股东，包括他们的工人、供应商和整个社会。支持者认为，从长远来看，这比关注短期利润对经济更好;事实上，他们认为忽视其他利益相关者的公司最终会遇到麻烦。另请参阅股东价值。

• State capitalism 国家资本主义

  See authoritarian capitalism 见威权资本主义

• Sticky prices 粘性价格

  Retail prices can be slow to respond to changes in supply and demand, as car drivers often note when oil prices fall and the price of petrol fails to follow. This can lead to market disequilibrium as consumers wait until prices have adjusted before purchasing. Sticky prices may be caused by the costs of making price changes and asymmetric information between producers and consumers, among other factors. 零售价格对供需变化的反应可能很慢，因为汽车司机经常注意到油价下跌而汽油价格未能跟上。这可能导致市场失衡，因为消费者要等到价格调整后再购买。价格粘性可能是由价格变化的成本和生产者和消费者之间的信息不对称等因素引起的。

• Stock exchange 证券交易所

  A formal market where shares, or equities, are traded. The word stock is commonly used as an alternative for shares in American English. Most developed countries have at least one stock exchange, and each exchange will have listing requirements for companies that want to have their shares traded. Trading was once conducted via open outcry in a single location but is now done mostly electronically. 交易股票或股票的正式市场。股票这个词通常用作美式英语中股票的替代品。大多数发达国家至少有一个证券交易所，每个交易所对希望交易股票的公司都有上市要求。交易曾经通过公开喊价在一个地方进行，但现在主要以电子方式完成。

• Stockmarket 股市

  A term used broadly to describe all the trading in shares or equities. 一个广泛用于描述所有股票或股票交易的术语。

• Strategic industry 战略产业

  An industry that a government deems to be of special importance to the economy and hence deserving of special treatment, such as tax breaks, subsidies or protection from foreign competition (see industrial policy). Some sectors, such as defence, may seem obvious choices but the list is long (even, notoriously, extending to dairy products: see article). Self-sufficiency, national security, the promotion of research and development or the fostering of an infant industry may be the justification; protectionism may be the outcome (see article). 政府认为对经济特别重要，因此值得特殊待遇的行业，例如税收减免，补贴或免受外国竞争的保护（见产业政策）。一些行业，如国防，似乎是显而易见的选择，但名单很长（甚至，众所周知，扩展到乳制品：见文章）。自给自足、国家安全、促进研究与发展或培育幼稚产业可能是理由;保护主义可能是结果（见文章）。

• Structural adjustment 结构调整

  A programme of economic change designed to improve long-term growth. The IMF and World Bank may demand a programme of structural adjustment in return for a loan. And many a leader in The Economist has recommended structural reform. 旨在改善长期增长的经济变革计划。货币基金组织和世界银行可能要求实施结构调整方案，以换取贷款。《经济学人》的许多领导人都建议进行结构性改革。

• Structural unemployment 结构性失业

  Joblessness that results, not from a shortage of demand, but from the structure of the economy. Examples include a focus on industries that have been overtaken by foreign competitors or have been rendered obsolete by technological change. Believers in supply-side economics would also argue that structural employment can be caused by overregulation and a lack of labour market flexibility. For more, see this Explainer. 失业不是由需求短缺引起的，而是由经济结构造成的。这方面的例子包括关注已被外国竞争对手超越或因技术变革而过时的行业。供给侧经济学的信徒也会认为，结构性就业可能是由过度监管和缺乏劳动力市场灵活性造成的。有关更多信息，请参阅此解释器。

• Subprime mortgages 次级抵押贷款

  Home loans made to those with poor credit ratings. In the 2000s, some of these borrowers were dubbed “ninjas” as they had no income, job or assets. The loans were then bundled together as part of the securitisation process and sold to institutional investors and shadow banks. When house prices started to fall, many subprime borrowers defaulted, contributing to the 2007-09 financial crisis. 向信用评级较差的人提供住房贷款。在2000年代，其中一些借款人被称为“忍者”，因为他们没有收入，工作或资产。然后，这些贷款作为证券化过程的一部分捆绑在一起，出售给机构投资者和影子银行。当房价开始下跌时，许多次级借款人违约，促成了2007-09年的金融危机。

• Subsidy 补贴

  Money paid by a government, usually to one of two groups. The first is consumers, to encourage them to buy a product (such as insulation) or to keep prices down (as in 2022 when energy prices surged). The second is businesses, either to keep them from going bust (and save existing jobs) or to set up in a certain area (and create new jobs). Many economists dislike subsidies, since they distort market signals, unless they correct externalities. 政府支付的钱，通常支付给两个群体之一。首先是消费者，鼓励他们购买产品（例如绝缘材料）或降低价格（如 2022 年能源价格飙升）。第二个是企业，要么防止它们破产（并挽救现有工作），要么在某个地区建立（并创造新的就业机会）。许多经济学家不喜欢补贴，因为它们扭曲了市场信号，除非它们纠正外部性。

• Substitution effect 替代效应

  When the price of a product rises, consumers may replace it with an alternative; chicken instead of beef, for example. Statisticians need to adjust for this when compiling inflation indices. 当产品价格上涨时，消费者可以用替代品代替它;例如，用鸡肉代替牛肉。统计学家在编制通货膨胀指数时需要对此进行调整。

