西方经济学名词解释 英文版

Macroeconomics 宏观经济学

The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors.研究国民收入的各方面。

Microeconomics 微观经济学

The study of the operations of the components of a national economy, such as individual firms, households, and consumers.

研究经济中单个因素行为的分析。

GDP 国内生产总值(Gross Domestic Product)

The total market value of all final goods and services produced within the borders of a nation during a specified period.

一国国民在各行业中一年内生产的最终产品和最终服务价值总和。It is often seen as an indicator of the standard of living in a country.Gross Domestic Product＝consumption + investment goods + government purchases + net exports

Economic Growth 经济增长

steady growth in the productive capacity of the economy (and so a growth of national income)

Real Economic Growth Rate 实际经济增长率

A measure of economic growth from one period to another expressed as a percentage and adjusted for inflation (i.e. expressed in real as opposed to nominal terms). The real economic growth rate is a measure of the rate of change that a nation's gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used if a nation's economy is heavily dependent on foreign earnings. The real economic growth rate builds onto the economic growth rate by taking into account the effect that inflation has on the economy. The real economic growth rate is a "constant dollar" and therefore a more accurate look at the rate of economic growth because the real rate is not distorted by the effects of extreme inflation or deflation.

GDP deflator GDP指数

In economics the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product the total value of all goods and services produced within that economy during a specified period.

Nominal GDP 名义GDP

A gross domestic product (GDP) figure that has not been adjusted for inflation.

Real GDP 实际GDP

This inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". Unlike nominal GDP, real GDP can account for changes in the price level, and provide a more accurate figure.

Potential output 潜在产量/潜在GDP

In economics, potential output (also refered to as "natural real gross domestic product") refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.

GDP Gap GDP缺口

The forfeited output of an country's economy resulting from the failure to create sufficient jobs for all those willing to work. A GDP gap denotes the amount of production that is irretrievably lost. The potential for higher production levels is wasted because there aren't enough jobs supplied.（与书异）

Net Exports 净出口

The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home country's goods and services exceeds the home country's spending on foreign goods and services.

Recession 经济衰退

A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.

Notes:Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to eighteen months. Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrow

Depression 经济萧条

A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown.

Value Added 附加值

The enhancement a company gives its product or service before offering the product to customers. This can either increase the products price or value.（与书异）

Gross National Product – GNP 国民生产总值

An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.

Disposable Income 可支配收入

The amount of after-tax income that is available to divide between spending and personal savings. This also known as your take home pay.

Unemployment Rate 失业率

The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.

Labor force 劳动力

the group of people who have a potential for being employed.

Frictional Unemployment 摩擦性事业

Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.

Structural Unemployment 结构性失业

Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.

Cyclical Unemployment 周期性失业

Unemployment resulting from changes in the business cycle.

Natural Unemployment 自然失业率（与书异）

The lowest rate of unemployment that an economy can sustain over the long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ more people) if it were willing to accept a higher level of inflation (the idea behind the Phillips Curve). However, critics of this say that the effect is temporary and that unemployment would bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remains stable. Also known as the "non-accelerating inflation rate of unemployment" (NAIRU).

Notes:When the economy is said to be at full employment, it is at its natural rate of unemployment. Economists debate how the natural rate might change. For example, some economists think that increasing labor-market flexibility will reduce the natural rate. Other economists dispute the existence of a natural rate altogether!

Frictional unemployment — This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker. Technological change often reduces frictional unemployment, for example: the internet made job searches cheaper and more comprehensive.

Structural unemployment —This reflects a mismatch between the skills and other attributes of the labour force and those demanded by employers. If 4 workers each take six months off to re-train before they start a new job, the aggregate unemployment statistics will record this as two unemployed workers. Technological change often increases structural unemployment, for example: technological change might require workers to re-train.

Natural rate of unemployment —This is the summation of frictional and structural unemployment. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable. Economists do not agree on the natural rate, with estimates ranging from 1% to 5%, or on its meaning — some associate it with "non-accelerating inflation.The estimated rate varies from country to country and from time to time.

Demand deficient unemployment — In Keynesian economics, any level of unemployment beyond the natural rate is most likely

due to insufficient demand in the overall economy. During a recession, aggregate expenditure is deficient causing the underutilization of inputs (including labour). Aggregate expenditure (AE) can be increased, according to Keynes, by increasing consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (X?M).

{AE = C + I + G + (X?M)}

Okun's Law 奥昆法则

A relationship between an economy's GDP gap and the actual unemployment rate. The relationship is represented by a ratio of 1 to 2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.

Inflation 通货膨胀

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Deflation 通货紧缩steadily falling prices

A general decline in prices, often caused by a reduction in the supply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation, deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Hyperinflation 超级通货膨胀

Extremely rapid or out of control inflation.

Inflation rate 通货膨胀率

In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). If one likes analogies, the size of a balloon is like the price level, while the inflation rate is how quickly it grows in size. Alternatively, the inflation rate is the rate of decrease in the purchasing power of money.

Consumer Price Index (CPI) 消费价格指数

The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of US inflation. The US Department of Labor publishes the CPI every month.

Demand－pull inflation 需求拉动型通货膨胀

inflation due to high demand for GDP and low unemployment, also known as Phillips Curve inflation.

Cost－push inflation 成本推动型通货膨胀

nowadays termed "supply shock inflation", due to an event such as a sudden increase in the price of oil.

