The A to Z of economics | The Economist --- 经济学的A

到Z
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Absolute advantage 绝对优势
A concept that helps to explain international trade. If country A is better at making
toasters than country B, and B is better at making kettles than A, it makes sense for each
country to focus on the area where they have this advantage, and then trade toasters for
kettles. But see, more importantly, comparative advantage.
一个有助于解释国际贸易的概念。如果A国在制造烤面包机方面比B国强，而B国在制造水
壶方面比A国强，那么，每个国家把重点放在他们具有这种优势的领域，然后用烤面包机换
水壶，是有道理的。但请看，更重要的是，比较优势。
Active management
主动管理
A branch of investment management that attempts to outperform other investors by
selecting a limited number of assets, and trading them regularly. See also passive
management.
投资管理的一个分支，试图通过选择数量有限的资产并定期交易来超越其他投资者的表
现。也见被动管理。
Activist investing 积极投资
Fund managers who take a stake in a company and then agitate for a change of
management, or strategy, in the belief that this will increase profits, and thus the share
price.

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基金经理持有一家公司的股份，然后鼓动改变管理层或战略，认为这将增加利润，从而提
高股价。
Adverse selection 不利的选择
A risk associated with insurance, and linked to asymmetric information. People who are
worried about their health will be more inclined to pay for health insurance than those who
are fighting fit. One way to avoid the problem is to make insurance compulsory for all, as
happens with car ownership. For more detail, see our Schools Brief.
与保险相关的一种风险，并与信息不对称有关。担心自己健康的人比那些身体健康的人更
倾向于支付健康保险。避免这个问题的一个方法是让所有人都必须参加保险，就像汽车所
有权一样。更多细节，请参阅我们的学校简报。
Agency costs 机构成本
The expense involved in using a third party to carry out a task. Examples include hiring a
fund manager to look after an individual’s investment portfolio, or the cost to shareholders
of having professional managers run a business. See also principal-agent problem.
使用第三方执行一项任务所涉及的费用。例如，雇用基金经理来管理个人的投资组合，或
由专业经理人管理企业的股东成本。另见委托-代理问题。
Aggregate demand 总需求
The flow of spending, across the economy, on goods and services. Demand can fall, even
if people’s income and wealth are unchanged, if they decide to save, rather than spend.
整个经济中对商品和服务的支出流。即使人们的收入和财富没有变化，如果他们决定储
蓄，而不是消费，需求也会下降。
Agriculture
The cultivation of crops and the tending of animals for the purpose of supplying food. For
millennia, this was mankind’s primary economic activity.
为供应食物而种植农作物和饲养动物。几千年来，这是人类的主要经济活动。
Alpha
That part of an investment return that is due to the skill of the fund manager. This can be
very hard to measure.
投资回报中由于基金经理的技能而产生的那部分。这可能是很难衡量的。
Amortisation
The gradual reduction in the value of an asset (or a debt) over time. A debt (such as a
mortgage) is amortised via regular repayments. Companies use amortisation to steadily
reduce the value of intangible assets on their balance-sheets.
随着时间的推移，一项资产（或债务）的价值逐渐减少。债务（如抵押贷款）通过定期还
款进行摊销。公司利用摊销来稳步减少其资产负债表上的无形资产的价值。
Animal spirits 动物的精神
Term used by John Maynard Keynes to describe sentiment among businesspeople and
consumers. If sentiment is depressed, economies may struggle to escape from recession.
For more detail, read this article. See also Keynesian economics.
约翰-梅纳德-凯恩斯用来描述商人和消费者的情绪的术语。如果情绪低落，经济可能难以摆
脱衰退。更多细节，请阅读这篇文章。另见凯恩斯主义经济学。
Antitrust

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Term used to describe laws or regulations designed to stop firms from exploiting their
monopoly positions in markets at the expense of consumers or rival businesses. To learn
more, see our Schools Brief.
用于描述旨在阻止企业利用其在市场中的垄断地位而损害消费者或竞争对手的利益的法律
或法规的术语。要了解更多信息，请参阅我们的学校简介。
Appreciation
The rise in the value of an asset. In particular, currencies are often described as
appreciating when they go up and depreciating when they go down.
一种资产价值的上升。特别是，货币上升时常被描述为升值，下降时被描述为贬值。
Arbitrage
The practice of exploiting price differentials in different markets; for example, buying an
asset cheaply in London and selling it for a higher price in New York. Thanks to the speed
of modern information flows, risk-free arbitrage opportunities are rare. See also regulatory
arbitrage.
利用不同市场的价格差异的做法；例如，在伦敦廉价购买一项资产，在纽约以更高的价格
出售。由于现代信息流的速度，无风险的套利机会很少。另见监管套利。
Asset 资产
Something that can be used to create economic value. An asset can be tangible, such as
a building or machinery or intangible, such as a patent or a brand name. Assets make up
one side of a company’s balance-sheet; the other is liabilities.
可以用来创造经济价值的东西。资产可以是有形的，如建筑物或机器，也可以是无形的，
如专利或品牌名称。资产构成了公司资产负债表的一面；另一面是负债。
Asset stripping 资产剥离
The practice of buying a company and rapidly selling off the component parts with the aim
of making a profit. This often leads to great disruption in the business and a loss of jobs.
收购一家公司并迅速出售其组成部分的做法，目的是为了赚取利润。这往往会导致企业的
巨大混乱和工作岗位的丧失。
Asset value 资产价值
One measure used by investors to calculate the worth of a company. Normally, a
company’s debts are deducted to calculate a net asset value. Also known as book value.
投资者用来计算公司价值的一种措施。通常情况下，一个公司的债务被扣除以计算净资产
价值。也被称为账面价值。
Asymmetric information
不对称信息
This occurs when one party to a transaction knows more than the other. Asymmetry can
lead to market abuse, as when those with inside information of a coming takeover buy
shares in the target company. It can also lead to inefficiencies. Since buyers of used cars
know less than sellers, they will be inclined to regard all cars as potential “lemons”,
leading to lower prices. See also adverse selection and moral hazard. To learn more, see
our Schools Brief.
当交易的一方比另一方知道得更多时，就会出现这种情况。不对称性可能导致市场滥用，
比如那些拥有即将进行的收购的内部信息的人购买目标公司的股票。它也可能导致效率低

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下。由于二手车的买家比卖家知道的少，他们会倾向于把所有的车都视为潜在的 "垃圾"，
导致价格降低。另见逆向选择和道德风险。想了解更多，请看我们的学校简介。
Auctions
These are usually associated with the sale of livestock, antiques and works of art. But in
recent decades, they have been favoured by economists as a means of ensuring that
sellers get the best price for a wider range of assets. For example, governments have
used auctions to sell off parts of the electromagnetic spectrum to mobile telecoms
companies. See this article for more detail.
这些通常与牲畜、古董和艺术品的销售有关。但近几十年来，它们被经济学家所青睐，成
为确保卖家为更广泛的资产获得最佳价格的一种手段。例如，政府利用拍卖将部分电磁频
谱出售给移动电信公司。更多细节见本文。
Austerity
A term used to describe efforts to reduce the share of public spending in GDP, particularly
in the 2010s. When the economy is already weak, Keynesian economists view austerity
programmes as a mistake, because they reduce demand. But free-market economists
worry that, without austerity, the government’s role in the economy inexorably expands
over time.
用于描述减少公共开支在国内生产总值中的份额的努力，特别是在2010年代。当经济已经
疲软时，凯恩斯主义经济学家认为紧缩方案是一个错误，因为它们减少了需求。但自由市
场经济学家担心，如果没有紧缩政策，政府在经济中的作用会随着时间的推移不可避免地
扩大。
Austrian school 奥地利学派
A group of libertarian economists, notably Friedrich Hayek and Ludwig von Mises,
focused on the individual and deeply suspicious of state planning. The school developed
in opposition to communism and social democracy, and believes in low taxes and a
minimal state.
一批自由主义经济学家，特别是弗里德里希-哈耶克和路德维希-冯-米塞斯，专注于个人，
对国家规划深表怀疑。该学派是在反对共产主义和社会民主的情况下发展起来的，并相信
低税率和最小的国家。
Autarky
Self-sufficiency. Authoritarian regimes sometimes pursue a policy of autarky in order to
reduce their dependence on other countries. Economists generally regard this approach
as inefficient since trade in goods and services allows a country to specialise in those
activities which it is best at producing, exploiting comparative advantage.
自给自足。专制政权有时会采取自给自足的政策，以减少对其他国家的依赖。经济学家普
遍认为这种做法是低效的，因为商品和服务贸易使一个国家能够专门从事它最擅长的生产
活动，发挥比较优势。
Authoritarian capitalism 专制资本主义
Usually applied especially to China and Russia, this describes economies in which big
business co-exists with an authoritarian government. Businesses are allowed to make
money but if they dare to criticise the government, or appear too independent, they may
face criminal or financial sanctions.

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这通常适用于中国和俄罗斯，描述了大企业与专制政府共存的经济体。企业被允许赚钱，
但如果他们敢于批评政府，或显得过于独立，他们可能面临刑事或金融制裁。

Backwardation
A term used in the commodity market for when the price for delivering a product today
(the spot price) is higher than for delivery in future. Normally, the future price is higher, a
situation known as contango. Backwardation is normally the sign of a supply shortage,
causing traders to compete to get the product immediately.
商品市场上的一个术语，指今天交付产品的价格（现货价格）高于未来交付的价格。通常
情况下，未来价格更高，这种情况被称为contango。滞销通常是供应短缺的迹象，导致交
易商竞争以立即获得产品。
Balance of payments 国际收支平衡
A term used to describe a country’s transactions with the rest of the world. The import and
export of goods and services are captured in the current account, which also includes
investment income and transfers (such as expatriate workers sending money home). The
capital account captures financial transactions such as foreign direct investment or
purchases of bonds and equities. These will balance in the sense that a current-account
deficit (or surplus) must be offset by a capital-account surplus (or deficit).
一个用来描述一个国家与世界其他地区交易的术语。货物和服务的进口和出口在经常账户
中得到体现，它还包括投资收入和转移（如外籍工人寄回国内的钱）。资本账户捕捉金融
交易，如外国直接投资或购买债券和股票。在经常账户赤字（或盈余）必须被资本账户盈
余（或赤字）所抵消的意义上，这些将实现平衡。
Balance-sheet
In accounting, a statement of the assets and liabilities of a business. It must balance in
the sense that assets equal liabilities. The assets such as cash or equipment or inventory
are being used in the business; the liabilities show how those assets were funded
whether in the form of debt (owed to creditors) or equity (owed to shareholders).
在会计中，一个企业的资产和负债的报表。它必须平衡，即资产等于负债。资产，如现金
或设备或存货，是在企业中使用的；负债显示这些资产是如何被资助的，无论是以债务
（欠债权人的）还是股权（欠股东的）的形式。
Bank rate 银行利率
Term used in Britain to describe the official rate set by the Bank of England when it pays
interest to commercial banks. By manipulating this rate, the Bank of England affects the
level of rates that businesses and consumers pay to borrow money.
在英国用于描述英格兰银行向商业银行支付利息时设定的官方利率的术语。通过操纵这一
利率，英格兰银行影响了企业和消费者借钱时支付的利率水平。
Bank run
银行运行

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In a crisis, bank depositors may start to doubt they will get their money back. So they may
demand to withdraw it. Since banks have lent out this money, it is impossible for them to
repay all depositors instantly. The bank may fail. To avoid this, most countries have
schemes of deposit insurance.
在危机中，银行储户可能开始怀疑他们能否拿回自己的钱。所以他们可能会要求提款。由
于银行已经借出了这些钱，他们不可能立即偿还所有储户。银行可能会倒闭。为了避免这
种情况，大多数国家都有存款保险计划。
Banks
Institutions at the heart of the financial system. Commercial banks take in deposits and
make loans, thereby creating money. In a crisis, banks may cease lending (or insist on
the repayment of past loans) causing immense economic damage. Investment banks
advise on transactions such as acquisitions and make markets in financial assets such as
bonds and shares. Many institutions act as both commercial and investment banks.
处于金融系统核心的机构。 商业银行吸收存款并发放贷款，从而创造货币。在危机中，银
行可能会停止贷款（或坚持要求偿还过去的贷款），造成巨大的经济损失。 投资银行为收
购等交易提供建议，并为债券和股票等金融资产提供市场。许多机构既是商业银行又是投
资银行。
Barter
The direct swap of goods and services for other goods and services, without the use of
money. This is normally a less efficient form of trade, since the wants and needs of
buyers and sellers rarely match exactly.
用货物和服务直接交换其他货物和服务，不使用货币。这通常是一种效率较低的贸易形
式，因为买家和卖家的愿望和需求很少完全匹配。
Basis point 基准点
One hundredth of a percentage point. The term is often used to describe interest rate
changes. A quarter-percentage-point rise or fall in rates is described as 25 basis points.
一百个百分点。这个术语经常被用来描述利率变化。四分之一个百分点的利率上升或下降
被描述为25个基点。
Baumol’s cost disease 鲍姆尔成本病
In theory, workers should get higher pay because they get more productive. But an
economist called William Baumol noticed this isn’t always true; musicians take the same
time to play a string quartet as they did in Mozart’s day, but are paid more nevertheless.
The reason is competition for labour; musicians can take other jobs. So rising wages in
productive parts of the economy (eg, manufacturing) lead to higher wages in less
productive sectors. For more on the disease, read this article; for more on Baumol, read
this one.
从理论上讲，工人应该得到更高的报酬，因为他们的生产力更高。但一位叫威廉-鲍莫尔的
经济学家注意到，这并不总是真实的；音乐家演奏弦乐四重奏的时间与莫扎特时代相同，
但却得到了更多的报酬。原因是劳动力的竞争；音乐家们可以从事其他工作。因此，经济
中生产性部分（如制造业）的工资上涨，导致生产性较差的部门的工资上涨。关于这种疾
病的更多信息，请阅读这篇文章；关于鲍莫尔的更多信息，请阅读这篇文章。
Bear

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Investor who expects the price of an asset or assets in general to fall.
预期某项资产或一般资产的价格会下跌的投资者。
Behavioural economics 行为经济学
School of thought that believes that the economic decisions of individuals are often driven
by psychological biases rather than the rational analysis of expected returns. One
example is the endowment effect. Individuals value the goods they own more highly than
they would pay for the same item in an open market. For more, see this article.
该学派认为，个人的经济决策往往是由心理偏差而非预期收益的理性分析所驱动。一个例
子是禀赋效应。个人对他们所拥有的商品的价值比他们在公开市场上为同一物品支付的价
格要高。更多信息，请参见本文。
Beta
This ratio measures the sensitivity of an individual asset’s price to that of the overall
market. A stock that tends to go up even more rapidly than the market when it is rising,
and drop more precipitously when it is falling, is described as “high beta”; one that moves
less violently than the market is “low beta”.
这个比率衡量的是单个资产的价格对整个市场价格的敏感性。一支股票在上涨时往往比市
场涨得更快，而在下跌时则跌得更惨，被称为 "高贝塔"；而比市场波动不那么剧烈的股票
则是 "低贝塔"。
Big Mac index 巨无霸指数
A light-hearted guide to whether currencies are over- or undervalued, invented by The
Economist in 1986. The index is based on the theory of purchasing-power parity—the
notion that in the long run exchange rates should tend to equalise the prices of goods in
different currencies. Fresh helpings of burgernomics are served up regularly. You can tuck
into the latest—with a side of more details about the index—here.
经济学人》杂志在1986年发明了一个关于货币是否被高估或低估的轻松指南。该指数以购
买力平价理论为基础，即从长远来看，汇率应该倾向于使不同货币的商品价格相等。新鲜
的汉堡经济学会定期提供服务。你可以在这里吃到最新的消息--以及关于该指数的更多细
节。
Bill of exchange 汇票
A short-term financial instrument, originally used to finance international trade. The buyer
of goods would give the seller a signed bill, equal to the value of the purchase, which the
seller could then cash with a banker. In modern finance, bills are a catch-all term for
short-term debt such as Treasury bills and commercial bills.
一种短期金融工具，最初用于资助国际贸易。货物的买方会给卖方一张签名的票据，相当
于购买的价值，然后卖方可以向银行家兑现。在现代金融中，票据是短期债务的总称，如
国库券和商业票据。
Blockchain
A distributed ledger used to make a digital record of the ownership of assets, in particular
cryptocurrencies.
用于对资产所有权进行数字记录的分布式账本，特别是加密货币。
Bonds 债券

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IOUs issued by a borrower which normally promise repayment of the money on a set date
(the maturity) with regular interest payments during the life of the bond. The more risky
the issue, the higher the interest rate (or yield) on the bond. Governments issue bonds to
cover the gap between the amount they receive in taxes and the amount they spend.
Companies issue bonds to finance investment programmes.
借款人发行的借据，通常承诺在规定日期（到期日）还款，并在债券有效期内定期支付利
息。发行的风险越大，债券的利率（或收益率）就越高。政府发行债券是为了弥补他们收
到的税收和支出之间的差距。公司发行债券为投资项目融资。
Book value 账面价值
Another term for asset value.
资产价值的另一个术语。
Boom
A state of rapid economic expansion, as opposed to bust.
经济迅速扩张的状态，而不是萧条。
Bounded rationality 有界理性
A theory which assumes that, while individuals try to act rationally, there is a limit to the
amount of information they may have, or can absorb. This may make their decisions look
irrational (see also behavioural economics).
一种理论认为，虽然个人试图理性行事，但他们可能拥有或能够吸收的信息量是有限的。
这可能使他们的决定看起来不理性（另见行为经济学）。
Bretton Woods 布雷顿森林
Location in New Hampshire of a conference in 1944 which decided the post-war
economic order. It led to the establishment of the International Monetary Fund and the
World Bank. And it agreed on a currency system that linked all currencies at fixed
exchange rates to the dollar, which was convertible into gold at $35 an ounce.
1944年在新罕布什尔州举行的决定战后经济秩序的会议的地点。它导致了国际货币基金组
织和世界银行的建立。会议商定了一个货币体系，将所有货币按固定汇率与美元挂钩，美
元可按每盎司35美元兑换成黄金。
Bubble 泡沫
The concept that asset prices can rise far higher than can be justified by their
fundamentals, such as the expected cashflows that will derive from them. A famous
example is the South Sea bubble of the early 18th century. Economists who believe in
efficient markets are dubious that bubbles ever occur. Identifying bubbles at the time isn’t
always easy: see this article.
资产价格的上涨可以远远高于其基本面所能证明的概念，比如预期的现金流会产生于此。
一个著名的例子是18世纪初的南海泡沫。相信有效市场的经济学家对泡沫的发生表示怀
疑。在当时识别泡沫并不总是容易的：见这篇文章 。
Budget
The annual process through which a government sets out its spending plans and tax
measures. A balanced budget is when revenues are expected to match expenditure.
More usually, spending outstrips revenues and the government runs a budget deficit.
Creating or expanding a deficit can be a deliberate act to boost an economy (see

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Keynesian economics).
政府制定其支出计划和税收措施的年度过程。平衡预算是指预期收入与支出相匹配。更常
见的是，支出超过收入，政府出现预算赤字。创造或扩大赤字可以是一种有意的行为，以
促进经济发展（见凯恩斯主义经济学）。
Bull
Investor who expects the price of an asset or assets in general to rise.
预期某项资产或一般资产的价格会上升的投资者。
Business cluster 业务集群
When companies in an industrial sector gather in a specific area, such as technology
companies in Silicon Valley. When a cluster forms, companies will find it easier to attract
high-skilled staff, workers have a wider choice of employers, innovations can circulate
more quickly and start-up companies may find it easier to get finance.
当一个工业部门的公司聚集在一个特定的区域，如硅谷的技术公司。当一个集群形成时，
公司会发现更容易吸引高技能的员工，工人有更广泛的雇主选择，创新可以更快流通，新
成立的公司可能发现更容易获得资金。
Business cycle 商业周期
Another term to describe the way that economies tend to expand and contract over time.
Various economists have tried to calculate the length of a typical cycle but these have
varied widely over history. Booms tend to be much longer than busts, particularly in recent
decades. As this article explains, economists still lack a proper understanding of business
cycles.
另一个描述经济随着时间的推移趋于扩张和收缩的术语。不同的经济学家试图计算一个典
型周期的长度，但这些周期在历史上有很大差异。繁荣期往往比衰退期长得多，特别是在
最近几十年。正如这篇文章所解释的，经济学家仍然缺乏对商业周期的正确理解。
Bust
A sudden economic contraction, also known as a recession.
经济的突然收缩，也被称为衰退。

Capital
A word that serves a lot of purposes in economics. It is used to refer to the investment
that an entrepreneur puts into a new project or business (hence capitalism); to any lump
sum that has been saved; and more broadly to the people and institutions who invest in
the world’s financial markets. It can also refer to a bank’s equity capital.
一个在经济学中具有很多作用的词。它被用来指一个企业家对一个新项目或企业的投资
（因此是资本主义）；指任何已经储蓄的一次性款项；以及更广泛地指投资于世界金融市
场的人和机构。它也可以指银行的股权资本。
Capital account 资本账户

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In international trade, the component of the balance of payments that comprises financial
transactions, such as foreign direct investment. On a company’s balance-sheet, the
capital account largely comprises the equity capital invested by the owners and retained
profits.
在国际贸易中，国际收支的组成部分包括金融交易，如外国直接投资。在一个公司的资产
负债表上，资本账户主要包括业主投资的股本和留存利润。
Capital asset pricing model
资本资产定价模型
A financial model that relates the return of an asset class to its riskiness. It is based on
the idea of a risk-free asset (usually defined as government bonds). Investors in riskier
assets (like equities) should demand a higher return than they get from government
bonds to reflect the greater risk of loss. This risk relates to the beta of the asset
concerned.
一种将资产类别的收益与其风险性联系起来的金融模型。它是基于无风险资产（通常定义
为政府债券）的理念。风险较高的资产（如股票）的投资者应该要求比他们从政府债券中
获得更高的回报，以反映更大的损失风险。这种风险与有关资产的β值有关。
Capital controls 资本控制
Regulations designed to prevent money from moving across borders. They are often
used in regimes with a fixed exchange rate; by preventing money from flowing abroad,
they protect the domestic currency from depreciation. Capital controls were a key
component of the Bretton Woods system. For more detail, read our Explainer.
旨在防止货币跨境流动的法规。它们通常用于固定汇率制度；通过防止资金流向国外，它
们保护本国货币不贬值。资本管制是布雷顿森林体系的一个重要组成部分。欲了解更多详
情，请阅读我们的解释。
Capital flight 资本飞行
What happens when investors try to avoid high taxes, or the prospect of currency
devaluation, by sending their money abroad. Governments try to prevent such flight by
imposing capital controls but they need to act quickly. Investors will anticipate the
introduction of capital controls by indulging in capital flight.
当投资者试图通过把钱送到国外来避免高税收，或货币贬值的前景时，会发生什么。政府
试图通过实施资本管制来防止这种外逃，但他们需要迅速采取行动。投资者会通过沉溺于
资本外逃来预期资本管制的引入。
Capital gains tax 资本利得税
A tax levied when investors sell assets for more than the purchase price. Some
economists argue that such taxes discourage risk-taking. But if capital gains are tax-free,
and income is taxable, that creates a potential incentive; ingenious accountants will find
ways to transform income into capital gains.
投资者以高于购买价格出售资产时征收的一种税。一些经济学家认为，这种税收阻碍了风
险的承担。但是，如果资本收益是免税的，而收入是应税的，这就产生了一种潜在的激
励；聪明的会计人员会想办法把收入转化为资本收益。
Capital goods 资本货物
Physical assets that companies use in the manufacturing process.
公司在制造过程中使用的实物资产。

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Capital markets 资本市场
Those markets where governments, companies and other institutions raise long-term
money in the form of equities and bonds. By contrast, the term “money markets” is used
for the places where short-term finance is raised.
那些政府、公司和其他机构以股票和债券形式筹集长期资金的市场。相比之下，"货币市场
"一词则用于筹集短期资金的地方。
Capitalism
A term coined to describe the use of private capital to finance economic activity. Investors
and entrepreneurs use their money to create businesses, hiring workers, renting property
and buying equipment as needed. Any surplus, or profit, belongs to the entrepreneur or
investors. Communism is seen as the obverse of capitalism, as all economic activity is
controlled by the state.
一个用来描述使用私人资本资助经济活动的术语。投资者和企业家用他们的钱来创建企
业，雇用工人，租赁财产，并根据需要购买设备。任何盈余，或利润，都属于企业家或投
资者。 共产主义被视为资本主义的反面，因为所有经济活动都由国家控制。
Carbon tax 碳税
A tax levied on carbon emissions. The aim is to penalise heavy emitters and encourage
alternative approaches that do not contribute to global warming. For more on their design
—and unpopularity—see this article.
对碳排放征收的税。其目的是惩罚重度排放者，并鼓励不造成全球变暖的替代方法。关于
其设计和不受欢迎的更多信息，请参见这篇文章。
Cartel
Agreement where a group of producers collaborate to fix the price, or restrict the supply,
of a good or service. Perhaps the best known example is the Organisation of the
Petroleum Exporting Countries, or OPEC. Cartels among companies are often outlawed
by government antitrust regulations because they restrict competition.
一组生产者合作确定某种商品或服务的价格或限制其供应的协议。也许最著名的例子是石
油输出国组织，即欧佩克。公司之间的卡特尔通常被政府的反托拉斯法规所禁止，因为它
们限制了竞争。
Central bank
中央银行
The institution at the heart of a country’s financial system. It has many roles. Traditionally,
it sets the level of short-term interest rates through its interactions with commercial banks.
It uses rate changes to control inflation (often under an inflation targeting regime) and
affect the level of economic output. More recently, central banks have attempted to affect
long-term interest rates through quantitative easing. The central bank acts as a lender of
last resort to protect the financial system from collapse; some central banks also act as
regulators. Central banks also control foreign exchange reserves and can use these to
intervene in the currency markets.
是一个国家金融体系的核心机构。它有许多作用。传统上，它通过与商业银行的互动来设
定短期利率水平。它利用利率变化来控制通货膨胀（通常在通货膨胀目标制度下），并影
响经济产出水平。最近，中央银行试图通过量化宽松来影响长期利率。中央银行作为最后

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的贷款人，保护金融系统不至于崩溃；一些中央银行还充当监管者。中央银行还控制着外
汇储备，并可以利用这些储备来干预货币市场。
Chicago school 芝加哥学校
A school of thought that emerged from the University of Chicago and was associated with
belief in the free market, monetarism, and that people are rational, and act in their self-
interest. Its leading exponents include Gary Becker, Ronald Coase and Milton Friedman.
The school gained influence in the 1970s, as conservative politicians adopted its
nostrums and the Keynesian post-war consensus broke down. See also monetarism and
public choice theory.
产生于芝加哥大学的一个思想流派，与自由市场、货币主义以及人们是理性的、按自身利
益行事的信念有关。其主要代表人物包括加里-贝克尔、罗纳德-科斯和米尔顿-弗里德曼。
该学派在20世纪70年代获得了影响力，因为保守的政治家们采用了它的观点，凯恩斯主义
的战后共识也随之瓦解。另见货币主义和公共选择理论。
Classical economics
古典经济学
The dominant school of thought in the late 18th and 19th centuries, as developed by
Adam Smith and David Ricardo. It largely focused on the self-correcting nature of
economies if left alone by governments and thus argued for a laissez faire approach and,
thanks in part to the theory of comparative advantage, developed by Ricardo, a belief in
free trade.
18世纪末和19世纪的主流思想流派，由亚当-斯密和大卫-李嘉图发展。该学派主要关注的
是，如果政府放任不管，经济就会自我纠正，因此主张采取自由放任的方式，并部分归功
于李嘉图提出的比较优势理论，相信自由贸易。
Coase theorem 科斯定理
A concept, developed by Ronald Coase (see article), that deals with externalities. Coase
thinks of the problem in terms of conflicting property rights such as the right of a factory to
operate noisy machinery and the right of its neighbours to enjoy peace and quiet. If
property rights are clearly delineated then, in the absence of transaction costs, bargaining
should lead to an efficient outcome, such as the factory compensating its neighbours for
the noise. Coase’s work on externalities, along with that on the theory of the firm, won him
a Nobel prize in 1991.
由罗纳德-科斯提出的一个概念（见文章），涉及外部性问题。科斯从产权冲突的角度来看
待这个问题，例如，一家工厂操作高噪音机器的权利和其邻居享受和平与安静的权利。如
果产权被明确划分，那么在没有交易成本的情况下，讨价还价应该会导致一个有效的结
果，比如工厂为其邻居的噪音提供补偿。科斯关于外部性的工作，以及关于公司理论的工
作，为他赢得了1991年的诺贝尔奖。
Coase’s theory of the firm (theory of the firm)
科斯的公司理论(theory of the firm)
Ronald Coase, a British economist, tried to explain why companies exist in “The nature of
the firm”, a paper published in 1937. His answer was that markets can be expensive and
fiddly to use, especially for non-standard goods. Rather than arrange contracts for each
and every transaction, entrepreneurs set up firms and employ workers to do a range of
tasks. This allows them to shift employees from one area to another as they see fit. The

