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The Economy terms
Jobs, growth and the numbers.
Austrian economics A school of economic thought emphasizing individual choice, subjective value, entrepreneurship and skepticism of central planning and central banks. Deregulation The reduction or removal of government rules governing business and economic activity. Gross domestic product The total market value of all final goods and services produced within a country in a given period, the main measure of economic output. Keynesian economics A school of macroeconomics, from John Maynard Keynes, holding that government spending can offset slumps in private demand. Knowledge problem The argument that no central planner can gather the dispersed information needed to run an economy as effectively as markets do. Monetarism A school of economics, led by Milton Friedman, that holds the money supply is the chief influence on inflation and the business cycle. Recession A significant, widespread decline in economic activity lasting more than a few months, often marked by falling output and rising unemployment. Spontaneous order The idea that complex, orderly social arrangements such as markets and language emerge from individual actions without central design.