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Navigation Acts (F1, L5, N4)<br />Legislation which insisted that all outward and homeward trade must be in the shipping of that country. England's flrst Navigation Act was in 1381; Scotland also had such Acts. Apa rt from being a protective device for maintaining the income of and employmen t in the shipping industry, these Acts also ensured that there were sufficient ships to provide a naval reserve. Adam SMITH approved of this exception to FREE TRADE. The UK repealed these acts in 1850.<br /> See also: Jones Act near money (E4)<br />TIME DEPOS ITS with f inancial institutions which, on notice, can be converted into money, e.g. BUILDING SOClETY deposits, CDs. These lack the essential cha racteristic of money - being immediately usable as a MEDIUM OF EXCHANGE - but readily can be converted into money.

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Robinson, joan Violet, 1903-83 (B3)<br />UK economist, educated at Cambridge University where she met her husband Austin Robinson and taught in the Economics Faculty from 1929 to 1971, being appointed a professor in 1965.<br /> A passionate theorist and socialist, she made major contributions to economics through her Economics of Imperfect Competition (1933) which influenced the teaching of microeconomics thereafter by producing independently of CHAMBERLIN a theory of the firm for markets both competitive and monopolistic. Her long guardianship of the KEYNESIAN heritage began with Introduction to the Theory of Employment (1937). However, the influence of SRAFFA and KALECKI Jed her to develop Keynesian theory from comparative statics to a dynamic growth theory, particularly in her The Accumulation of Capital (1956). Many of her works, especially An Essay on Marxian Economics (1942), attempted a synthesis of socialist and Keynesian economics.<br /> Although trained in Marshallian analysis she became increasingly opposed to his time analysis: she moved from studying perfect competition to oligopoly, selling costs and product differentiation. In doing so, she provided a new box of tools in her theory of imperfect competition. Increasingly she saw her role as a developer of Keynesian theory but her attempt to do so in her Accumulation of Capital was not broad enough to achieve a satisfactory model of long-term development. Her interest in development was long-standing, dating back to her first visits to India in the 1920s and later including an on-thespot study of Mao's China.<br /> For the last thirty years of her life she was engaged in controversies with soww and SAMUELSON about CAPITAL THEORY. The ferocity of her polemical and entertaining pen is evident in her Collected Papers (1951-79). In a supplementary obituary notice in The Times, her lodger of ten years' standing, Dr Carmen Blacker, wrote of 'her spartan way of life': 'A strict vegetarian, she slept all the year round in a small creeper-covered hut at the bottom of the garden. It was entirely unheated, and open on one side to all weathers, but no storm, deluge or frost could persuade her to sleep in the house. . . . In the early spring she was often woken by tits pecking at her hair for material for their nests.'<br /><em>See also:</em> bastard Keynesianism; Cambridge controversies <br /><em>Reference</em><br />Gram,H.andWalsh,V(1983)'JoanRobinso- n's economics in retrospect', Journal of Economic Literature 21: 518-50.<br /> Feiwel, G.R. (ed.) (1989) Joan Robinson and Modern Economic Theory, New York: New York University Press; London: Macmillan.<br /> -(1989) The Economics of Imperfect Competition and Employment. Joan Robinson and Beyond, London: Macmillan. Harcourt, G.C. (1988) Joan Robinson, Brighton: Wheatsheaf.<br /> Robinson, J. (1951 - 80) Collected Economic Papers, Oxford: Basil BlackwelL - (1969) The Accumulation of Capital, 2nd edn, London: Macmillan.<br /> -(1969) The Economics of Imperfect Competition, 2nd edn, London: Macmillan.
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<strong>Source, The</strong> – MDHE' s Guide to grants, scholarships, loans and more-Outlines all of the state student financial assistance programs. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml.

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<strong>Leave of Absence (LOA)</strong> – An approved leave of absence is a break in enrollment, not including a regularly scheduled semester break or spring break, that is requested by the student and approved by the school. The student' s request must be in writing and must include the reason for the leave. An LOA cannot exceed 180 days in any 12-month period.
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<strong>Repayment schedule</strong> – The legal addendum to the promissory note stating the terms of repayment and fulfilling disclosure requirements. The repayment schedule includes the total principal and interest due, the regular installment amount due, and the number of installments required to pay the loan in full. It also includes the interest rate, the due date for the first payment, and the frequency of installments.

continuous variable (C6)<br />A variable, expressed in symbolic form, e.g. x or y, which can assume any value between two given values.<br /><em>See also:</em> discrete variable

bank holding company (G2)<br />A company which owns one or more banks and, often, firms engaged in non-banking activities. The development of such companies in the USA in the twentieth century made the expansion of banking possible, despite the existence of UNIT BANKING.

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frequency polygon (C1)<br />A graph of the frequency of classes of a distribution often constructed by joining the midpoints of the tops of the rectangles in a HISTOGRAM.<br /><em>See also:</em> frequency curve

<strong>NDN</strong> – ELM' s National Disbursing Network (NDN), which provides consolidated disbursement services to schools.