Built-in inflation - induced by adaptive expectations, often linked to the "price/wage spiral" because it involves workers trying to keep their wages up with prices and then employers passing higher costs on to consumers as higher prices as part of a "vicious circle". Built-in inflation reflects events in the past, and so might be seen as hangover inflation. It is also known as "inertial" inflation, "inflationary momentum", and even "structural inflation".

Indexing 指数化

The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.

Linking movements of rates to the performance of an index.

Notes:

1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index also by investing in an index fund.

2. Types of rates that could be linked to the performance of an index are wage or tax rates.

Phillips Curve 菲利普斯曲线

An economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse relationship. The theory states that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The concept has been proven empirically and some government policies are directly influenced by it.

第二章

Aggregate Demand 总需求

The total amount of goods and services demanded in the economy at a given overall price level and in a given time period. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Also

known as "total spending".

Notes:

Aggregate demand is the demand for the gross domestic product (GDP) of a country, and is represented by this formula: Aggregate Demand (AD) = C + I + G (X-M)

C = Consumers' expenditures on goods and services.

I = Investment spending by companies on capital goods.

G = Government expenditures on publicly provided goods and services.

X = Exports of goods and services.

M = Imports of goods and services.

Aggregate Supply 总供给

The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising prices are usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "total output".

Notes:

A shift in aggregate supply can be attributed to a number of variables. These include changes in the size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation. In the short run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the production process and increasing utilization of current inputs. In the long run, however, aggregate supply is not affected by the price level and is driven only by improvements in productivity and efficiency.

Exogenous Variable 外生变量

A variable whose value is determined outside the model in which it is used.

An economic variable that is related to other economic variables and determines their equilibrium levels. For example, rainfall is exogenous to the causal system constituting the process of farming and crop output. An exogenous variable by definition is one whose value is wholly causally independent from other variables in the system.

Endogenous Variable 内生变量

A value determined within the context of a model.

An economic variable which is independent of the relationships determining the equilibrium levels, but nonetheless affects the equilibrium.

Consumption 消费

in economics, direct utilization of goods and services by consumers, not including the use of means of production, such as machinery and factories (see capital). Consumption can be divided into public and private sectors.

Investment 投资

An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be sold at a higher price. In the financial sense investments include the purchase of bonds, stocks or real estate property. Government Purchases 政府购买

Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways. A component of Keynesian expenditures, government purchases can be used as a tool for a government to influence the business cycle and provide economic stimulation when it is deemed necessary. Keynesian Economics 凯恩斯经济

An economic theory stating that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability. A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.

Classical Economics 古典经济学

Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.

Equilibrium of AD and AS 总供给和总需求的均衡

supply and demand result in an equilibrium price (the interest rate)

Stagflation 滞胀

A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation.

第三章

Fiscal Policy 财政政策

Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy.

Government spending 政府支出

consists of government purchases, including transfer payments, which can be financed by seigniorage (the creation of money for government funding), taxes, or government borrowing It is considered to be one of the major components of gross domestic product.

Multiplier Effect 乘数效应

The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.

The multiplier effect depends on the set reserve requirement. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.

Crowding Out Effect 挤出效应

An economic theory explaining an increase in interest rates due to rising government borrowing in the money market.

Notes:Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.

Marginal propensity to consume （MPC）边际消费倾向

refers to the increase in personal consumer spending (consumption) that occurs with an increase in disposable income (income after taxes and transfers). For example, if a household earns one extra dollar of disposable income, and the marginal propensity to consume is 0.65, then of that dollar, the family will spend 65 cents and save 35 cents.

Mathematically, the marginal propensity to consume (MPC) function is expressed as the derivative of the consumption (C) function with respect to disposable income (Y).

In other words, the marginal propensity to consume is measured as the ratio of the change in consumption to the change in income, thus giving us a figure between 0 and 1. One minus the MPC equals the marginal propensity to save.

Marginal propensity to save (MPS) 边际储蓄倾向

refers to the increase in saving (non-purchase of current goods and services) that results from an increase in income. For example, if a family earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the family will spend 65 cents and save 35 cents. It can also go the other way, referring to the decrease in saving that results from a decrease in income. It is crucial to Keynesian economics and is the key variable determining the value of the multiplier. Mathematically, the marginal propensity to save (MPS) function is expressed as the derivative of the savings (S) function with respect to disposable income (Y).

In other words, the marginal propensity to save is measured as the ratio of the change in saving to the change in income, thus giving us a figure between 0 and 1. It is the opposite of the marginal propensity to consume (MPC). In the example above, the marginal propensity to consume would be 0.65. In general MPS = 1 - MPC.

Money Supply 货币供给（与书异）

The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy. Money supply is divided into three categories--M1, M2, and M3--according to the type and size of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth.

M1

The category of the money supply that includes all physical money like coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. M1 is the narrowest idea of "money." This is used as a measurement for economists trying to quantify the amount of money in circulation.

M2

A category within the money supply that includes M1 in addition to all time-related deposits, savings deposits, and

non-institutional money-market funds. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions.

M3

The category of the money supply that includes M2 as well as all large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. This is the broadest measure of money it is used by economists to estimate the entire supply of money within an economy.（书没有）

Fiat Money 【美】（根据政府法令发行的）不兑现纸币

Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Most of the world's paper money is fiat money.

Legal tender 合法货币；偿付债务时债主必须接受的货币

is payment that cannot be refused in settlement of a debt by virtue of law.