• Sunk costs 沉没成本

  Expenses that cannot be recouped. Examples include the building of a prototype or the cost of obtaining planning permission for a new development. The danger is that businesses develop “sunk cost syndrome”, continuing with a project, regardless of its prospects, rather than admit it was a failure and take the loss. See also loss aversion. 无法收回的费用。示例包括构建原型或获得新开发规划许可的成本。危险在于，企业会发展出“沉没成本综合症”，继续一个项目，无论其前景如何，而不是承认它是失败的并承担损失。另请参阅损失厌恶。

• Supply 供应

  Those goods and services that are available to meet demand. 那些能够满足需求的商品和服务。

• Supply and demand curves 供需曲线

  One of the earliest illustrations learned by students of economics. Supply increases as the price rises, and demand increases when the price falls (with the exception of some luxuries, known as Veblen goods, and very basic Giffen goods). The two are displayed on a graph (usually as straight lines, rather than curves) and the point where they meet is the equilibrium price. 经济学学生最早学到的插图之一。供应随着价格上涨而增加，当价格下跌时需求增加（除了一些奢侈品，称为凡勃伦商品，以及非常基本的吉芬商品）。两者显示在图表上（通常为直线，而不是曲线），它们相遇的点是均衡价格。

• Supply shock 供应冲击

  A disruption to economic activity caused by a sudden interruption to supply of important products, or a sharp rise in price. In the modern era, supply shocks are often associated with energy: the oil embargo imposed by OPEC in the 1970s, for example, or Russia’s restrictions on gas supplies after its invasion of Ukraine in 2022. The covid-19 pandemic, which caused many businesses to close, was another supply shock. Supply shocks usually result in both higher inflation and lower output, and are thus difficult for policymakers to tackle. 由于重要产品的供应突然中断或价格急剧上涨而造成的经济活动中断。在现代，供应冲击通常与能源有关：例如，欧佩克在 1970 年代实施的石油禁运，或俄罗斯在 2022 年入侵乌克兰后对天然气供应的限制。导致许多企业关闭的covid-19大流行是另一个供应冲击。供应冲击通常会导致通胀上升和产出下降，因此政策制定者难以应对。

• Supply-side economics 供给侧经济学

  A school of thought that argues growth is best boosted to ways of stimulating output by improving productivity. This can be done by tax cuts for the wealthy (to encourage entrepreneurship), reducing regulations on business and promoting labour market flexibility (making it easier to hire and fire workers). The approach was championed by free-market economists in the 1970s as a counter to Keynesian economics, which tended to focus on shortfalls in demand. 一种认为增长最好通过提高生产率来刺激产出的思想流派。这可以通过为富人减税（鼓励创业）、减少对商业的监管和促进劳动力市场的灵活性（使雇用和解雇工人更容易）来实现。这种方法在1970年代受到自由市场经济学家的支持，以对抗凯恩斯主义经济学，凯恩斯主义经济学倾向于关注需求不足。

• Swaps 互换

  Derivative agreements whereby two counterparties agree to exchange cashflows. For example, one party may agree to pay a fixed interest rate, and the other a variable rate, linked to some benchmark. When payment is due, the two cashflows will be netted out, so only one party will pay the other. As with other derivatives, swaps can be used for hedging (against rising interest rates, for example) or for speculation. See also credit default swaps. 两个交易对手同意交换现金流的衍生协议。例如，一方可能同意支付固定利率，另一方同意支付与某些基准挂钩的可变利率。付款到期时，两个现金流将被扣除，因此只有一方将支付另一方。与其他衍生品一样，掉期可用于对冲（例如，针对利率上升）或投机。另请参阅信用违约掉期。

• Systematic risk 系统性风险

  Risk that cannot be diversified away. An investor could buy 100 shares and thereby reduce the danger that the collapse of a single company could damage their portfolio. But the systematic risk of a collapse in the stockmarket would remain. 无法分散的风险。投资者可以购买100股，从而减少一家公司倒闭可能损害其投资组合的危险。但股市崩盘的系统性风险仍将存在。

• Systemic risk 系统性风险

  The risk of damage to the entire financial system from the collapse of an individual institution from a group of them. Regulators have had to reconsider this subject in the aftermath of the financial crisis of 2007-09 when some companies were deemed “too big to fail”. Large commercial banks definitely fall into the category but the collapse of AIG, an insurance company, indicated that the potential for systemic risk was widespread. See also macroprudential regulation. 单个机构因一组机构崩溃而对整个金融体系造成损害的风险。在2007-09年金融危机之后，监管机构不得不重新考虑这个问题，当时一些公司被认为“太大而不能倒闭”。大型商业银行肯定属于这一类，但保险公司AIG的倒闭表明，系统性风险的可能性是普遍存在的。另见宏观审慎监管。

T

• Tangible assets 有形资产

  Literally, things that can be touched such as buildings and machinery. See also intangible assets. 从字面上看，可以触摸的东西，例如建筑物和机械。另见无形资产。

