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economic paradigm (B4)<br />A major principle central to a school of economics as it provides a fundamental analytical tool of economic theorizing. MARGINAL!SM and NEOCLASSICAL ECONOMICS, for example, have been able to demonstrate the powerful applications of the marginal concept backed up by calculus. In periods when there has been great dissatisfaction with the state of economics, a cry for a new paradigm has often heard: in the 1930s the concepts of KEYNES in his

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poverty in terms of a lack of income, not of food supply.

disequilibrium economics (DO, EO)<br />The analysis of non-clearing markets or national economies with less than FULL EMPLOYMENT. In macroeconomics, the DYNAMIC MULTIPLIER shows how disequilibrium occurs in the economy as a whole; in the MULTIPLIER ACCELERATOR MODEL changes in the national income are studied. KEYNESIAN ECONOMICS is believed to be essentially a theory of disequilibrium rather than a theory of GENERAL EQUILIBRIUM as NEO-KEYNES!ANS would assert.<br /><em>Reference</em><br />Barro, R.l, Howitt, P.W and Grossman, H.L (1979) 'Macroeconomics: an appraisal of the non-market clearing paradigm', American Economic Review 69: 54-69.<br /> Hey, J.D. (1981) Economics in Disequilibrium, Oxford: Basil BlackwelL Muellbauer, J. and Partes, R. (1979)
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<strong>FFEL Program</strong> – The Federal Family Education Loan Program loans that were authorized by Title IV, Part B, of the Higher Education Act of 1965, as amended. FFEL Program loans are funded by private lenders and are guaranteed by state agencies or other non-profit organizations. FFEL Program loans include Federal Stafford (subsidized and unsubsidized), Federal PLUS (for parents or for graduate/professional students), and Federal Consolidation Loans.

macroeconomic demand schedule (EO) The schedule showing different combinations of the price level and real income to
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announcement burden of a tax (H2)<br /> The loss of PRODUCER'S and CONSUMER'S SURPLUSES as a consequence of a tax change. The announcement has the effect of adjusting taxpayers' behaviour, e.g. in supplying labour.<br /> <br /><em>Reference</em><br />Pigou,A.C. (1928)A Study in Public Finance, Part 11, ch. 5, London: Macmillan.
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<strong>NPRM</strong> – Notice of Proposed Rulemaking, an announcement in the Federal Register of proposed regulations with explanation and a specified period during which public comment is invited.
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<strong>MIME</strong> – Multi-purpose Internet Mail Extensions, a standard messaging protocol used to exchange text in languages with different character sets and multi-media email among many different computer systems that use internet mail.
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Pareto, Vilfredo, 1848-1923 (B3)<br />French-born Italian sociologist and economist who made a leading contribution to WELFARE ECONOMICS by setting OUt the conditions for a welfare optimum, always known now as the 'Pareto optimum'. In his Cours d'Economie Politique (1896) he attempted a synthesis of economics, sociology and Ma rxist thought: economic UTILITY was examined in a psychological and sociological context and Marxian class analysis was extended to a study of the nature of conflict between interest groups. Realizing the consequences for society of political democracy, he was reluctant to retain a socialist approach to conflict in his work Les Systemes Socialistes of 1902. Like WALRAS, he was a member of the LAUSANNE SCHOOL.<br /><em>Reference</em><br />Borkenau, F. (1936) Pareto, New York: Wiley.<br /> Bucolo, P. (ed.) (1979) The Economics of Vilfredo Pareto, London and Totowa, NJ: Cass.
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imputed income (D3, H2)<br />The benefit received from a serv1ce not measured by a monetary transaction. Some forms of this income are estimated to obtain a fuller measure of the GRoss NATIONAL PRODUCT. In the USA, national income accounting imputes an income to food grown and consumed by farmers. Also, to raise more revenue from an income tax the imputed income from owner-occupied houses can be added to income actually received by taxpayers.

<strong>Ability to benefit</strong> – Basis on which a student without a high school diploma or GED may qualify for federal student aid. To demonstrate the ability to benefit from a program of study, a student must take a test that is approved by the U.S. Department of Education.
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<strong>GED</strong> – General Educational Development certificate, an equivalent of a high school diploma. (See also “Ability to benefit.” )
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