Transactions demand交易性需求

is the demand or foreign currency. It is used for purposes of business transactions and personal consumption. transactions demand is one of the determinants of demand for money (and credit).

Speculative demand 投机性需求

is the demand for financial assets, such as securities, money or foreign currency, or financing. It is one of the determinants of demand for money (and credit).

Liquidity Preference Theory 流动性偏好理论

The hypothesis that forward rates offer a premium over expected future spot rates. Proponents of this theory believe that, according to the term structure of interest rates, investors are risk-averse and will demand a premium for securities with longer maturities. A premium is offered by way of greater forward rates in order to attract investors to longer-term securities. The premium received normally increases at a decreasing rate due to downward pressure from the decreasing volatility of interest rates as the term to maturity increases. Also known as "liquidity preference hypothesis."

Interest Rate 利率

The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.

Nominal Interest Rate/the money interest rate名义利率

The interest rate unadjusted for inflation. Not taking into account inflation gives a less realistic number.

Real Interest Rate 实际利率

The amount by which the nominal interest rate is higher than the inflation rate. The real rate of interest is approximated by taking the nominal interest rate and subtracting inflation. The real interest rate is the growth rate of purchasing power derived from an investment.

Intermediate targets 中间目标

An intermediate target is a variable (such as the money supply) that is not directly under the control of the central bank, but that does respond fairly quickly to policy actions, is observable frequently and bears a predictable relationship to the ultimate goals of policy.

Open Market Operations 公开市场业务

The buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite. Notes: Open market operations are the principal tools of monetary policy. (The discount rate and reserve requirements are also used.) The U.S. Federal Reserve's goal in using this technique is to adjust the federal funds rate--the rate at which banks borrow reserves from each other.

Discount Rate 贴现率

The interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank. This type of borrowing from the Fed is fairly limited. Institutions will often seek other means of meeting short-term liquidity needs. The Federal funds discount rate is one of two interest rates the Fed sets, the other being the overnight lending rate, or the Fed funds rate.

Lender of Last Resort 最后的贷款者/偿付者

An institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky or near collapse. In the U.S. the Federal Reserve acts as the lender of last resort to institutions that do not have any other means of borrowing and whose failure to obtain credit would dramatically affect the economy.

Notes: The lender of last resort functions both to protect individuals who have deposited funds, and to prevent panic withdrawing from banks who have temporary limited liquidity. Commercial banks usually try not to borrow from the lender of last resort because such action indicates that the bank is experiencing financial crisis. Critics of the lender-of-last-resort methodology suspect that the safety it provides inadvertently tempts qualifying institutions to acquire more risk than necessary - since they are more likely to perceive the potential consequences of risky actions to be less severe.

Reserve Requirements 法定准备金

Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank.

Notes: Set by the Fed's Board of Governors, reserve requirements are one of the three main tools of monetary policy. The other two tools are open market operations and the discount rate. Also known as required reserves.

第四章

Supply-side economics 供给经济学

A theory of economics that reductions in tax rates will stimulate investment and in turn will benefit the entire society.

Laffer Curve 拉弗尔曲线

Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:

The curve suggests that, as taxes increase from low levels, tax revenue collected by the government also increases. It also shows that tax rates increasing after a certain point (T*) would cause people not to work as hard or not at all, thereby reducing tax revenue. Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.

Notes: Governments would like to be at point T*, because it is the point at which the government collects maximum amount of tax revenue while people continue to work hard.

Tax revenue税收

is the income that is gained by governments because of taxation of the people

Budget deficit 联邦预算赤字

The amount by which government spending exceeds government revenues.

Unemployment benefits 失业救济

are sums of money given to the unemployed by the government or a compulsory para-governmental insurance system. Depending on the jurisdiction and the status of the person, those sums may be meager, covering only basic needs (thus a form of basic welfare), or may compensate the lost pay somewhat proportionally to the previous earned salary. They often are part of a larger social security scheme. Unemployment benefits are generally given only to those registering as unemployed, and often on conditions ensuring that they seek work and do not currently have a job.

Capital Stock 资本存量

The common and preferred stock a company is authorized to issue, according to their corporate charter.

Notes: Capital stock are normally listed on a company's balance sheet. In financial statement analysis, an increasing capital stock account tends to be a sign of economic health since the company can use the additional proceeds to invest in projects or machinery that will increase corporate profits and/or efficiency.

i ncomes policies 收入政策

are wage and price controls used to fight inflation.

第五章

Mercantilism 重商主义

is the economic theory that a nation's prosperity depends upon its supply of capital and that the total volume of trade is unchangeable. The amount of capital, represented by bullion（金条）, is best increased through a favourable balance of trade. Mercantilism suggests that the government should advance these goals by playing an active, protectionist role in the economy by encouraging exports and discouraging imports, especially through the use of tariffs. The economic policy that flourished in the early modern period is often referred to as the mercantile system.

Trade deficit or surplus 贸易逆差或顺差

The difference in the value of a nation's imports over exports (deficit) or exports over imports (surplus).

Trade Surplus 贸易顺差/ export surplus出口顺差

A nation's excess of exports over imports during a given time frame.

Zero-Sum Game

A situation in which one participant's gains result only from another participant's equivalent losses. The net change in total wealth among participants is zero the wealth is just shifted from one to another.