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paper, along with his work on externalities and property rights, helped to win Coase the
Nobel prize for economics in 1991. For more detail, read our Schools Brief.
英国经济学家罗纳德-科斯（Ronald Coase）在1937年发表的《公司的性质》一文中试图
解释公司存在的原因。他的答案是，市场的使用可能是昂贵和繁琐的，特别是对于非标准
商品。企业家们没有为每一笔交易安排合同，而是成立了公司，雇用工人来做一系列的工
作。这使得他们可以在他们认为合适的时候将员工从一个领域转移到另一个领域。这篇论
文，以及他在外部性和产权方面的工作，帮助科斯赢得了1991年的诺贝尔经济学奖。欲了
解更多详情，请阅读我们的学校简介。
Collateral
An item pledged as security against a loan. An obvious example is a house or flat, which
homeowners used as collateral when taking out a mortgage. In financial markets, safe
securities such as Treasury bonds are often used as collateral by traders and investors.
作为贷款担保的物品。一个明显的例子是房子或公寓，房主在办理抵押贷款时将其作为抵
押品。在金融市场，安全的证券，如国债，经常被交易员和投资者用作抵押品。
Commercial banks 商业银行
Banks that focus on taking in money in the form of deposits and lending it out to
individuals and businesses. Such banks have a weakness in that most deposits can be
withdrawn instantly whereas it can take time to recall loans. This can lead to a bank run.
专注于以存款形式吸纳资金并将其借给个人和企业的银行。这类银行有一个弱点，即大多
数存款可以立即提取，而收回贷款则需要时间。这可能导致银行挤兑。
Commodity 商品
A raw material, such as oil or copper, that is usually traded in bulk. Changes in
commodity prices can have significant economic effects by, for example, feeding through
into consumer prices. A sharp rise in energy prices can adversely affect consumer
demand; because consumers have to spend more on energy, they have less to spend
elsewhere. For more, read this Explainer.
一种原材料，如石油或铜，通常以大宗交易方式进行。商品价格的变化可以产生重大的经
济影响，例如，通过反馈到消费者价格。能源价格的急剧上升会对消费需求产生不利影
响；因为消费者不得不在能源上花费更多，他们在其他方面的支出就会减少。更多信息，
请阅读本说明。
Commodity cycle 商品周期
A pattern of rising and falling commodity prices and production. Rising commodity prices
cause consumers to cut back their use and producers to expand output. In the ensuing
glut, prices fall and output falls until commodities are so cheap that their use rises again.
商品价格和产量的上升和下降的模式。商品价格上涨导致消费者减少使用，生产商扩大产
量。在随后的供应过剩中，价格下跌，产量下降，直到商品非常便宜，其使用量再次上
升。
Communism
A system, devised by Karl Marx, in which the state controls virtually all economic activity.
Private property is outlawed and income inequality is reduced. The theory is idealistic; in
practice, communist regimes have been highly authoritarian.
由卡尔-马克思设计的一种制度，其中国家控制着几乎所有的经济活动。私有财产被取缔，
收入不平等被减少。该理论是理想主义的；在实践中，共产主义政权一直是高度独裁的。

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Comparative advantage 比较优势
This idea has been called one of the most profound insights in economics. If country A
can make cars more cheaply than country B, and B can produce shirts more cheaply than
A, it clearly makes sense to trade. Each has an absolute advantage in one area. But what
if A is more efficient at producing everything than B? It still makes sense for them to trade,
with B producing the goods where it is more competitive; if for example it is 90% as
efficient as A in making shirts, and only 60% in car manufacturing, then it should
specialise in making shirts and trade them for cars. Both countries will gain.
这个观点被称为经济学中最深刻的见解之一。如果A国能比B国更便宜地制造汽车，而B国
能比A国更便宜地生产衬衫，显然贸易是有意义的。双方在一个领域都有绝对优势。但如果
A国在生产所有东西方面都比B国更有效率呢？它们之间的贸易仍然是有意义的，由B国生
产它更有竞争力的商品；例如，如果它在生产衬衫方面的效率是A国的90%，而在汽车制造
方面只有60%，那么它就应该专门生产衬衫，用衬衫换汽车。两个国家都会受益。
Competition
A concept at the heart of economics. Firms compete to sell the best goods and services
to consumers, and to attract the best workers. The aim is to allocate resources in the
most efficient manner.
经济学的一个核心概念。企业通过竞争向消费者出售最好的商品和服务，并吸引最好的工
人。其目的是以最有效的方式分配资源。
Conglomerate
A large company that has diversified across a range of countries and business areas,
normally through making acquisitions.
一家在一系列国家和业务领域实现多元化的大公司，通常通过收购。
Consumer confidence 消费者信心
A measure, taken from a survey, of the public’s attitude towards the economic outlook. If
people are worried about their jobs, or political unrest, or a pandemic, they will be less
likely to spend money.
通过调查，衡量公众对经济前景的态度。如果人们担心他们的工作，或政治动荡，或大流
行病，他们将不太可能花钱。
Consumer prices index
消费者价格指数
A measure of the cost of a “typical” assortment of goods and services, used to calculate
the rate of inflation. Statisticians first calculate the composition of the basket of goods and
services bought by the average consumer: eg, bread, petrol and electrical goods. They
then compare the cost of those goods in one period with that in another, weighting the
goods and services to reflect the amount the average consumer spends. The change in
this consumer prices index over the period (eg, a year) is the inflation rate. For more
detail, read our explainer.
衡量各种 "典型 "商品和服务的成本，用于计算通货膨胀率。统计学家首先计算普通消费者
购买的一篮子商品和服务的构成：例如，面包、汽油和电器产品。然后，他们将这些商品
在某一时期的成本与另一时期的成本进行比较，对商品和服务进行加权，以反映普通消费
者的消费金额。这个消费物价指数在某一时期（如一年）的变化就是通货膨胀率。欲了解
更多细节，请阅读我们的解释。

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Consumption
The spending of money on goods and services by households. Consumers can either
spend their income, or save it. When consumers are cautious, they spend less and save
more. This can have adverse economic effects as consumption is usually the largest
component of aggregate demand, ahead of public spending and investment.
家庭在商品和服务上的资金支出。消费者可以花掉他们的收入，也可以把它存起来。当消
费者谨慎时，他们会减少支出，增加储蓄。这可能对经济产生不利影响，因为消费通常是
总需求的最大组成部分，排在公共支出和投资之前。
Contango
When the futures price of a commodity is higher than the spot price. See also
backwardation.
当一种商品的期货价格高于现货价格时。也见倒挂。
Cost-benefit analysis 成本效益分析
A process of assessing the feasibility and profitability of a public-sector project or
business decision. As the name suggests, all the potential costs are compared with the
potential revenues and other benefits. Although the idea is sound, the estimates are
subject to a lot of uncertainty. Building projects are notorious for running over time and
over budget. Quantifying non-monetary factors (eg, the value of life or the environment) is
difficult—and controversial: see this Explainer and this article.
评估一个公共部门项目或商业决定的可行性和盈利性的过程。顾名思义，所有的潜在成本
与潜在的收入和其他利益进行比较。虽然这个想法是合理的，但估计会有很多不确定性。
建筑项目因超出时间和预算而臭名昭著。量化非货币因素（例如，生命或环境的价值）是
困难的，而且是有争议的：见本解释和本文章。
Coupon
Term given to the interest rate on a bond, which stems from a time when physical
coupons were attached to bond certificates. On a fixed-rate bond, the coupon does not
change but the price of the bond does; the yield of the bond is determined by the
relationship between the coupon and the price, plus any capital gain or loss that would
result in holding the bond until it matures.
赋予债券利率的术语，源于债券证书上附有实物息票的时代。在固定利率的债券中，息票
不会改变，但债券的价格会改变；债券的收益率是由息票和价格之间的关系决定的，再加
上持有债券直到到期的任何资本收益或损失。
Crawling peg 爬行钉子
An exchange-rate system in which a currency is tied to another, but can fluctuate within a
range, or band, depending on certain conditions. See also currency peg and fixed
exchange rate.
一种汇率制度，其中一种货币与另一种货币挂钩，但可以在一定的范围内波动，或在一定
的条件下波动。也见货币挂钩和固定汇率。
Creative destruction 创造性破坏
A concept, developed by Joseph Schumpeter, to explain economic innovation. Old
inefficient companies must go out of business to release capital and workers so they can
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由约瑟夫-熊彼特提出的一个概念，用来解释经济创新。低效的老公司必须倒闭，以释放资
本和工人，使其能够用于新的、更具创新性的方式。
Credit
A catch-all term for the extension of loans to individuals, companies or organisations. The
term is also used more generally to refer to the total amount of debt in an economy, as in
credit crunch and credit expansion. More narrowly, a credit is a sum added to a bank
account, as opposed to a debit.
指向个人、公司或组织提供贷款的总称。该术语也被更广泛地用于指一个经济体中的债务
总额，如信贷紧缩和信贷扩张。更狭义地说，信贷是指添加到银行账户中的金额，与借贷
相反。
Credit crunch 信贷紧缩
A sudden reduction in the willingness of banks and others to lend money. This usually has
adverse economic consequences.
银行和其他机构借钱的意愿突然降低。这通常会产生不利的经济后果。
Credit default swap
信用违约互换
A derivative contract between two parties in which one insures the other against the
default of a bond or loan. One of the products at the heart of the 2007-09 financial crisis.
See also swaps.
双方之间的衍生品合同，其中一方为另一方提供债券或贷款违约的保险。是2007-09年金融
危机的核心产品之一。也见掉期。
Credit expansion 信贷扩张
An increase in the willingness of banks and others to lend money. This normally happens
in the course of an economic boom. If credit expands too fast, this can be a sign of
excessive speculation, often in the property market.
银行和其他机构借钱的意愿增加。这通常发生在经济繁荣的过程中。如果信贷扩张过快，
这可能是过度投机的迹象，通常发生在房地产市场。
Credit ratings
See ratings 查看评级
Creditor
A person or institution that is owed money.
被欠钱的人或机构。
Crony capitalism 裙带资本主义
An economic system in which businesses thrive because of their connections with
political leaders rather than prowess in a competitive market. The Economist devised a
crony-capitalism index, ranking several big economies, in 2014 (see article). See also
rent-seeking.
一种经济体系，在这种体系中，企业因其与政治领导人的关系而不是在竞争性市场中的能
力而兴旺。经济学人》在2014年设计了一个裙带资本主义指数，对几个大经济体进行排名
（见文章）。另见 "寻租"。
Crowding out 拥挤不堪

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The notion that actions by the state might restrict the options of the private sector. It
usually applies to credit. If the government borrows a lot, and pushes up interest rates,
then investors may not have enough capital to supply the investment needs of
businesses.
国家的行动可能会限制私营部门的选择的概念。它通常适用于信贷。如果政府大量借贷，
并推高利率，那么投资者可能没有足够的资本来满足企业的投资需求。
Cryptocurrency 加密货币
Tokens created digitally and at the moment privately, although some central banks have
created their own (see this article). Enthusiasts see the currencies as a way of avoiding
fiat currency and hence the oversight of governments and banks; ownership and transfer
are recorded in a distributed ledger, called the blockchain. The value of cryptocurrencies
has been highly volatile, making it difficult for them to be either a store of value or medium
of exchange, two essential functions of a conventional currency.
代币以数字方式创建，目前是私有的，尽管一些中央银行已经创建了自己的代币（见本
文）。热爱者认为这些货币是避免法定货币的一种方式，因此也避免了政府和银行的监
督；所有权和转让都记录在一个分布式账本上，称为区块链。加密货币的价值一直非常不
稳定，使其难以成为价值储存或交换媒介，而这是传统货币的两个基本功能。
Currency 货币
The monetary unit of a nation state, or group of states. Examples are the American dollar,
the euro and the Japanese yen. In the modern era, most currencies are allowed to rise
and fall in value against each other and are traded in the foreign exchange market.
一个民族国家或国家集团的货币单位。例如，美元、欧元和日元。在现代社会，大多数货
币被允许相互升值和贬值，并在外汇市场上进行交易。
Currency peg 货币挂钩
A system in which a national currency is fixed in relation to another currency (usually the
US dollar). In the modern era, this tends to be done by a developing country with a history
of inflation and currency depreciation; the peg is supposedly a way of imposing some
discipline. Often, however, maintaining the peg leads to pain in the form of high interest
rates and recession, so the link is abandoned. (See also: fixed exchange rate.)
一个国家的货币相对于另一种货币（通常是美元）固定的体系。在现代，这往往是由一个
有通货膨胀和货币贬值历史的发展中国家来做的；挂钩据说是一种施加一些纪律的方式。
然而，通常情况下，维持挂钩会导致高利率和经济衰退的痛苦，所以这种联系被放弃了。
(另见：固定汇率）。
Current account 经常账户
This measures all the non-financial transactions between a country and the rest of the
world—chiefly its imports and exports of goods and services—and transfers such as
remittances and financial aid. Since the balance of payments must balance, a current
account deficit necessitates a capital account surplus (an inflow of money) to balance it.
它衡量一个国家与世界其他国家之间的所有非金融交易--主要是其货物和服务的进口和出
口，以及汇款和财政援助等转移。由于国际收支必须平衡，经常账户赤字必须有资本账户
盈余（货币流入）来平衡。

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Debt
Money borrowed from someone else, whether a bank, a company or a person.
从别人那里借来的钱，无论是银行、公司还是个人。
Default
When a borrower fails to repay a debt. Widespread defaults are problematic since they
can lead to a collapse in the banking system.
当借款人未能偿还债务时。大范围的违约是有问题的，因为它可能导致银行系统的崩溃。
Deflation
Falling prices across an entire economy. Deflationary years were quite common under the
gold standard when prices were stable over the long run, with some up and some down
years. But deflation tends to be a problem in the modern era since it tends to be
associated with falling nominal incomes. Since debt repayments are fixed in nominal
terms, deflation often leads to a crisis as debtors struggle to repay their loans. Not to be
confused with disinflation. For more, see this Explainer.
整个经济的价格下降。在金本位制下，当价格长期稳定时，通货紧缩的年份是很常见的，
有的时候是上升，有的时候是下降。但在现代，通货紧缩往往是一个问题，因为它往往与
名义收入下降有关。由于债务偿还在名义上是固定的，通货紧缩往往导致危机，因为债务
人要努力偿还他们的贷款。不要与通货膨胀相混淆。更多信息，请参见本解释。
Demand
See aggregate demand. 见总需求。
Demographics
Characteristics of a population, such as size or composition by age. Demographics and
demographic change can have an effect on economic growth; if there are more people of
working age, growth is likely to be stronger.
人口的特征，如规模或按年龄的组成。人口统计学和人口变化可以对经济增长产生影响；
如果有更多的工作年龄的人，增长可能会更强。
Dependency ratio 依赖性比率
The proportion of the population that is not of working age, compared with that which
could work, if it chose to. Conventionally, dependants are defined as those aged up to 14
or over 65. Sometimes the figures are separated into youth dependency and old-age
dependency. The higher the ratio, the greater the tax burden that is likely to fall on the
working population; this is a problem for many developed economies, given the numbers
now surviving into old age. See also economically inactive.
非工作年龄的人口比例，与选择工作的人口比例相比。传统上，受抚养人被定义为14岁以
下或65岁以上的人。有时，这些数字被分为青年抚养人和老年抚养人。该比率越高，可能
落在工作人口身上的税收负担就越大；鉴于现在存活到老年的人数，这对许多发达经济体
来说是一个问题。另见非经济活动人口。
Deposit insurance 存款保险

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A scheme whereby a government agrees to compensate depositors if a bank goes bust.
This can help prevent bank runs, when depositors panic.
政府同意在银行破产时对储户进行补偿的计划。这可以帮助防止银行挤兑，当储户恐慌
时。
Depreciation
In the foreign exchange markets, this means a decline in the value of a currency; eg, “the
pound depreciated by 10% against the dollar”. (See also devaluation.) In accounting, this
relates to the gradual decline in the value of an asset, due to wear and tear. Companies
depreciate their assets over their lifetime; this will show up as a deduction on the income
account and a reduction in the value of assets on the balance-sheet.
在外汇市场上，这意味着货币价值的下降；例如，"英镑对美元贬值了10%"。(参见贬
值。）在会计上，这与资产价值的逐渐下降有关，由于磨损和撕裂。公司在其资产的使用
期限内对其进行折旧；这将显示为收入账户中的扣款和资产负债表中资产价值的减少。
Depression
A prolonged and sharp fall in economic output, associated with a high level of
unemployment. The Great Depression of the 1930s is the most notable example.
经济产出的长期和急剧下降，与高失业率有关。1930年代的大萧条是最明显的例子。
Deregulation
It is a staple of conservative thought that there are too many regulations which hold back
economic growth. So every few years, governments announce a policy of deregulation to
cut back the red tape. It turns out, however, that public opinion often demands that
governments act to ban things that are bad, or that are disliked. And so more regulations
are introduced.
保守派思想的一个主要内容是，有太多的法规阻碍了经济增长。因此，每隔几年，政府就
会宣布一项放松管制的政策，以减少繁文缛节。然而，事实证明，公众舆论往往要求政府
采取行动，禁止那些不好的东西，或者不喜欢的东西。于是，更多的法规被引入。
Derivatives 衍生品
Financial assets whose value “derives” from something else, such as a stockmarket index
or a commodity price. Examples include futures, options and swaps. Derivatives are often
used to insure against a sudden change in the value of a key variable, such as a sharp
rise in the oil price. But they can also be used to speculate on price movements which is
why Warren Buffett, a veteran investor, described them as “financial weapons of mass
destruction”.
其价值 "来自 "其他东西的金融资产，如股票市场指数或商品价格。例子包括期货、期权和
掉期。衍生品经常被用来为关键变量价值的突然变化提供保险，如油价的急剧上升。但
是，它们也可以用来投机价格变动，这就是为什么资深投资者沃伦-巴菲特将它们描述为
"大规模毁灭性的金融武器"。
Devaluation
A formal reduction in the value of a currency. This occurs when a country has a fixed
exchange rate and decides to alter the rate; for example, sterling was devalued in 1949
and 1967. Depreciation, in contrast, is a day-to-day currency decline.
一种货币价值的正式降低。这发生在一个国家有固定汇率并决定改变汇率的情况下；例
如，英镑在1949年和1967年贬值。 相比之下，贬值是一种日常的货币下跌。

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Developed countries
发达国家
A term used for nations where incomes per person are high, relative to the global
average. These countries tended to industrialise early and are mainly based in Europe,
and in former European settler colonies in North America and Australasia. Many Asian
nations such as Japan and South Korea are also classified as developed. For more, see
this article.
相对于全球平均水平，人均收入较高的国家的术语。这些国家倾向于早期工业化，主要在
欧洲，以及在北美和澳大拉西亚的前欧洲移民殖民地。许多亚洲国家，如日本和韩国，也
被列为发达国家。更多信息，请参见本文。
Developing countries
发展中国家
A term used to describe countries where income per person is lower than in “developed
nations”. These countries will usually have industrialised later than those in Europe or
America. There is no official designation of developing countries and the World Bank uses
the terms “lower-middle” and “low-income”.
用于描述人均收入低于 "发达国家 "的国家的术语。这些国家通常会比欧洲或美国的国家更
晚实现工业化。发展中国家没有正式的名称，世界银行使用 "中下层 "和 "低收入 "的说法。
Diminishing returns 收益递减
Production involves certain inputs; labour, machinery, raw materials. At first, adding more
inputs will improve productivity substantially; using fertilisers on crops for example or
adding waiters in a restaurant to serve more diners. But eventually the marginal gains
from adding more inputs will reduce; the waiters will have fewer people to serve. This is
the law of diminishing returns,
生产涉及某些投入；劳动力、机械、原材料。起初，增加投入会大幅提高生产力；例如，
在农作物上使用肥料，或在餐馆中增加服务员以服务更多的食客。但最终，增加投入的边
际收益会减少；服务员可以服务的人也会减少。这就是收益递减的规律、
Direct taxes 直接税
Taxes collected directly by the government. Examples include income tax and corporate
profits tax. See also indirect taxation.
由政府直接收取的税款。例子包括所得税和公司利润税。另见间接税。
Discount rate 贴现率
The rate the Federal Reserve charges for lending to commercial banks (like the bank rate
in Britain). In addition, a discount rate is used by any investor or company trying to
calculate the present value of a series of future cashflows. Since money in the future is
worth less than money today, these cashflows must be reduced or discounted. The
chosen discount rate, usually related to current interest rates or bond yields, can make a
big difference to the net present value. For more, see this article. See also time value of
money.
美联储对商业银行贷款收取的利率（像英国的银行利率）。此外，任何投资者或公司在试
图计算一系列未来现金流的现值时都会使用贴现率。由于未来的钱比今天的钱更不值钱，
这些现金流必须被减少或贴现。所选择的贴现率，通常与当前的利率或债券收益率有关，
可以对净现值产生很大影响。更多信息，请看这篇文章。另见货币的时间价值。

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Discouraged workers 灰心丧气的工人
See economically inactive. 见非经济活动人口。
Disinflation
A situation where prices across the economy are rising, but more slowly than before—eg,
a fall in the annual inflation rate from 10% to 5%. Not to be confused with deflation.
整个经济中的价格在上升，但比以前更慢--例如，年通货膨胀率从10%下降到5%。不要与
通货紧缩相混淆。
Disintermediation 脱媒
Cutting out the middleman, or connecting customers directly with producers. In theory,
this should reduce costs. In practice, middlemen emerge in a new form; high-street travel
agents may have declined in importance but many people use online versions such as
Expedia or Booking.com
切除中间商，或直接将客户与生产商联系起来。从理论上讲，这应该可以降低成本。在实
践中，中间商以新的形式出现；高街旅行社的重要性可能已经下降，但许多人使用在线版
本，如Expedia或Booking.com。
Diversification 多样化
The practice of spreading one’s interests widely. In investment, diversification is
considered best practice: a big pension fund will own shares in a wide range of
companies, across many nations, and will own bonds and property as well. Companies
will also diversify across nations. Diversifying across business activities to form a
conglomerate is more controversial; many commentators think that focusing on a small
range of activities is more efficient.
将自己的利益广泛分散的做法。在投资方面，多元化被认为是最好的做法：一个大的养老
基金会在许多国家拥有各种公司的股票，也会拥有债券和房产。公司也会在不同国家进行
多元化投资。将商业活动多样化以形成企业集团的做法更具争议性；许多评论家认为，专
注于小范围的活动更有效率。
Dividend 红利
A regular payment made by a company to its shareholders. The payment comes from a
company’s profits. Normally companies try to increase dividends over time; when they cut
the dividend, this is a sign of trouble.
一家公司定期向其股东支付的款项。这笔款项来自于公司的利润。通常情况下，公司试图
随着时间的推移增加红利；当他们削减红利时，这是一个麻烦的信号。
Dividend discount model 股息折扣模型
A way of valuing shares, based on the future stream of dividends that an investor will
receive, discounted to allow for the time value of money.
对股票进行估值的一种方式，基于投资者将获得的未来股息流，并对其进行折现以考虑货
币的时间价值。
Division of labour 劳动分工
One of the fundamental principles of economics, described by Adam Smith in “The
Wealth of Nations”. Work can be undertaken more efficiently if broken up into discrete
tasks. It is also more efficient for individuals to focus on their own jobs and use their
wages to purchase goods and services, rather than attempt to grow their own food or

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make their own electrical devices. See also specialisation.
经济学的基本原则之一，由亚当-斯密在《国富论》中描述。如果将工作分解成独立的任
务，可以更有效地进行。个人专注于自己的工作，用自己的工资购买商品和服务，而不是
试图自己种植食物或自己制造电器设备，也更有效率。另见专业化。
Dumping
Selling something for less than the cost of producing it. This practice may be adopted by
a dominant supplier in an industry in the hope of driving competitors out of business.
More commonly, countries argue that producers in other nations are “dumping” goods and
gaining market share; this can be used as an excuse to adopt protectionist measures
such as tariffs.
以低于生产成本的价格出售某物。这种做法可能是由一个行业的主导供应商采取的，希望
将竞争对手赶出行业。更常见的情况是，各国认为其他国家的生产商在 "倾销 "商品并获得
市场份额；这可以作为采取关税等保护主义措施的借口。
Duopoly
A situation where two producers control a market. See also monopoly, oligopoly and
cartel.
两个生产商控制一个市场的情况。也见垄断、寡头垄断和卡特尔。

ESG investing ESG投资

The initials stand for “environmental”, “social” and “corporate governance”. The amount of
money devoted to ESG investing increased substantially in the second decade of the 21st
century, and is linked more broadly to belief in stakeholder capitalism. Supporters said
that companies which neglected these issues would eventually come a cropper in the
face of regulation, consumer backlash or scandal; opponents argued that the criteria for
ESG investing were often woolly and that companies simply paid lip service to the issues
involved. For (much) more detail, read our Special Report.
这些首字母代表 "环境"、"社会 "和 "公司治理"。在21世纪的第二个十年，致力于ESG投资
的资金大幅增加，并与利益相关者资本主义的信念有更广泛的联系。支持者说，忽视这些
问题的公司最终会在监管、消费者反感或丑闻面前一败涂地；反对者认为，ESG投资的标
准往往是毛糙的，公司只是对相关问题口惠而实不至。欲了解更多细节，请阅读我们的特
别报告。
Econometrics
The use of statistical analysis to quantify economic relationships.
使用统计分析来量化经济关系。
Economic rent 经济租金
The extra income that accrues to the owner of a limited asset or resource. So a skilled
worker may be able to earn far more than the lowest wage he or she would be willing to
accept; a landlord may earn higher rent on a property if the local authority builds a railway
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有限资产或资源的所有者所获得的额外收入。因此，一个技术工人的收入可能远远超过他
或她愿意接受的最低工资；如果地方政府在附近修建了一个火车站，房东可能会赚取更高
的租金。
Economically inactive
经济上不活跃
A term generally used to cover people of working age (generally 15 to 64 years old) who
are not seeking a job, nor in full-time education. This includes people who are caring for
relatives, those who are too sick to work, those who have retired before the state pension
age and “discouraged workers” who have given up trying for a job. See also voluntary
unemployment.
通常用于涵盖处于工作年龄（一般为15至64岁）的人，他们不寻求工作，也不接受全日制
教育。这包括照顾亲属的人、生病不能工作的人、在国家养老金领取年龄之前退休的人以
及放弃寻找工作的 "灰心工人"。另见自愿失业。
Economies of scale 规模经济
The owner of a firm needs to buy machinery, rent property, and so on. Some of these
costs are fixed. As the firm produces more, these costs are spread over more units; the
average cost of production falls. These economies of scale mean that mass production
tends to result in cheaper goods.
一个公司的所有者需要购买机器，租用房产，等等。这些成本中的一些是固定的。随着公
司生产的增加，这些成本被分摊到更多的单位；平均生产成本下降。这些规模经济意味
着，大规模生产往往会带来更便宜的商品。
Efficient market hypothesis
有效市场假说
The theory that market prices reflect all public information. Trading, or investing, on the
basis of that information will thus not offer any advantage. The hypothesis explains why
so many fund managers fail to beat the market, after costs, and has led to the popularity
of low-cost index funds, which simply buy all the securities in the index. For more, see
this article.
市场价格反映所有公共信息的理论。因此，基于该信息的交易或投资不会带来任何好处。
这一假设解释了为什么如此多的基金经理在扣除成本后无法战胜市场，并导致了低成本指
数基金的流行，这些基金只需购买指数中的所有证券。更多信息，请看这篇文章。
Elasticity
A measure of the responsiveness of one variable to changes in another. For example, if a
good rises in price by 10%, then demand could fall by less than 10% (price inelasticity) or
more than 10% (price elasticity). Essential goods like food and fuel tend to be price
inelastic.
衡量一个变量对另一个变量变化的反应能力。例如，如果一种商品的价格上涨了10%，那
么需求可能下降不到10%（价格无弹性）或超过10%（价格弹性）。像食品和燃料这样的
必需品往往是没有价格弹性的。
Emerging markets 新兴市场
A term, largely used in investment circles, for developing countries. Investors might put
their capital into emerging markets because they believe the growth prospects for such
countries (and thus the returns on equities) will be higher. But emerging markets tend to