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new international division of labour (FO)<br />Specialization, particularly by Third World countries, in a narrow range of exports, either because of the historical development of their industries or because of the global production planning practised by MULTINATIONAL CORPORATIONS.

econometrics (C1, C2, C3)<br />The measurement of economic relationships using statistical techniques, and the testing of economic theories. Econometrics has become the basis for economic forecasting.<br /> It was inseparable from mathematics and statistics as an academic discipline until the foundation of the Econometrics Society in 1931. Although a quantitative approach to economics goes back to PETIY, in the twentieth century it owes its origins to Henry Moore's attempt in 1911 to provide statistical evidence for MARGINAL PRODUCTIVITY theory. Gradually it changed its emphasis from searching for constant economic laws to probabilistic models.<br /> The major techniques most frequently used are MULTIPLE REGRESSION, TWO-STAGE LEAST SQUARES and a multitude of tests to prevent problems such as AUTOCORRELATION. After 1945, the growth of macroeconomics and the more sophisticated study of consumer behaviour inspired a great volume of econometric work. The data used are either TIME SERIES provided by official governmental statistical organizations or CROSS-SECTION DATA collated through surveys.<br /><em>See also:</em> Cowles Commission <br /><em>Reference</em><br />Griliches, Z. (1983) Handbook of Econometrics, Amsterdam: North-Holland. Haavehno, T. (1944) 'The probability approach in econometrics', Econometrica ( Supplement) 12: 1-115.
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mercantilism (B1)<br />A system of ideas and government policies advanced by a series of writers of economic pamphlets, many of them merchants (hence the term), who in the period 1550-1750 advanced theories of international trade, money, prices and employment. The major writers of this school include HALES, MALYNES, NORTH, MUN and CHILD. The earlier writers emphasized the importance of keeping the balance of payments in surplus so that bullion could be accumulated. Money was not seen, initially, as being a factor of production, except to finance wars. TARIFFS, EXCHANGE CONTROLS and monopoly trading companies were advocated to achieve these ends.

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<strong>Servicer</strong> – An entity that enters into a contract with a program participant to administer any aspect of its participation in a Title IV program. Schools, lenders, secondary markets, guarantors, and the federal government may all employ servicers. MOHELA, Nelnet, and Sallie Mae are all FFEL Program servicers operating in the state of Missouri.

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<strong>GUI</strong> - Graphical User Interface. The MDHE' s FAMOUS system is comprised of three GUis, one for each of the following: 1) postsecondary institutions (PSis), 2) high schools, and 3) the MDHE.
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cross-subsidization (Ll, L3)<br />The financing of an unprofitable part of an enterprise by a more profitable part. A public enterprise, instead of following the rule of attributing costs properly to each division to make each part of that enterprise individually financially accountable, could allow the profitable divisions to finance loss-making divisions. In the private sector, cross-subsidization occurs within firms if some of their products are sold at less than incremental cost. To ensure maximum efficiency, firms should avoid this practice as far as possible.
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<strong>The Source</strong> – MDHE' s Guide to grants, scholarships, loans and more-Outlines all of the state student financial assistance programs. This publication and all publications published by the MDHE can be requested on the Publications Order Form: http://www.dhe.mo.gov/publicationsorderform.shtml.
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<strong>Electronic signature (e-sign)</strong> – Information in electronic format that is attached to or logically associated with an electronic record and used by a person with the intent to sign the electronic record. Students, parents, and borrowers may electronically sign the FAFSA, a FFEL Program loan application, or other student aid document.
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single-union deal (J5)<br />An agreement between an employer and a TRADE UNION which excludes other unions from organizing workers in that firm or its workplaces. This simplification of INDUSTRIAL RELATIONS has increasingly been requested by firms setting up new plants and is accepted by trade unions who fear that the alternative is a non-union plant. Japanese-owned companies have been major pioneers of this approach in the UK where it was deeply resented by the trade unions who often were rejected as recognized representatives of workers. Countries with INDUSTRIAL UNIONS, e.g. Germany, or ENTERPRISE UNIONS, e.g. Japan, have long accepted the principle of one union in charge of worker representation.<br /> <br /><em>Reference</em><br />Bassett, P. (1986) Strike Free: New Industrial Relations in Britain, London: Macmillan.
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<strong>CSR</strong> – Code of State Regulations. The regulations from the state of Missouri related to the Missouri Department of Higher Education and its administrative functions and authority are codified in Title 6, Division 10, Chapter 2. This is abbreviated as “6 CSR 10-2.” The Missouri CSRs may be retrieved from the secretary of state website at http://www.sos.mo.gov/adrules/csr/current/6csr/6csr.asp.
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<strong>Unsolicited response file</strong> – A CommonLine file containing “M records,” or modification records sent in response to status updates and changes made by a source other than a school' s CTSF.
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internal search (J6)<br />The job search by an employer limited to his/her own labour force. This method of recruitment operates either by inducing existing workers to switch from their present to different jobs or by getting their present employees to pass on to friends and relatives notice of internal vacancies. This approach to hiring has become more common through the growth of INTERNAL LABOUR MARKETS.