• Tariff 关税

  A tax imposed on imports. Tariffs are designed to support domestic producers but they result in higher prices for consumers. The Economist was founded in 1843 to campaign against a tariff on grain, known as the Corn Laws. 对进口征税。关税旨在支持国内生产商，但它们导致消费者价格上涨。《经济学人》成立于1843年，旨在反对谷物关税，即《谷物法》。

• Tariff-rate quota 关税配额

  Tariff-rate quotas (or tariff quotas) allow the import of a specified quantity of a good at a lower tariff, or free of tariffs. Amounts above the quota incur tariffs at a higher rate. Tariff-rate quotas are part of countries’ trade commitments under the GATT and the World Trade Organisation. 关税率配额（或关税配额）允许以较低的关税或免关税进口特定数量的商品。超过配额的金额以更高的税率产生关税。关税配额是各国在关贸总协定和世界贸易组织下的贸易承诺的一部分。

• Tax avoidance 避税

  Doing everything legally possible to reduce your tax bill. In a world of free capital movement and competing tax jurisdictions, multinational companies find it very easy to avoid taxes. See this Explainer on offshore havens; and also tax evasion. 尽一切法律可能减少您的税单。在资本自由流动和税收管辖区竞争激烈的世界中，跨国公司发现避税非常容易。请参阅有关离岸避风港的解释器;还有逃税。

• Tax competition 税收竞争

  When two different jurisdictions try to attract businesses and individuals by reducing their tax rates. In theory, this can prevent governments from making excessive tax demands on their populations. But this depends on how mobile taxpayers are. Under the Bretton Woods system, capital controls made it hard to move money between countries; tax rates on companies and rich individuals were generally higher. Now, some critics argue, a combination of free capital movement and tax havens means that the corporate sector and the wealthy do not pay enough tax. 当两个不同的司法管辖区试图通过降低税率来吸引企业和个人时。从理论上讲，这可以防止政府对其人口提出过多的税收要求。但这取决于纳税人的移动性。在布雷顿森林体系下，资本管制使得国家之间的资金转移变得困难;公司和富人的税率普遍较高。现在，一些批评者认为，自由资本流动和避税天堂的结合意味着企业部门和富人没有缴纳足够的税款。

• Tax evasion 逃税

  Paying less tax than is legally required. Tax evasion is punished with fines and sometimes imprisonment but that requires the evaders to be caught. Contrast with tax avoidance. 缴纳的税款少于法律要求。逃税会被处以罚款，有时还会被监禁，但这需要抓住逃税者。与避税形成对比。

• Tax haven 避税港

  A jurisdiction that imposes little or no tax on corporations and wealthy individuals. The haven benefits by attracting deposits to its banks and by generating business for local lawyers and accountants. 对公司和富人征税很少或没有征税的司法管辖区。避风港通过吸引存款到其银行以及为当地律师和会计师创造业务而受益。

• Tax incidence 税收发生率

  A term for where the burden of tax actually falls, as opposed to liability in law. Tax a company and the cost will be passed on to its shareholders (via lower dividends), its customers (via higher prices) or its workers (via lower wages). The chain can be complicated; sales taxes may be paid by consumers but if the result is lower demand, that may hit the profits of retailers. Sometimes referred to as the “effective” incidence of a tax, in contrast to its “formal” incidence. For more on the distinction, see this article. 税收负担实际下降的术语，而不是法律上的责任。对公司征税，成本将转嫁给其股东（通过降低股息）、客户（通过提高价格）或工人（通过降低工资）。链条可能很复杂;销售税可能由消费者支付，但如果结果是需求下降，这可能会打击零售商的利润。有时被称为税收的“有效”发生率，与其“正式”发生率相反。有关区别的更多信息，请参阅此文章。

• Tax neutrality 税收中性

  The principle that governments should set tax rules so that economic decisions are made on their own merits, and not for tax reasons. A combination of the policy priorities of politicians and lobbying by corporations means the principle is rarely observed in practice. 政府应制定税收规则的原则，以便经济决策是根据自身的优点而不是出于税收原因做出的。政治家的政策优先事项和公司的游说相结合，意味着在实践中很少遵守这一原则。

• Taylor rule 泰勒规则

  A guideline, suggested by John Taylor, an American economist, for how the Federal Reserve should set interest rates. The rule supposes a normal real interest rate of 2%. The Fed will move interest rates up or down depending on the distance between actual inflation and the target rate, and the size of the output gap. In practice central banks prefer to maintain their policy discretion, though they consult rules like Mr Taylor's. For more on the Taylor rule, see this article. 美国经济学家约翰·泰勒（John Taylor）提出的美联储应如何设定利率的指导方针。该规则假设正常实际利率为2%。美联储将根据实际通胀与目标利率之间的距离以及产出缺口的大小上调或下调利率。实际上，央行更愿意保持其政策自由裁量权，尽管它们会参考泰勒等规则。有关泰勒规则的详细信息，请参阅此文章。

• Technical progress 技术进步

  Innovations such as the steam engine, the internal combustion engine and electrification—as well as many incremental changes—have all boosted productivity and thus driven long-term economic growth. Some of these discoveries are down to individual genius but endogenous growth theory suggests governments can help to generate technical progress with the right policies: see this article. 蒸汽机、内燃机和电气化等创新以及许多渐进式变革都提高了生产率，从而推动了长期经济增长。其中一些发现归功于个人天才，但内生增长理论表明，政府可以通过正确的政策帮助实现技术进步：见这篇文章。