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be risky, and can suffer from capital flight when investors become risk-averse.
一个主要用于投资界的术语，指发展中国家。投资者可能会把资金投入到新兴市场，因为
他们认为这些国家的增长前景（以及因此的股票回报）会更高。但是，新兴市场往往是有
风险的，当投资者变得规避风险时，可能会遭受资本外逃。
Endogenous growth theory 内生性增长理论
A hypothesis, put forward by Paul Romer, that economic growth does not simply arise
from exogenous factors (such as the creative insights of inventors) but also from
government policies, such as investment in research and development and laws that
protect intellectual property. Gordon Brown, Britain’s former prime minister, was mocked
for referring to “post-neoclassical endogenous growth theory” in a speech. Mr Romer’s
work earned a Nobel prize, but economists still don’t fully understand how and why
economies grow.
由保罗-罗默提出的一个假设，即经济增长不仅仅来自于外生因素（如发明家的创造性见
解），也来自于政府政策，如研发投资和保护知识产权的法律。英国前首相戈登-布朗因在
一次演讲中提到 "后新古典主义内生增长理论 "而受到嘲讽。罗默先生的工作赢得了诺贝尔
奖，但经济学家仍然没有完全理解经济增长的方式和原因。
Endowment effect 禀赋效应
A psychological bias that causes people to be more willing to retain an object than
acquire the same object if they don’t own it. Put another way, they value an object they
won more highly than the market value. This may explain behaviour that is not “rational”
in economic terms. See behavioural economics.
一种心理上的偏见，使人们在不拥有一件物品的情况下，更愿意保留该物品而不是获得同
样的物品。换句话说，他们对自己赢得的物品的价值比市场价值更高。这可以解释那些在
经济方面不 "理性 "的行为。见行为经济学。
Entrepreneur
企业家
Individual who puts together the factors of production (labour, machinery, business) to
found a new business. Entrepreneurs tend to be much praised as risk-takers who boost
economic growth.
将生产要素（劳动力、机器、业务）集中起来创办新企业的个人。企业家作为推动经济增
长的风险承担者，往往受到广泛赞誉。
Equilibrium
One of the commonest concepts in economics. At its simplest, equilibrium means a
balance between the supply of and demand for a good at a market-clearing price. But
economists also study equilibria across the entire economy (“general equilibrium”) or in
which markets do not clear (see involuntary unemployment). Unhelpfully, equilibria need
not be stable (see the commodity cycle) or socially optimal. See also Nash equilibrium.
Some economists think too much attention has been given to equilibrium: see this article.
经济学中最常见的概念之一。最简单的是，均衡是指在市场清算价格下的商品供需平衡。
但经济学家也研究整个经济的均衡（"一般均衡"）或市场不清零的情况（见非自愿失业）。
无益的是，均衡不一定是稳定的（见商品周期）或社会最优。另见纳什均衡（Nash
equilibrium）。一些经济学家认为人们对均衡给予了太多的关注：见本文。
Equity 公平

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Long-term capital raised from investors in the form of shares. The shareholders are the
owners of the company and share in its assets and profits; to take over a company, a rival
must make an offer that satisfies its shareholders. In normal circumstances, equity is
never repaid (unlike debt). Shareholders have voting rights (over issues such as the
appointment of directors) and will sometimes receive income in the form of dividends.
以股票形式向投资者筹集的长期资本。股东是公司的所有者，分享公司的资产和利润；要
接管一家公司，竞争对手必须提出令其股东满意的报价。在正常情况下，股权是永远不会
被偿还的（与债务不同）。股东有投票权（在任命董事等问题上），有时会以红利的形式
获得收入。
Euro zone 欧元区
Those countries within the European Union (20 at the time of writing) that have adopted
the euro as their currency. In addition, six non-EU countries (Andorra, Kosovo, Monaco,
Montenegro, San Marino and the Vatican City) use the currency. Monetary policy in the
euro zone is set by the European Central Bank.
欧盟内部那些采用欧元作为其货币的国家（在撰写本报告时为20个）。此外，六个非欧盟
国家（安道尔、科索沃、摩纳哥、黑山、圣马力诺和梵蒂冈城）使用该货币。欧元区的货
币政策是由欧洲中央银行制定的。
Eurobond
A bond issued by a government or company in a foreign currency. The first eurobond
raised $15m for Autostrade, operator of Italy’s motorway network, in 1963.
由政府或公司以外币发行的债券。1963年，第一笔欧元债券为意大利高速公路网的运营商
Autostrade筹集了1500万美元。
European Central Bank 欧洲中央银行
The monetary authority for the euro zone. The bank is based in Frankfurt and describes
its main task as to “maintain price stability”. It also supervises banks in the euro area. Its
governing council comprises six members of the executive board plus the governors of
the 19 central banks of euro zone countries.
欧元区的货币当局。该银行设在法兰克福，并将其主要任务描述为 "维持价格稳定"。它还
负责监督欧元区的银行。它的管理委员会由执行委员会的六名成员和欧元区19个国家的中
央银行行长组成。
Exchange rate
兑换率
The rate at which one currency is exchanged for another. Generally, this is either a fixed
exchange rate or a floating exchange rate although halfway houses (such as a crawling
peg) have been attempted.
一种货币兑换另一种货币的汇率。一般来说，这要么是固定汇率，要么是浮动汇率，但也
有人尝试过半路出家（如爬行挂钩）。
Exports
Goods and services sold to foreign buyers. When a foreign tourist buys a meal in Spain,
that counts as a Spanish export.
卖给外国买家的商品和服务。当一个外国游客在西班牙买了一顿饭，这也算作西班牙的出
口。

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Externality 外在性
An externality is a cost or benefit to a third party as a result of someone else’s actions.
Externalities lie outside the market system. Polluted air, caused by a chemical plant’s
emissions, is a negative externality. A common textbook example of positive externalities
involves beehives next door to an orchard: the nectar feeds the bees, which in turn
pollinate the trees. See also Coase theorem, free rider, Pigouvian taxes and public
goods.
外在性是指由于别人的行为而给第三方带来的成本或利益。外在性存在于市场体系之外。
由化工厂的排放物造成的空气污染，就是一种负外部性。教科书中常见的正外部性的例子
涉及果园隔壁的蜂箱：花蜜喂养蜜蜂，而蜜蜂又为树木授粉。另见科斯定理、免费搭车
者、皮格维恩税和公共物品。

Factors of production 生产要素

The ingredients necessary for economic activity: land, labour, capital and
entrepreneurship, which is needed to bring the other three elements together.
经济活动所需的成分：土地、劳动力、资本和企业家精神，而企业家精神是将其他三个要
素结合起来所需要的。
Fair trade 公平贸易
An approach which argues that consumers should not simply focus on the cost of the
goods they buy but on the working conditions and wages of the workers that supply them.
Various schemes offer to certify that a product (such as coffee) has been made in a fair-
trade fashion.
这种方法认为，消费者不应该仅仅关注他们购买的商品的成本，而应该关注供应商品的工
人的工作条件和工资。各种计划提供认证，证明产品（如咖啡）是以公平贸易的方式生产
的。
Fat tails 胖尾巴
A situation when more extreme events occur more frequently than in a normal
distribution. In 2007, during the financial crisis, David Viniar, the chief financial officer of
Goldman Sachs, said the firm had experienced “25 standard deviation events, several
days in a row”. This was a sign that the firm’s models were wrong, as they had not
anticipated fat tails.
当更多的极端事件比在正常分布中更频繁地发生时的情况。2007年，在金融危机期间，高
盛公司的首席财务官大卫-维尼亚尔说，该公司经历了 "25个标准差的事件，连续数天"。这
是一个迹象，表明该公司的模型是错误的，因为他们没有预计到肥尾。
Federal Reserve System
联邦储备系统
The most powerful actor in the global financial system. Set up in 1913, America’s central
bank actually divides the country into 12 Reserve districts, each with its own regional
Federal Reserve bank. These are overseen by the Federal Reserve Board, consisting of

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seven governors based in Washington, DC. The key decisions on monetary policy are
made by the Federal Open Market Committee or FOMC. For more detail, see this
Explainer.
全球金融体系中最强大的行为者。美国的中央银行成立于1913年，实际上将全国划分为12
个储备区，每个储备区都有自己的区域联邦储备银行。这些都由联邦储备委员会监督，该
委员会由设在华盛顿特区的七位理事组成。货币政策的关键决定是由联邦公开市场委员会
（FOMC）做出的。更多细节，请参见本解释。
Fiat currency
法定货币
A currency declared to be legal tender in a country by a government. Such a currency is
not backed by gold or another asset; the government simply issues an order (or fiat) that
it is legal tender, and can insist it be used to pay taxes. Most countries have fiat
currencies and they achieve widespread acceptance as a medium of exchange because
of their convenience.
由政府宣布为一个国家的法定货币的货币。这种货币没有黄金或其他资产的支持；政府只
是发布命令（或法币）说它是法定货币，并可以坚持用它来交税。大多数国家都有法定货
币，由于其便利性，它们作为一种交换媒介获得了广泛的接受。
Financial markets 金融市场
The places where money is invested, in the form of short-term loans, bonds, equities and
derivatives. Often anthropomorphised in the media (eg, “The markets were unhappy with
the government’s budget plans”).
投资资金的地方，以短期贷款、债券、股票和衍生品的形式。在媒体中经常被拟人化（例
如，"市场对政府的预算计划不满意"）。
First mover advantage 先行者优势
The benefit that can, but does not always, accrue to the first company to introduce a
product, or an innovation. Consumers may come to associate the product with the
company name and other firms may be discouraged from entering the market. More
broadly, first mover advantage can apply in any adversarial game: see game theory.
第一个推出产品或创新的公司可以获得利益，但并不总是这样。消费者可能会将该产品与
公司名称联系起来，其他公司可能会被阻止进入市场。更广泛地说，先发优势可以适用于
任何对抗性的游戏：见博弈论。
Fiscal drag 财政拖动
A way in which inflation can boost tax revenues. In most tax systems, workers must earn
a certain amount before they pay income tax, or pay it a higher rate. If those allowances
are not uprated every year in line with inflation, workers end up paying more in tax in real
terms when their wages rise.
通货膨胀可以提高税收的一种方式。在大多数税收制度中，工人在缴纳所得税之前必须赚
取一定数额的收入，或支付较高的税率。如果这些津贴不是每年都根据通货膨胀率提高，
那么当工人的工资增加时，他们最终会支付更多的实际税款。
Fiscal policy 财政政策
Decisions relating to the amount a government raises in taxes and spends on public
services. Fiscal tightening means the government is raising taxes, or cutting spending (or
both) and thus taking demand out of the economy. Fiscal easing means the government

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is lowering taxes, or raising spending (or both) and thus adding demand. A fiscally neutral
budget would neither add nor subtract demand by, say, raising taxes and spending by the
same amount.
与政府提高税收和公共服务支出的数额有关的决定。财政紧缩意味着政府提高税收，或削
减支出（或两者兼而有之），从而从经济中抽走需求。财政宽松意味着政府降低税收，或
增加支出（或两者），从而增加需求。一个财政中立的预算既不会增加也不会减少需求，
例如，增加税收和支出的数量相同。
Fixed costs 固定成本
Costs of production that do not change when output changes, for example the rent paid
on a factory. See also variable costs.
不随产出变化而变化的生产成本，例如，支付给工厂的租金。另见可变成本。
Fixed exchange rate 固定汇率
When the value of one currency is tied to that of another or (in the past) to gold. Fixed
exchange rates were common until the 1970s as they offered certainties; importers knew
the cost of goods bought from abroad; exporters knew the value of the revenues they
would receive for selling goods to foreigners. But they proved difficult to maintain as
capital flowed more freely across national boundaries. Before the creation of the euro
zone its founding members maintained fixed exchange rates with one another. See also
floating exchange rate and gold standard.
当一种货币的价值与另一种货币的价值或（在过去）与黄金挂钩。固定汇率在20世纪70年
代之前很常见，因为它们提供了确定性；进口商知道从国外购买商品的成本；出口商知道
他们向外国人出售商品将获得的收入价值。但事实证明，随着资本更自由地跨越国界流
动，它们很难维持。在欧元区成立之前，其创始成员国相互之间保持着固定汇率。另见浮
动汇率和金本位制。
Fixed rate
固定利率
When the interest rate on a bond, or other financial instrument, is invariable.
当债券，或其他金融工具的利率是不变的。
Floating exchange rate 浮动汇率
When a currency’s value moves freely against that of other countries. Floating rates have
been widespread since the 1970s after the weakening of capital controls. In theory, the
exchange rate bears the burden of economic adjustment; a currency with a trade deficit
can let its currency decline in order to make its goods more competitive, rather than slash
workers’ wages.
当一种货币的价值相对于其他国家的货币自由移动时。自20世纪70年代资本管制减弱后，
浮动汇率已经很普遍了。从理论上讲，汇率承担着经济调整的重任；一个有贸易赤字的货
币可以让其货币下跌，以使其商品更具竞争力，而不是削减工人的工资。
Floating rate note 浮动利率票据
Financial instrument where the interest rate varies over time according to a set formula.
利率根据设定的公式随时间变化的金融工具。
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The term used when a company lists its shares on a stock market for the first time. This is
also known as an initial public offering, or IPO.
当一家公司首次将其股票在证券市场上市时使用的术语。这也被称为首次公开募股，即
IPO。
Foreign direct investment (FDI)
外国直接投资（FDI）
When a foreign investor sets up a new operation in a country, or buys an existing
business. FDI is distinct from portfolio investment, the purchase of a small stake in a
business by a pension fund or sovereign wealth fund. FDI can boost productivity, by
bringing new technology and upgrading the skills of domestic workers. It expanded
rapidly at the end of the 20th century. But governments can be suspicious if a foreign
company takes over an industry in an area (like technology or defence) which is
perceived to be strategically important.
当一个外国投资者在一个国家建立一个新的业务，或购买一个现有企业。外国直接投资有
别于证券投资，证券投资是指养老基金或主权财富基金购买企业的少量股份。外国直接投
资可以通过带来新技术和提升国内工人的技能来提高生产力。它在20世纪末迅速扩张。但
是，如果一家外国公司接管了一个被认为具有战略意义的领域（如技术或国防）的产业，
政府可能会产生怀疑。
Foreign exchange market 外汇市场
The forum where currencies are traded. Often abbreviated to FX or forex.
进行货币交易的论坛。通常缩写为FX或forex。
Foreign exchange reserves 外汇储备
Assets, normally held by a central bank, that can be used in a financial crisis or to
influence the country’s exchange rate. Central banks tend to hold their reserves in major
currencies like the dollar or euro, as well as gold. Reserves were vital under the gold
standard and other fixed exchange rate systems, since the central bank could sell the
reserves and buy the domestic currency to support its price. In the modern era, the scale
of daily currency trading is so great that it is hard for any country to hold enough reserves
to combat the markets.
通常由中央银行持有的资产，可以在金融危机中使用或影响国家的汇率。中央银行倾向于
以美元或欧元等主要货币以及黄金来持有其储备。在金本位制和其他固定汇率制度下，储
备是至关重要的，因为中央银行可以出售储备并购买本国货币以支持其价格。在现代，日
常货币交易的规模如此之大，以至于任何国家都很难持有足够的储备来对抗市场。
Forward exchange rate 远期汇率
A rate agreed between two parties for trading currencies in a few months’ or a year’s
time. The difference between the forward rate and the spot rate is driven by the interest
rate differentials between the two countries concerned.
双方为几个月或一年后的货币交易商定的汇率。远期汇率和即期汇率之间的差异是由两个
相关国家之间的利率差异驱动的。
Forward rate agreement 远期利率协议
Contract between two parties that determines the rate of interest to be paid in the future.
May be used by borrowers to fix their interest costs in advance.
双方之间的合同，确定未来要支付的利率。可由借款人用于提前确定其利息费用。

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Framing
In behavioural economics, the idea that how a proposition is framed can affect the
reaction of individuals. So expressing the cost of an annual subscription at $72 a year will
attract fewer customers than describing it as $6 a month.
在行为经济学中，一个命题的表述方式可以影响个人的反应。因此，将每年的订阅费用表
述为72美元将比将其描述为每月6美元吸引更多的客户。
Free rider
自由骑手
A free rider benefits from a good or service without paying the full price, or anything at all.
The term derives from those who ride on a bus or train without paying. More generally,
free-rider problems relate to positive externalities, especially those associated with public
goods such as clean air or water. See also tragedy of the commons.
免费乘坐者无需支付全额费用或任何费用就能从商品或服务中获益。这个词来源于那些乘
坐公共汽车或火车而不付费的人。更广泛地说，免费搭车者问题与正外部性有关，特别是
那些与清洁空气或水等公共产品有关的问题。另见公地悲剧。
Free trade 自由贸易
The cause that led to the founding of The Economist in 1843. Free-trade enthusiasts
believe that the unfettered international exchange of goods and services leads to more
efficient economies (see comparative advantage) and thus, in the long run, greater
prosperity for all: see this Explainer. Opponents argue that workers in domestic industries
lose their jobs when exposed to international trade, and this leads many governments to
adopt tariffs and protectionist policies.
导致《经济学家》在1843年成立的原因。自由贸易爱好者认为，不受限制的国际商品和服
务交流会带来更有效的经济（见比较优势），因此，从长远来看，所有人都会更加繁荣：
见本解释。反对者认为，国内产业的工人在接触到国际贸易后会失去工作，这导致许多政
府采取关税和保护主义政策。
Free trade area 自由贸易区
Region which has dropped tariffs, quotas and other controls on imports and exports. The
best-known examples are the European Union, which also embodies much deeper
economic integration, and NAFTA (now the USMCA).
对进出口取消关税、配额和其他控制的地区。最著名的例子是欧盟，它也体现了更深层次
的经济一体化，以及北美自由贸易区（现在的USMCA）。
Free-market economists 自由市场经济学家
Those who believe that the market is better at allocating resources than governments and
that excessive regulation and high public spending tend to diminish growth in the long
run. See also Austrian school, Chicago school, laissez-faire and neoliberalism.
那些认为市场比政府更善于分配资源的人，认为从长远来看，过度的监管和高额的公共开
支往往会削弱增长。另见奥地利学派、芝加哥学派、自由放任和新自由主义。
Frictional unemployment 摩擦性失业
The joblessness that results from people quitting their jobs in search of better
opportunities or that occurs as struggling firms shed labour and rising firms hunt for new
workers. For more detail, read this Explainer.

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由于人们为了寻找更好的机会而辞职，或者由于陷入困境的公司减少劳动力，而崛起的公
司寻找新的工人而导致的失业。欲了解更多详情，请阅读本说明。
Full employment 充分就业
When everyone who wants a job at prevailing wages can find one. Zero unemployment is
not possible since companies go bust, or shed labour, and it can take time for workers to
find a new job (see frictional unemployment). Central banks and governments may aim to
achieve full employment but it is hard to define the rate (2%? 3%?) at which it is
achieved. See also the Nairu and this Explainer.
当每个想以现行工资获得工作的人都能找到工作。零失业是不可能的，因为公司会破产，
或减少劳动力，而工人找到新的工作需要时间（见摩擦性失业）。中央银行和政府的目标
可能是实现充分就业，但很难界定实现充分就业的比率（2%？也请看奈鲁和这个解释器 。
Future 未来
A contract, traded on an exchange, to trade a commodity, or a financial instrument, at a
future date. Futures can be used to hedge against a price change (for example, a farmer
might sell his crop in advance) or to speculate on a future price change.
在交易所交易的合同，用于在未来某个日期交易某种商品或金融工具。期货可用于对冲价
格变化（例如，农民可能提前出售他的作物）或投机于未来的价格变化。

GDP
See Gross Domestic Product.
见国内生产总值。
Game theory 博弈论
A technique for analysing how people, firms and governments behave in situations they
must take into account what others are likely to do and might respond to what they do.
For instance, competition among firms can be analysed as a game in which they strive for
long-term advantage; game theory has also been applied to nuclear deterrence (see this
article). See also Nash equilibrium; and for more detail, read our Schools Brief.
一种分析人们、公司和政府在各种情况下如何行事的技术，他们必须考虑到其他人可能会
做什么，并可能对他们的行为做出反应。例如，公司之间的竞争可以被分析为一种博弈，
在这种博弈中，他们努力争取长期优势；博弈论也被应用于核威慑（见本文）。另见纳什
均衡；更多细节请阅读我们的学校简介。
Gearing
See leverage. 见杠杆。
General Agreement on Tariffs and Trade
关税和贸易总协定
The General Agreement on Tariffs and Trade or GATT was signed in 1947 and aimed to
eliminate the protectionism that had dogged the global economy in the 1930s. It was
followed by several rounds of negotiations which gradually reduced trade barriers and

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was eventually superseded in the 1990s by the World Trade Organisation or WTO.
关税与贸易总协定》（GATT）于1947年签署，旨在消除1930年代困扰全球经济的保护主
义。此后进行了几轮谈判，逐步减少贸易壁垒，并最终在20世纪90年代被世界贸易组织
（WTO）所取代。
Giffen goods Giffen商品
A basic product for which the normal relationship between supply and demand does not
apply: when the price goes up, so does demand because the hit to real incomes from the
higher price causes more expensive products to be shunned. Very few examples have
been observed in practice, although staple products such as bread and rice can
occasionally have Giffen characteristics. See also Veblen goods.
一种基本产品，其供需之间的正常关系并不适用：当价格上升时，需求也会上升，因为价
格上升对实际收入的打击导致更昂贵的产品被回避。虽然面包和大米等主食产品偶尔会有
吉芬特征，但在实践中很少看到这种例子。另见维布伦商品。
Gig economy 技工经济
A term given to workers whose jobs are part-time or temporary, and who thus lack job
security. Many work for the new wave of platform companies that have emerged in the
21st century such as Uber, a ride-sharing company, or Deliveroo, a food-delivery group.
As contractors, gig-economy workers have few rights such as holiday pay or pensions,
although courts have ruled that some must be treated as conventional employees. See
also precariat.
指那些工作是兼职或临时的，因此缺乏工作保障的工人。许多人为21世纪出现的新一轮平
台公司工作，如共享汽车公司Uber或食品配送集团Deliveroo。作为承包商，临时工几乎没
有什么权利，如假期工资或养老金，尽管法院已经裁定一些人必须被视为传统雇员。另见
precariat。
Gilts
Bonds issued by the British government. At one stage, the debt certificates had a gilt
edge but the term “gilt-edged” came to refer to the quality of the government’s credit:
investors could be assured of repayment.
英国政府发行的债券。在一个阶段，债务证书有金边，但 "金边 "一词后来指的是政府的信
用质量：投资者可以得到偿还的保证。
Gini coefficient 吉尼系数
An indicator designed to measure inequality of income and wealth. It ranges from zero,
which indicates perfect equality, with every household earning or owning exactly the
same, to one, which implies absolute inequality, with a single household earning a
country's entire income or owning all its wealth. African countries tend to have high Gini
coefficients; European countries tend to have low ones. Among rich countries, America
has a relatively high coefficient (see this article for more detail). Despite being a notionally
communist country, China has a higher coefficient than many rich countries (for more,
read this article).
一个旨在衡量收入和财富不平等的指标。它的范围从零表示完全平等，每个家庭的收入或
财产完全相同，到一意味着绝对不平等，一个家庭赚取一个国家的全部收入或拥有其全部
财富。非洲国家的基尼系数往往很高；欧洲国家的基尼系数往往很低。在富裕国家中，美

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国的系数相对较高（更多细节见本文）。尽管中国在名义上是一个共产主义国家，但它的
系数比许多富国都要高（更多信息，请阅读这篇文章）。
Globalisation
The tendency for national economies to become integrated with each other, through the
movement of goods and services, capital and people. The first modern wave of
globalisation in the late 19th century was brought to an end by the first world war. A
second stage emerged during the late 20th century as China, and the ex-communist
countries of eastern Europe, joined the global trading system.
国家经济通过货物和服务、资本和人员的流动而相互融合的趋势。19世纪末的第一次现代
全球化浪潮因第一次世界大战而告一段落。随着中国和东欧的前共产主义国家加入全球贸
易体系，第二个阶段在20世纪末出现。
Gold
Precious metal that was once a central part of the global monetary system (see gold
standard). Central banks still hold gold as part of their reserves. Some see the metal,
which is limited in supply, as a hedge against inflation, although its record in that respect
is patchy.
曾经是全球货币体系的核心部分的贵金属（见金本位）。中央银行仍然持有黄金作为其储
备的一部分。一些人将这种供应有限的金属视为对冲通货膨胀的工具，尽管它在这方面的
记录是不完整的。
Gold standard 金标准
International system, used in the late 19th and early 20th centuries, that linked the
amount of domestic currency in circulation (and the exchange rate) to a country’s gold
reserves. Since these reserves grew slowly, so did the money supply and there was little
long-term inflation. This protected the interests of creditors but it meant that any
competitive adjustment in the economy involved painful deflation. As a result, the world
abandoned the standard in the Great Depression of the 1930s.
19世纪末和20世纪初使用的国际体系，将国内流通的货币数量（和汇率）与一个国家的黄
金储备挂钩。由于这些储备增长缓慢，货币供应量也随之增长，几乎没有长期通货膨胀。
这保护了债权人的利益，但这意味着经济中的任何竞争性调整都涉及痛苦的通缩。因此，
在20世纪30年代的大萧条中，世界放弃了这种标准。
Government bonds
政府债券
Debt issued by governments is often the most important instrument in a country’s
financial markets. Because most governments can be relied upon to repay the debt, it is
regarded as a risk-free asset and is a core part of the portfolios of insurance companies
and pension funds. The government bond yield also drives the cost of borrowing for
companies, which will usually pay a higher yield because of the greater risk of default.
政府发行的债务往往是一个国家的金融市场中最重要的工具。因为大多数政府可以依靠偿
还债务，所以它被认为是一种无风险资产，是保险公司和养老基金投资组合的核心部分。
政府债券收益率也推动了公司的借贷成本，由于违约风险较大，公司通常会支付较高的收
益率。
Gravity model of trade
贸易的引力模型

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The theory that the intensity of trade between two countries is dependent on two factors;
their economic size and their distance from one another. In 2021 America’s top three
trading partners were Canada and Mexico (its nearest neighbours) and China (the world’s
second-largest economy).
该理论认为，两个国家之间的贸易强度取决于两个因素；其经济规模和彼此之间的距离。
2021年，美国的前三大贸易伙伴是加拿大和墨西哥（其最近的邻国）和中国（世界第二大
经济体）。
Great Compression 伟大的压缩
A period from in the mid-20th century when income differentials narrowed in the face of
the growth of the welfare state and high rates of marginal taxation.
从20世纪中期开始，面对福利国家的发展和高边际税率，收入差距缩小的一个时期。
Great Depression 大萧条
The era in the 1930s when economic output and volumes of international trade collapsed.
The depression was a challenge to classical economics which held that market forces
would eventually bring the economy back to growth and eventually led to the adoption of
Keynesian economics after the second world war.
1930年代，经济产出和国际贸易量崩溃的时代。大萧条是对古典经济学的挑战，古典经济
学认为市场力量最终会使经济恢复增长，并最终导致第二次世界大战后凯恩斯主义经济学
的采用。
Great Moderation 伟大的节制
A period from the mid-1980s to 2007 when recessions in the developed world were rare,
inflation was mostly low, interest rates steadily fell and asset markets soared. Came to a
halt with the financial crisis of 2007, in what could be described as a Minsky moment.
从80年代中期到2007年的一段时期，发达国家很少发生衰退，通货膨胀率大多较低，利率
稳步下降，资产市场飙升。随着2007年金融危机的发生而停止，可以说是一个明斯基时
刻。
Gresham’s Law 格雷沙姆法则
The idea that bad money drives out good. Suppose that some coins in circulation are
pure gold, and others are only 90% metal but both have the same par value (eg, a dollar
or a pound). Traders will keep the pure coins for themselves and hand over the debased
coinage. Eventually only the debased coins will be in circulation.
劣币驱逐良币的观点。假设流通中的一些硬币是纯金的，而另一些只有90%的金属，但都
有相同的面值（例如，一美元或一磅）。交易者会把纯金币留给自己，而把贬值的钱币交
出去。最终只有贬值的硬币在流通。
Gross domestic product (GDP)
国内生产总值（GDP）
The main measure of an economy’s size. GDP is calculated from the market value of all
the finished goods and services within a country’s borders over a set period of time. It has
its critics; if a vandal breaks a window, the cost of its repair is an addition to GDP even
though human welfare has hardly improved. (For more detail, see this Explainer.) It is
also hard to calculate and initial GDP figures are often revised later.
衡量一个经济体规模的主要标准。国内生产总值是根据一个国家境内所有成品和服务在一
定时期内的市场价值计算出来的。它也有批评者；如果一个破坏者打碎了一扇窗户，即使

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人类的福利几乎没有改善，其维修成本也是GDP的一个补充。(更多细节，请看本期解
释。)它也很难计算，最初的GDP数字经常在后来被修改。
Gross national product (GNP)
国民生产总值（GNP）
An alternative to GDP, GNP is the value of all goods and services produced by citizens of
a country, both domestically and internationally. Income earned by foreign residents is
deducted. The difference can sometimes be dramatic. Thanks to Ireland’s low corporate-
tax rate, so many multinationals are based in the country that its GDP is much higher
than its GNP.
作为国内生产总值的替代，国民生产总值是一个国家的公民在国内和国际上生产的所有商
品和服务的价值。外国居民的收入被扣除。差异有时可能是巨大的。由于爱尔兰的低公司
税率，许多跨国公司在该国的总部，其国内生产总值远远高于其国民生产总值。

Haircut
When financial institutions like banks borrow money, creditors often ask for collateral to
protect themselves against default (just as homeowners use their houses as security for a
mortgage). Often this collateral will be in the form of financial securities, such as bonds.
The creditors face the risk that the collateral might fall in value at the very time the
borrower defaults. So they will not accept the collateral at its value, but will apply a
discount, or haircut (for example, securities with a market value of $100m would only
count as collateral of $90m). The more risky the securities, the greater the haircut.
当像银行这样的金融机构借钱时，债权人往往要求提供抵押品，以保护自己免受违约的影
响（就像房主用他们的房子作为抵押贷款的担保）。这种抵押品往往是金融证券的形式，
如债券。债权人面临的风险是，在借款人违约之时，抵押品可能会贬值。因此，他们不会
接受抵押品的价值，而是会适用一个折扣，或减免（例如，市场价值为1亿美元的证券只能
算作9000万美元的抵押品）。证券的风险越大，扣减的幅度就越大。
Hedge funds 对冲基金
Investment vehicles that attract money from institutions (such as endowments and
pension funds) and from wealthy individuals. They follow a wide range of strategies, often
using leverage and going short (betting on falling prices). As well as an annual
management fee, they charge a performance fee; individual hedge-fund managers can
become very wealthy themselves. For more, see this Explainer.
吸引机构（如捐赠基金和养老基金）和富有的个人资金的投资工具。他们遵循广泛的策
略，经常使用杠杆和做空（押注于价格下跌）。除了每年的管理费外，他们还收取业绩
费；个别对冲基金经理可以自己变得非常富有。更多信息，请参见本说明。
Hedging 套期保值
This occurs when individuals, companies and institutions try to protect themselves
against adverse market movements, such as changes in commodity prices, currencies or
interest rates. See also insurance.