Notes:Options and future contracts are examples of zero-sum games (excluding costs). For every person who gains on a contract, there is a counter-party who loses. Gambling is also an example of a zero-sum game. A stock market, however, is not a zero-sum game because wealth can be created in a stock market.

The Wealth of Nations 《国富论》

An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. It is a clearly written account of political economy at the dawn of the industrial revolution, and is widely considered to be the first modern work in the field of economics. It is broken down into five books between two volumes.

Absolute Advantage 绝对优势

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than the cost at which any other entity produces that good or service. Those entities with absolute advantages can produce something using a smaller number of inputs than another party producing the same product.

Comparative Advantage 比较优势

A situation in which a country, individual, company or region can produce a good at a lower opportunity cost than that of a competitor.

labor-intensive 劳动密集型

Requiring or having a large expenditure of labor in comparison to capital

Capital-intensive 资本密集型

Used to describe industries that require large investments in capital assets to produce their goods, such as the automobile industry. These firms require large profit margins and/or low costs of borrowing to survive.

Leontief paradox 列昻惕夫悖论

Leontief's paradox in economics was the result of an attempt to test the Heckscher-Ohlin theory by Professor Wassily W. Leontief in 1954. Leontief found that the US (the most capital abundant country in the world by any criteria) exported

labor-intensive commodities and imported capital-intensive commodities, in contradiction with H-O theory.

For many economists, Leontief's paradox undermined the validity of the H-O theory, which predicted that trade patterns would be based off of countries' comparative advantage in certain factors of production (such as capital and labor). Many economists have dismissed the H-O theory in favor of a more Ricardian model where techological differences determine comparative advantage. These economists argue that the US has an advantage in highly skilled labor more so than capital. Some explanations for the paradox dismiss the importance of comparative advantage as a determinant of trade. For instance, the Linder hypothesis states that demand plays a more important role than comparative advantage as a determinant of trade. Countries with like demand would be more likely to trade. For instance, both the US and Germany are developed countries with a significant demand for cars, so both have large automotive industries. Rather than one country dominating the industry with a comparative advantage, both countries trade different brands of cars between them.

Heckscher-Ohlin model (H-O model)要素赋予学说/HO理论

is a General equilibrium mathematical model of the macroeconomy in international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. It builds on David Ricardo's theory of comparative advantage by predicting the patterns of trade in the types of good that particular countries will specialize in exporting.

Economies of Scale 经济规模效应

The increase in efficiency of production as the number of goods being produced increases. Typically, a company that achieves economies of scale lowers the average cost per unit through increased production since fixed costs are shared over an increased number of goods.

There are two types of economies of scale:

External economies - The cost per unit depends on the size of the industry, not the firm.

Internal economies - The cost per unit depends on size of the individual firm.

Notes: Economies of scale gives large companies access to a larger market by allowing them to operate with greater geographical reach. But for the more traditional (small to medium) companies, size does have its limits, so after a point an increase in size (output) actually causes an increase in production costs. This is called "diseconomies of scale".

Product cycle

The time it takes to bring new and/or improved products to market.

Neoclassical economics

r efers to a general approach (a "metatheory") to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. Mainstream economics is largely neoclassical in its assumptions. There have been many critiques of neoclassical economics, both from within orthodox economics, and from outside of it, and often these critiques have been incorporated into new versions of neoclassical theory.

第六章

R&D 研发

(Research and Development) Refers to the effort required to create a new product. It includes the exploration phase that determines the viability of the project and methods for proceeding as well as all the design and manufacturing stages required to yield a working product.

Tariff关税

A taxation imposed on goods and services imported into a country. Also known as a duty tax. Governments generally impose tariffs to raise revenue and protect domestic industries from foreign competition.

Import Quota 进口配额

Puts limits on the quantity of certain products that can be legally imported into a particular country during a particular time frame. There is a Fixed quota, which is a maximum quantity not to be exceeded, and tariff rate surcharge, which permits additional quantities but at much higher duty.

Dumping 倾销

1. In international trade, this occurs when one country exports a significant amount of goods to another country at prices much lower than in the domestic market.

2. A slang term for selling a stock with little regard for price.

Notes:1. Dumping is fought through the use of tariffs and quotas.

Countervailing duties反补贴税

are a means to restrict international trade in cases where imports are subsidized by a foreign country and hurt domestic producers. According to WTO rules, a country can launch its own investigation and decide to charge extra duties. Since countries can rule domestically whether domestic industries are in danger and whether foreign countries subsidize the products, the institutional process surrounding the investigation and determinations has significant impacts beyond the countervailing duties.

Externality 外部经济效果

A consequence of an economic activity that is experienced by unrelated third parties. An externality can be either positive or negative.

第七章

General Agreement on Tariffs and Trade (GATT) 关税及贸易总协定

A treaty adopted by the United Nations aimed at elimination of international trade barriers between member countries.

Quota 配额

In the context of international trade, this is a limit put on the amount of a specific good that can be imported.

Notes:Quotas are used to prevent other countries from "dumping."

Common market 共同市场

An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services.

Customs union 关税同盟

An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade among members. Trade creation 产生贸易

is an economic term related to international economics in which trade is created by the formation of a customs union.

Trade diversion 转移贸易

is an economic term related to international economics in which trade is diverted by the formation of a customs union.

“free-rider”problem “免费搭车”问题

In the analyses of economics and political science, free riders are actors who take more than their fair share of the benefits or do not shoulder their fair share of the costs of their use of a resource, involvement in a project, etc.. The free rider problem is the question of how to prevent free riding from taking place, or at least limit its effects.