• Terms of trade 贸易条件

  The average price of a country’s exports, relative to that of its imports. Terms of trade shocks thus come in two main types. Developing countries can be hit by a fall in commodity prices, which reduces the value of their exports and this can worsen their trade balance. And developed economies can be hit by a rise in commodity prices, which increases the cost of imports and hits their trade balance, 一个国家出口的平均价格，相对于其进口价格。因此，贸易条件冲击主要有两种类型。发展中国家可能受到商品价格下跌的打击，这降低了其出口价值，并可能恶化其贸易平衡。发达经济体可能会受到大宗商品价格上涨的打击，这增加了进口成本并影响了其贸易平衡，

• Time value of money 货币的时间价值

  The idea that money received now is worth more than money received in the future. In assessing the worth of an investment, any future income must be discounted at some rate in order to come up with a net present value. The choice of that discount rate (see this article) is crucial; the higher it is, the lower the net present value. 现在收到的钱比将来收到的钱更有价值的想法。在评估投资价值时，任何未来收入都必须以某种比率贴现，以得出净现值。该贴现率的选择（请参阅本文）至关重要;它越高，净现值越低。

• Tobin tax 托宾税

  A levy, proposed by James Tobin, an American economist and winner of a Nobel prize, on all currency transactions as a way of reducing volatility and discouraging speculation in the foreign exchange market. The Tobin tax has not yet been imposed, given the difficulty of getting international agreement. For more detail, read this Explainer. 由美国经济学家、诺贝尔奖获得者詹姆斯·托宾（James Tobin）提议对所有货币交易征税，以减少波动性和阻止外汇市场的投机行为。由于难以达成国际协议，托宾税尚未征收。有关更多详细信息，请阅读此解释器。

• Total factor productivity 全要素生产率

  Output relative to inputs, measured (eg, by America’s official statisticians) by dividing an index of output by a combined index of labour and capital. Growth in TFP is thus productivity growth that cannot be accounted for by extra inputs, but comes from greater efficiency or the adoption of new technology. 产出相对于投入，通过（例如，由美国官方统计学家）通过将产出指数除以劳动力和资本的综合指数来衡量。因此，TFP的增长是生产率的增长，不能用额外的投入来解释，而是来自更高的效率或新技术的采用。

• Total return 总回报

  The sum of all returns from an investment, including income and capital gain. 投资的所有回报的总和，包括收入和资本收益。

• Trade bloc 贸易集团

  A group of nations that have agreed terms to reduce tariffs, or other trade barriers, among them. The European Union is the most obvious example. See also free-trade area. 一组同意降低关税或其他贸易壁垒的国家。欧洲联盟就是最明显的例子。另见自由贸易区。

• Trade unions 工会

  Workers’ associations that campaign for better employment rights and wages. In the developed world, their heyday was in the three decades after the second world war, when union membership was high and manufacturing jobs were plentiful. But globalisation and the decline of manufacturing employment after 1980 weakened union membership, leaving their greatest strength in the public sector. For more, see this article. 争取更好的就业权利和工资的工人协会。在发达国家，他们的鼎盛时期是在第二次世界大战后的三十年，当时工会会员人数众多，制造业就业机会充足。但1980年后全球化和制造业就业人数的下降削弱了工会成员资格，将工会的最大优势留在了公共部门。有关详细信息，请参阅此文章。

• Trade-weighted exchange rate 贸易加权汇率

  A weighted average of a country’s exchange rate with its main trading partners. The weights reflect the proportion of trade done with each partner. Trends in this rate are a useful guide to the country’s competitive position. 一个国家与其主要贸易伙伴的汇率的加权平均值。权重反映了与每个合作伙伴进行的贸易比例。这一比率的趋势是该国竞争地位的有用指南。

• Tragedy of the commons 公地悲剧

  If individuals have access to a public resource, they will exploit it, without considering the common good. So small farmers will let their animals graze on the common (since it is free) until all the vegetation is destroyed; over the centuries, humans have overfished the oceans. Avoiding this problem either requires regulation or market pricing to discourage overuse. 如果个人能够获得公共资源，他们就会利用它，而不考虑共同利益。因此，小农户会让他们的动物在公共土地上吃草（因为它是免费的），直到所有的植被都被摧毁;几个世纪以来，人类过度捕捞海洋。避免这个问题需要监管或市场定价来阻止过度使用。

• Transactions motive 交易动机

  One of three reasons for holding cash suggested by Keynes and the simplest: people need cash to buy stuff. See also precautionary motive and speculative motive. 凯恩斯提出的持有现金的三个原因之一，也是最简单的一个：人们需要现金来购买东西。另见预防动机和投机动机。

• Transfer 转移

  In economics, a transfer is a payment of money without any goods or services being exchanged in return. Governments make transfers in the form of welfare benefits but individuals make transfers, both to charities and to friends and family members. See also remittances. 在经济学中，转移是没有任何商品或服务交换的货币支付。政府以福利福利的形式进行转移，但个人向慈善机构和朋友和家人进行转移。另见汇款。