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当个人、公司和机构试图保护自己免受不利的市场波动，如商品价格、货币或利率变化的
影响时，就会出现这种情况。另见保险。
Hedonic adjustment 赫德式调整
The change made to recorded inflation rates to reflect improvements in the quality of
goods, such as personal computers.
对记录的通货膨胀率所作的改变，以反映商品质量的改善，如个人电脑。
Hot money 热钱
Short-term capital that flows into a country in search of quick returns. Hot money tends to
flow through the banks, leading to a lending spree that causes speculation in the property
market. It also drives up the country’s currency, making life more difficult for its exports.
When sentiment turns, hot money flows out, causing the currency to slump, bursting any
speculative bubbles and leading to a banking crisis. Nations prefer to rely on foreign
direct investment, which is more permanent.
流入一个国家以寻求快速回报的短期资本。热钱倾向于通过银行流动，导致贷款狂潮，引
起房地产市场的投机活动。这也推动了该国货币的上涨，使其出口更加困难。当情绪转向
时，热钱就会流出，导致货币下滑，刺破任何投机泡沫，导致银行危机。国家更愿意依靠
外国直接投资，这是更持久的。
Human capital 人力资本
The skills and brainpower of workers. Improving human capital through training and
education is often seen as a way of improving productivity, although the effectiveness of
such programmes can be hard to measure. For more detail, read our Explainer and
Schools Brief.
工人的技能和脑力。通过培训和教育提高人力资本通常被视为提高生产力的一种方式，尽
管这种方案的有效性可能难以衡量。欲了解更多细节，请阅读我们的解释和学校简介。
Hybrid working 混合工作
A term that emerged during the pandemic to describe employees who work part of the
time in the office and part of the time at home. This appeals to many workers, as it
reduces commuting time, while also being acceptable to companies, since employees still
come in to attend meetings and interact with their managers and colleagues. For more,
see this article.
大流行期间出现的一个术语，用来描述部分时间在办公室工作、部分时间在家里工作的员
工。这吸引了许多工人，因为它减少了通勤时间，同时也为公司所接受，因为员工仍然来
参加会议并与他们的经理和同事互动。更多信息，请参见本文。
Hyperinflation 恶性通货膨胀
When inflation gets out of control—as happened, for example, in Germany in 1923. A loaf
of bread cost 200bn marks in November 1923 and workers were paid twice a day
because their wages fell in value during the day. Such high rates of inflation are fuelled by
rapid expansion of the money supply. To learn more, read this Explainer and this article.
当通货膨胀失去控制时--例如，1923年发生在德国。1923年11月，一条面包的价格是2000
亿马克，工人们一天要付两次工资，因为他们的工资在一天内就会贬值。这种高通胀率是
由货币供应量的快速扩张所推动的。要了解更多，请阅读这篇解释和这篇文章。
Hypothecated taxes 抵押的税收

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The earmarking of tax revenues for a specific purpose, such as road-building or the
health service. Hypothecation can be a way of making tax rises more politically
acceptable but governments often find a way of diverting the revenues to other
departments.
将税收收入指定用于某一特定用途，如道路建设或卫生服务。抵押贷款可以是一种使税收
增长在政治上更容易被接受的方式，但政府往往会找到一种方法将收入转移到其他部门。
Hysteresis
A term borrowed from physics, where it refers to a lagged effect. In economics, it is used
to describe persistent phenomena, such as the continuation of high levels of
unemployment, even when an economy has recovered; workers may have lost
enthusiasm or seen their skills decline. For more, read this Explainer.
一个从物理学中借来的术语，它指的是滞后效应。在经济学中，它被用来描述持续存在的
现象，例如，即使经济已经复苏，高失业率仍在继续；工人可能已经失去了热情或看到他
们的技能下降。更多信息，请阅读本解释。

Illiquid assets 非流动资产

Assets that cannot readily be tuned into cash or can only be sold quickly at a substantial
discount. Illiquid assets are often the cause of financial crises when entities like banks
have a mismatch between their liabilities (customers’ deposits, which can be instantly
withdrawn) and their assets (long-term loans, which are illiquid). Illiquid assets will often
offer a higher return because of their greater risk.
不能轻易调成现金或只能以大幅折扣迅速出售的资产。当像银行这样的实体在其负债（可
以立即提取的客户存款）和资产（非流动性的长期贷款）之间出现错配时，非流动性资产
往往是金融危机的原因。非流动性资产往往会提供更高的回报，因为其风险更大。
Imports
Goods and services acquired from outside the country. When a German tourist buys a
meal in Spain, that counts as a German import.
从国外获得的商品和服务。当一个德国游客在西班牙买了一顿饭，这也算作德国进口。
Income
The (fairly regular) flow of money to the factors of production. Labour receives wages;
land receives rent; capital receives profits, interest and dividends.
货币向生产要素的（相当有规律的）流动。劳动力获得工资；土地获得租金；资本获得利
润、利息和红利。
Income tax
所得税
One of the most reliable ways of raising revenue for governments. In many systems,
income tax is deducted by the employer before workers receive their pay. Most
governments don’t levy tax until individual incomes have reached a minimum level and
tax higher incomes at higher rates. See also: progressive taxation.

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为政府筹集收入的最可靠方式之一。在许多制度中，所得税是由雇主在工人领取工资之前
扣除的。大多数政府在个人收入达到最低水平时才会征税，而对较高的收入则按较高的税
率征税。另见：累进税制。
Indexation
This term is most commonly used to describe the linking of a variable to the inflation rate.
Some governments link benefits to inflation, and others link prices such as rail fares to the
same measure. Several governments have issued government bonds of which the
coupon and repayment value rise in line with inflation; these are known as index-linked
bonds. Indexation also refers to a field of fund management that attempts to replicate the
performance of a stock-market index; see passive management.
这个术语最常被用来描述将一个变量与通货膨胀率联系起来。一些政府将福利与通货膨胀
率挂钩，另一些政府则将铁路票价等价格与同一指标挂钩。一些政府已经发行了政府债
券，其票面价值和还款价值随着通货膨胀而上升；这些被称为与指数挂钩的债券。指数化
也指基金管理的一个领域，试图复制股票市场指数的表现；见被动管理。
Indirect taxation 间接税
Tax collected by an entity other than the government. Examples include sales tax
(collected by retailers), levies on alcohol and tobacco, and taxes on tourism (collected by
hotels and airlines). Governments can favour these as a way of increasing revenues
without changing the headline rate of direct taxes like income tax.
由政府以外的实体收取的税收。例如，销售税（由零售商征收）、烟酒税和旅游税（由酒
店和航空公司征收）。政府可以在不改变所得税等直接税的总税率的情况下，将这些税作
为增加收入的一种方式。
Industrial policy 产业政策
The promotion of what a government considers to be strategic industries, often using an
“infant industry” justification (see article). The disruption of supply chains during and after
the covid-19 pandemic, concerns about the rise of Chinese economic power, and the
Russian invasion of Ukraine have given industrial policy a new lease of life in the West.
The widespread adoption of subsidies, tariffs and other measures to promote favoured
industries raises the danger of renewed protectionism (see article).
促进政府认为是战略性产业的发展，通常使用 "新生产业 "的理由（见文章）。19号病毒大
流行期间和之后供应链的中断，对中国经济实力崛起的担忧，以及俄罗斯对乌克兰的入
侵，使工业政策在西方获得了新的活力。广泛采用补贴、关税和其他措施来促进有利的产
业，引起了保护主义重新出现的危险（见文章）。
Inequality
A subject of perennial debate among economists is how much inequality is “normal” and
which changes in economic policy are likely to decrease or increase it? Inequality is often
measured by the Gini coefficient but other gauges include the share of income and wealth
taken by the top 1% or 10% of the population. One hypothesis, the Kuznets curve,
suggested that industrialisation initially increases inequality, then decreases it. This
seemed plausible during the Great Compression from 1940 to 1980 but inequality in the
developed world has increased since then. This Briefing explores a debate among
economists about whether inequality is increasing and this Explainer examines the
relationship between inequality and economic growth.

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经济学家们常年争论的一个话题是，多少不平等才是 "正常 "的，经济政策的哪些变化可能
会减少或增加不平等？不平等通常用基尼系数来衡量，但其他衡量标准包括收入和财富在
人口中最高的1%或10%所占的份额。一种假说，即库兹涅茨曲线，认为工业化最初会增加
不平等，然后会减少不平等。这在1940年至1980年的大压缩时期似乎是合理的，但自那时
起，发达国家的不平等现象却在增加。本简报探讨了经济学家之间关于不平等是否在增加
的争论，本解释器研究了不平等和经济增长之间的关系。
Infant industry 婴儿产业
A young sector that a government nurtures with protection from foreign competition, in the
form of tariffs, subsidies and other barriers. Usually associated with developing
economies hoping to kickstart industrialisation and accelerate economic growth—but
developed economies also resort to the infant-industry argument for protectionism (see
article).
政府以关税、补贴和其他壁垒的形式保护一个年轻的部门，使其免受外国竞争。通常与希
望启动工业化和加速经济增长的发展中经济体有关--但发达经济体也会以婴儿产业为由采取
保护主义（见文章）。
Inflation
A general rise in the price level. This is normally calculated by comparing the price of a
basket of goods (measured by a consumer price index) at different times, and can be
used as a measure of the cost of living. But consumers can substitute cheaper products
for more expensive ones (eg, chicken for beef) and a hedonic adjustment needs to be
made to reflect the improved quality of goods. Central banks often have a mandate to
control inflation and may look at a wide range of gauges to understand the underlying
trend; for example, measures of “core” inflation that exclude volatile items such as food
and energy. In this article, we ask whether inflation really matters.
价格水平的普遍上升。这通常是通过比较不同时期的一篮子商品的价格（用消费者价格指
数衡量）来计算的，可以作为生活成本的衡量标准。但是，消费者可以用更便宜的产品替
代更昂贵的产品（例如，用鸡肉替代牛肉），因此需要进行保值调整，以反映商品质量的
提高。中央银行通常有控制通货膨胀的任务，并可能关注广泛的衡量标准，以了解基本趋
势；例如，衡量 "核心 "通货膨胀，不包括食品和能源等波动性项目。在这篇文章中，我们
问通胀是否真的重要。
Inflation targeting 通货膨胀目标制
In the modern era, governments in many countries have asked central banks to target a
specific rate of, or range for, inflation and given them independence from political control
of their operations. Inflation-targeting central banks have used various tools of monetary
policy, such as changes in interest rates or quantitative easing. This article looks at the
question of whether central banks’ inflation targets should be raised and this one at
central banks’ independence.
在现代，许多国家的政府都要求中央银行以特定的通胀率或通胀范围为目标，并给予它们
独立于政治控制的运作。以通货膨胀为目标的中央银行已经使用了各种货币政策工具，如
改变利率或量化宽松。这篇文章探讨了中央银行的通货膨胀目标是否应该提高的问题，这
篇文章探讨了中央银行的独立性。
Informal economy 非正规经济

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Activities that have economic value but are not registered with the country’s authorities;
this may include teenagers who babysit for neighbours, hawkers who sell tourist
souvenirs in big cities and ticket touts. The International Labour Organisation has
estimated that 2bn people may have occasional involvement in the informal economy.
有经济价值但未在国家当局登记的活动；这可能包括为邻居看孩子的青少年、在大城市卖
旅游纪念品的小贩和票贩子。国际劳工组织估计，有20亿人可能偶尔参与非正规经济活
动。
Infrastructure 基础设施
The plumbing of the economy. Roads, railways, airports and container ports are all vital
for an economy’s operation. But they take up a lot of land and can have negative
externalities, such as noise. Democracies can thus struggle to build infrastructure as
quickly as autocracies such as China, which faces no democratic constraints (see article).
Some infrastructure is built privately but roads, in particular, suffer from the free rider
problem and tend to be built by the public sector. For more, see this article.
经济的管道。公路、铁路、机场和集装箱港口对一个经济体的运作都至关重要。但它们占
用了大量土地，并可能产生负面的外部效应，如噪音。因此，民主国家可能难以像中国这
样的专制国家那样快速建设基础设施，因为中国没有面临民主限制（见文章）。一些基础
设施是由私人建造的，但道路尤其受到免费搭车问题的影响，往往由公共部门建造。更多
内容请见本文。
Inheritance taxes 遗产税
Levies on the assets of those who die. In theory, this can help to ensure that societies
stay meritocratic. But they tend to be unpopular with middle-class voters who hope to
pass on their assets (usually in the form of houses) to their children. Governments also
create exemptions to prevent small business and farms from being broken up on the
owner’s death. Accordingly, the OECD calculated in 2021 that only 0.5% of all
government tax revenues came from this source, on average. See also wealth tax.
对死亡者的资产征收税款。从理论上讲，这有助于确保社会保持功利性。但这种做法往往
不受中产阶级选民的欢迎，因为他们希望将自己的资产（通常是以房屋的形式）传给自己
的孩子。政府还设立了豁免权，以防止小企业和农场在主人去世后被拆散。因此，经合组
织在2021年计算，所有政府税收收入中平均只有0.5%来自这一来源。另见财富税.
Initial public offering (IPO) 首次公开募股（IPO）
Or IPO. See flotation.
或 IPO。见浮选。
Innovation
Innovation is a key element in improving productivity, which in turn is a big driver of
economic growth. In the modern era, innovation tends to be associated with new gadgets
and disruptive technology (see this Explainer) but it can be a new way of organising work,
such as Henry Ford’s mass production line or the shift in agriculture from a two-field to a
three-field rotation system, which increased yields substantially. Innovation can arise from
the insight of entrepreneurs or from investment in research and development, which can
be done by the government; the internet and the global positioning system were first
developed by nation states.
创新是提高生产力的一个关键因素，而生产力又是经济增长的一大动力。在现代，创新往

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往与新的小工具和颠覆性技术有关（见本说明），但它也可以是一种新的工作组织方式，
如亨利-福特的大规模生产线，或农业从两块地转向三块地的轮作系统，从而大幅提高产
量。创新可以产生于企业家的洞察力，也可以产生于对研究和开发的投资，这可以由政府
来完成；互联网和全球定位系统是由民族国家首先开发的。
Insider trading 内幕交易
The use of non-public information to gain an advantage in financial markets. It is illegal in
many countries because it discriminates against other investors and can cause
confidence in the probity of financial markets to fall.
利用非公开信息在金融市场上获得优势。这在许多国家是非法的，因为它歧视其他投资
者，并可能导致人们对金融市场诚实性的信心下降。
Institutional investors 机构投资者
A catch-all term to describe some of the major investors in the financial markets:
insurance companies, pension funds, sovereign wealth funds, charitable endowments
and the like.
描述金融市场中一些主要投资者的总称：保险公司、养老基金、主权财富基金、慈善捐赠
基金等。
Insurance
The act of protecting yourself against the financial impact of risk. Traditionally, insurance
was developed to cover fire, the sinking or seizure of a ship, or the death of the family
breadwinner. Insurance companies attempted to calculate the likelihood of such risks
occurring and protected themselves by diversification. In the modern era, insurance is
also widely used to protect, or hedge, against risks such as changes in market prices or
interest rates. Sometimes the other side of the risk is assumed by speculators hoping to
make a profit.
保护自己免受风险的财务影响的行为。传统上，保险的发展是为了保障火灾、船舶沉没或
被扣押，或家庭经济支柱的死亡。保险公司试图计算这些风险发生的可能性，并通过多样
化来保护自己。在现代，保险也被广泛用于保护，或对冲诸如市场价格或利率变化的风
险。有时，风险的另一面是由希望赚取利润的投机者承担。
Intangible asset
无形资产
Something without physical form that can create value. Examples include patents and
brand names. See also intellectual property. You can read more about intangible assets
in this article.
没有实物形态的东西，可以创造价值。例子包括专利和品牌名称。另见知识产权。你可以
在这篇文章中阅读更多关于无形资产的内容。
Intellectual property 知识产权
An asset created solely by human intelligence and creativity. Examples include
copyrights, patents and trademarks.
完全由人类智慧和创造力创造的资产。例子包括版权、专利和商标。
Interest on reserves 储备金的利息
The return paid by central banks on reserves held by commercial banks. These interest
payments help to keep market interest rates at the desired level.

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中央银行对商业银行持有的储备金支付的回报。这些利息支付有助于将市场利率保持在理
想水平。
Interest rates
利率
The return for lending money, and the cost of borrowing it. The level of interest rates
depends on the time value of money, the credit risk of the borrower, the level of inflation
and other factors. Short-term rates are generally set by, or are closely linked to, the
decisions of the country’s central bank. Long-term interest rates, including long-term bond
yields, are affected by the balance between the supply of savings and the demand for
credit.
放款的回报，以及借钱的成本。利率水平取决于货币的时间价值 ，借款人的信用风险，通
货膨胀水平和其他因素。短期利率一般由国家中央银行的决定制定，或与之密切相关。长
期利率，包括长期债券收益率，受储蓄供应和信贷需求之间的平衡影响。
Internal rate of return
内部收益率
A measure used by businesses to calculate the profitability of a potential investment.
Broadly speaking, the higher the internal rate of return the better. Businesses will usually
set a minimum rate before commencing a project. See also rate of return.
企业用来计算潜在投资的盈利能力的一种措施。广义上讲，内部收益率越高越好。企业通
常会在开始一个项目之前设定一个最低比率。另见回报率。
International Monetary Fund (IMF)
国际货币基金组织（IMF）
One of the institutions set up after the Bretton Woods agreement of 1944. Its initial aim
was to help countries suffering balance-of-payments crises. It is the international body
that countries turn to when in financial difficulties. Its advice has often been controversial
because of the perception that it imposes austerity on workers in order to benefit rich
creditors. Its prescriptions in times of crisis, which include deregulation, privatisation and
openness to international trade, have been dubbed the “Washington consensus” after the
city where the IMF has its headquarters.
1944年布雷顿森林协议后设立的机构之一。其最初的目的是帮助遭受国际收支危机的国
家。它是各国在遇到财政困难时求助的国际机构。它的建议经常引起争议，因为人们认为
它对工人实施紧缩政策，以使富有的债权人受益。它在危机时期开出的处方，包括放松管
制、私有化和对国际贸易的开放，被称为 "华盛顿共识"，这是以国际货币基金组织总部所
在的城市命名的。
Internet
The internet, a system which connects electronic devices such as personal computers,
has clearly transformed the global economy, changing the way many people work,
communicate and shop. However, its rise has coincided with a slowdown in productivity
growth in the developed world. Economists debate whether this is related to
measurement issues or whether the internet is a less transforming technology than
previous breakthroughs such as electrification and the internal combustion engine.
互联网，一个连接个人电脑等电子设备的系统，显然已经改变了全球经济，改变了许多人
的工作、沟通和购物方式。然而，它的兴起恰好与发达国家的生产力增长放缓同时发生。

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经济学家们争论，这是否与测量问题有关，或者互联网是否比以前的突破，如电气化和内
燃机，是一个较少转变的技术。
Investment
This term is used in two linked ways, both referring to putting money to work, usually for
the long term. Business investment occurs when companies buy new machines, or build
new factories, or conduct research and development, with the aim of increasing profits.
Portfolio investment occurs when individuals or institutions put money into long-term
assets such as bonds, equities and property.
这个词有两种相关的用法，都是指把钱用于工作，通常是长期的。商业投资发生在公司购
买新机器，或建造新工厂，或进行研究和开发，目的是为了增加利润。证券投资是指个人
或机构将资金投入长期资产，如债券、股票和房产。
Investment banks 投资银行
Institutions that make their money from advising corporate clients, and from trading
assets, rather than from taking in deposits and making loans (like a commercial bank).
America’s Glass-Steagall act of 1933, a response to the Great Depression, drew a rigid
distinction between commercial and investment banks, but now the two are often
combined.
通过为企业客户提供咨询和进行资产交易来赚钱的机构，而不是通过吸收存款和发放贷款
（像商业银行）。美国1933年的格拉斯-斯蒂格尔法案是对大萧条的回应，对商业银行和投
资银行进行了严格的区分，但现在这两者经常被合并。
Investment management 投资管理
A sector that focuses on managing the money of others. Most charge an annual fee but
some also add a performance fee. See also active management, passive management,
hedge funds, pension funds and private equity.
一个专注于管理他人资金的部门。大多数收取年费，但有些还增加了绩效费。另见主动管
理 , 被动管理 , 对冲基金 , 养老基金和私募股权。
Invisible hand 隐形的手
A metaphor used by Adam Smith to describe how an individual may be “led by an
invisible hand to promote an end which was no part of his intention”. This has been
interpreted in the modern era to suggest that individuals who act in their own self-interest
may end up promoting the good of society as a whole.
亚当-斯密用一个比喻来描述一个人如何 "被一只看不见的手引导去促进一个不属于他的目
的"。这句话在现代被解释为，个人如果为了自己的利益而行动，最终可能会促进整个社会
的利益。
Invisible trade 隐形交易
Trade in non-physical things, particularly services such as banking and insurance.
非物质事物的贸易，特别是银行和保险等服务。
Involuntary unemployment 非自愿失业
The unemployment that results when not everyone who is willing to work at the prevailing
wage can find a job. Causes can include a shortfall in aggregate demand or some rigidity
in the labour market. A central idea in Keynesian economics. For more, see this
Explainer.

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当不是每个愿意按现行工资水平工作的人都能找到工作时，就会出现失业。原因可能包括
总需求的短缺或劳动力市场的某些僵化。凯恩斯主义经济学的一个核心思想。更多信息，
请参见本解释。

J-curve
This describes the normal pattern of a country’s balance of payments after the
devaluation or sharp depreciation of its currency. Initially imports are more expensive and
exports are cheaper, so the balance deteriorates (the deficit widens). Eventually,
foreigners buy more of the country’s exports while domestic consumers buy fewer imports
and the balance improves.
这描述了一个国家的货币贬值或大幅贬值后国际收支的正常模式。起初，进口更贵，出口
更便宜，所以平衡恶化（赤字扩大）。最终，外国人购买了该国更多的出口产品，而国内
消费者购买了更少的进口产品，平衡状况得到改善。
Job vacancies 职位空缺
A measure of slack in the labour market. In an expansionary phase, job vacancies will
increase, and this may lead to upward pressure on wages. In a contractionary phase,
vacancies will contract. See also quit rate.
衡量劳动力市场的松弛程度。在扩张阶段，职位空缺将增加，这可能导致工资的上升压
力。在收缩阶段，职位空缺将收缩。也见退出率。
Joint supply 联合供应
When the process of producing one product leads to the production of another. For
example, the distillation of crude oil yields gasoline, kerosene, asphalt and more.
当生产一种产品的过程导致了另一种产品的生产。例如，原油的蒸馏产生了汽油、煤油、
沥青等。
Junk bonds 垃圾债券
Bonds that are deemed to be highly risky where the borrower might stop paying interest
or default on repayment altogether. They offer a high yield as compensation for that risk.
See ratings.
被认为是高风险的债券，借款人可能停止支付利息或完全不还款。他们提供高收益作为对
这种风险的补偿。参见评级。
Just-in-time manufacturing 适时生产
A process that aims to keep down costs and reduce waste by producing items only when
ordered (rather than in advance) and by keeping inventory levels down. The risk of the
approach is that companies can be caught out by disruptions in their supply chain,
caused for example by natural disasters or the covid-19 pandemic. See also lean
manufacturing.
一种旨在通过只在订购时（而不是提前）生产物品和保持库存水平来降低成本和减少浪费
的过程。这种方法的风险在于，公司可能会被供应链的中断所吓倒，例如，由自然灾害或
19型病毒大流行引起的中断。另见精益生产。

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Keynesian economics
凯恩斯主义经济学
John Maynard Keynes, a British academic and government official, changed the field of
economics. Under classical economics, governments did little to manage the economic
cycle, which they believed would right itself. But Keynes argued, in the face of the Great
Depression, that a recession could dent the “animal spirits” of businesspeople and
discourage consumers from spending. Governments, rather than balance their budgets,
could borrow to spend money and this spending would revive demand. After 1945, many
governments adopted a Keynesian approach and used fiscal policy to manage the
economic cycle.
约翰-梅纳德-凯恩斯，英国学者和政府官员，改变了经济学的领域。在古典经济学下，政府
几乎没有管理经济周期，他们相信经济周期会自行恢复。但是，面对大萧条，凯恩斯认
为，经济衰退可能会削弱商人的 "动物精神"，并阻碍消费者的消费。政府，而不是平衡他
们的预算，可以借钱来花钱，这种支出将恢复需求。1945年后，许多政府采取了凯恩斯主
义的方法，使用财政政策来管理经济周期。
Knightian uncertainty Knightian不确定性
A concept, developed by Frank Knight, an American economist and a founder of the
Chicago School of economics—to describe the problem faced by economic actors who
are unable to quantify risk, because there is not enough information to assess the
probability of the various potential outcomes. The probability distribution is only clear in a
very limited set of circumstances; betting on a number in the game of roulette, for
example.
由美国经济学家、芝加哥经济学派创始人弗兰克-奈特提出的一个概念，用来描述经济行为
人所面临的问题，他们无法对风险进行量化，因为没有足够的信息来评估各种潜在结果的
概率。概率分布只有在非常有限的情况下才清楚；例如，在轮盘游戏中押注一个数字。

Labour
A term used for both a factor for production and for the organised representatives of the
working classes (trade unions and some political parties). The supply of labour is an
important determinant of economic growth, and the shrinking of the working-age
population in developed countries—and China—may be a limiting factor on growth in
coming decades. Improving the skills of the workforce and enticing reluctant workers back
into jobs may be vital.
生产要素和工人阶级的有组织代表（工会和一些政党）的术语。劳动力供应是经济增长的

