Dictionary of Economic Terms
The Dictionary of Economic Terms was written to assist those who need to acquaint themselves with the current economic and financial terms and concepts. As globalization has increased and the world has moved in the direction of free markets and private property, an increased need for a common understanding of the terms and concepts used in the global marketplace has developed.
Much of the science of economics is being able to see what is not readily seen, such as how “social justice” can be unjust, how “fair competition” can lean to a lack of fairness, and how price controls can destroy the necessary information for the proper functioning of the economy. Thus, the dictionary is designed to help people understand what is not seen and the consequences of those actions that affect the economy.
Updates of the dictionary will be available after 100 additional new terms are included.
Goals of the Dictionary Project
- To decrease economic illiteracy
- To recapture economic terminology
- To deliver a working tool for each and everyone
- To promote free markets
- To create a tangible as well as globally accessible good to sell and market our ideas
Expertise
The dictionary was developed by the Austrian Economics Center (AEC) in cooperation with the European Coalition for Economic Growth (ECEG).
Additional expertise was contributed by the George Mason University as well as Pepperdine University. Furthermore, the Center for Freedom and Prosperity was involved in this project.
An editorial board of distinguished economists and financial experts reviews and edits each item within the database to insure its integrity. The dictionary is an on-going project, subject to constant improvements and expansion. It is expected that over time academics, other economists, and professionals will submit suggested entries to the editorial board for approval.
Outlook
The Dictionary of Economic Terms-project is characterized by continuous improvement. While the printed version will be revised and updated periodically, the flexibility of the software application allows extensions and upgrades as soon as they are available. In the near future the number of languages, in which the dictionary will be offered, will be largely extended.
After the translation into Spanish, numerous other languages are going to be included. Among them are:
Slovenian, Croatian, Serbian, Montenegrin, Hindi, Mandarin, Arabic, Hungarian and Polish