• Transfer pricing 转让定价

  This occurs when goods or services are exchanged, across national borders, but within a multinational company. This creates the scope for a subsidiary within a high-tax jurisdiction to sell at a low price (or buy at a high price) when dealing with another subsidiary in a low-tax area. As a result, the subsidiary in a low-tax nation makes most of the profit. There are rules against this form of tax avoidance but it undoubtedly occurs: see this article. 当商品或服务在跨国公司内部跨境交换时，就会发生这种情况。这为高税收管辖区内的子公司在与低税区的另一家子公司打交道时以低价出售（或以高价购买）创造了空间。因此，低税收国家的子公司获得了大部分利润。有反对这种避税形式的规则，但它无疑会发生：请参阅这篇文章。

• Treasury bills 国债

  Short-term government debt with a maturity of less than a year. The term is most commonly used for debt issued by the American government, and the market in these bills is highly liquid. However, other governments (including Britain) also issue Treasury bills. 期限少于一年的短期政府债务。该术语最常用于美国政府发行的债券，这些票据的市场流动性很高。然而，其他政府（包括英国）也发行国库券。

• Treasury bonds 国债

  Medium- and long-term debt issued by the American government. This is one of the most liquid markets in the world and the basis for many financial transactions including repurchase agreements. 美国政府发行的中长期债券。这是世界上最具流动性的市场之一，也是包括回购协议在内的许多金融交易的基础。

• Trust 信任

  A necessary condition for much economic activity; suppliers must trust that their customers must pay them and customers must trust that the goods they buy are satisfactory. Surveys have found that higher levels of trust are associated with faster economic growth in the long run. For more detail, see this article. 许多经济活动的必要条件;供应商必须相信他们的客户必须向他们付款，客户必须相信他们购买的商品是令人满意的。调查发现，从长远来看，更高的信任度与更快的经济增长有关。有关更多详细信息，请参阅此文章。

U

• USMCA (United States-Mexico-Canada Agreement) USMCA（美国-墨西哥-加拿大协定）

  See NAFTA. 见北美自由贸易协定。

• Uncertainty 不确定性

  See Knightian uncertainty and risk. 参见奈特式的不确定性和风险。

• Unemployment 失业

  Being out of work when you want a job. After the Great Depression, many countries adopted policies to try to keep unemployment down and also offered income support to those who were out of a job. See also frictional unemployment, structural unemployment, involuntary unemployment and Nairu. For more on the different types of unemployment, read this Explainer. 当你想要一份工作时，失业了。大萧条之后，许多国家采取了政策，试图降低失业率，并为失业者提供收入支持。另见摩擦性失业、结构性失业、非自愿失业和奈鲁。有关不同类型失业的更多信息，请阅读此解释器。

• Unions 工会

  See Trade unions 见工会

• Universal basic income (UBI) 全民基本收入

  Term used for a variety of schemes to reduce poverty which involve giving all citizens an income that is enough to support them. Depending on the scheme design, the UBI would replace all or part of the benefit system. There are doubts about its potential effectiveness; a UBI might require punitively high marginal tax rates and might create a disincentive to work. 用于各种减少贫困计划的术语，其中包括为所有公民提供足以支持他们的收入。根据计划设计，UBI将取代全部或部分福利制度。人们对其潜在有效性存在疑问;UBI可能需要惩罚性的高边际税率，并可能抑制工作。

• Usury 高利贷

  The charging of excessive rates of interest. Many ancient philosophers disliked the concept of interest payments and in the Middle Ages, laws against usury were common. Since lending was inherently risky in that era, this discouraged trade expansion and business formation. In the modern era, some governments still have laws that discourage sky-high rates of interest charged by those known as “loan sharks”. 收取过高的利率。许多古代哲学家不喜欢利息支付的概念，在中世纪，反对高利贷的法律很普遍。由于贷款在那个时代具有固有的风险，这阻碍了贸易扩张和业务形成。在现代，一些政府仍然有法律不鼓励那些被称为“高利贷者”的人收取天价利率。

V

• Vacancy rate 空缺率

  In the property sector, this is a measure of the proportion of rentable, or lettable, properties that are unoccupied. A high vacancy rate is either a sign of economic problems or the aftermath of excessive property building. For employment vacancies, see job vacancies. 在房地产领域，这是衡量未占用的可出租或可出租房产比例的指标。高空置率要么是经济问题的征兆，要么是过度建造房地产的后果。有关职位空缺，请参阅职位空缺。

• Value added 增加值

  The difference between the price of a good or service and the cost of producing it. This can be applied at the level of the individual firm (and is the basis for value added tax) or at the sectoral level. 商品或服务的价格与生产成本之间的差额。这可以适用于单个公司（并且是增值税的基础）或部门层面。

• Value at risk (VAR) 风险价值 （VAR）

  A measure used by financial institutions to estimate the maximum financial loss they might suffer, due to market movements, within a set period. Some institutions that used VAR were caught out in the financial crisis of 2007-09, because their models failed to allow for extreme events, or fat tails. 金融机构用来估计他们在一定时期内因市场变动而可能遭受的最大财务损失的衡量标准。一些使用VAR的机构陷入了2007-09年的金融危机，因为他们的模型未能考虑到极端事件或肥尾。

