Economic Theories on Production Theory - Dictionary of Arguments
Mause I 220f
Production Theory/Economic Theories: Terminology:
Def Production potential: describes the output level that can be achieved with maximum utilization of production factors. Since this quantity is difficult to determine, there is an area of uncertainty.
Def equilibrium growth path/steady state-path/growth trend: characterizes the development at normal capacity utilization. This equilibrium path is characterized as production potential.
Actual development: of gross domestic product: fluctuates around the steady state-path.
Def Output gap: deviations from the equilibrium growth path.
Negative output gap: called Okun Gap._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
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