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一个重要决定因素，发达国家和中国的劳动年龄人口的萎缩可能是未来几十年增长的一个
限制因素。提高劳动力的技能和吸引不情愿的工人重新就业可能是至关重要的。
Labour market flexibility 劳动力市场的灵活性
Making it easier to hire and fire workers. Those in favour of flexibility argue that giving
workers too much job security discourages employers from taking on new labour, and
results in a “two tier” market, comprising secure workers and a large number of long-term
unemployed. Flexibility also helps with the process of creative destruction, allowing
workers to move from old, unproductive industries to new, innovative ones. Opponents
argue flexibility leads to a precariat of insecure, low-paid employees.
让雇佣和解雇工人变得更容易。赞成灵活性的人认为，给予工人过多的工作保障，会使雇
主不愿意接受新的劳动力，并导致 "两级 "市场，包括有保障的工人和大量的长期失业人
员。灵活性还有助于创造性破坏的过程，使工人能够从旧的、非生产性的行业转移到新
的、创新的行业。反对者认为，灵活性导致了不安全的、低工资的雇员组成的前卫阶层。
Labour theory of value
劳动价值论
The idea, mentioned by Adam Smith and championed by Karl Marx, that the value of a
good depends on the labour put into it. The problem is that the value of a good is also
dependent on demand; someone might put an enormous amount of effort into assembling
a model of the Eiffel Tower from old pencils, but it will have little market value if no one
wants to buy it.
由亚当-斯密提到并由卡尔-马克思倡导的观点，即商品的价值取决于投入的劳动。问题是，
商品的价值也取决于需求；有人可能投入大量精力用旧铅笔组装一个埃菲尔铁塔模型，但
如果没有人愿意购买，它就没有什么市场价值。
Laffer curve 拉弗曲线
Named after Arthur Laffer, an American economist, this curve shows tax revenues
increasing as tax rates rise from zero but starting to fall when tax rates reach a certain
level, because high taxes discourage work and enterprise. The argument is often cited by
conservative politicians in America and Britain, and is probably true in principle. But it is
not clear where the bend in the curve occurs (see this article), and it may be at tax rates
much higher than current levels.
这条曲线以美国经济学家阿瑟-拉弗（Arthur Laffer）的名字命名，表明税收收入随着税率
从零开始上升而增加，但当税率达到一定水平时开始下降，因为高税收会阻碍工作和企
业。这个论点经常被美国和英国的保守派政治家引用，而且在原则上可能是正确的。但目
前还不清楚曲线的转折点在哪里（见本文），而且可能是在比目前水平高得多的税率上。
Lagged effect 滞后效应
The time taken for economic policy changes to affect the economy. Changes in interest
rates, for example, can take as much as 18 months to have their full impact, as rates may
only change when loan terms are renegotiated. The danger is that, by the time the policy
starts to work, economic circumstances have changed.
经济政策变化影响经济所需的时间。例如，利率的变化可能需要18个月的时间才能产生充
分的影响，因为利率可能只有在重新谈判贷款条件时才会改变。危险在于，当政策开始发
挥作用时，经济环境已经发生了变化。
Lagging indicators 滞后指标

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Economic data that are more important for revealing the economic past than pointing to
the future. Gross domestic product numbers are released well after a quarter has ended
(and are often revised later); unemployment tends to be slow in falling when an economy
recovers. See also leading indicators and real-time indicators.
经济数据，对揭示经济的过去比指向未来更重要。 国内生产总值的数字是在一个季度结束
后很久才公布的（而且经常在之后被修正）；当经济复苏时，失业率往往会缓慢下降。另
见领先指标和实时指标。
Laissez-faire
This French term refers to the idea that governments should leave the economy alone as
much as possible, and should allow free trade. Associated with the classical school of
economics.
这个法语术语指的是政府应尽可能不干涉经济，并应允许自由贸易。与古典经济学派有
关。
Land
One of the factors of production. Land is in fairly fixed supply (a little can be reclaimed
from the sea, and some is lost to coastal erosion and desertification). Before the industrial
revolution, expansion in land use and changes in the productivity of agricultural land were
among the most important drivers of growth. Today, planning restrictions may be an
important restraint on productivity improvements. Taxes on land values are popular with
economists but not politicians: this article explains why.
生产要素之一。土地的供应是相当固定的（有一点可以从海里开垦出来，还有一些会因为
海岸侵蚀和沙漠化而丧失）。在工业革命之前，土地使用的扩张和农业用地生产力的变化
是增长的最重要动力之一。今天，规划限制可能是提高生产力的一个重要制约因素。对土
地价值征税受到经济学家的欢迎，但不受政治家的欢迎：本文解释了原因。
Leading indicators 领先指标
Economic data that are examined for clues to coming trends. Surveys of consumer
confidence, for example, may provide a pointer to the outlook for retail sales; inflation in
producer prices may herald changes in consumer inflation. Some view the stockmarket
as a leading indicator of the economic outlook, although it is far from infallible. See also
lagging indicators and real-time indicators.
对经济数据进行研究，以获得未来趋势的线索。例如，消费者信心调查可以为零售业的前
景提供线索；生产者价格的上涨可能预示着消费者通货膨胀的变化。有些人认为股票市场
是经济前景的领先指标，尽管它远非无懈可击。另见滞后指标和实时指标。
Lean manufacturing 精益生产
A concept, associated with the Toyota motor company, associated with the elimination of
waste and the continuous improvement (kaizen in Japanese) of the production process.
See also just–in-time manufacturing.
与丰田汽车公司有关的一个概念，与消除浪费和持续改进生产过程有关（日语为
kaizen）。也见及时生产。
Lemons
An example used by George Akerlof, an American economist (and winner of a Nobel
prize) to explain why markets might not operate efficiently because of adverse selection.
There is information asymmetry in the used-car market, he pointed out, as sellers know a

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lot more about the condition of the vehicle than buyers. Buyers will be suspicious of
purchasing a dud car, or lemon, and will thus reduce the price they are willing to pay. If
sellers are unwilling to agree, there may be no deal at all. For more detail, read our
Schools Brief.
美国经济学家（诺贝尔奖得主）乔治-阿克洛夫（George Akerlof）用一个例子来解释为什
么市场可能因为逆向选择而无法有效运作。他指出，在二手车市场上存在信息不对称，因
为卖家比买家更了解车辆的状况。买家会怀疑自己购买的是一辆哑巴车，或者柠檬车，因
此会降低他们愿意支付的价格。如果卖家不愿意同意，可能根本就没有交易。欲了解更多
细节，请阅读我们的学校简介 。
Lender of last resort
最后的贷款人
A crucial role played by central banks during financial crises. There can be moments
when depositors and creditors lose faith in the banking system, with the risk that the
banks will collapse. By acting as lender of last resort to banks that would be solvent in the
medium term, a central bank can reduce the economic damage.
中央银行在金融危机期间发挥的关键作用。有的时候，存款人和债权人会对银行系统失去
信心，银行有可能会倒闭。中央银行作为最后的贷款人，向那些在中期内有偿付能力的银
行提供贷款，可以减少经济损失。
Leverage
Investing, or speculating, with borrowed money or by putting down only a small part of the
purchase price. For example, a company may buy another using a small amount of its
own cash, and a larger amount of debt in the form of bank loans or bonds; the greater the
proportion of debt, the higher the leverage, or gearing. See leveraged buyout. Another
use of leverage is to buy shares on margin; if the investor puts up just 10% of the cost,
and the share price rises by 10%, they have doubled their money. But if the share price
falls by 10%, their investment is wiped out. Perhaps the commonest instance of leverage
is associated with buying houses: most people pay a small proportion of the price at first
and borrow the balance. Financial crises often have excessive leverage at their heart.
用借来的钱或只投入一小部分购买价格进行投资或投机。例如，一家公司可以用少量的自
有现金和大量的银行贷款或债券形式的债务来购买另一家公司；债务的比例越大，杠杆率
或资产负债率就越高。参见杠杆收购。杠杆的另一个用途是用保证金购买股票；如果投资
者只投入10%的成本，而股价上涨了10%，他们的资金就翻倍了。但如果股价下跌10%，
他们的投资就会化为乌有。也许最常见的杠杆例子与买房有关：大多数人一开始只付了一
小部分的价格，然后借了余额。金融危机的核心往往是过度的杠杆作用。
Leveraged buyout 杠杆收购
A corporate takeover, usually undertaken by a private equity group, using a lot of
borrowed money. The aim is to cut costs and sell assets at the target company, thereby
bringing down the debt, and making it possible for the private equity group to make a
profit for its investors.
公司收购，通常由私人股本集团进行，使用大量借贷资金。其目的是削减成本和出售目标
公司的资产，从而降低债务，并使私募股权集团有可能为其投资者赚取利润。
Liabilities

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Something owed to others, and the other side of the balance-sheet from assets. Often,
this is in the form of money, such as a debt. But it could be a warranty to repair or replace
a product that the company has sold or the legal costs involved in compensating
customers for a defective product.
欠别人的东西，是资产负债表上的另一面。通常情况下，这是以金钱的形式存在的，比如
说债务。但它也可能是修理或更换公司已售出的产品的保证，或者是为有缺陷的产品赔偿
客户而涉及的法律费用。
Liberalisation 自由化
In economic terms, this usually refers to reducing the role of the government, and the
restrictions on the private sector, by privatising business and cutting regulations. See also
neoliberalism.
在经济方面，这通常是指通过商业私有化和削减法规，减少政府的作用，以及对私营部门
的限制。另见新自由主义。
Life-cycle hypothesis 生命周期假设
Most people see their incomes improve as their career progresses. But their need to
spend is less variable than their incomes. So the life-cycle hypothesis, proposed by
Franco Modigliani, an Italian-American economist and Nobel laureate, suggests that they
will borrow to fund their spending (or to buy a house) at the start of their careers, save as
they approach retirement and run down their savings after they stop working. See also
permanent income hypothesis.
大多数人看到他们的收入随着事业的发展而提高。但他们的消费需求比他们的收入更不稳
定。因此，由意大利裔美国经济学家、诺贝尔奖获得者莫迪里阿尼提出的生命周期假说认
为，他们会在职业生涯开始时借钱来资助他们的消费（或买房子），在他们接近退休时储
蓄，并在他们停止工作后耗尽储蓄。另见永久收入假说。
Limited liability 有限责任
One of the most important concepts in modern capitalism. Limited liability means that
investors who own the equity of a company can only lose their initial stake if the business
collapses; creditors cannot pursue their other assets, such as their homes. By limiting
liabilities in this way, more entrepreneurs are willing to take the risk of setting up
businesses, and more investors are willing to back them.
现代资本主义中最重要的概念之一。有限责任意味着，拥有公司股权的投资者只有在企业
倒闭时才能失去他们最初的股权；债权人不能追讨他们的其他资产，如他们的房屋。通过
这种方式限制责任，更多的企业家愿意承担创办企业的风险，更多的投资者愿意支持他
们。
Liquidity
The quality of being easily turned into cash. This can depend on the nature of the
instrument; Treasury bills, short-term debt issued by the American government, are cash-
like instruments. Or it can depend on the volume of trading in the market; government
bonds are easier to sell quickly than debt issued by a small company. In times of crisis,
investors tend to have a strong preference for liquidity; when asset markets are booming,
illiquid assets seem more attractive. See liquidity trap.
容易转化为现金的品质。这可能取决于工具的性质；国库券，由美国政府发行的短期债
务，是类似现金的工具。或者取决于市场上的交易量；政府债券比小公司发行的债务更容

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易快速出售。在危机时期，投资者往往对流动性有强烈的偏好；当资产市场繁荣时，非流
动性资产似乎更具吸引力。见流动性陷阱。
Liquidity trap 流动性陷阱
A concept, introduced by John Maynard Keynes, that monetary policy has a limited effect
when animal spirits are depressed. Cutting interest rates will not cause more businesses
to invest, or consumers to spend rather than save, because they will prefer the liquidity of
cash. In such circumstances, fiscal policy has to do the work of reviving the economy.
See also zero lower bound.
由约翰-梅纳德-凯恩斯提出的一个概念，即当动物精神受到压抑时，货币政策的效果有限。
降低利率不会导致更多的企业投资，或消费者消费而不是储蓄，因为他们更喜欢现金的流
动性。在这种情况下，财政政策必须做振兴经济的工作。另见零下界。
Loss aversion 损失厌恶
A psychological trait, discussed in behavioural economics, that dislikes the acceptance of
losses. Investors may hold on to losing positions, rather than sell them, because they are
unwilling to recognise their mistake. Depending on how a proposition is framed, people
may act differently; a discount for paying taxes early will be less effective as an
inducement for early payment than a penalty for paying late. See also framing and sunk
cost syndrome.
行为经济学中讨论的一种心理特征，即不喜欢接受损失。投资者可能持有亏损的头寸，而
不是卖掉它们，因为他们不愿意承认自己的错误。根据命题的框架，人们可能会采取不同
的行动；提前缴税的折扣对提前缴税的诱导作用不如对延迟缴税的惩罚作用大。另见框架
和沉没成本综合症。
Lump of labour fallacy
劳动力的结块谬误
The assumption that there is a fixed amount of work to go round, so that letting new
entrants into the job market will penalise existing workers. It was once used to argue
against women joining the workforce and is still used against immigrants. But the fallacy
ignores an obvious point; that new workers earn wages and then spend those wages on
goods and services produced by other workers. Indeed, the global population has
increased enormously over the past century, yet most people have found jobs.
假设有固定数量的工作要做，所以让新的人进入就业市场会惩罚现有的工人。它曾经被用
来反对妇女加入劳动力队伍，现在仍然被用来反对移民。但这个谬论忽略了一个明显的问
题：新工人赚取工资，然后将这些工资用于其他工人生产的商品和服务。事实上，在过去
的一个世纪里，全球人口有了巨大的增长，然而大多数人都找到了工作。

Macroeconomics 宏观经济学
The analysis of how the overall economy works; how the decisions of consumers,
business, investors and governments affect key measures such as inflation,
unemployment and gross domestic product. Economists try to use macroeconomic

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analysis to forecast economic indicators but human behaviour is hard to predict,
especially as forecasts can affect individual decisions. But macroeconomic policy tools
include fiscal policy, monetary policy and changes in laws and regulations designed to
change behaviour. See also microeconomics.
对整体经济如何运作的分析；消费者、企业、投资者和政府的决定如何影响通货膨胀、失
业和国内生产总值等关键措施。经济学家试图利用宏观经济分析来预测经济指标，但人类
行为很难预测，尤其是预测会影响个人的决定。但宏观经济政策工具包括财政政策、货币
政策和旨在改变行为的法律和法规的变化。另见微观经济学。
Macroprudential regulation 宏观审慎监管
Setting rules for the financial system to try to prevent a widespread collapse, on the lines
of the 2007-09 crisis. Examples might include getting banks to have minimum amounts of
equity capital or requiring home buyers to put up a larger deposit when they take out a
mortgage. See also systemic risk.
按照2007-09年危机的思路，为金融系统制定规则，试图防止大范围的崩溃。例如，让银行
拥有最低数额的股本，或要求购房者在办理抵押贷款时交纳更多的存款。另见系统性风
险。
Manufacturing
The process of making physical products from raw materials through the use of labour
and machinery. Once dominant in developed economies, it now takes a smaller share of
GDP than services. That is unlikely to be reversed: see this Explainer.
通过使用劳动力和机械从原材料制造实物产品的过程。它曾经在发达经济体中占主导地
位，但现在在国内生产总值中的份额比服务业要小。这种情况不太可能逆转：见本期解
释。
Margin
The term crops up quite often in economics and finance. In the stockmarket, investors
and analysts often focus on profit margins; the difference between the revenues from
selling a product and the costs of producing it, often expressed as a percentage of the
latter. Investors can also buy shares on margin; putting up only a fraction of the overall
cost (an example of leverage). The marginal product of labour is how much extra output a
firm would get by employing an extra worker, or by getting an existing worker to put in an
extra hour. See also marginal cost, marginal propensity to consume, marginal tax rate
and marginal utility.
这个词经常出现在经济学和金融学中。在股票市场上，投资者和分析师经常关注利润率；
销售产品的收入与生产产品的成本之间的差异，通常以后者的百分比表示。投资者也可以
用保证金购买股票；只投入总成本的一小部分（杠杆的一个例子）。劳动的边际产品是指
一个公司多雇佣一个工人，或让一个现有工人多工作一小时，可以得到多少额外的产出。
另见边际成本、边际消费倾向、边际税率和边际效用。
Marginal cost 边际成本
The cost of producing an extra unit of something. When production is increased, the
marginal cost of producing an extra item can be significantly lower than the average cost
of production (see economies of scale).
生产一个额外单位的东西的成本。当产量增加时，生产一个额外物品的边际成本可能大大
低于生产的平均成本（见规模经济）。

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Marginal propensity to consume
边际消费倾向
The proportion of an extra earned dollar that an individual would spend rather than save.
People with lower incomes have a higher marginal propensity to consume than the rich.
This means that attempts to ease fiscal policy are best targeted at those who are not well
off.
一个人多赚的一美元中，会花掉而不是储蓄的比例。低收入者的边际消费倾向比富人高。
这意味着，放松财政政策的尝试最好针对那些不富裕的人。
Marginal tax rate
边际税率
The proportion of an extra earned dollar that will be taken by tax. High marginal tax rates
can reduce incentives to work. This occurs at both ends of the income scale. At the lower
end, marginal tax rates can be high as welfare benefits are withdrawn once individuals’
incomes pass certain levels. At the upper end, many societies impose higher marginal tax
rates on those with high incomes. See also progressive taxation.
额外赚取的一美元中，将被征税的比例。高边际税率会降低工作的积极性。这发生在收入
表的两端。在低端，边际税率可能很高，因为一旦个人的收入超过一定水平，福利就会被
取消。在高端，许多社会对高收入者征收较高的边际税率。另见累进税制。
Marginal utility
边际效用
The added (or lost) satisfaction or benefit gained by consumers from the increase (or
decrease) of one unit. The usual assumption is that marginal utility declines as
consumption increases: for a hungry person, the first slice of toast is very satisfying but
they may stop eating before their seventh or eighth.
消费者从一个单位的增加（或减少）中获得的额外（或损失）的满足或利益。通常的假设
是，边际效用随着消费的增加而下降：对于一个饥饿的人来说，第一片吐司是非常令人满
意的，但他们可能在第七或第八片之前就停止进食。
Mark-to-market 按市价计算
The practice of recording the value of an asset in a set of accounts at the current price,
rather than the price at which it was bought. Though logical in theory, the practice has
been criticised for encouraging short-termism. If the market value is hard to ascertain,
then the company can exploit the uncertainty to manipulate the figures: mark-to-market
accounting was at the heart of the Enron scandal.
在一套账目中以当前价格而非购买价格记录资产价值的做法。虽然在理论上是合理的，但
这种做法却被批评为鼓励短期行为。如果市场价值难以确定，那么公司就可以利用这种不
确定性来操纵数字：按市价计算会计是安然公司丑闻的核心所在。
Market failure
市场失灵
This occurs when a market fails to allocate resources efficiently, or fails to account for
real-world costs. This can occur because of externalities, such as the pollution emitted by
a chemical plant which is a cost that falls on people with no economic connection to the
chemical company. Some goods (public goods), such as defence or roadbuilding, can
only (or mainly) be supplied by the public sector since they are subject to the free rider

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problem. Market failures can occur if an industry is dominated by a monopoly or
monopsony, or in the presence of asymmetric information.
当市场未能有效地分配资源，或未能考虑现实世界的成本时，就会出现这种情况。这可能
是由于外部因素造成的，例如，一家化工厂排放的污染是一种成本，落在与该化学公司没
有经济联系的人身上。一些商品（公共商品），如国防或道路建设，只能（或主要）由公
共部门提供，因为它们受到免费搭车问题的影响。如果一个行业被垄断或垄断者所支配，
或者存在信息不对称，就会出现市场失灵。
Marxism
See communism. 见共产主义。
Mass production 大规模生产
One of the breakthroughs in 20th-century manufacturing was the development of mass
production, normally associated with the Ford Motor Company. Mass production usually
involved the division of labour, specialised machinery and standardised products. The
economies of scale involved allowed manufacturers to lower their prices and vastly
expand the potential market for their goods.
20世纪制造业的突破之一是大规模生产的发展，通常与福特汽车公司有关。大规模生产通
常涉及劳动分工、专用机械和标准化产品。所涉及的规模经济使制造商能够降低价格，并
极大地扩大其商品的潜在市场。
Maturity 成熟度
A term which applies to debt, and refers to the amount of life before the debt needs to be
repaid and thus refinanced.
一个适用于债务的术语，指的是在债务需要偿还之前的寿命，因此，再融资。
Medium of exchange 交换媒介
One of the important functions of a currency is that it is easy to use to buy and sell goods.
Modern fiat currencies achieve this feat but cryptocurrencies have yet to do so.
货币的重要功能之一是，它易于用于购买和销售商品。现代法定货币实现了这一壮举，但
加密货币还没有做到这一点。
Mercantilism
An economic school of thought, common in the 17th and 18th centuries, which argued
that countries should focus on building up their supplies of gold and silver. This required
nations to restrict imports and attempt to boost exports, and to restrict free trade.
Mercantilists believed trade was a zero-sum game. Adam Smith’s arguments against
state intervention were linked to his belief that mercantilism was misguided.
17和18世纪常见的一个经济学派，认为各国应集中精力增加黄金和白银的供应。这就要求
各国限制进口，试图促进出口，并限制自由贸易。重商主义者认为贸易是一种零和游戏。
亚当-斯密反对国家干预的论点与他认为重商主义被误导的观点有关。
Mergers and acquisitions 兼并和收购
This term, often abbreviated to M&A, concerns corporate takeovers. Genuine mergers, in
which two companies of roughly equal size combine, are much rarer than acquisitions, in
which a larger company buys a smaller one. And hostile acquisitions, in which the smaller
company resists the deal, are rarer than agreed takeovers. The deals are very lucrative
for investment banks, and other advisers, who are thus understandably happy to

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recommend them. But the buying company faces the risk of overpaying for the target and
the danger that the culture of the two businesses is incompatible, leading to disappointing
returns.
这个术语，通常缩写为M&A，涉及公司的收购。真正的合并，即两个规模大致相同的公司
合并，比收购要少得多，即一个大公司收购一个小公司。而敌意收购，即小公司抵制交
易，比协议收购更少见。这些交易对投资银行和其他顾问来说是非常有利可图的，因此他
们很乐意推荐这些交易。但是，收购公司面临着为目标公司支付过高价格的风险，以及两
个企业的文化不相容的危险，导致令人失望的回报。
Microeconomics 微观经济学
The branch of economics that studies the decision-making of individual entities, such as
individuals and businesses. Microeconomists look at how these agents will respond to
incentives, or to changes in prices, regulations or taxes. By contrast, macroeconomics
looks at the behaviour of the economy in aggregate.
经济学的一个分支，研究个人实体的决策，如个人和企业。微观经济学家研究这些代理人
将如何对激励措施，或对价格、法规或税收的变化作出反应。相比之下，宏观经济学研究
的是经济的总体行为。
Middle income trap 中等收入陷阱
A problem that can affect developing countries as they get stuck at a certain level of GDP
per person. Such countries can have success in manufacturing low-value goods but then
supposedly struggle to develop higher value-added sectors in services or technology. For
a sceptical view, see this article. And on China’s prospects of escaping it, see this one.
一个可能影响到发展中国家的问题，因为它们被卡在一定的人均GDP水平上。这些国家可
能在制造低价值产品方面取得了成功，但据说在发展服务或技术方面的高附加值部门方面
却很困难。关于怀疑的观点，请看这篇文章。关于中国摆脱困境的前景，请看这篇文章。
Minimum wage 最低工资
An hourly pay rate for workers, set by law, with the aim of reducing poverty and protecting
workers from exploitation. Many economists were historically dubious about the benefits
of a minimum wage (see Explainer), believing it would reduce demand for labour and thus
drive up unemployment. The evidence in practice is that there has been relatively little
impact on employment, perhaps because higher wages attract better-skilled workers and
reduce staff turnover, or because, in many sectors, using minimum-wage labour is still
cheaper than using machinery. For more detail, see our Schools Brief.
法律规定的工人的小时工资率，目的是减少贫困和保护工人免受剥削。许多经济学家在历
史上对最低工资的好处持怀疑态度（见解释），认为它将减少对劳动力的需求，从而推高
失业率。实践中的证据是，对就业的影响相对较小，也许是因为更高的工资吸引了技能更
好的工人，减少了员工的流动，或者是因为在许多部门，使用最低工资的劳动力仍然比使
用机器更便宜。更多细节，请见我们的学校简报。
Minsky moment 明斯基时刻
A sudden collapse in market sentiment. Named after Hyman Minsky, an economist, who
developed a financial instability hypothesis. As asset prices rise, investors become more
and more confident and use leverage to finance their positions. By the end, they will be
buying regardless of underlying valuations. At some point, confidence will falter and
investors will rush to sell and repay their debts, causing prices to collapse. For more, read

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our Schools Brief.
市场情绪的突然崩溃。以经济学家海曼-明斯基的名字命名，他提出了金融不稳定假说。随
着资产价格的上升，投资者变得越来越有信心，并使用杠杆为他们的头寸融资。到最后，
他们会不顾基本估值而购买。在某些时候，信心会动摇，投资者会急于出售并偿还他们的
债务，导致价格崩溃。更多信息，请阅读我们的学校简报。
Misery index 痛苦指数
The sum of the rates of inflation and unemployment. Created in the 1970s by Arthur
Okun, an American economist, to gauge the cost of stagflation.
通货膨胀率和失业率之和。1970年代由美国经济学家阿瑟-奥康创立，用于衡量滞胀的代
价。
Mixed economy 混合经济
An economic system that combines elements of free enterprise and state planning. Few
economies are not mixed to some degree, with the possible exception of North Korea.
Even communist Cuba allows some market activity.
一种结合了自由企业和国家计划元素的经济体系。很少有经济在某种程度上不是混合的，
朝鲜可能是个例外。即使是共产主义的古巴也允许一些市场活动。
Models
A description of economic relationships in mathematical or graphical form, designed to
allow hypotheses to be tested. Inevitably, models have to simplify the incredibly complex
nature of relationships in the real world. Although models can add clarity and
mathematical rigour to statements about the economy, some are criticised for their
unrealistic assumptions (such as perfect information and rational expectations). And a
fondness for complex mathematical equations has led economists to be accused of
“physics envy”; trying to create precise rules in a social science.
以数学或图形的形式描述经济关系，旨在允许假设被测试。不可避免的是，模型必须简化
现实世界中令人难以置信的复杂关系。尽管模型可以为经济声明增加清晰度和数学严谨
性，但有些模型因其不现实的假设（如完全信息和理性预期）而受到批评。对复杂数学方
程的喜爱导致经济学家被指责为 "嫉妒物理学"；试图在社会科学中建立精确的规则。
Modern monetary theory (MMT)
现代货币理论（MMT）
A school of economic thought which argues that a government, which can borrow in its
own currency, can issue as much debt, and run as large a deficit, as it likes, subject only
to the constraint of higher inflation. The government does not have to worry about
financing its deficit, since the central bank can buy the extra debt, or indeed just create
the required money. Only if the economy is at full capacity will this credit creation lead to
inflation. Adherents to MMT tend to believe that the business cycle should be managed
with fiscal policy rather than interest rates. Orthodox economists are dismissive of MMT:
see this article and our Schools Brief.
一个经济学派认为，一个可以用自己的货币借贷的政府，可以随心所欲地发行更多的债
务，实行更大的赤字，只受制于更高的通货膨胀。政府不必担心为其赤字融资，因为中央
银行可以购买额外的债务，或者确实只是创造所需的货币。只有当经济处于满负荷状态
时，这种信贷创造才会导致通货膨胀。MMT的拥护者倾向于认为，商业周期应该用财政政
策而不是利率来管理。正统的经济学家对MMT不屑一顾：见这篇文章和我们的学校简报。