• Variable costs 可变成本

  That part of a firm’s expenditure that changes with the level of output (for example, extra raw materials). See also fixed costs. 随产出水平变化的公司支出部分（例如，额外的原材料）。另请参阅固定成本。

• Veblen goods 凡勃伦商品

  Luxury goods for which demand increases in line with their price. They are named after Thorstein Veblen, who described the phenomenon of “conspicuous consumption” in the late 19th century. Ownership of these goods confers social status, so their high price makes them more desirable by indicating that the buyer is part of the elite. As the saying goes: “If you have to ask the price, you can’t afford it.” 需求随价格增长的奢侈品。它们以Thorstein Veblen的名字命名，他在19世纪后期描述了“炫耀性消费”现象。这些商品的所有权赋予了社会地位，因此它们的高价格通过表明买家是精英的一部分而使它们更受欢迎。俗话说：“非要问价，买不起。

• Velocity of circulation 循环速度

  A measure of how quickly money changes hands. A key component in the formula at the heart of the quantity theory of money. 衡量货币转手速度的指标。货币数量理论核心公式中的关键组成部分。

• Venture capital 风险资本

  A branch of the investment management industry that invests in start-ups, or recently formed companies, with the hope that they will achieve long-term success. Inevitably, venture capital investments have a high failure rate but the few successes can be so lucrative that overall returns can still be good. The sector has played a big role in financing the technology firms in Silicon Valley. 投资管理行业的一个分支，投资于初创企业或最近成立的公司，希望它们能够取得长期成功。不可避免地，风险资本投资的失败率很高，但为数不多的成功可能非常有利可图，整体回报仍然很好。该行业在为硅谷的科技公司融资方面发挥了重要作用。

• Visible trade 可见贸易

  Trade in physical goods, such as raw materials, components and manufactured articles, like cars. See also invisible trade. 实物商品贸易，如原材料、零部件和制成品，如汽车。另见隐形贸易。

• Volatility 挥发性

  A measure of risk in the financial markets. In its simplest terms, it is how much an asset price tends to go up and down. More precisely, it is calculated using the standard deviation of the logarithmic return over a given period. More volatile assets are deemed to be more risky and thus investors demand a higher return for owning them. For more, see this article. 金融市场风险的衡量标准。用最简单的术语来说，它是资产价格倾向于上涨和下跌的程度。更准确地说，它是使用给定时间段内对数回报的标准偏差计算的。波动性较大的资产被认为风险更大，因此投资者要求拥有它们获得更高的回报。有关详细信息，请参阅此文章。

• Voluntary unemployment 自愿失业

  A subset of economic inactivity, this term covers those workers who have the time, opportunity and ability to take a job, but choose not to. This may be down to frictional unemployment; they have recently left their jobs and are looking for a post that pays better or suits their skills. See also quit rate. 作为经济不活跃的一个子集，这个术语涵盖了那些有时间、机会和能力接受工作但选择不工作的工人。这可能归结为摩擦性失业;他们最近离开了工作，正在寻找薪水更高或适合他们技能的职位。另请参阅戒烟率。

W

• Wage-price spiral 工资价格螺旋

  A feedback loop in which rising inflation causes workers to demand higher wages and the cost of meeting those wage rises causes businesses to push up their prices. Workers are often the losers, as wages fail to keep up: see this article. 在反馈循环中，通货膨胀上升导致工人要求更高的工资，而满足这些工资上涨的成本导致企业推高价格。工人往往是输家，因为工资跟不上：见这篇文章。

• Wages 工资

  The return due to labour. As well as a weekly or monthly payment, workers are often entitled to other benefits such as pensions, health insurance and sick pay. Some workers also receive overtime pay and performance-related bonuses. Although, in theory, wages are a matter of negotiation between employers and employees, some states have minimum wage levels while trade unions may negotiate on the workers’ behalf. 劳动的回报。除了每周或每月付款外，工人通常还有权获得其他福利，例如养老金、健康保险和病假工资。一些工人还获得加班费和与绩效挂钩的奖金。虽然从理论上讲，工资是雇主和雇员之间的谈判问题，但有些州有最低工资水平，而工会可以代表工人进行谈判。

• Washington consensus 华盛顿共识

  A term, developed by John Williamson, a British economist, to describe the advice often given to developing countries by bodies such as the International Monetary Fund and the World Bank. The advice usually included deregulation, trade liberalisation, privatisation and fiscal restraint. Critics focused on the “one size fits all” approach of the consensus and the lack of attention to democratic accountability and poverty relief. For more, read this article. 一个术语，由英国经济学家约翰·威廉姆森（John Williamson）开发，用于描述国际货币基金组织和世界银行等机构经常向发展中国家提供的建议。这些建议通常包括放松管制、贸易自由化、私有化和财政紧缩。批评者关注共识的“一刀切”方法以及对民主问责制和减贫缺乏关注。有关更多信息，请阅读本文。

• Wealth effect 财富效应

  The impact of a change in wealth on consumption. A sudden collapse in the stockmarket or in house prices will make people feel poorer and thus they will spend less. Conversely rapidly rising asset prices may make consumers more confident and prompt them to increase their spending. 财富变化对消费的影响。股市或房价的突然崩溃会让人们感到更穷，因此他们会花更少的钱。相反，快速上涨的资产价格可能会使消费者更有信心，并促使他们增加支出。

