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footloose knowledge (03)<br />Technical knowledge not specific to any production process and which is interchangeable between industries.<br /><em>See also:</em> locked-in knowledge
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<strong>PL</strong> – 1) Loan type within CommonLine file specifications for a parent PLUS loan (as opposed to a Graduate PLUS loan, which has a loan type of “GL” ). 2) Public Law. For example, the public law associated with the HERA is PL 109-171.
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Fisher, Irving, 1867-1947 (B3)<br />The celebrated US economist who made major contributions to capital, interest and monetary theory. During his long career as student and professor at Yale University (1892-1935), he published many influential works. His doctoral thesis, Mathematical Investigations in the Theory of Value and Price (1892) advanced general equilibrium theory; his The Nature of Capital and Income (1906) and The Rate of Interest (1907) introduced the important distinctions between real and nominal interest rates and between stocks and flows. Many works on monetary economics, including The Purchasing Power of Money (1911) and Booms and Depressions (1932) showed a progression from an exposition of the QUANTITY THEORY OF MONEY to a concern with stabilization policies. His contribution to economic statistics in The Making of Index Numbers (1927) is well known. His other writings on nutrition, prohibition and pacifism made him known to a wider public. He also earned a great deal from inventing a visible card index system widely used by businesses.<br /> <br /><em>Reference</em><br />Schumpeter, J.A. (1948) Ten Great Economists from Marx to Keynes, Oxford: Oxford University Press.
comparative advantage (F1)<br />The principle justifying individuals or nations specializing in those economic activ- Thus, England can produce cloth relatively more cheaply than wine and Portugal can produce wine more cheaply than cloth. The countries will both gain by increased specialization in the production of the good for which they have a comparative advantage, even though Portugal has an absolute advantage in the production of both commodities.<br /><em>See also:</em> Heckscher - Ohlin trade theorem; Leontief paradox; Rybczynski theorem; terms of trade
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