第八章

Newly Industrialized Countries (NICs)

NIC's are countries with high-growth industrial economies, such as Hong Kong and Malaysia.

Per annum

Yearly.

A developed country发达国家is a nation that enjoys a relatively high standard of living through a strong high-technology diversified economy. Most countries with a high per capita gross domestic product (GDP) are considered developed countries. Some countries, however, have achieved a (usually temporarily) high GDP through natural resource exploitation (e.g., Nauru through phosphorus extraction) without developing the diverse industrial and service-based economy necessary for "developed" status.

A developing country发展中国家is a country with a low income average, a relatively backwards infrastructure and a poor human development index when compared to the global norm. The term has tended to edge out earlier ones, including the Cold War-defined "Third World".

Deregulation 放松管制

The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry.

Technology transfer 技术转让

is the process of developing practical applications for the results of scientific research.

第九章

Balance of payments 国际收支平衡

A statistical compilation formulated by a sovereign nation of all economic transactions between residents of that nation and residents of all other nations during a stipulated period of time, usually a calendar year.

Portfolio investments

represent passive holdings of securities such as foreign stocks, bonds, or other financial assets, none of which entails active management or control of the securities' issuer by the investor.

Current Account

The difference between a nation's total exports of goods, services, and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities. The level of the current account is followed as an indicator of trends in foreign trade.

Interest 利息

1. The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.

2. The amount of ownership a stockholder has in a company, usually expressed as a percentage.

Profit 利润

The same as net income: total earnings less expenses. In other words, profit is the money a business makes after accounting for all the expenses. Profit is the goal of every company.

Dividend 股息

Distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders. The amount of a dividend is quoted in the amount each share receives or in other words dividends per share.

Notes: Dividends may be in the form of cash, stock, or property. Most secure and stable companies offer dividends to their stockholders. Their share prices might not move much, but the dividend attempts to make up for this. High-growth companies don't offer dividends because all their profits are reinvested to help sustain higher-than-average growth.

Hot Money 热钱/ 游资

Money that flows regularly between financial markets in search for the highest short term interest rates possible.

Notes:CDs are an example of hot money. Should a borrower offer the lender a higher rate of interest than that offered by the current borrower, the current borrower stands to lose their loan.

Certificate of Deposit - CD

A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified interest rate and can be issued in any denomination. CDs are generally issued by commercial banks.

Notes: Technically, a certificate of deposit is a promissory note on which the maker is a bank. CDs under $100,000 are called "small CDs" CDs for more than $100,000 are called "large CDs" or "jumbo CDs". Almost all large CDs, as well as some small CDs, are negotiable.

Exchange Rate

The price of one country's currency expressed in another country's currency. In other words, the rate at which one currency can be exchanged for another.

Exchange rate regime

The exchange rate regime is the way a country manages its currency in respect to foreign currencies and the foreign exchange market.The basic types are a floating exchange rate, where the market dictates the movements of the exchange rate, a pegged float, where the central bank keeps the rate from deviating too far from a target band or value, and the pegged exchange rate, which ties the currency to another currency, mostly more widespread currencies such as the U.S. dollar or the euro.

Float

Floating rates are the most common exchange rate regime today. For example, the Dollar, Euro,Yen, and British Pound all float. However, since central banks frequently intervene to avoid excessive appreciation/depreciation, these regimes are often called managed float.

Pegged float

Here, the currency is pegged to some band or value, either fixed or periodically adjusted. Pegged floats are:

?Crawling bands: the rate is allowed to fluctuate in a band around a central value, which is adjusted periodically.

This is done at a preannounced rate or in a controlled way following economic indicators. Crawling pegs: Here, the rate itself is fixed, and adjusted as above.

?Pegged with horizontal bands: The currency is allowed to fluctuate in a fixed band (bigger than 1%) around a central rate.

Fixed 固定汇率

Fixed rates are those that have direct convertibility towards another currency. In case of a separate currency, also known as a currency board arrangement, the domestic currency is backed one to one by foreign reserves. A pegged currency with very small bands (< 1%) and countries that have adopted another country's currency and abandoned its own also fall under this category. Fixed Exchange Rate固定汇率

A country's exchange rate regime under which the government or central bank ties the official exchange rate to another country's currency (or the price of gold). The purpose of a fixed exchange rate system is to maintain a country's currency value within a very narrow band. Also known as pegged exchange rate.

Notes:Fixed rates provide greater certainty for exporters and importers. This also helps the government maintain low inflation, which in the long run should keep interest rates down and stimulate increased trade and investment.

Floating Exchange Rate 浮动汇率

A country's exchange rate regime where its currency is set by the foreign-exchange market through supply and demand for that particular currency relative to other currencies. Thus, floating exchange rates change freely and are determined by trading in the foreign-exchange market. Contrast to fixed exchange rate regime.

Notes:In some instances, if a currency value moves in any one direction at a rapid and sustained rate, central banks intervene by buying and selling its own currency reserves (i.e. Federal Reserve in the U.S.) in the foreign-exchange market in order to stabilize the local currency. However, central banks are reluctant to intervene, unless absolutely necessary, in a floating regime. Floating exchange rate system 浮动汇率制

Purchase or sale of the currencies of other nations by a central bank for the purpose of influencing foreign exchange rates or maintaining orderly foreign exchange markets. Also called foreign-exchange market intervention.