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<strong>Financial literacy</strong> – The ability to read, analyze, manage, and communicate about the personal financial conditions affecting material well-being. This term is used to describe financial education programs on college campuses and within high schools. The objective of financial literacy programs is to help students better manage their finances, budget effectively, and borrow wisely.
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<strong>NOLA</strong> – Notice of Loan Approval, a paper copy of the MDHE' s loan guarantee statement which schools may receive if profiled for this service.

<strong>Branch code</strong> – A code assigned to a school' s branch campus to clearly identify it and its associated loans or other aid program amounts from the institution' s main campus. A 2-digit branch code is assigned by the U.S. Department of Education as a part of its 8-digit OPE ID. A 4-digit branch code is used within the header record of CommonLine files.

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<strong>Branch code</strong> – A code assigned to a school' s branch campus to clearly identify it and its associated loans or other aid program amounts from the institution' s main campus. A 2-digit branch code is assigned by the U.S. Department of Education as a part of its 8-digit OPE ID. A 4-digit branch code is used within the header record of CommonLine files.

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<strong>Regulation B</strong> – The section of the Equal Credit Opportunity Act (12 CFR 202) that prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, ######, marital status, or age.

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reverse causation hypothesis (E4)<br />The view that the level of national income determines the size of the money stock, i.e. money has a passive role. This view, which was fervently advanced by KALDOR and Joan ROBINSON, is a frontal attack on the QUANTITY THEORY OF MONEY and the USe of the TRANSMISSION MECHANISM in modern MONETARIST theory which asserts that money has an effect on real variables, particularly output and employment.
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<strong>CSR</strong> – Code of State Regulations. The regulations from the state of Missouri related to the Missouri Department of Higher Education and its administrative functions and authority are codified in Title 6, Division 10, Chapter 2. This is abbreviated as “6 CSR 10-2.” The Missouri CSRs may be retrieved from the secretary of state website at http://www.sos.mo.gov/adrules/csr/current/6csr/6csr.asp.

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<strong>A+ Schools Program</strong> – A program administered by the Missouri Department of Elementary and Secondary Education (DESE) which provides paid tuition and fees as well as other financial incentives for students who fulfill needed requirements, graduate from a designated A+ high school and who attend a Missouri community college or vocational-technical school. More information is available at: http://www.dese.mo.gov/divimprove/aplus/index.html.

<strong>EFT</strong> – Electronic Funds Transfer, the transfer of funds via an electronic method such as wire, which is realtime, or Automated Clearinghouse (ACH), an overnight process.

<strong>Financial Aid Director (FAD)</strong> – A staff member at an eligible school who heads the financial aid office.

effective tax rate (H2)<br />The average rate of tax levied on gross personal income. This rate for companies refers to taxation as a proportion of VALUE ADDED.

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Martineau, Harriet, 1802-76 {B3) Leading popularizer of economics in England in the mid-nineteenth century. Born in Norwich, the daugh ter of a Unitarian cloth manufacturer, she studied SMITH, RICARDO and MALTHus from the age of 14 and was inspired to write on political economy ments of goods and finance for by MARCETs' popular works. Severe deafreconstruction. It was given to these countries, members of the ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVEWPMENf, as part of the European Recovery Programme and was administered by the European Co-operation Administration.<br /> The recipient countries were expected to follow orthodox economic policies to control inflation, get their exchange rates at the right level and adjust their domestic policies to achieve an externa l balance. It was hoped that Marshall Aid would avoid a major world depression after the Second World War. The gift of US dollars to Europe enabled European countries to finance imports from the USA, but the dolla r gap was slow to disappea r and the amount of Marshall Plan assistance far ness forced her to adopt a literary career, which she successfully did with her twentyfou r pa rt Illustrations of Political Economy, Fables with Morals, beginning with an account of life in the wilds of South Africa. This work followed the typical classical division of the subject into production, distribution, exchange and consumption, and gained her a reputation as a female Malthusian. She said that the research materials she used were 'the standa rd works on the subject of what I then took to be a science'.<br /><em>See also:</em> female economists; Malthus <br /><em>Reference</em><br />Fox, C. (1883) Harriet Martineau's Autobiography, 2 vols, London: Virago Press.

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<strong>Change transaction</strong> – Any change made to a loan or disbursement post guarantee. Change transactions are defined within the CommonLine Change Send File (CTSF) and are categorized into pre-disbursement (@1-09) and post-disbursement transactions (@1-10). In Missouri, the term “loan maintenance” is used to describe change transactions.
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analysis of 1838 considered two firms making an identical product, each aiming to maximize its profits on the assumption that the other firm kept its output constant. He proved that equilibrium would be reached with equal division of the market and the charging of the same price, a price lower than a monopolist's price but higher than under PERFECf COMPETITION.<br /><em>See also:</em> Bertrand duopoly model; Cournot duopoly model; spatial duopoly model; Stackelberg duopoly model

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