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Monetarism
The belief that changes in the money supply are the main determinant of changes in
inflation, associated especially with Milton Friedman, an American economist. Cases of
hyperinflation have indeed been associated with the rapid printing of money. But when
governments adopted monetarist policies in the late 1970s and early 1980s, they found
money supply hard to control and also struggled to decide which measure of money
supply was best to target. Monetarist policies were abandoned in favour of inflation
targeting.
货币供应量的变化是通货膨胀变化的主要决定因素的信念，尤其与美国经济学家米尔顿-弗
里德曼有关。恶性通货膨胀的案例确实与快速印刷货币有关。但是，当政府在20世纪70年
代末和80年代初采用货币主义政策时，他们发现货币供应量很难控制，也很难决定哪种货
币供应量的衡量标准是最佳目标。货币主义政策被放弃了，转而采用通货膨胀目标制。
Monetary financing 货币融资
The direct financing of government spending by the central bank. This happened during
the hyperinflation in Germany in 1923 and was thus regarded as anathema for a long
period afterwards. As a result, some commentators viewed quantitative easing after the
financial crisis of 2007-09 with great suspicion. Technically, however, QE is not monetary
financing, because central banks only buy government bonds in the secondary market
and because they pay interest on reserves (the money they create).
由中央银行直接为政府开支提供资金。这种情况发生在1923年德国的恶性通货膨胀期间，
因此在此后的很长一段时间里被认为是大忌。因此，一些评论家对2007-09年金融危机后的
量化宽松政策抱有极大的怀疑。然而，从技术上讲，量化宽松不是货币融资，因为中央银
行只在二级市场上购买政府债券，而且他们对储备（他们创造的货币）支付利息。
Monetary policy 货币政策
The use, normally by the central bank, of interest rates and other tools to try to influence
the economy. Interest rates are raised when the bank is trying to control inflation and
lowered when inflation is low and it is trying to revive the economy. The financial crisis of
2007-09 led central banks to face the zero lower bound. This prompted many of them to
use a new tool, quantitative easing, which was designed to bring down long-term rates or
bond yields.
通常由中央银行使用利率和其他工具来试图影响经济。当银行试图控制通货膨胀时，就会
提高利率；而当通货膨胀率较低，试图振兴经济时，就会降低利率。2007-09年的金融危机
导致中央银行面临零下限的问题。这促使他们中的许多人使用一种新的工具，即量化宽
松，其目的是降低长期利率或债券收益率。
Money
The oil that greases the economy’s wheels, and acts as the unit of account for economic
activity. Money can be any token that is accepted as payment; past examples have
included seashells and the giant stones on the island of Yap. For a while, money was
linked to precious metals but modern money is largely fiat currency and is electronic in
form. Whatever its form, money needs to be a reasonably stable store of value and an
acceptable medium of exchange.
润滑经济车轮的石油，并作为经济活动的记账单位。货币可以是任何被接受为付款的代
币；过去的例子包括贝壳和雅浦岛上的巨大石头。有一段时间，货币与贵金属挂钩，但现

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代货币主要是法定货币，并且是电子形式的。无论其形式如何，货币需要是一种合理稳定
的价值储存和可接受的交换媒介。
Money illusion 金钱幻觉
Failing to take account of the effect of inflation. Employers may find workers more willing
to agree to a pay rise of 4% when inflation is 6% than to accept a pay freeze when prices
are falling. Savers should be happier about earning a return of 2% when inflation is zero
than the prospect of earning 4% when inflation is 6%. See also real terms.
没有考虑到通货膨胀的影响。雇主可能会发现，当通货膨胀率为6%时，工人更愿意同意加
薪4%，而不是在价格下降时接受冻结工资。储蓄者应该更乐意在通货膨胀为零时赚取2%
的回报，而不是在通货膨胀为6%时赚取4%的前景。另见实际条款。
Money markets 货币市场
A term used to describe the borrowing and lending of money on a short-term basis
(generally for less than a year). Banks need to finance themselves with short-term
borrowing on a regular basis, so when the money markets freeze (as they did in 2008) a
crisis usually follows.
一个用来描述短期（一般不超过一年）借贷资金的术语。银行需要定期用短期借款为自己
融资，所以当货币市场冻结时（如2008年），通常会出现危机。
Money supply 货币供应量
The total amount of money in an economy. This is very hard to define; notes and coins
are only a small part of the money we use. Current account balances, unused credit card
balances and holdings of money-market funds can all be added to the mix. Measuring all
these, and deciding which are the most important, dogged the application of monetarism
in practice.
一个经济体中的货币总量。这很难定义；纸币和硬币只是我们使用的货币中的一小部分。
经常账户余额、未使用的信用卡余额和货币市场基金的持有量都可以加入到这个组合中。
衡量所有这些，并决定哪些是最重要的，困扰着货币主义在实践中的应用。
Monopoly 垄断
A company with a controlling position in an industry or sector. Traditionally, the main fear
was that monopolies would exploit their position to overcharge customers. But in the
internet age, concerns have shifted to the idea that technology companies with strong
franchises will strangle competition by denying new firms access to their platforms, or by
simply acquiring them to add the product to their range, thereby increasing their
dominance. See antitrust.
在一个行业或部门拥有控制地位的公司。传统上，人们主要担心的是垄断企业会利用其地
位向客户收取过高费用。但在互联网时代，人们担心的是，拥有强大特许经营权的技术公
司会通过拒绝新公司进入其平台，或仅仅通过收购它们来增加其产品的种类，从而扼杀竞
争，从而提高其主导地位。见反托拉斯.
Monopsony
Whereas a monopoly is a seller with a dominant position, a monopsony is a dominant
buyer. An example could be a food producer which is the main buyer of coffee beans or
fresh chickens from farmers. A monopsonist can exploit its position by insisting on low
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垄断是具有支配地位的卖方，而垄断是具有支配地位的买方。一个例子是一个食品生产
商，它是咖啡豆或农民的新鲜鸡的主要买家。垄断者可以通过坚持低价来利用其地位。
Moral hazard 道德风险
The risk that providing insurance might alter the behaviour of those being insured.
Homeowners or car drivers may take more risks if they know that an insurance company
will cover their losses. This is also a problem for central banks when they act as a lender
of last resort for banks; knowing they will be rescued in a crisis, bank executives may take
more risks and investors may be less choosy about the banks with which they do
business. See asymmetric information.
提供保险可能改变被保险人的行为的风险。如果房主或汽车司机知道保险公司会承担他们
的损失，他们可能会承担更多的风险。当中央银行作为银行的最后贷款人时，这也是一个
问题；知道他们在危机中会得到救援，银行高管可能会承担更多的风险，投资者可能对与
他们做生意的银行不那么挑剔。见不对称信息。
Most favoured nation 最惠国待遇
A core principle of the World Trade Organisation (WTO) and the GATT, this requires
countries to treat the imports and exports of all other WTO members in the way that they
treat the “most favoured nation” among their trading partners. In other words, there is no
special treatment for any one country.
世界贸易组织（WTO）和关贸总协定的一项核心原则，要求各国以对待其贸易伙伴中的
"最惠国待遇 "的方式对待所有其他WTO成员的进口和出口。换句话说，对任何一个国家都
没有特殊待遇。
Multiplier effect 倍增效应
This concept, central to Keynesian economics, relates to the proportional increase, or
decrease, in demand that can arise from an injection, or withdrawal, of spending. So a
government increase in spending on, say, roadbuilding will mean more jobs for workers
who spend their wages on other goods and services, which encourages the employment
of more workers, and so on. For more detail, see our Explainer and Schools Brief.
这一概念是凯恩斯主义经济学的核心，它涉及到注入或撤出支出后可能产生的需求比例的
增加或减少。因此，政府增加对道路建设的支出，比如说，将意味着为工人提供更多的工
作机会，他们将工资用于其他商品和服务，这将鼓励更多的工人就业，等等。更多细节，
请参阅我们的解释和学校简报。

NAFTA (North American Free Trade Agreement)

NAFTA（北美自由贸易协定）
A deal signed in 1993 by America, Canada and Mexico to eliminate tariff barriers between
the three countries by creating a free trade area. The agreement was disliked by many on
both the left and the right of American politics and President Donald Trump renegotiated it
during his term of office, renaming it the US-Mexico-Canada Agreement (USMCA). The
main change was that a greater proportion of a car or truck’s components had to be

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manufactured in America to qualify for tariff exemption.
1993年美国、加拿大和墨西哥签署的一项协议，通过建立一个自由贸易区来消除三国之间
的关税壁垒。该协议被美国政治的左翼和右翼的许多人所反对，唐纳德-特朗普总统在其任
期内重新谈判，将其更名为美国-墨西哥-加拿大协议（USMCA）。主要变化是，汽车或卡
车的更大比例的部件必须在美国制造，才有资格获得关税豁免。
Nairu (Non-Accelerating Inflation Rate of Unemployment)
Nairu (非加速通胀的失业率)
The lowest rate of unemployment that does not lead to a jump in wages and inflation. It is
a development of the “natural rate of unemployment”, a concept developed by Milton
Friedman. This holds that a certain level of unemployment is inevitable, as workers switch
jobs or take time to upgrade their skills. Trying to force unemployment below this level
does nothing but stoke inflation. However, calculating the Nairu at any given moment is
very tricky; it clearly varies over time. See also frictional unemployment, Phillips curve.
For more detail, read our Schools Brief.
不会导致工资和通货膨胀跳升的最低失业率。它是 "自然失业率 "的发展，是米尔顿-弗里德
曼提出的一个概念。这个概念认为，一定水平的失业是不可避免的，因为工人会转换工作
或花时间来提升他们的技能。试图迫使失业率低于这一水平，只会激起通货膨胀。然而，
计算任何特定时刻的奈何是非常棘手的；它显然随时间而变化。另见摩擦性失业 , 菲利普
斯曲线。欲了解更多细节，请阅读我们的学校简介。
Nash equilibrium 纳什均衡
A definition of equilibrium, devised by John Nash, an American mathematician, in the late
1940s, that has become one of the most powerful ideas in economics. Every agent
chooses their optimal strategy, taking the strategies of everyone else as given. Nash
equilibrium is thus the best everyone can do, but need not be the best for society. The
idea won Nash a share of the Nobel prize for economics in 1994. For more, see our
Schools Brief.
平衡的定义，由美国数学家约翰-纳什在20世纪40年代末设计，已成为经济学中最强大的思
想之一。每个代理人都选择自己的最佳策略，并将其他人的策略视为既定。因此，纳什均
衡是每个人所能做到的最好的，但不一定是对社会最好的。这一想法为纳什赢得了1994年
诺贝尔经济学奖的一部分。更多信息，请参见我们的学校简介。
National debt
国债
The sum of government debt, usually expressed as a proportion of GDP. The debate over
whether this proportion has any real significance has sharpened in recent years,
particularly in the light of quantitative easing, which has led to central banks owning large
chunks of government bonds. Clearly, it matters what interest rate is payable, the maturity
of the debt, the currency of denomination and who the creditors are. Governments
struggle most if they have a lot of short-term debt to refinance in a foreign currency.
政府债务的总和，通常以国内生产总值的比例表示。近年来，关于这一比例是否有任何实
际意义的争论更加尖锐，特别是在量化宽松政策下，这导致中央银行拥有大块的政府债
券。显然，应付的利率、债务的期限、计价货币和债权人是谁都很重要。如果政府有大量
的短期债务需要以外币进行再融资，那么它们就会陷入困境。
National income 国民收入

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See gross domestic product and gross national product
见国内生产总值和国民生产总值
Nationalisation 国有化
The takeover by the state of private businesses. Under communism, all large businesses
are state-owned and the previous private owners are rarely compensated. In a social
democracy, the state tends to focus on certain industries, notably utilities (power
generation, water etc), those deemed to be strategically important (steel, coal) and loss-
making businesses that employ a lot of workers. Nationalisation was common after 1945
but was reversed under the privatisation programmes of the 1980s and 1990s.
国家对私营企业的接管。在共产主义制度下，所有大型企业都是国有的，以前的私人业主
很少得到补偿。在社会民主制度下，国家倾向于关注某些行业，特别是公用事业（发电、
供水等），那些被认为具有战略意义的行业（钢铁、煤炭）和雇用大量工人的亏损企业。
国有化在1945年后很常见，但在20世纪80年代和90年代的私有化计划下被逆转。
Natural experiment 自然实验
Unlike scientists in a laboratory, economists do not, as a rule, carry out controlled
experiments on real economies (see, however, randomised control trials). But sometimes
circumstances throw up similar opportunities, known as natural experiments—eg, a rise in
the minimum wage in one place but not another. The pioneering work in this field was
carried out by David Card, who shared the Nobel prize in 2021 (see article) and the late
Alan Krueger (see this appreciation).
与实验室里的科学家不同，经济学家通常不会对现实经济进行控制性实验（不过，见随机
控制试验）。但有时环境会提供类似的机会，即所谓的自然实验--例如，在一个地方提高最
低工资，但在另一个地方却没有。这一领域的开创性工作是由2021年分享诺贝尔奖的大卫-
卡德（见文章）和已故的艾伦-克鲁格（见本篇赏析）进行的。
Natural rate of unemployment 自然失业率
See Nairu. 见Nairu .
Negative equity 负资产
This arises when a borrower buys a property and the price falls sharply, so that the size of
the loan is greater than the value of the property. This was a big problem in the American
housing market in the mid-2000s. Negative equity meant, at best, borrowers would be
unable to move and at worst, they would default, with resulting losses for the lenders as
well as themselves.
当借款人购买房产后，价格急剧下降，以至于贷款规模大于房产价值时，就会出现这种情
况。这是2000年代中期美国住房市场的一个大问题。负资产意味着，在最好的情况下，借
款人将无法移动，在最坏的情况下，他们将违约，从而给贷款人和他们自己带来损失。
Negative income tax 负所得税
A payment made to people on low incomes as a way of reducing poverty. The approach
can be an alternative to welfare payments, which can be complex to administer and carry
social stigma. Instead the state just makes a payment to those whose incomes are below
a certain level.
向低收入者支付的款项，作为减少贫困的一种方式。这种方法可以替代福利金，因为福利
金的管理可能很复杂，并带有社会污名。相反，国家只是向那些收入低于一定水平的人支
付一笔钱。

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Negative interest rates 负利率
A modern development that would have surprised economists from earlier eras, negative
rates mean that investors are in effect charged for lending, or depositing, their money.
They emerged in the wake of the 2007-09 financial crisis, as central banks found new
ways to ease monetary policy. Investors had a number of reasons for tolerating negative
yields on government bonds; they might face bigger losses investing elsewhere; falling
prices could make negative rates positive in real terms; and holding their money in cash
(banknotes) was impractical. See also zero lower bound. And see this article for more.
负利率是一种现代的发展，在以前的时代会让经济学家感到惊讶，负利率意味着投资者借
出或存入他们的钱实际上是被收费的。负利率是在2007-09年金融危机之后出现的，因为中
央银行找到了放松货币政策的新方法。投资者有许多理由容忍政府债券的负收益率；他们
在其他地方投资可能会面临更大的损失；价格下跌可能使负利率的实际价值为正；以现金
（纸币）持有他们的钱是不实际的。另见零下界。更多内容请见本文。
Neoclassical economics 新古典主义经济学
A school of thought, associated with Alfred Marshall, an English economist, that
developed in the late 19th and early 20th centuries. Rather than focus on the cost of
production as the most important element in determining the price of a good or service
(as did the classical school), neoclassical economists focused on the preferences of
consumers, and the utility they attach to the product. The focus on both producers and
consumers in maximising utility allowed the neoclassicists to build models of how the
economy works.
与英国经济学家阿尔弗雷德-马歇尔有关的一个学派，发展于19世纪末和20世纪初。新古典
主义经济学家没有把生产成本作为决定商品或服务价格的最重要因素（如古典学派），而
是关注消费者的偏好，以及他们对产品的效用。对生产者和消费者效用最大化的关注使新
古典主义者能够建立经济运行的模型。
Neoliberalism
A term, often used by opponents, applied to the economic reforms pursued by Margaret
Thatcher and Ronald Reagain in the 1980s. Broadly, the reforms included lower taxes,
constraints on public spending, privatisation and deregulation. Neither politician used the
term to refer to their own policies. See also supply-side economics.
一个经常被反对者使用的术语，适用于撒切尔夫人和罗纳德-里根在20世纪80年代推行的经
济改革。大体上，这些改革包括降低税收、限制公共开支、私有化和放松管制。两位政治
家都没有用这个词来指代他们自己的政策。另见供应方经济学。
Net present value 净现值
A standard approach used in business investment. A firm estimates all the future
revenues that will flow from a project and then discounts them to reflect their value in
today’s money. The calculation is highly sensitive to the assumptions about future
revenue growth and the discount rate applied; the risk is overoptimism. See also time
value of money.
商业投资中使用的一种标准方法。一个公司估计一个项目的所有未来收入，然后对其进行
折现，以反映其在今天的货币价值。这种计算方法对未来收入增长的假设和应用的贴现率
非常敏感；风险是过度乐观。参见货币的时间价值。

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Network effect
网络效应
The benefits that accrue to consumers and producers when more customers buy a
product; it is little use being the only person to own a telephone, for example. Network
effects have been significant in the development of the internet; platforms such as eBay
and Airbnb benefit from network effects as consumers are attracted by a plethora of
suppliers and suppliers flock to platforms with many consumers. See also first mover
advantage.
当更多的顾客购买一种产品时，消费者和生产者就会得到好处；例如，只有一个人拥有电
话是没有用的。网络效应在互联网的发展中非常重要；eBay和Airbnb等平台从网络效应中
获益，因为消费者被大量的供应商所吸引，而供应商则涌向拥有众多消费者的平台。另见
先发优势。
Nobel prize for economics
诺贝尔经济学奖
This award was first awarded in 1969, well after Alfred Nobel’s death, and was set up in
his memory, with Sweden’s central bank funding the prize. Notable winners have included
Paul Samuelson, Simon Kuznets and Milton Friedman.
该奖项于1969年首次颁发，远在阿尔弗雷德-诺贝尔去世之后，是为了纪念他而设立的，由
瑞典的中央银行资助该奖项。著名的获奖者包括保罗-萨缪尔森、西蒙-库兹涅茨和米尔顿-
弗里德曼。
Nominal interest rates 名义利率
The stated level of interest rates, taking no account of inflation. A nominal return of 5%
might sound good, but if inflation is 8%, then the purchasing value of the saver’s money is
declining (by about 3%). Real interest rates adjust for actual, or expected, inflation.
所述的利率水平，不考虑通货膨胀的因素。5%的名义回报可能听起来不错，但如果通货膨
胀率为8%，那么储蓄者的钱的购买价值就会下降（大约3%）。实际利率根据实际或预期
的通货膨胀进行调整。
Normal distribution 正态分布
Also known as the bell curve, this describes phenomena where most data points cluster
around the average and there are few outliers; human heights are a classic example.
When bankers use the normal distribution in financial models, however, they can be
caught out by extreme events or fat tails.
这也被称为钟形曲线，它描述了大多数数据点聚集在平均值周围，很少有异常值的现象；
人类的身高就是一个典型的例子。然而，当银行家在金融模型中使用正态分布时，他们可
能会被极端事件或肥厚的尾巴所吸引。

OECD OECD
The Organisation for Economic Co-operation and Development was created in 1961 and
has acted as a club for developed nations, compiling reports on individual economies and

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serving as a hub for research on policy options and economic data. For more, see this
Explainer.
经济合作与发展组织成立于1961年，作为发达国家的俱乐部，它汇编了关于各个经济体的
报告，并作为政策选择和经济数据研究的中心。更多信息，请参见本说明。
OPEC 欧佩克
The Organisation of Petroleum Exporting Countries is a producers’ cartel which attempts
to influence both the supply and the price of oil. It was most effective in the 1970s,
quadrupling the oil price and contributing to the stagflation of the era. Its influence waned
after that era as new producers like Norway emerged and America developed its shale oil
reserves. But OPEC’s decisions (these days taken after consultation with Russia and
other producers) still matter.
石油输出国组织是一个生产商的卡特尔，试图影响石油的供应和价格。它在20世纪70年代
最为有效，使石油价格翻了两番，并促成了那个时代的滞胀。在那个时代之后，随着挪威
等新生产国的出现和美国页岩油储备的开发，它的影响力逐渐减弱。但欧佩克的决定（如
今是在与俄罗斯和其他生产国协商后做出的）仍然很重要。
Offshore haven
离岸避风港
A jurisdiction which imposes little or no tax on transactions or profits and thus is chosen
by financial and multinational companies as a hub for some of their activities. Rich
individuals also hold money offshore, to reduce their tax bills. The IMF has estimated that
governments worldwide lose around $500bn to $600bn a year through the use of offshore
havens. For more, see this Explainer.
一个对交易或利润很少或不征税的司法管辖区，因此被金融和跨国公司选择作为其某些活
动的中心。富有的个人也在海外持有资金，以减少他们的税费。国际货币基金组织估计，
全世界的政府每年因使用离岸避风港而损失约5000亿至6000亿美元。更多信息，请参见本
说明。
Oligopoly
When a few firms control a market. This can lead to agreements (tacit or explicit) to fix
prices or exclude new entrants. Adam Smith famously wrote: “People of the same trade
seldom meet together, even for merriment and diversion, but the conversation ends in a
conspiracy against the public, or in some contrivance to raise prices.” See cartel.
当少数公司控制一个市场时。这可能导致达成协议（默许或明示），以固定价格或排斥新
的进入者。亚当-斯密有句名言："从事同一行业的人很少在一起聚会，即使是为了娱乐和消
遣，但谈话的结果是对公众的阴谋，或一些提高价格的阴谋。"见卡特尔。
Opportunity cost 机会成本
The cost of something may not just be its price but the alternative; what was given up to
get it. So the opportunity cost of spending the afternoon at a bar is the wages you might
have earned had you stayed at work. Money spent on a fancy meal could have been
spent on a training course to enhance your skills.
某物的成本可能不仅仅是它的价格，而是替代物；为了得到它而放弃的东西。因此，在酒
吧度过一下午的机会成本是你如果留在工作岗位上可能赚到的工资。花在花哨的饭菜上的
钱本可以花在培训课程上以提高你的技能。
Optimal currency area 最佳货币区

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A theoretical assessment of the geopolitical regions where it would be most efficient, in
economic terms, to share a currency. The criteria, developed by Robert Mundell (winner
of a Nobel prize), include the existence of highly integrated economies, with flexible
labour markets, and the potential for fiscal transfers between nations.
对那些在经济上最有效地共用一种货币的地缘政治区域的理论评估。由罗伯特-蒙代尔（诺
贝尔奖获得者）制定的标准包括存在高度一体化的经济体，具有灵活的劳动力市场，以及
国家间财政转移的潜力。
Option 选项
A derivative contract that gives the right, but not the obligation, to undertake a transaction
at a set price for a set period. A call option is the right to buy and a put option the right to
sell. In return, the option holder pays a premium to the person who grants the option. See
also share options.
一种衍生品合同，赋予在规定期限内以规定价格进行交易的权利，但不是义务。看涨期权
是购买的权利，看跌期权是出售的权利。作为回报，期权持有人向授予期权的人支付溢
价。另见股票期权。
Output
The result of economic activity. GDP is the total output of a nation’s economy.
经济活动的结果。 国内生产总值是一个国家的经济总产出。
Output gap 产出差距
The extent to which an economy is operating above potential. In theory, the economy will
overheat, driving inflation, only if the output gap is positive, meaning that businesses are
chasing scarce workers and resources. But assessing the level of potential output is very
difficult, so estimates of the output gap are imprecise.
一个经济体在多大程度上超过了潜在的运作。从理论上讲，只有当产出缺口为正值时，经
济才会过热，推动通货膨胀，这意味着企业在追逐稀缺的工人和资源。但评估潜在产出水
平是非常困难的，所以产出缺口的估计是不精确的。
Over-the-counter markets 场外交易市场
Forums where financial instruments are traded, but are not a recognised exchange (like
the New York Stock Exchange). Trillions of dollars of currencies are traded this way every
day.
金融工具交易的论坛，但不是一个公认的交易所（如纽约证券交易所）。每天有数万亿美
元的货币通过这种方式进行交易。
Overheating
If an economy is growing too fast, companies may face bottlenecks in acquiring
resources or hiring labour. This will lead to higher costs and wages, and thus rising
inflation.
如果一个经济体增长过快，公司在获取资源或雇佣劳动力方面可能面临瓶颈。这将导致成
本和工资上升，从而导致通货膨胀率上升。
Overshooting
When financial markets take a trend too far. For example, when a currency depreciates,
investors may lose confidence and sell, driving the currency to an undervalued level.
Investors may also overreact when central banks start to tighten monetary policy, driving

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up rate expectations further than the authorities intend. But overshooting is not always
irrational or mistaken. Rudi Dornbusch, a German economist, showed that exchange
rates naturally overshoot under certain conditions.
当金融市场把一个趋势走得太远。例如，当一种货币贬值时，投资者可能会失去信心并进
行抛售，将货币推向被低估的水平。当中央银行开始收紧货币政策时，投资者也可能做出
过度反应，使利率预期进一步上升，超过当局的意图。但过度反应并不总是非理性的或错
误的。德国经济学家Rudi Dornbusch表明，在某些条件下，汇率自然会超调。

Pareto distribution 帕累托分布

Vilfredo Pareto, an Italian economist, noticed that 80% of Italian land was owned by 20%
of the population. This distribution, also known as a power law, crops up in a wide variety
of circumstances; one study found that 80% of health-care expenses were linked to just
20% of patients.
意大利经济学家维尔弗雷多-帕累托（Vilfredo Pareto）注意到，意大利80%的土地被20%
的人口所拥有。这种分布，也被称为幂律，在各种情况下都会出现；一项研究发现，80%
的医疗费用只与20%的病人有关。
Pareto efficiency 帕累托效率
Another idea named after Vilfredo Pareto. It describes a situation in which resources are
distributed so that it is not possible to make anyone better off without making someone
else worse off. In theory, if Pareto efficiency is not achieved, this is a case of market
failure since it is possible to improve the allocation of resources.
另一个以维尔弗雷多-帕累托命名的想法。它描述了这样一种情况，即资源的分配不可能在
不使其他人变得更糟的情况下使任何人过得更好。在理论上，如果没有达到帕累托效率，
这就是市场失灵的情况，因为有可能改善资源的分配。
Passive management 被动管理
The purchase of a portfolio that replicates the broad market in an asset class (usually
equities). Passive management emerged in the 1970s when it was noticed that many
active managers failed to beat the index after fees (this is inevitable, because the index
does not reflect costs).
购买一个复制某类资产（通常是股票）的广泛市场的投资组合。被动管理出现在20世纪70
年代，当时人们注意到许多主动管理人在扣除费用后未能战胜指数（这是不可避免的，因
为指数并不反映成本）。
Pension funds
养老基金
Institutional investors that run portfolios on behalf of current and future retirees. Final-
salary (or defined-benefit) funds offer a pension that is linked to employees’ salaries;
these are increasingly confined to the public sector. In the private sector, younger
employees are only offered defined-contribution pensions, where the retirement income is
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代表当前和未来退休人员经营投资组合的机构投资者。最终工资（或固定福利）基金提供
与雇员的工资挂钩的养老金；这些基金越来越多地局限于公共部门。在私营部门，年轻的
雇员只被提供固定缴费的养老金，退休收入取决于市场表现。
Perfect competition 完全竞争
A model that describes a market where buyers and sellers are numerous and well-
informed and thus there is no scope for monopoly, monopsony or oligopoly. The model
requires a number of idealised assumptions (such as no transaction costs) that do not
apply in the real world.
一个描述市场的模型，其中买方和卖方数量众多且信息灵通，因此不存在垄断、垄断或寡
头垄断的范围。该模型需要一些理想化的假设（如没有交易成本），这些假设在现实世界
中并不适用。
Permanent income hypothesis 永久收入假说
A theory of consumption, developed by Milton Friedman, that suggests people try to
spread their spending evenly over their lifetimes. A sudden windfall will not be spent
entirely; a significant part will be saved. And those savings will be used to top up
spending in the event of a loss of income; for example, losing a job. Thus an individual’s
spending will be less volatile than their income. See also life-cycle hypothesis.
米尔顿-弗里德曼提出的一种消费理论，认为人们试图在一生中平均分配他们的支出。突如
其来的意外之财不会被完全花掉；很大一部分会被储蓄起来。而这些储蓄将被用来在失去
收入的情况下补充支出；例如，失去工作。因此，一个人的支出将比其收入的波动性要
小。另见生命周期假说。
Phillips curve 菲利普斯曲线
This concept, developed by William Phillips, an economist, suggests that inflation and
unemployment are inversely related; when inflation is high, unemployment is low and vice
versa. Phillips had discovered the link in data from the British economy between 1861
and 1957. In the 1970s, however, both inflation and unemployment were high (see
stagflation) and in the 2000s, both were low by historical standards. This suggests the
relationship is far from stable. Our Schools Brief explains in more detail.
这个概念由经济学家威廉-菲利普斯提出，表明通货膨胀和失业是成反比的；当通货膨胀率
高时，失业率就低，反之亦然。菲利普斯在1861年至1957年间的英国经济数据中发现了这
种联系。然而，在1970年代，通货膨胀和失业率都很高（见滞胀），而在2000年代，按照
历史标准，两者都很低。这表明这种关系远非稳定。我们的学校简介更详细地解释了。
Physics envy
See models. 查看模型 .
Pigouvian tax
皮古维恩税
Named after Arthur Pigou, a 20th-century British economist, a Pigouvian tax is imposed
on activities that have negative side effects, or externalities. Examples might include
taxes on pollution, tobacco or the sales of plastic bags. For more detail, read our Schools
Brief, and this article on carbon taxes.
以20世纪英国经济学家阿瑟-皮古的名字命名的皮古税，是对具有负面效应或外部性的活动
征收的。这方面的例子包括对污染、烟草或塑料袋的销售征税。欲了解更多细节，请阅读
我们的学校简介，以及这篇关于碳税的文章。

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Platform company
平台公司
A new type of firm that emerged with the internet and links together suppliers and
consumers. For example, AirBnB connects homeowners with properties to rent and
holidaymakers who need somewhere to stay. Platform companies benefit from network
effects: a large number of suppliers attracts consumers and vice versa.
一种随着互联网出现的新型公司，将供应商和消费者联系在一起。例如，AirBnB将有房产
出租的房主和需要住处的度假者联系起来。平台公司从网络效应中获益：大量的供应商吸
引了消费者，反之亦然。
Positional goods 位置的货物
Products that confer status and are thus both limited in supply and carry premium prices.
Examples include properties in highly residential areas, fancy sports cars and upmarket
hotels. The existence of positional goods helps explain why rising living standards have
not been accompanied by a substantial reduction in working hours; people work hard so
they can feel a cut above the rest. For more, see this article.
赋予地位的产品，因此供应有限，价格昂贵。这方面的例子包括高度住宅区的房产、高级
跑车和高档酒店。位置性产品的存在有助于解释为什么生活水平的提高并没有伴随着工作
时间的大幅减少；人们努力工作是为了让他们觉得自己比别人高一等。更多信息，请参见
本文。
Post-neoclassical endogenous growth theory
后新古典主义的内生增长理论
See endogenous growth theory.
见内生增长理论。
Poverty
Measures of poverty can be absolute or relative. In the former case, individuals or
households have insufficient income to afford the basics of life: food, shelter, heat,
clothing. In the latter, poverty is measured against a proportion (say, 50% or 60%) of
median income. At the global level, extreme poverty is defined by the World Bank as an
income of less than $2.15 a day, at the time of writing. On this measure, the proportion of
the world population in extreme poverty has dropped from more than 35% in 1990 to less
than 10%.
贫困的衡量标准可以是绝对的或相对的。在前一种情况下，个人或家庭的收入不足以负担
基本的生活：食物、住所、暖气、衣服。在后一种情况下，贫困是根据收入中位数的某一
比例（例如50%或60%）来衡量的。在全球范围内，世界银行将极端贫困定义为在撰写本
报告时，每天的收入低于2.15美元。根据这一标准，世界上处于极端贫困的人口比例已经
从1990年的35%以上下降到10%以下。
Poverty trap 贫困陷阱
A term used when people find it impossible to improve their circumstances thanks to
institutional barriers. One example is the workings of the tax and benefits system. High
effective marginal tax rates—combining taxes on earnings and withdrawal of benefits as
incomes rise—may mean that their employment earnings will make them barely any
better off. Another is access to the highest level of education and health services, which
may prevent people from realising their full potential.