Currency 货币

Money circulated within an economy, including coins and paper notes.Also know as Moola, Bread, Dinero, and Cash. Equilibrium exchange rate 均衡汇率

Exchange rate at which demand for a currency is equal to the supply of the currency in the economy.

Real exchange rates

Real exchange rate that have been adjusted for the inflation differential between two countries

Purchasing power parity 购买力平价

The notion that the ratio between domestic and foreign price levels should equal the equilibrium exchange rate between domestic and foreign currencies.

Crawling peg 爬行汇率

An automatic system for revising the exchange rate. It involves establishing a par value around which the rate can vary up to a given percent. The par value is revised regularly according to a formula determined by the authorities.

Par Value 平价

1) The face value of a bond.

2) A dollar amount that is assigned to a security when representing the value contributed for each share in cash or goods. Notes: 1) The par values for different fixed income products will vary. Bonds generally have a par value of $1,000 while most money market instruments have higher par values. 2) Stocks will typically have a par value of $0.01 or none at all. Devaluation 官方降值

A deliberate downward adjustment to a country's official exchange rate relative to other currencies. In a fixed exchange rate regime, only a decision by a country's government (i.e central bank) can alter the official value of the currency. Contrast to "revaluation".

Notes:There are two implications for a currency devaluation. First, devaluation makes a country's exports relatively less expensive for foreigners and second, it makes foreign products relatively more expensive for domestic consumers, discouraging imports. As a result, this may help to reduce a country's trade deficit.

Revaluation 官方升值

A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. central bank) can alter the official value of the currency. Contrast to "devaluation".

Notes: For example, suppose a government has set 10 units of its currency equal to one U.S. dollar. To revalue, the government might change the rate to five units per dollar. This would result in that currency being twice as expensive to people buying that currency with U.S. dollars than previously and the U.S. dollar costing half as much to those buying it with foreign currency. Depreciation 贬值

1.An expense recorded to reduce the value of a long-term tangible asset. Since it is a non-cash expense, it increases free cash

flow while decreasing reported earnings.

2. A decrease in the value of a particular currency relative to other currencies.

Notes:

1. Depreciation is used in accounting to try and match the expense of an asset to the income that the asset helps the company earn. For example, if a company bought a piece of equipment for $1 million and expected it would have a useful life of 10 years, it would be depreciated over the 10 years. Every accounting year the company would expense $100,000 (assuming straight line depreciation), and this would be matched with the money that the equipment helps to make each year.

2. Examples of currency depreciation are the infamous Russian rouble crisis, where the rouble lost 25% of its value in one day. Appreciation 升值

The increase in value of an asset. Unless you are short selling, appreciation is always a good thing!

Hedging 套期保值

A strategy designed to reduce investment risk using call options, put options, short-selling, or futures contracts. A hedge can help lock in profits. Its purpose is to reduce the volatility of a portfolio by reducing the risk of loss.

Herd Instinct 群居本能

A mentality characterized by a lack of individuality, causing people to think and act like the general population.

Notes: This term is used in the investing world to refer to the forces that cause unsubstantiated rallies or sell-offs

Dirty Float 有管理的浮动

A system of floating exchange rates in which the government occasionally intervenes to change the direction of the value of the country's currency. Notes: This isn't considered to be a true floating exchange rate.

第十一章

Official settlements balance (overall balance)

An overall measurement of a country's private financial and economic transactions with the rest of the world.

Surplus/ Trade Surplus贸易顺差

A situation in which assets exceed liabilities, income exceeds expenditures, exports exceed imports, or profits exceed losses. Deficit 贸易逆差

A situation in which liabilities exceed assets, expenditures exceed income, imports exceed exports, or losses exceed profits. A deficit is the opposite of a surplus. If a country imports more than it exports, it is said to have a trade deficit. Many scholars feel that a trade deficit can not be sustained in perpetuity.

Balance of trade 贸易平衡

Net flow of goods (exports minus imports) between two countries.

Net

The gain or loss on a security sale as measured by the selling price of a security less the adjusted cost of acquisition.

第十二章

International monetary system 国际货币体系

The global network of government and commercial institutions within which currency exchange rates are determined.

Gold Standard 金本位

A monetary system in which a country's currency unit is freely convertible into fixed amounts of gold.

Parity

1. In general, a situation of equality. Parity can occur in many different contexts, but it always means that two things are equal.

2. The official value.

3. In an exchange market, when all brokers bidding for the same security have equal standing due to identical bids.

Notes:

1. For example, in the foreign-exchange market, currencies are at parity when their exchange rate is exactly 1 to 1.

2. In other words, the par value.

3. When parity occurs, the market must determine which bidding broker.

Bretton Woods Agreement 布雷顿森林协议

An agreement made in Bretton Woods, United States, in 1944. It set fixed exchange rates for major currencies and subsequently established the IMF.

Notes: This agreement governed currency relationships until the early 1970s when a floating exchange rate system was adopted. International Monetary Fund (IMF) 国际货币基金组织

An organization founded in 1944 to oversee exchange arrangements of member countries and to lend foreign currency reserves to members with short-term balance of payment problems.