• Wealth tax 财富税

  An idea that appeals to many on the left, given the wealth disparities in many countries. Inheritance taxes are a form of wealth tax and played their part in reducing disparities in the first half of the 20th century, by eating into the landed wealth of European aristocracies. More ambitious politicians hope to impose annual levies on the assets of the wealthy. However, the rich are good at tax avoidance and the revenues raised from such taxes tend to be low as a proportion of GDP. And many economists think that taxes on capital distort the economy by encouraging consumption rather than saving and investment. 鉴于许多国家的贫富差距，这个想法吸引了许多左翼人士。遗产税是财富税的一种形式，在20世纪上半叶通过蚕食欧洲贵族的土地财富，在缩小差距方面发挥了作用。更有野心的政治家希望每年对富人的资产征税。然而，富人善于避税，从这种税收中获得的收入占GDP的比例往往很低。许多经济学家认为，对资本征税通过鼓励消费而不是储蓄和投资来扭曲经济。

• Welfare 福利

  A term used, particularly in America, for social benefits to help people who are unemployed, sick, retired or have low incomes. Before the 20th century, welfare benefits were low and designed to discourage the “undeserving poor” from applying. But the Great Depression demonstrated the need for social benefits and developed economies built “welfare states” after the second world war. In 2019 welfare spending averaged around 20% of GDP across the OECD. 特别是在美国，用于社会福利的术语，以帮助失业，生病，退休或低收入的人。在20世纪之前，福利很低，旨在阻止“不值得的穷人”申请。但大萧条表明了对社会福利的需求，发达经济体在二战后建立了“福利国家”。2019年，整个经合组织的福利支出平均占GDP的20%左右。

• Welfare-to-work programmes 从福利到工作方案

  Schemes that encourage people to take up jobs and employers to give them work. These may include training, education or tax credits that reduce the impact of the loss of benefits to workers, and tax incentives for companies. 鼓励人们就业和雇主给他们工作的计划。这些可能包括培训、教育或税收抵免，以减少福利损失对工人的影响，以及对公司的税收优惠。

• Windfall gains 意外收获

  A sudden, unexpected, gain in wealth such as an inheritance or a lottery win. If the permanent income hypothesis were correct, people would save the bulk of these gains. But not everyone does. 突然的、意想不到的财富增长，例如遗产或彩票中奖。如果永久收入假说是正确的，人们将节省这些收益的大部分。但不是每个人都这样做。

• Windfall taxes 暴利税

  Levies imposed on companies that make large profits after an economic change. The most recent examples have been taxes on energy companies when their profits surged after Russia’s invasion of Ukraine in 2022. Economists are dubious about the merits of these taxes as they may discourage future investment; companies may need the occasional windfall to compensate them for the losses they incur in difficult times. For the case against, see this article. 对经济变化后赚取巨额利润的公司征税。最近的例子是2022年俄罗斯入侵乌克兰后，能源公司的利润激增，对它们征税。经济学家对这些税收的优点持怀疑态度，因为它们可能会阻碍未来的投资;公司可能需要偶尔的意外之财来补偿他们在困难时期遭受的损失。有关反对的情况，请参阅本文。

• Winner-takes-all markets 赢家通吃的市场

  When enormous rewards go to a few. Lots of people can sing or play football but the big money goes to those good enough to sell out concerts or play for top-flight clubs. By the same token, the best accountants, lawyers or fund managers will attract very high fees as clients will seek them out. 当巨大的回报流向少数人时。很多人可以唱歌或踢足球，但大笔钱流向了那些足以卖掉音乐会或为顶级俱乐部效力的人。出于同样的原因，最好的会计师、律师或基金经理将吸引非常高的费用，因为客户会寻找他们。

• Withholding tax 预扣税

  A levy that is collected before the recipient gets their money. Such taxes are often applied to interest and dividend income. Taxes are also deducted before most workers get their wages. 在收款人收到钱之前收取的征税。此类税收通常适用于利息和股息收入。在大多数工人拿到工资之前，税收也被扣除。

• Working from home (WFH) 在家工作 （居家办公）

  A phenomenon that took off during the covid-19 pandemic when many offices were closed. Although employees in many sectors (retailing, manufacturing) could not work from home, office workers were able to use technology, such as video conferencing, to carry on. The evidence did not suggest a great impact on productivity but as the pandemic eased, hybrid working (with some days at home and some in the office) became quite common where it was possible. For more, see our Special Report. 这种现象在covid-19大流行期间开始出现，当时许多办公室关闭。尽管许多行业（零售、制造业）的员工无法在家工作，但办公室工作人员能够使用视频会议等技术继续工作。证据并未表明对生产力产生重大影响，但随着大流行的缓解，混合工作（有些天在家，有些在办公室）在可能的情况下变得非常普遍。有关更多信息，请参阅我们的特别报告。