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当人们发现由于体制上的障碍而无法改善自己的处境时，就会使用这个术语。一个例子是
税收和福利制度的运作。高的有效边际税率--结合了收入税和随着收入增加而提取的福利--
可能意味着他们的就业收入将使他们的生活几乎没有任何改善。另一个例子是获得最高水
平的教育和医疗服务，这可能会阻止人们实现其全部潜力。
Power law
See Pareto distribution. 见帕累托分布。
Precariat
A term given to workers in low-paid jobs, often part-time or on zero-hours contracts, who
struggle to make ends meet, and often rely on welfare payments to top up their incomes.
Left-leaning politicians blame the existence of the precariat on the promotion of labour
market flexibility since the 1980s. See also gig economy.
指从事低薪工作的工人，通常是兼职或零时合同，他们入不敷出，经常依靠福利金来增加
收入。左翼政治家们将前台阶的存在归咎于1980年代以来对劳动力市场灵活性的推动。另
见演出经济。
Precautionary motive 预防性动机
Holding a proportion of assets in cash, so that the individual can bear the cost of an
unexpected event. Keynes suggested there were three reasons to hang on to cash: the
other two are the speculative motive and the transactions motive.
持有一定比例的现金资产，以便个人能够承担意外事件的成本。凯恩斯认为有三个理由让
人坚持持有现金：另外两个是投机动机和交易动机。
Price
The cost of a good or service to the customer, which should be set by the balance of
supply and demand. How this relates to the cost of production depends on the nature of
the product or the structure of the market; positional goods may be sold well above their
production cost and monopolies can also charge a premium. See also sticky prices.
一个商品或服务的成本，应该由供需平衡来确定。 这与生产成本的关系取决于产品的性质
或市场的结构；有地位的商品可能远远高于其生产成本出售，垄断企业也可以收取溢价。
另见粘性价格。
Price elasticity
See elasticity. 见弹性。
Price-earnings ratio 市盈率
An oft-used valuation method for individual shares and for the stock market as a whole. It
compares the share price with the company’s after-tax profits. This can be based on
historic or forecast profits. Robert Shiller of Yale University (a winner of a Nobel prize) has
developed a method for valuing the entire market, based on an average of the past ten
years’ profits (adjusted for inflation), called the cyclically adjusted price-earnings ratio or
CAPE.
一种经常使用的个人股票和整个股票市场的估值方法。它将股价与公司的税后利润相比
较。这可能是基于历史或预测的利润。耶鲁大学的罗伯特-席勒（诺贝尔奖得主）根据过去
十年的平均利润（根据通货膨胀调整）开发了一种评估整个市场的方法，称为周期性调整
市盈率或CAPE。
Primary balance 主要平衡

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The gap between a government’s revenues and expenditure in a given year, excluding
interest payments on its existing debt. This is sometimes used as a measure of the
sustainability of a country’s finances. Much depends on the size of the government’s
existing debt and the level of interest rates. But a country that can run a primary surplus is
likely to reduce its ratio of debt to GDP over time.
一个政府在特定年份的收入和支出之间的差距，不包括现有债务的利息支付。这有时被用
来衡量一个国家财政的可持续性。这在很大程度上取决于政府现有债务的规模和利率水
平。但是，一个能够实现基本盈余的国家有可能随着时间的推移降低其债务与GDP的比
率。
Primary market 初级市场
The forum where new money is raised either in the form of equity (the flotation, or listing,
of a company) or a bond. In a crisis, the primary market may freeze, making it impossible
to raise new money. See also secondary market.
以股权（公司上市）或债券的形式筹集新资金的论坛。在危机中，一级市场可能被冻结，
从而无法筹集新的资金。也见二级市场。
Principal-agent problem 委托-代理问题
Many economic activities involve the use of agents: selling a house, for example. But the
risk is that the interests of the principal and the agents are not exactly aligned; and the
agents are likely to be better informed than the principal. When shareholders hire
managers to run a company, the latter may focus on increasing their salaries, or their
perks, rather than maximising the returns of investors. See also agency costs and
asymmetric information, and, for more detail, our Schools Brief.
许多经济活动都涉及到代理人的使用：例如，卖房子。但风险在于，委托人和代理人的利
益并不完全一致；而且代理人可能比委托人更了解情况。当股东雇用经理人管理公司时，
后者可能会专注于增加他们的工资或福利，而不是使投资者的回报最大化。参见代理成本
和不对称信息，以及更详细的内容，我们的学校简介。
Private equity 私募股权
A specialist branch of investment management that focuses on companies that are not
quoted on a stock market. Private-equity firms will often take over a quoted company,
using borrowed money, and then incentivise the management with share options. The aim
will be to refocus the business by cutting costs with the hope of selling for a profit in a few
years.
投资管理的一个专业分支，专注于未在股票市场上市的公司。私募股权公司通常会用借来
的钱接管一家上市公司，然后用股票期权来激励管理层。其目的是通过削减成本来调整业
务重点，并希望在几年后出售以获得利润。
Private sector 私营部门
Those economic activities that are not controlled by the government, ranging from a one-
man window cleaning business to giant corporations.
那些不受政府控制的经济活动，从一个人的窗户清洁业务到巨型公司。
Privatisation 私有化
The transfer of assets or firms from the public sector to the private sector. There was
much enthusiasm for this in the 1980s and 1990s, not least because it raised money for
governments in a relatively painless fashion. Some sectors, such as telecoms and

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airlines, clearly benefited in terms of operating efficiency from being privatised. But the
evidence is less clear when it comes to utilities, such as water companies, which are
natural monopolies.
将资产或公司从公共部门转移到私营部门。在20世纪80年代和90年代，人们对这种做法抱
有很大的热情，主要是因为它以一种相对无痛的方式为政府筹集资金。一些部门，如电信
和航空公司，显然从私有化的经营效率中受益。但是，当涉及到公用事业时，证据就不那
么清楚了，比如水务公司，它们是自然垄断企业。
Productivity
One of the most important concepts in economics, productivity measures the level of
output for a given level of inputs. This is most commonly expressed as output per worker
hour. Boosting productivity is the key to long-term economic growth, which is why there
has been much concern about the sluggish performance of productivity in the developed
world since the financial crisis of 2007-09. See also total factor productivity.
作为经济学中最重要的概念之一，生产力衡量的是一定水平的投入所产生的产出水平。这
通常表示为每个工人小时的产出。提高生产力是长期经济增长的关键，这就是为什么自
2007-09年金融危机以来，人们对发达国家生产力的低迷表现非常关注。另见全要素生产
率。
Profits 利润
The difference between a company’s revenues and its costs. Profits lie at the heart of the
capitalist system and are one of the key motives for business formation. They will either
be reinvested in the business or distributed to shareholders in the form of dividends or
share buy-backs. See also windfall tax. Profit is also the term used when an asset is sold
for a gain.
一个公司的收入和成本之间的差异。利润是资本主义制度的核心，是企业成立的关键动机
之一。它们要么被重新投资于企业，要么以红利或股票回购的形式分配给股东。另见暴利
税。利润也是出售资产获得收益时使用的术语。
Progressive taxation 累进税制
A system in which higher marginal rates of taxation apply to higher incomes. In the past,
these rates have been very high. In America, a rate of 94% was imposed on the highest
incomes in 1944. The top rates were lowered significantly in America and Britain under
Ronald Reagan and Margaret Thatcher.
一种对高收入者适用较高边际税率的制度。在过去，这些税率是非常高的。在美国，1944
年对最高收入者征收94%的税率。在罗纳德-里根和玛格丽特-撒切尔的领导下，美国和英国
的最高税率被大大降低了。
Property
Ownership of private property is the essence of all economic systems, bar communism.
Those who own property (defined broadly as all assets) have an incentive to use it
productively and to invest it for future gains. These incentives are reduced without
property rights; hence the quip “no one ever washed a rented car”. See also tragedy of
the commons. In narrow terms, the word is also used to describe land and buildings as an
asset class.
对私有财产的所有权是所有经济体系的本质，除了共产主义。那些拥有财产（广义上指所
有资产）的人有动力去生产性地使用它，并为未来的收益而投资它。如果没有产权，这些

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激励就会减少；因此有句调侃说 "没有人洗过租来的车"。另见公地的悲剧。从狭义上讲，
这个词也被用来描述土地和建筑作为一种资产类别。
Protectionism 保护主义
A policy that attempts to promote companies based in the home country and discriminate
against those from abroad. This can be done via taxes or tariffs or via regulations that
exclude or hobble imports. Protectionism is often politically popular because it appears to
safeguard workers’ jobs, and many companies will lobby politicians to exclude foreign
competitors. But believers in free trade argue that the effect of protectionism is to reward
inefficient domestic companies and to increase the prices paid by consumers. For more,
see this Explainer.
试图促进以本国为基地的公司并歧视来自国外的公司的政策。这可以通过税收或关税或通
过排除或阻碍进口的法规来实现。保护主义在政治上往往很受欢迎，因为它似乎可以保护
工人的工作，许多公司会游说政治家排除外国竞争对手。但相信自由贸易的人认为，保护
主义的效果是奖励低效的国内公司，并提高消费者支付的价格。更多信息，请参见本期
《解释》。
Public choice theory 公共选择理论
A branch of economics that studies how those involved in government (politicians,
bureaucrats etc) might behave. The theory suggests that those in the public sector might
act in line with their self-interest; building up their departments to enhance their power
and status, or framing regulations to favour the localities they represent. Thus there can
be government failures as well as market failures.
经济学的一个分支，研究那些参与政府的人（政治家、官僚等）可能的行为。该理论认
为，公共部门的人可能会根据自己的利益行事；建立自己的部门以提高自己的权力和地
位，或制定有利于他们所代表的地方的法规。因此，在市场失灵的同时，也可能存在政府
失灵。
Public goods 公共物品
Things that, if they exist, can only exist for everyone in a society. If one person consumes
a public good, that does not stop another person from doing so too. Among the
commonest examples are clean air, radio broadcasts and national defence. Because
public goods are subject to the free-rider problem they tend to be provided by
governments and paid for by taxation.
如果存在的话，这些东西只能为社会中的每个人存在。如果一个人消费了一种公共物品，
这并不妨碍另一个人也这样做。最常见的例子是清洁空气、无线电广播和国防。由于公共
产品受到搭便车问题的影响，它们往往由政府提供，并由税收来支付。
Public sector 公共部门
That part of the economy which is controlled by, or owned by, the government.
经济中由政府控制或拥有的那部分。
Public spending 公共开支
The amount that the government spends is a significant part of most economies, ranging
from 30% to 50% of GDP across OECD countries. Periodic efforts to reduce it through
programmes of austerity have generally been followed by prolonged rebounds, as the
need to spend money on health, pensions and welfare creeps upwards (for more detail,
see this Briefing). Keynes argued that public spending should be increased during

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recessions as a way of boosting demand. See also fiscal policy.
政府的支出是大多数经济体的重要组成部分，在经合组织国家中占国内生产总值的30%至
50%不等。通过紧缩计划来减少支出的定期努力，通常会伴随着长期的反弹，因为需要在
健康、养老金和福利上花钱（更多细节，见本简报）。凯恩斯认为，在经济衰退期间应该
增加公共开支，作为刺激需求的一种方式。另见财政政策。
Purchasing-power parity (PPP)
购买力平价（PPP）
A method of adjusting exchange rates to take account of the different levels of prices in
different countries. In the absence of barriers to trade, theory suggests that the prices of
goods and services in different countries should be roughly equivalent (allowing for
transport costs). In practice, this is rarely the case. But economists calculate PPP
exchange rates as a way of assessing whether currencies are under- or over-valued; The
Economist does this in a light-hearted way with its Big Mac index (see this article), which
uses the prices of McDonald’s burgers.
一种调整汇率的方法，考虑到不同国家的不同价格水平。在没有贸易壁垒的情况下，理论
上认为不同国家的商品和服务的价格应该是大致相等的（考虑到运输成本）。在实践中，
这种情况很少发生。但是，经济学家计算购买力平价汇率，作为评估货币是否价值过低或
过高的一种方式；《经济学人》以一种轻松的方式计算巨无霸指数（见本文），它使用麦
当劳汉堡的价格。

Quantitative easing (QE)

量化宽松（QE）
A policy introduced to alleviate the effects of the 2007-09 financial crisis. Central banks
slashed interest rates but the effect of such cuts seemed to diminish as they approached
the zero lower bound. Quantitative easing (QE) involved banks buying government bonds
(and some other assets) in the secondary market and creating new money to pay the
sellers (see this Explainer). This had the double effect of injecting liquidity into the
economy and pushing down bond yields, cutting the cost of borrowing for the corporate
sector. Critics argue that QE is hard to reverse (see this article) and is perilously close to
monetary financing.
为缓解2007-09年金融危机的影响而推出的一项政策。 中央银行削减了利率，但随着利率
接近零下限，这种削减的效果似乎有所减弱。量化宽松（QE）涉及银行在二级市场购买政
府债券（和其他一些资产），并创造新的货币来支付卖家（见本解释）。这产生了双重效
果，即向经济注入流动性和推低债券收益率，降低企业部门的借贷成本。批评者认为，QE
很难逆转（见本文），并且危险地接近于货币融资。
Quantitative tightening 量化紧缩
The opposite of QE. This involves shrinking the central bank’s bond portfolio—either by
selling bonds back to the private sector or by letting them mature and not reinvesting the
proceeds—thereby removing liquidity from the economy and adding to the upward

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pressure on bond yields. At the time of writing, quantitative tightening is in its early stages
and it seems likely that it will be a long while before QE is reversed. For more detail, see
this article.
与QE相反。这涉及到缩减中央银行的债券组合--要么是将债券卖回给私营部门，要么是让
债券到期而不对收益进行再投资--从而从经济中消除流动性，增加债券收益率的上升压力。
在写这篇文章的时候，量化紧缩正处于早期阶段，而且似乎很可能在很长一段时间内QE才
会被逆转。更多细节，请看这篇文章。
Quantity theory of money
货币数量论
A tenet of monetarism which holds that the money supply is the main driver of inflation.
The crucial equation is MV=PT which states that the money supply multiplied by the
velocity with which it changes hands is equal to the price level multiplied by the number of
transactions. However, increases in the money supply do not always translate directly into
higher prices. One reason is that the velocity can also vary; people can have more cash
but sit on it when they are worried about the economic outlook.
货币主义的一个信条，认为货币供应量是通货膨胀的主要驱动力。关键的方程式是
MV=PT，它指出货币供应量乘以其转手的速度等于价格水平乘以交易数量。然而，货币供
应量的增加并不总是直接转化为价格的上涨。原因之一是速度也会变化；人们可以有更多
的现金，但当他们担心经济前景的时候，就会把它搁置起来。
Quit rate 退出率
A measure of how many people leave their jobs voluntarily, rather than being laid off or
fired. A rising quit rate implies that workers are more confident about finding new jobs,
and thus the economy is expanding. See also job vacancies.
衡量有多少人自愿离开工作岗位，而不是被裁员或解雇。辞职率上升意味着工人对找到新
工作更有信心，因此经济正在扩张。另见职位空缺 .
Quota 配额
A trade barrier that limits the number, or monetary value, of goods that a country imports.
See also protectionism.
限制一个国家进口商品数量或货币价值的贸易壁垒。也见保护主义。
Quoted company 引用的公司
A business which has listed its shares on a stock exchange.
一个在证券交易所上市的企业 .

R*
The real (after inflation) interest rate that would prevail when the economy is operating at
potential. Models of the macroeconomy say monetary policy is delivering stimulus if and
only if the prevailing real interest rate set by the central bank is lower than r*.
Unfortunately, this crucial variable cannot be observed directly.
当经济处于潜在运行状态时的实际（扣除通货膨胀）利率。宏观经济模型认为，当且仅当

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中央银行设定的现行实际利率低于r*时，货币政策才会产生刺激作用。不幸的是，这个关键
的变量不能被直接观察到。
Randomised control trials 随机对照试验
Experiments in which a policy change is applied to a randomly selected subset of people,
in order to isolate its economic effects. Most examples have been in developing countries.
Abhijit Banerjee, Esther Duflo and Michael Kremer shared the 2019 Nobel prize for their
work on RCTs (for more details, see this article and this book review). Some have
questioned the ethics of such trials (see article).
实验中，一个政策变化被应用于一个随机选择的子集的人，以分离其经济效应。大多数例
子都是在发展中国家。Abhijit Banerjee、Esther Duflo和Michael Kremer因其在RCTs方面
的工作而分享了2019年的诺贝尔奖（更多细节，见本文和书评）。一些人对这种试验的伦
理提出质疑（见文章）。
Rate of return 回报率
The annual gain (profit, income and increase in value) from a project, expressed as a
proportion of the capital invested. See also internal rate of return.
一个项目的年度收益（利润、收入和价值增加），以投资资本的比例表示。也见内部收益
率。
Ratings
Measures of the riskiness of a financial instrument, provided by a ratings agency (such as
Standard & Poor’s, Moody’s and Fitch). The higher the credit rating, the lower the risk,
and when applied to debt instruments, the lower the interest rate the borrower has to pay.
Ratings below a certain level are regarded as high-risk (see junk bonds). The ratings
agencies came in for heavy criticism during the financial crisis of 2007-09, when financial
instruments that had been rated highly plunged in value.
由评级机构（如标准普尔、穆迪和惠誉）提供的对金融工具风险性的衡量。信用等级越
高，风险越低，当适用于债务工具时，借款人必须支付的利率越低。低于一定水平的评级
被认为是高风险的（见垃圾债券）。在2007-09年的金融危机中，评级机构受到了严厉的批
评，当时被高度评级的金融工具价值暴跌。
Rational expectations 理性预期
The idea that people base their decisions on the best information available to them and
learn from their mistakes. In particular, this led free-market and monetarist economists to
argue that consumers would anticipate government policy changes and adjust their
behaviour accordingly. So if the government runs a big budget deficit to stimulate
demand, consumers will anticipate that taxes will rise in the long run, and save some of
the windfall to meet their future tax bills (an idea known as Ricardian equivalence). Thus
Keynesian fiscal policy will be self-defeating in the long run.
人们根据现有的最佳信息作出决定，并从错误中学习的想法。特别是，这导致自由市场和
货币主义经济学家认为，消费者会预测政府的政策变化，并相应地调整他们的行为。因
此，如果政府为刺激需求而实行大额预算赤字，消费者会预料到长期内税收会增加，并保
存一些意外之财以满足他们未来的税单（这种想法被称为李嘉图等价物）。因此，从长远
来看，凯恩斯主义的财政政策会弄巧成拙。
Raw materials 原材料

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Basic commodities—eg, oil, metals and cotton—that firms need to manufacture products.
基本商品--例如石油、金属和棉花--是企业生产产品所需的。
Real terms 实际条款
An adjustment for inflation. A pay increase of 5% represents a cut in real terms if inflation
is 10% but a gain in real terms if inflation is 2%. Real interest rates and real exchange
rates are adjusted for inflation. See also money illusion and nominal interest rates.
对通货膨胀的调整。如果通货膨胀率为10%，5%的加薪意味着实际削减，但如果通货膨胀
率为2%，则意味着实际收益。实际利率和实际汇率是根据通货膨胀率调整的。另见货币幻
觉和名义利率。
Real-time indicators 实时指标
Much economic data is only published after a lag and thus tells policymakers about the
previous state of the economy. So statisticians are looking increasingly at real-time data
such as the number of online job adverts, traffic activity on the roads, credit-card
spending and so on. To learn more about the growing importance of real-time data, read
our Briefing.
许多经济数据都是在滞后之后才公布的，因此告诉政策制定者之前的经济状况。因此，统
计人员越来越多地关注实时数据，如在线招聘广告的数量、道路上的交通活动、信用卡消
费等等。要了解更多关于实时数据日益增长的重要性，请阅读我们的简报。
Recession 衰退
A period of falling economic output. This is often defined as two consecutive quarters of
declining gross domestic product. However, the National Bureau of Economic Research,
which is the authority on American recessions, simply regards them as “a significant
decline in economic activity that is spread across the economy and that lasts more than a
few months”. It looks at measures such as real incomes, employment and industrial
production. This Explainer tells you more.
经济产出下降的时期。这通常被定义为连续两个季度的国内生产总值下降。然而，作为美
国经济衰退的权威机构，国家经济研究局只是将其视为 "经济活动的大幅下降，这种下降在
整个经济中蔓延，并持续超过几个月"。它关注的是实际收入、就业和工业生产等措施。这
个解释器告诉你更多。
Redlining
The discriminatory practice of refusing financial services (such as loans or insurance) to
people living in certain areas, usually based on ethnicity. The American government has
passed regulations to try to stop redlining, but cases are still discovered.
拒绝向居住在某些地区的人提供金融服务（如贷款或保险）的歧视性做法，通常以种族为
基础。美国政府已通过法规，试图阻止红线，但仍有案例被发现。
Reflation
Policies designed to stimulate the economy. This may involve fiscal policy (cutting taxes
and/or increasing public spending) or monetary policy (cutting interest rates and/or
quantitative easing). Both approaches are likely to send the inflation rate higher, although
this is not a problem if the economy is experiencing low inflation or deflation.
旨在刺激经济的政策。这可能涉及财政政策（减税和/或增加公共开支）或货币政策（降低
利率和/或量化宽松）。这两种方法都有可能使通货膨胀率上升，尽管如果经济正在经历低
通货膨胀或通货紧缩，这并不是一个问题。

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Regressive taxes 累退税
Levies that take a larger proportion of the income of poor people than of the wealthy.
Sales taxes are generally regressive, whereas income taxes are not. Any flat-rate levy,
such as the “poll tax” introduced by Margaret Thatcher to finance local government in
Britain in the late 1980s, is regressive. See also progressive taxation.
在穷人的收入中征收比富人更多的税。 销售税通常是累退的，而所得税则不是。任何统一
税率的征收，如撒切尔夫人在20世纪80年代末为英国地方政府融资而引入的 "人头税"，都
是累退税。另见累进税。
Regulatory arbitrage 监管套利
The practice of shifting the location of, or structure of, a company so that it can benefit
from more favourable rules. A classic example was the shadow banking system, which
avoided many of the regulations that applied to commercial banks; the lack of scrutiny of
the sector contributed to the 2007-09 financial crisis.
转移公司地点或结构的做法，以便它能从更有利的规则中获益。一个典型的例子是影子银
行系统，它避开了许多适用于商业银行的法规；对该部门缺乏审查，导致了2007-09年的金
融危机。
Regulatory capture 监管部门抓捕
When the regulator gets too close to the sector it is overseeing. This may occur because
the industry will spend a lot of effort lobbying for its cause, and will have more spending
power than consumer groups on the other side of the argument. Or it may happen
because the regulator recruits staff from the sector or because the regulator’s employees
hope to get lucrative jobs in the sector in subsequent years.
当监管机构与它所监督的部门走得太近。这可能是因为该行业将花费大量精力为自己的事
业进行游说，并将比争论的另一方的消费者团体拥有更多的消费能力。或者发生这种情况
是因为监管机构从该行业招募员工，或者因为监管机构的员工希望在随后的几年里在该行
业获得有利可图的工作。
Remittances
Money sent by migrants back to their home country, usually to support their families. They
are an important source of income for some developing nations; the World Bank
estimated that low- to middle-income countries received $626bn via this route in 2022.
移民寄回本国的钱，通常用于支持他们的家庭。他们是一些发展中国家的重要收入来源；
世界银行估计，中低收入国家在2022年通过这一途径获得了6260亿美元。
Rent
The income paid to a landowner for the use of land or buildings. Economists also use the
word in a different sense; see economic rent.
因使用土地或建筑物而支付给土地所有者的收入。经济学家也在不同的意义上使用这个
词，见经济租金。
Rent-seeking
A broad term used to describe the practice of grabbing a bigger slice of the cake without
adding more value. A company might lobby the government to grant it profitable contracts
on sweetheart terms, or regulations that stifle competitors. See crony capitalism (and our
index). The most basic private-sector example of rent-seeking is a protection racket, in
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一个广泛的术语，用于描述在不增加价值的情况下抢夺更大蛋糕的做法。一家公司可能会
游说政府以优惠条件授予其有利可图的合同，或制定扼杀竞争对手的法规。见裙带资本主
义（和我们的指数）。私营部门寻租的最基本例子是敲诈勒索，犯罪分子要求从（比如）
酒吧老板或店主的收入中抽成。
Repo
See repurchase agreement 见回购协议
Repurchase agreement
回购协议
In a repurchase agreement, or repo, one party sells a security (usually a government
bond) to another and agrees to buy it back for a slightly higher price at a future date
(usually the following day). This is a form of borrowing and the difference between the two
prices is essentially the interest rate on the debt. The repo market is huge, with an
estimated size of more than $4trn in America alone. It is the way many market
participants finance themselves in the short term.
在回购协议中，一方将证券（通常是政府债券）卖给另一方，并同意在未来某个日期（通
常是第二天）以稍高的价格买回。这是一种借贷形式，两个价格之间的差异基本上是债务
的利率。回购市场是巨大的，仅在美国估计就有超过4万亿美元的规模。它是许多市场参与
者在短期内为自己融资的方式。
Rescheduling
The rearrangement of the terms of a debt, when the borrower is struggling to repay. This
will usually involve reducing the interest payments in the short term and extending the life
of the loan or bond. Rescheduling often requires lengthy negotiations between the
borrower and the creditors.
当借款人难以偿还时，对债务条款进行重新安排。这通常涉及减少短期内的利息支付和延
长贷款或债券的寿命。重新安排往往需要借款人和债权人之间进行漫长的谈判。
Research and development 研究和开发
Often shortened to R&D, this is the vital work that helps to create innovation and boosts
productivity in the economy. Governments can directly fund R&D themselves (particularly
in wartime) or encourage it through tax breaks. Countries in the OECD spend around
2.5% of GDP each year at the time of writing, although some countries (eg, Israel, South
Korea and Taiwan) spend much more.
这通常简称为研发，是帮助创造创新和提高经济生产力的重要工作。政府可以直接资助研
发工作（特别是在战时），或通过减税来鼓励研发。在撰写本报告时，经合组织国家每年
花费约2.5%的国内生产总值，尽管一些国家（如以色列、韩国和台湾）花费更多。
Reservation wage 预订工资
The lowest wage at which a worker will accept employment. Looked at in another way,
this is a measure of potential workers’ valuation of their leisure time.
一个工人会接受就业的最低工资。从另一个角度看，这是一个衡量潜在工人对其休闲时间
的评价。
Reserve currency 储备货币
A currency held by a central bank for use in emergencies. The central bank might need
reserves to defend the currency of its home nation (by selling the foreign currency and