Swap arrangements 交换协定，互换货币协定

Short-term reciprocal lines of credit between the Federal Reserve and 14 foreign centeral banks as well as the Bank for International Settlements. Through a swap transactions, the Federal Reserve can, in effect, borrow foreign currency in order to purchase dollars in the foreign exchange market. In doing so, the demand for dollars and the dollar's foreign exchange value are increased. Similarly, the Federal Reserve can temporarily provide dollars to foreign central banks through swap arrangments. Smithsonian Agreement 史密森协议

A revision to the Bretton Woods international monetary system that was signed at the Smithsonian Institution in Washington, D.C., in December 1971. Included were a new set of par values, widened bands to +/- 2.25% of par, and an increase in the official value of gold to US$38.00 per ounce.

Seigniorage 铸币

The difference between the value of money and the cost to produce it.

Notes: Seigniorage may be counted as revenue for a government when the money that is created is worth more than it costs to produce it. This revenue is often used by governments to finance a portion of their expenditures without having to collect taxes. If, for example, it costs the U.S. Government $0.05 to produce a $1 bill, the seigniorage is $0.95, or the difference between the two amounts.

Fiat Money

Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Notes: Most of the world's paper money is fiat money.

Hard Money

1. Government and organizations refer to this as funding that is repetitive, not a one time grant or gift.

2. Describes gold/silver/platinum (bullion) coins.

Notes:Governments and organizations prefer hard money because it is a predictable stream of funds, rather than a one shot deal. Soft Money

1. The "one-time" funding from governments and organizations for a project or special purpose.

2. Paper currency, as opposed to gold, silver, or some other coined metal.

Notes: A good example of soft money is the campaign funding that politicians get during election years. The money received is not recurring and it is to be used explicitly for election related expenses.

Hard Currency

A currency, usually from a highly industrialized country, that is widely accepted around the world.

Notes: The U.S. Dollar and the British Pound are good examples of a hard currency.

Soft Currency

Another name for "weak currency." There is very little demand for this type of currency and values often fluctuate.

Notes: Currencies from most developing countries are considered to be soft currencies.

European Currency Unit (ECU) 欧洲货币单位

An index of foreign exchange consisting of European currencies, originally devised in 1979. Also see Euro.

World Bank 世界银行

A multilateral development finance agency created by the 1944 Bretton Woods, (New Hampshire) negotiations. It makes loans to developing countries for social overhead capital projects that are guaranteed by the recipient country. See: International Bank for Reconstruction and Development.

第十三章

Globalization 全球化

The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets.

Notes: The advantages and disadvantages of globalization have been debated and scrutinized heavily in recent years. Proponents of globalization say that it helps developing nations "catch up" to industrialized nations much faster through increased employment and technological advances. Critics of globalization say that it weakens national sovereignty and allows rich nations to ship domestic jobs overseas where labor is much cheaper.

Internationalization and localization

are means of adapting products such as publications or software for non-native environments, especially other nations and cultures.

Strategic Alliance 战略联合

An arrangement between two companies who have decided to share resources in a specific project.

Notes: A strategic alliance is less involved than a joint venture where two companies typically pool resources in creating a separate entity.

Privatization 私有化

The transfer of ownership from government owned to a privately owned corporation.

Notes: One of the main proponents behind the privitization of publicly owned operations is the estimated increases in efficiency due to private ownership.

New classical economics 新古典经济学

emerged as a school in macroeconomics during the 1970s. As opposed to Keynesian macroeconomics, it builds its analysis on an entirely neoclassical framework. Specifically, new classical macroeconomics (NCM) emphasises the importance of rigorous microfoundations, in which the macroeconomic model is built up from the actions of individual agents, whose behaviour is modelled by microeconomics. New Keynesian economics was developed partly in response to NCM – it strives to provide microfoundations for Keynesian economic analysis.

Several assumptions are common to most New Classical models. Primarily, all agents are assumed to be rational

(utility-maximising) and possess rational expectations. At any one time, the macroeconomy is assumed to have a unique equilibrium at full employment or potential output and this equilibrium is assumed to always have been achieved via price and wage adjustment (market clearing).

New classical economics has also pioneered the use of representative agent models. Such models have recently received severe neoclassical criticism, pointing to the clear disjuncture between microeconomic behavior and macroeconomic results, as indicated by the Sonnenschein-Mantel-Debreu theorem (Kirman, 1992) and the fallacy of composition. In some ways, this critique is akin to the Cambridge capital controversy, which discredited the neoclassical aggregate production function The most famous New Classical model is that of Real Business Cycles, developed by Robert Lucas, Jr., Finn E. Kydland, and Edward C. Prescott, building upon the ideas of, among others, John Muth.

Financial Instrument 金融工具

A real or virtual document representing a legal agreement involving some sort of monetary value. In today's financial marketplace, financial instruments can be classified generally as equity based, representing ownership of the asset, or debt based, representing a loan made by an investor to the owner of the asset. Foreign exchange instruments comprise a third, unique type

of instrument. Different subcategories of each instrument type exist, such as preferred share equity and common share equity, for example.

Notes: Financial instruments can be thought of as easily tradeable packages of capital, each having their own unique characteristics and structure. The wide array of financial instruments in today's marketplace allows for the efficient flow of capital amongst the world's investors.

Derivative market （金融）衍生市场

A derivatives market is any market for a financial derivative, that is a contract which specifies the right or obligation to receive or deliver future cash flows based on some future event such as the price of an independent security or the performance of an index.