• World Bank 世界银行

  An institution set up, like the International Monetary Fund, as part of the Bretton Woods agreement. The World Bank’s main activity has been to provide loans and advice to developing countries, but it also conducts research into issues such as poverty and migration. For more about the bank, read this Explainer. 一个机构，如国际货币基金组织，作为布雷顿森林协议的一部分。世界银行的主要活动是向发展中国家提供贷款和咨询，但它也对贫穷和移徙等问题进行研究。有关银行的更多信息，请阅读此解释器。

• World Economic Forum 世界经济论坛

  A research and conference group that holds an annual meeting in Davos, Switzerland, that attracts the great and the good. The conference has given rise to the stereotype of “Davos man” who is entitled and spouts the latest received wisdom. The forum has fuelled a thousand conspiracy theories. 一个研究和会议小组，在瑞士达沃斯举行年度会议，吸引伟大和善良的人。这次会议引起了“达沃斯人”的刻板印象，他有权并喷出最新的智慧。该论坛助长了一千种阴谋论。

• World Trade Organisation 世界贸易组织

  A body set up, under the auspices of the General Agreement on Tariffs and Trade, to replace that regime and rule on trade disputes. China’s admission to the WTO in December 2001 was followed by a rapid expansion of its exports, but not by the political liberalisation that some hoped would occur. The WTO is disliked by some campaigners—and some governments—because its decisions impinge on national sovereignty. 在《关税及贸易总协定》的主持下成立的一个机构，以取代该制度和贸易争端规则。中国于2001年12月加入世贸组织后，其出口迅速扩大，但并没有像一些人希望的那样实现政治自由化。世贸组织受到一些活动家和一些政府的厌恶，因为它的决定侵犯了国家主权。

Y

• Yield 屈服

  The income from a security, expressed as a proportion of its market price. A bond carries an interest rate or coupon based on its par value (conventionally expressed as 100). But as the price falls or rises, the yield moves in inverse proportion. A coupon of $5 is a higher yield on a price of 80 than on a price of 120. The gross redemption yield reflects any capital gain or loss (since the bond will eventually be repaid at 100) as well as the income. For equities, the yield is the dividend as a proportion of the share price. 证券的收入，以市场价格的比例表示。债券的利率或息票基于其面值（通常表示为 100）。但随着价格下跌或上涨，收益率成反比。5 美元的息票在 80 的价格下比在 120 的价格上收益率更高。总赎回收益率反映了任何资本收益或损失（因为债券最终将以100偿还）以及收入。对于股票，收益率是股息占股价的比例。

• Yield curve 收益率曲线

  A graph that shows the yield of securities with different maturities. Normally, longer-dated securities carry higher yields than those with shorter maturities to compensate investors for locking their money away (see time value of money). Occasionally the yield curve inverts, with shorter-dated securities yielding more; this is often the result of central banks tightening policy by raising interest rates and can be a harbinger of recession. 显示不同期限证券收益率的图表。通常，较长期的证券比期限较短的证券具有更高的收益率，以补偿投资者锁定资金（见货币的时间价值）。收益率曲线偶尔会反转，较短期限的证券收益率更高;这通常是央行通过提高利率来收紧政策的结果，可能是经济衰退的预兆。

Z

• Zero coupon bond 零息债券

  A bond on which no interest payments are made. Instead it is issued at a discount to its repayment value and the bondholder makes a capital gain if they hold it to maturity. In some jurisdictions, this may have tax advantages if capital gains are treated less harshly than interest income. 不支付利息的债券。相反，它以低于其还款价值的价格发行，如果债券持有人持有它到到期，他们将获得资本收益。在某些司法管辖区，如果资本收益的处理不如利息收入严厉，这可能会带来税收优惠。

• Zero lower bound 零下限

  Central banks adjust interest rates in their attempts to stimulate or slow down the economy. There is no upper limit to rates but economists debated whether rates could be cut below zero; that is, could depositors be penalised for keeping their money in a bank. However, central banks showed, in the aftermath of the 2007-09 financial crisis, that it was possible to introduce negative interest rates albeit for commercial banks, rather than for individuals. For more, read this article. 中央银行调整利率，试图刺激或减缓经济。利率没有上限，但经济学家争论是否可以将利率降至零以下;也就是说，储户是否会因为将钱存入银行而受到惩罚。然而，在2007-09年金融危机之后，中央银行表明，尽管是针对商业银行而不是个人，但有可能引入负利率。有关更多信息，请阅读本文。

• Zero-hours contracts 零工时合同

  A form of employment in the gig economy that offers maximum flexibility to employers and little security to workers. Employees are summoned for work only when they are needed and cannot therefore be sure of their likely income, their availability for other jobs or child-care commitments. 零工经济中的一种就业形式，为雇主提供最大的灵活性，为工人提供很少的保障。雇员只在需要时被召唤工作，因此无法确定他们可能的收入、他们是否有其他工作或照顾孩子的承诺。

• Zero-sum game 零和博弈

  The view that economic advance by one party can only be at the expense of another. This philosophy underlies protectionism, which seeks to exclude the products of other countries. But most economists believe that open trade is mutually beneficial. See comparative advantage; and see this article. 认为一方的经济进步只能以牺牲另一方为代价的观点。这种哲学是保护主义的基础，它试图排除其他国家的产品。但大多数经济学家认为，开放贸易是互惠互利的。见比较优势;并查看这篇文章。