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MERCANTILIST thinking and was later practised in the 1930s by many countries. First predominantly agricultural economies adopted it; later it was adopted by the UK, USA, France, the Netherlands and Switzerland. After 1945, currency devaluations have embodied this principle. A policy of this type has always been criticized because of its self-defeating character: domestic industries can ignore foreign competition so become more inefficient and export industries facing retaliation have a reduced output and consequentially higher unit costs which make them even more uncompetitive in world markets.<br /><em>See also:</em> General Agreement on Tariffs and Trade; Smoot-Hawley Tariff Act 1930
Senior, Nassau William, 1790-1864 (B3) Leading CLASSICAL ECONOMIST educated at Magdalen College, Oxford, and Lincoln's Inn where he was called to the Bar in 1819. His first literary work as a reviewer for the Quarterly Review included commenting on the usage of key economic terms and the coRN LAWS. As Drummond Professor of Political Economy at Oxford University from 1826 to 1830 and from 1847 to 1851 he published lectures on precious metals, population, money and wages. His views on the POOR LAWS and the Factory Acts made him a prominent adviser to governments. His ABSTINENCE theory of savings and his inclusion of MARGINAL UTILITY as a cause of value estab- lished his originality as an economic theorist.<br /><em>Reference</em><br />Levy, S.L. (1970) Nassau W Senior 1790 1864, Newton Abbot: David & Charles. Senior, N.W. (1831) Three Lectures on the Rate of Wages, London: Murray (reprinted Thoemmes Press, Bristol, 1998, ed. Ronald Sutherland).<br /> - (1836) An Outline of the Science of Political Economy, London (reprinted New York: Augustus M. Kelley, 1965).<br /> - (1966) Selected Writings on Economics: A Volume of Pamphlets 1827-1852, New York: Augustus M. Kelley.
hazard (DO, QO)<br />1 A venture.<br /> 2 A risk or what is risked.<br /> 3 In environmental economics, the probability of a potentially destructive natural phenomenon occurring in a given place at a given time.
<strong>Return of Title IV funds</strong> – The federally mandated process by which a school calculates the amount of federal funds to be returned for a Title IV aid recipient who withdraws or ceases attendance during a payment period or period of enrollment.
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