Derivatives markets can be standardized (many users trading fungible contracts, typically on an exchange)or non-standardized (where derivatives are customized for the user by a trading desk - the over-the-counter market). In

refers to the ability of one security to be easily converted into another related security. For instance, stocks are often listed on several stock exchanges, and a fungible stock would allow you to exchange the shares purchased on one exchange for shares on another. Not all securities are fungible in this way, but those that are somewhat more liquid and protected from

directly by financial

to a secondary market, also exist.

Bank for International Settlements (BIS) 国际清算银行

An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the US Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation.

Multiplier Effect （增加投资产生的）收益增值效益

The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.

Notes: The multiplier effect depends on the set reserve requirement. So, to calculate the impact of the multiplier effect on the money supply, we start with the amount banks initially take in through deposits and divide by the reserve ratio. If, for example, the reserve requirement is 20%, for every $100 a customer deposits into a bank, $20 must be kept in reserve. However, the remaining $80 can be loaned out to other bank customers. This $80 is then deposited by these customers into another bank, which in turn must also keep 20%, or $16, in reserve but can lend out the remaining $64. This cycle continues - as more people deposit money and more banks continue lending it - until finally the $100 initially deposited creates a total of $500 ($100 / 0.2)

in deposits. This creation of deposits is the multiplier effect. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.

Engel's law 恩格尔法则

is an observation in economics stating that, with a given set of tastes and preferences, as income rises, the proportion of income spent on food falls, even if actual expenditure on food rises. In other words, the income elasticity of demand of food is less than 1. The observation was made by Ernst Engel, director of the Bureau of Statistics in Prussia , in a paper published by him in 1857.

Innovation 创新

is the implementation of a new or significantly improved idea, good, service, process or practice which is intended to be useful. Scholars who have studied innovation generally differentiate among four main types of innovation: product innovation, process innovation, organizational innovation, and marketing innovation. Innovation is an important topic in the study economics, business, sociology, and other social sciences. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.

Productivity 劳动生产率

A measure of the amount of output per unit of input.

Notes: For example, productivity in the auto industry might be measured by the number of hours of labor used per automobile produced.

weight function

A weight function is a mathematical device used when performing a sum, integral, or average in order to give some elements more of a "weight" than others. They occur frequently in statistics and analysis, and are closely related to the concept of a measure. Weight functions can be constructed in both discrete and continuous settings.

Total-factor productivty (TFP)

addresses any effects in total output not caused by inputs or productivity. For example, a year with unusually good weather will tend to have higher output, because bad weather hinders agricultural output. A variable like weather does not directly relate to unit inputs or productivity, so weather is considered a total-factor productivity variable.

Prerequisite 前提条件

A prerequisite is something that is required before another thing can happen.

第十五章

Entrepreneur 创业家

A person starting a new company who takes on the risks associated with starting the enterprise, which may require venture capital to cover start-up costs.

Diffusion 渗透

is the process Process by which a new idea or new product is accepted by the market . The rate of diffusion is the speed that the new idea spreads from one consumer to the next. Adoption is similar to diffusion except that it deals with the psychological processes an individual goes through, rather than an aggregate market process.

Core competence 核心能力

Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. Barriers to Entry （市场）准入障碍

The existence of high start-up costs or other obstacles that prevent new competitors from easily entering an industry or area of business. Barriers to entry benefit existing companies already operating in an industry, since barriers will protect their revenues and profits from being whittled away by new competitors.

Notes: Barriers to entry can exist as a result of government intervention (industry regulation, legislative limitations on new firms, special tax benefits to existing firms in the industry, etc.), or they can occur naturally within the business world. Some naturally occurring barriers to entry could be technological patents or patents on business processes, a strong brand identity that is difficult for new competitors to effectively compete against, and strong customer loyalty or high customer switching costs.

第十六章

Slump 衰退，萧条

A temporary fall in performance, often describing consistently falling security prices for several weeks or months.

第十八章

Social stratification 社会阶层

is a sociological term for the hierarchical arrangement of social classes, castes, and strata within a society. While these hierarchies are not universal to all societies, they are the norm among state-level cultures (as distinguished from

hunter-gatherers or other social arrangements).

Lifetime employment 终身雇佣制

refers not to a worker's lifetime but to the time from school graduation until mandatory retirement, at age sixty for most men. Workers are recruited directly out of school, and large investments are made in training.

Cross-cultural communication (it is also frequently referred to as Intercultural communication)

looks at how people, from differing cultural backgrounds, endeavour to communicate. Cross-cultural communication tries to bring together such relatively unrelated areas as cultural anthropology and established areas of communication. Its core is to establish and understand how people from different cultures communicate with each other. Its charge is to also produce some guidelines with which people from different cultures can better communicate with each other.

For example, how does a person from China communicate with a person from America? Furthermore, what underlying mental constructs appear from both parties that allows for constructive communication?

Cross-cultural communication, as many scholarly fields, is a combination of many other fields. These fields include anthropology, cultural studies, psychology and communication.

The main theories for cross-cultural communication are based on the work done looking at value differences (or Cultural dimensions) among cultures, especially the works of Edward T. Hall, Geert Hofstede, Harry C. Triandis, Fons Trompenaars and more recently Shalom Schwartz. Clifford Geertz was also a major contributor to this field.

These theories have been applied to a variety of different communication theories and settings, most notably general business and management (Fons Trompenaars and Charles Hampden-Turner ) and marketing (Marieke de Mooij, Stephan Dahl).

适用书籍《国际经济导论》（高教出版社）

参考网站https://www.360docs.net/doc/ef359894.html,

清一祝大家考研成功！

2005年12月17日整理