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elasticity of substitution (DO)<br />The ease with which one factor of production can be substituted for another. If the elasticity of substitution is greater than unity for a FACTOR OF PRODUCTION, then an increase in its supply will increase its relative share of the national income. HICKS introduced this concept in his Theory of Wages (1926) to show the effect of a change in the supply of one factor, assuming two factors only and constant returns to scale, on the marginal productivity of the other. The concept has been extensively used in the study of PRODUCTION FUNCTIONS and the analysis of the effects of INVENTIONS.<br /> <br /><em>Reference</em><br />Bronfenbrenner, M. (1960) 'A note on relative shares and the elasticity of substitution', Journal of Political Economy 68: 284-7.
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domestic credit expansion (E5)<br />Growth of the money supply, adjusted by the deficit or surplus on the BALANCE oF PAYMENrs current and capital accounts. It consists of the PUBLIC SECTOR BORROWING REQUIREMENr less net sales of public sector debt to the non-bank private sector and bank lending to the private and overseas sectors. The reasoning behind this measure is that a balance of payments deficit leads to a reduction in the expansion of the domestic money stock through excess spending overseas. Conversely, a money supply expands with a balance of payments surplus, increasing foreign currency reserves. This measure was intended to produce a monetary aggregate suitable for open economies. It was first used in the UK in 1968 when it was monetary target popular with the INTERNATIONAL MONETARY FUND.<br /><em>See also:</em> monetarism; money supply
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