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buying the domestic one). Or it might lend its reserves to domestic banks should they
need them. The dominant reserve currency is the American dollar (around 60% of global
reserves at the time of writing) but the euro and Japanese yen are also used.
由中央银行持有的用于紧急情况的货币。中央银行可能需要储备来保护其本国的货币（通
过出售外国货币并购买本国货币）。或者在国内银行需要时将其储备借给他们。最主要的
储备货币是美元（在撰写本报告时约占全球储备的60%），但欧元和日元也被使用。
Reserve requirements 储备需求
Reserves are electronic money held in accounts at the central bank. Usually only
commercial banks can hold reserves. The overall amount in existence is determined by
the central bank, though individual commercial banks can lend them to one another or
convert them into physical cash. In the past some central banks have set minimum
reserve requirements and the authorities sometimes changed the level of required
reserves as a way of tightening or loosening monetary policy; China still does this today.
Since 2008 the quantity of reserves has grown significantly because of quantitative
easing, leading the Federal Reserve and other central banks to pay interest on reserves.
This sets a floor under interest rates in the interbank market.
储备金是在中央银行的账户中持有的电子货币。通常情况下，只有商业银行可以持有储备
金。存在的总金额由中央银行决定，尽管个别商业银行可以将其相互借出，或将其转换为
实物现金。在过去，一些中央银行设定了最低储备金要求，当局有时会改变所需储备金的
水平，作为收紧或放松货币政策的一种方式；中国今天仍然这样做。自2008年以来，由于
量化宽松政策，储备金的数量大幅增长，导致美联储和其他中央银行对储备金支付利息。
这为银行间市场的利率设定了一个底线。
Resource curse 资源诅咒
A problem that afflicts some countries with an abundance of natural resources, such as
oil, gas or minerals. The profits from such activities are so large that politicians indulge in
rent-seeking activities, building up their personal wealth and crushing opposition. In such
countries, other industries can find it hard to establish themselves, leaving the economy
dependent on the commodity cycle.
困扰一些拥有丰富自然资源，如石油、天然气或矿产的国家的问题。这种活动的利润非常
大，以至于政客们沉溺于寻租活动，积累个人财富，压制反对派。在这样的国家，其他行
业可能难以立足，使经济依赖于商品周期。
Ricardian equivalence 李嘉图等价
The idea, suggested by David Ricardo, that debt-financed expansion of the public sector
will not boost demand. This is because citizens will recognise that government debt will
have to be repaid in the form of future taxes, and thus they will save money to meet that
future tax bill. Thus Keynesian stimulus programmes will not work. See also rational
expectations.
大卫-李嘉图提出的观点是，由债务资助的公共部门的扩张不会促进需求。这是因为公民会
认识到，政府债务必须以未来税收的形式来偿还，因此他们会省钱以应付未来的税收账
单。因此，凯恩斯主义的刺激方案不会奏效。另见理性预期。
Risk
The possibility that events might not turn out as expected. Risk faces all economic
participants; workers might not get paid, or might lose their jobs; customers may overpay

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or purchase a shoddy product; producers may find that demand is much lower than they
hoped; investors may lose money; and so on. Some risks can be quantified: actuaries
have a pretty good idea how many people will die in a normal year. But much risk is
subject to Knightian uncertainty; there is not enough information to assess all the
probabilities.
事件的结果可能不符合预期。所有的经济参与者都面临着风险；工人可能拿不到工资，或
者可能失去工作；客户可能多付了钱或者购买了伪劣产品；生产者可能发现需求比他们希
望的要低得多；投资者可能亏损；等等。有些风险是可以量化的：精算师对一个正常年份
会有多少人死亡有相当的了解。但许多风险受制于奈何式的不确定性；没有足够的信息来
评估所有的概率。
Risk premium 风险溢价
The extra return investors demand for holding risky assets such as equities, compared
with the return they get on risk-free assets such as cash or government bonds. The risk
premium needs to reflect two factors; the potential for absolute loss (if the company goes
bust or defaults on a debt) and the volatility of the asset (that is, the variability of its price).
In a crisis, risky assets plunge in price, meaning that investors may have to sell them at a
loss.
投资者因持有股票等风险资产而要求的额外回报，与他们在现金或政府债券等无风险资产
上获得的回报相比。风险溢价需要反映两个因素：绝对损失的可能性（如果公司破产或债
务违约）和资产的波动性（即其价格的可变性）。在危机中，风险资产的价格暴跌，意味
着投资者可能不得不亏本出售。
Risk-adjusted return 风险调整后的回报
A calculation that reflects the greater risks of some portfolios compared with others. A
fund manager might achieve a 20% return over a year, compared with a market return of
just 10%. But if the manager owned just a few stocks, that portfolio was a lot riskier than
the market as a whole. There is no guarantee that the manager’s luck will hold in
subsequent years.
反映某些投资组合与其他投资组合相比具有更大风险的计算方法。一个基金经理可能在一
年内取得20%的回报，而市场的回报率只有10%。但如果该经理只拥有几只股票，该投资
组合就比整个市场的风险大得多。不能保证基金经理的运气会在随后几年保持不变。
Risk-averse
A state of caution which can lead to subdued economic activity. Businesses are unwilling
to invest in new production facilities; banks are unwilling to lend; investors prefer the
safety of government bonds to equities. Analysts sometimes refer to conditions of
financial uncertainty as “risk-off” markets. See also animal spirits.
一种谨慎的状态，可导致经济活动受到抑制。企业不愿意投资新的生产设施；银行不愿意
贷款；投资者宁愿选择安全的政府债券而不是股票。分析师有时将金融不确定性的状况称
为 "风险关闭 "市场。也见动物精神。
Risk-free return
无风险收益
The return on assets deemed to be safe, such as cash or government bonds. This
concept is the basis for financial models in which investors demand a risk premium over
the risk-free rate. However, such assets are not really risk-free, as investors can suffer

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real losses if the returns are below inflation and, in the case of government bonds, capital
losses when yields rise. In the late 2010s, when government bonds in some countries
traded on negative yields, some commentators quipped they offered “return-free risk”.
被认为是安全的资产的回报，如现金或政府债券。这个概念是金融模型的基础，在这个模
型中，投资者要求获得比无风险利率更高的风险溢价。然而，这种资产并不是真正的无风
险，因为如果回报率低于通货膨胀率，投资者可能会遭受实际损失，就政府债券而言，当
收益率上升时，会有资本损失。在2010年代末，当一些国家的政府债券以负收益率交易
时，一些评论家夸赞它们提供了 "无回报风险"。
Rules of origin 起源规则
Regulations that determine where a product is sourced or made and thus how it will be
treated for trade purposes, in particular whether they qualify for tariff-free treatment within
a free-trade area.
决定产品来源或制造地的法规，从而决定其在贸易中的待遇，特别是在自由贸易区内是否
有资格获得免关税待遇 .

Sales tax
销售税
A much-used and lucrative source of government finance, sales taxes are a form of
indirect taxation, as they are collected by retailers and other middlemen. In Europe, the
sales tax comes in the form of a value added tax, which is levied at each point of the
supply chain.
销售税是政府财政的一个常用和有利可图的来源，是一种间接税，因为它们是由零售商和
其他中间商收取的。在欧洲，销售税以增值税的形式出现，在供应链的每个环节征收。
Sanctions
Defined by Benjamin Coates, a historian, as “a collective denial of economic access
designed to enforce global order”. Sanctions might include trade embargoes, bans on
travel and investment, and asset freezes. They have become a widely used tool of foreign
policy, not least after Russia’s invasion of Ukraine in 2022. For more about their use,
history and effectiveness, read our Briefing and this article.
历史学家本杰明-科茨将其定义为 "旨在执行全球秩序的集体拒绝经济准入"。制裁可能包括
贸易禁运，禁止旅行和投资，以及资产冻结。它们已经成为外交政策的一个广泛使用的工
具，尤其是在2022年俄罗斯入侵乌克兰之后。关于制裁的使用、历史和有效性的更多信
息，请阅读我们的简报和这篇文章。
Savings
Income that, instead of being consumed, is set aside for future use. Keynes suggested
three reasons for this decision: the precautionary motive, speculative motive and
transactions motive. Across the economy, a sudden increase in saving leads to a fall in
aggregate demand, and thus increases the potential for a recession. But savings are also
vital for long-term economic growth since they provide the funds for investment. In the

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world economy—or in a theoretical economy closed to trade—saving and investment
must be equal.
收入，而不是被消费，而是被留作未来使用。凯恩斯为这一决定提出了三个原因：预防动
机、投机动机和交易动机。在整个经济中，储蓄的突然增加会导致总需求的下降，从而增
加经济衰退的可能性。但是，储蓄对长期经济增长也至关重要，因为它们为投资提供了资
金。在世界经济中，或者在一个封闭的理论经济中，储蓄和投资必须相等。
Say’s law 萨伊定律
The idea, coined in the 19th century by Jean-Baptiste Say, a French economist, that
supply creates its own demand. Say was referring to aggregate demand, rather than that
for individual products. In producing a good, a business will have paid wages to workers,
bought raw materials from suppliers and so on. These wages and revenues will be used
to buy other products. Say’s law was used by classical economists to argue that
recessions would right themselves without government intervention. For more, see our
Schools Brief.
法国经济学家让-巴蒂斯特-萨伊在19世纪提出的观点，即供应创造自己的需求。萨伊指的
是总需求，而不是个别产品的需求。在生产商品的过程中，企业会向工人支付工资，向供
应商购买原材料等等。这些工资和收入将被用来购买其他产品。萨伊定律被古典经济学家
用来论证经济衰退会在没有政府干预的情况下自行解决。更多信息，请参见我们的学校简
介。
Seasonal adjustment 季节性调整
Some economic activity varies depending on the time of the year. Retail sales surge in
the run-up to Christmas, for example. Statisticians adjust economic data to take account
of these variations.
一些经济活动因一年中的不同时期而不同。例如，在圣诞节前，零售业销售激增。统计学
家对经济数据进行调整，以考虑到这些变化。
Secondary market 二级市场
The forum where existing securities (such as bonds or equity) are traded. Turnover in the
secondary market is vast, running at many trillions of dollars a day. When the media
report on “nervous markets”, it is the secondary market to which they refer. See also
primary market.
现有证券（如债券或股票）被交易的论坛。二级市场的交易量很大，每天有几万亿美元。
当媒体报道 "紧张的市场 "时，他们所指的就是二级市场。另见一级市场。
Securities 证券
A catch-all term used to describe tradable financial instruments, such as bonds and
equities.
用于描述可交易的金融工具，如债券和股票的一个总括性术语。
Securitisation 证券化
The practice of bundling together certain types of assets so they can be repackaged as
interest-bearing securities. The assets in question tend to be those that are not normally
tradable: residential mortgages, commercial mortgages, car loans etc. Securitisation was
highly popular in the early 2000s, when investors were looking for assets that yielded
more than government bonds. But the bundling of subprime mortgages led to the financial
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将某些类型的资产捆绑在一起，以便将它们重新包装成有息证券的做法。有关的资产往往
是那些通常不能交易的资产：住宅抵押贷款、商业抵押贷款、汽车贷款等。证券化在21世
纪初非常流行，当时投资者正在寻找收益高于政府债券的资产。但次级抵押贷款的捆绑导
致了2007-09年的金融危机。
Seigniorage
The difference between the face value of money and the cost of producing it. Over
history, this has been a nice little earner for governments. However, small coins, such as
the American penny, can cost more to make than they are worth.
货币的票面价值和生产成本之间的差异。在历史上，这一直是政府的一个不错的小收入。
然而，小硬币，如美国便士，其制造成本可能超过其价值。
Seniority
The order in which creditors are entitled to be repaid in the event of a company going
bankrupt. Senior debt must be paid off before junior debt and is thus less risky, carrying a
lower yield.
在公司破产的情况下，债权人有权得到偿还的顺序。优先债务必须先于次级债务得到偿
还，因此风险较小，收益率较低。
Services
Economic activities that, unlike manufacturing, do not create a physical product. These
make up the greater part of the GDP of most developed economies and include
everything from architecture to zookeeping.
与制造业不同，不创造实物产品的经济活动。这些活动构成了大多数发达经济体国内生产
总值的大部分，包括从建筑到动物园的一切。
Shadow banks
影子银行
Financial services companies that are not part of the regulated banking system but are
still involved in lending and derivatives trading. The expansion of shadow banks in the
early 2000s resulted in the credit expansion that eventually triggered the 2007-09
financial crisis. See also subprime mortgages.
不属于受监管的银行系统，但仍参与借贷和衍生品交易的金融服务公司。影子银行在21世
纪初的扩张导致了信贷扩张，最终引发了2007-09年的金融危机。另见次级抵押贷款。
Share options 股票期权
One of the main ways in which executives at big companies are incentivised. Options
give people the right, but not the obligation, to buy shares at a set price. The idea is to
reduce the principal-agent problem by aligning the incentives of managers and owners,
who want to see the share price rise. Executives have certainly prospered since options
became more widely used in the 1980s, thanks to a long bull market in equities. But
options have been criticised for encouraging short-termism; managers may be reluctant
to make investments that damage the share price. See also options.
大公司高管受到激励的主要方式之一。期权赋予人们以固定价格购买股票的权利，但不是
义务。其目的是通过调整管理者和所有者的激励机制来减少委托代理问题，因为他们希望
看到股价上涨。自从期权在20世纪80年代被广泛使用以来，由于股票的长期牛市，高管们
确实得到了繁荣。但是，期权也被批评为鼓励短期主义；经理们可能不愿意进行损害股价
的投资。另见期权。

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Shareholder value 股东价值
The idea, especially influential in the 1990s and early 2000s, that businesses should
focus only on improving shareholder returns. Supporters argued that it was up to
governments to pass laws to promote wider social goals, not companies. Opponents
argued that the concept led to short-termism and a callous disregard for workers’ rights
and the environment. See also stakeholder capitalism.
在20世纪90年代和21世纪初特别有影响力的观点是，企业应该只关注提高股东的回报。支
持者认为，应该由政府通过法律来促进更广泛的社会目标，而不是公司。反对者认为，这
一概念导致了短期主义和对工人权利和环境的无情漠视。另见利益相关者资本主义。
Shares
An alternative term for equities.
股票的一个替代术语。
Short-selling
The practice of borrowing shares, then selling them, in the hope of buying them back at a
lower price and making a profit. Short-sellers tend to be unpopular, on the grounds that
they prosper from bad news, and the practice tends to be banned or restricted during
crises, the very times when it is most profitable. But short-sellers can play a useful role in
sniffing out scandals and acting as a check on overheated markets.
借入股票，然后卖出，希望以较低的价格买回并获利的做法。卖空者往往不受欢迎，理由
是他们从坏消息中获利，而且这种做法在危机期间往往被禁止或限制，而这正是它最有利
可图的时候。但是，卖空者在嗅出丑闻和对过热的市场进行检查方面可以发挥有益的作
用。
Short-termism
An excessive focus on immediate returns at the expense of the long-term. This can apply
to businesses if they pay too much attention to quarterly profits targets, or to institutional
investors if they hold their position for a few weeks, rather than a few years. See share
options.
过分关注眼前的回报，而忽略了长期的发展。这可能适用于企业，如果他们过于关注季度
利润目标，或者适用于机构投资者，如果他们持有几周的头寸，而不是几年的时间。见股
票期权。
Skill-biased technological change (SBTC)
有技能偏见的技术变革（SBTC）
An explanation for the rise in income inequality in the developed world. The rising use of
new technology has led to a wage premium for those who can use it efficiently and
depressed the wages of lower-skilled workers.
对发达世界收入不平等的上升的解释。新技术的使用不断增加，导致那些能够有效使用技
术的人的工资溢价，压低了低技能工人的工资。
Socialism
A term that is hard to define. Socialists believe in some forms of collective ownership but
not the near-complete abolition of the private sector imposed under communism. They
will attempt to redistribute wealth through taxes on the rich and welfare for the poor, but
not to eliminate all income differentials.
一个难以定义的术语。社会主义者相信某些形式的集体所有制，但不相信共产主义下强加

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的几乎完全废除私营部门的做法。他们会试图通过对富人征税和为穷人提供福利来重新分
配财富，但不会消除所有收入差异。
Sovereign risk 主权风险
The risk that a government will default on a bond or a loan.
政府在债券或贷款上违约的风险。
Sovereign-wealth funds 主权-财富基金
Investment pools accumulated by national governments, often from the proceeds of
energy wealth. Among the largest are those of China, Norway, Abu Dhabi and Kuwait.
These funds give countries a chance to diversify their assets, and thus to protect
themselves against an economic downturn or a decline in a key industry.
国家政府积累的投资池，通常来自能源财富的收益。其中最大的是中国、挪威、阿布扎比
和科威特的基金。这些基金使各国有机会使其资产多样化，从而保护自己免受经济衰退或
某个关键行业衰退的影响。
Special drawing right (SDR)
特别提款权（SDR）
Reserve asset created by the International Monetary Fund and defined in terms of a
basket of five currencies (American dollar, euro, yen, yuan and British pound). New
assets can be created at times of crisis, as they were in 2009, during the financial crisis,
and in 2021, during the pandemic. The SDRs were distributed to countries, based on their
shares in the IMF, thereby boosting their foreign exchange reserves and improving global
liquidity.
由国际货币基金组织创造的储备资产，以一篮子五种货币（美元、欧元、日元、人民币和
英镑）为单位定义。在危机时期可以创造新的资产，如2009年金融危机期间，以及2021年
大流行期间。特别提款权根据各国在国际货币基金组织中的份额分配给各国，从而提高各
国的外汇储备，改善全球的流动性 。
Specialisation 专业化
Another term for the division of labour, and a key insight of Adam Smith, who used the
example of a pin factory. By breaking up a production process into a series of tasks,
workers could learn to do the tasks quickly and efficiently. Productivity would be far higher
than if each worker attempted to handle the entire production process on their own. At the
level of the whole economy, specialisation is the means of exploiting comparative
advantage and hence the gains from free trade.
劳动分工的另一个术语，也是亚当-斯密的一个重要见解，他以针厂为例。通过将一个生产
过程分解成一系列任务，工人可以学会快速有效地完成这些任务。生产率将远远高于每个
工人试图自己处理整个生产过程的情况。在整个经济层面上，专业化是利用比较优势的手
段，因此也是自由贸易的收益。
Speculation 推测
The line between speculation and conventional investment is a fine one. Generally
speaking, speculation will be short-term in nature, will involve leverage and will have no
fundamental relationship to the business or personal interests of the speculator. Although
speculators are often condemned, many businesses would struggle to hedge their risks
without a speculator to take the other side of the position.
投机和传统投资之间的界限很细。一般来说，投机将是短期性质的，将涉及杠杆，并与投

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机者的商业或个人利益没有根本关系。虽然投机者经常受到谴责，但如果没有投机者来承
担另一方的头寸，许多企业将很难对冲风险。
Speculative motive 投机性动机
One of three reasons suggested by Keynes for holding cash. An investor might hope that
asset prices will fall and thus hangs on to cash in the expectation of buying the assets
more cheaply. See also precautionary motive and transactions motive.
凯恩斯提出的持有现金的三个原因之一。投资者可能希望资产价格下跌，因此持有现金，
期望能以更低的价格买入这些资产。另见预防动机和交易动机。
Spot price 现货价格
The price that has to be paid for something if it is bought immediately. Most commonly
used in the commodity markets, and a contrast with the futures price.
如果立即购买某物，必须支付的价格。最常用于商品市场，并与期货价格形成对比。
Spread
A common term in financial markets to describe the difference between two prices or
interest rates. When an investor seeks to trade a share, the dealer will offer a spread
between the price at which they buy and sell. Riskier companies pay a higher rate to
borrow than high-quality companies, or the American government, and the difference in
yields is known as the spread over the less-risky bond.
金融市场上的一个常用术语，描述两个价格或利率之间的差异。当投资者寻求交易一只股
票时，交易商会提供买卖价格之间的价差。风险较大的公司比高质量的公司或美国政府支
付更高的借款利率，收益率的差异被称为与风险较小的债券的利差.
Stagflation
A combination of high inflation and high unemployment. The Phillips curve suggests this
should be rare, as high unemployment is associated with a shortage of demand, and high
inflation with demand outstripping supply. But it happened in the 1970s after the supply
shock of the OPEC oil embargo, and has also been a threat in the wake of the covid-19
pandemic (see this Explainer).
高通货膨胀和高失业率的组合。菲利普斯曲线表明这应该是罕见的，因为高失业率与需求
短缺有关，而高通货膨胀与需求超过供应有关。但这种情况发生在20世纪70年代欧佩克石
油禁运带来的供应冲击之后，并且在19型病毒大流行之后也是一种威胁（见本解释）。
Stagnation
A prolonged period of little or no economic growth.
长时间的经济增长很少或没有增长。
Stakeholder capitalism 利益相关者的资本主义
The idea that businesses should serve a wider community than just their shareholders,
including their workers, suppliers and society at large. Proponents argue that this is better
for the economy in the long run than a focus on short-term profit; indeed, they believe that
companies that ignore their other stakeholders will eventually run into trouble. See also
shareholder value.
企业应该为更广泛的社会服务，而不仅仅是他们的股东，包括他们的工人、供应商和整个
社会的想法。支持者认为，从长远来看，这比关注短期利润更有利于经济；事实上，他们
认为忽视其他利益相关者的公司最终会陷入困境。另见股东价值。

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State capitalism 国家资本主义
See authoritarian capitalism 见专制资本主义
Sticky prices 粘性价格
Retail prices can be slow to respond to changes in supply and demand, as car drivers
often note when oil prices fall and the price of petrol fails to follow. This can lead to
market disequilibrium as consumers wait until prices have adjusted before purchasing.
Sticky prices may be caused by the costs of making price changes and asymmetric
information between producers and consumers, among other factors.
零售价格对供需变化的反应可能很慢，正如汽车司机经常注意到的那样，当油价下跌时，
汽油价格未能跟上。这可能导致市场不平衡，因为消费者要等到价格调整后才能购买。粘
性价格可能是由价格变化的成本和生产者与消费者之间的信息不对称以及其他因素造成
的。
Stock exchange 证券交易所
A formal market where shares, or equities, are traded. The word stock is commonly used
as an alternative for shares in American English. Most developed countries have at least
one stock exchange, and each exchange will have listing requirements for companies
that want to have their shares traded. Trading was once conducted via open outcry in a
single location but is now done mostly electronically.
一个正式的市场，在这个市场上进行股份或股票的交易。在美国英语中，股票这个词通常
被用来替代股份。大多数发达国家至少有一个证券交易所，每个交易所都会对希望进行股
票交易的公司提出上市要求。交易曾经在一个地方通过公开喊价进行，但现在大部分是通
过电子方式进行。
Stockmarket 股票市场
A term used broadly to describe all the trading in shares or equities.
一个广义的术语，用于描述所有的股票或证券的交易。
Strategic industry
战略产业
An industry that a government deems to be of special importance to the economy and
hence deserving of special treatment, such as tax breaks, subsidies or protection from
foreign competition (see industrial policy). Some sectors, such as defence, may seem
obvious choices but the list is long (even, notoriously, extending to dairy products: see
article). Self-sufficiency, national security, the promotion of research and development or
the fostering of an infant industry may be the justification; protectionism may be the
outcome (see article).
一个政府认为对经济特别重要，因此应该得到特殊待遇的行业，如减税、补贴或保护其免
受外国竞争（见产业政策）。一些行业，如国防，似乎是显而易见的选择，但这个名单很
长（甚至臭名昭著地延伸到乳制品：见文章）。自给自足、国家安全、促进研究和发展或
培养新生工业可能是理由；保护主义可能是结果（见文章）。
Structural adjustment 结构调整
A programme of economic change designed to improve long-term growth. The IMF and
World Bank may demand a programme of structural adjustment in return for a loan. And
many a leader in The Economist has recommended structural reform.

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旨在改善长期增长的经济变革方案。国际货币基金组织和世界银行可能会要求一个结构调
整方案来换取贷款。而《经济学人》杂志的许多领导人都建议进行结构改革。
Structural unemployment 结构性失业
Joblessness that results, not from a shortage of demand, but from the structure of the
economy. Examples include a focus on industries that have been overtaken by foreign
competitors or have been rendered obsolete by technological change. Believers in
supply-side economics would also argue that structural employment can be caused by
overregulation and a lack of labour market flexibility. For more, see this Explainer.
不是因为需求不足，而是因为经济结构导致的失业。这方面的例子包括关注那些已被外国
竞争对手超越或因技术变革而被淘汰的行业。供应方经济学的信奉者也会认为，结构性就
业可能是由过度监管和缺乏劳动力市场灵活性造成的。更多信息，请参见本解释。
Subprime mortgages 次级抵押贷款
Home loans made to those with poor credit ratings. In the 2000s, some of these
borrowers were dubbed “ninjas” as they had no income, job or assets. The loans were
then bundled together as part of the securitisation process and sold to institutional
investors and shadow banks. When house prices started to fall, many subprime
borrowers defaulted, contributing to the 2007-09 financial crisis.
向信用等级差的人提供的住房贷款。在2000年代，这些借款人中的一些人被称为 "忍者"，
因为他们没有收入、工作或资产。然后，这些贷款被捆绑在一起，作为证券化过程的一部
分，出售给机构投资者和影子银行。当房价开始下跌时，许多次贷者违约，促成了2007-09
年的金融危机。
Subsidy 补贴
Money paid by a government, usually to one of two groups. The first is consumers, to
encourage them to buy a product (such as insulation) or to keep prices down (as in 2022
when energy prices surged). The second is businesses, either to keep them from going
bust (and save existing jobs) or to set up in a certain area (and create new jobs). Many
economists dislike subsidies, since they distort market signals, unless they correct
externalities.
政府支付的钱，通常是给两个群体中的一个。首先是消费者，以鼓励他们购买产品（如绝
缘材料）或压低价格（如2022年能源价格飙升时）。第二类是企业，要么让他们不破产
（拯救现有的工作），要么让他们在某一地区设立公司（创造新的工作）。许多经济学家
不喜欢补贴，因为它们扭曲了市场信号，除非它们纠正外部因素.
Substitution effect 替换效应
When the price of a product rises, consumers may replace it with an alternative; chicken
instead of beef, for example. Statisticians need to adjust for this when compiling inflation
indices.
当一种产品的价格上涨时，消费者可能会用另一种替代品来代替它；例如，用鸡肉代替牛
肉。统计学家在编制通货膨胀指数时需要对此进行调整。
Sunk costs
沉没成本
Expenses that cannot be recouped. Examples include the building of a prototype or the
cost of obtaining planning permission for a new development. The danger is that
businesses develop “sunk cost syndrome”, continuing with a project, regardless of its

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prospects, rather than admit it was a failure and take the loss. See also loss aversion.
无法收回的费用。这方面的例子包括建造一个原型或为一个新的发展项目获得规划许可的
费用。危险的是，企业会出现 "沉没成本综合症"，不管项目的前景如何，都要继续进行，
而不是承认它是失败的，承担损失。另见损失厌恶。
Supply
Those goods and services that are available to meet demand.
那些可以满足需求的商品和服务。
Supply and demand curves
供应和需求曲线
One of the earliest illustrations learned by students of economics. Supply increases as
the price rises, and demand increases when the price falls (with the exception of some
luxuries, known as Veblen goods, and very basic Giffen goods). The two are displayed on
a graph (usually as straight lines, rather than curves) and the point where they meet is the
equilibrium price.
经济学学生学到的最早的图解之一。 供应量随着价格的上升而增加，需求量随着价格的下
降而增加（一些被称为维布伦商品的奢侈品和非常基本的吉芬商品除外）。两者在图表上
显示出来（通常是直线，而不是曲线），它们相遇的点就是均衡价格。
Supply shock 供应冲击
A disruption to economic activity caused by a sudden interruption to supply of important
products, or a sharp rise in price. In the modern era, supply shocks are often associated
with energy: the oil embargo imposed by OPEC in the 1970s, for example, or Russia’s
restrictions on gas supplies after its invasion of Ukraine in 2022. The covid-19 pandemic,
which caused many businesses to close, was another supply shock. Supply shocks
usually result in both higher inflation and lower output, and are thus difficult for
policymakers to tackle.
由于重要产品的供应突然中断，或价格急剧上升，导致经济活动中断。在现代，供应冲击
往往与能源有关：例如，1970年代欧佩克实施的石油禁运，或2022年俄罗斯入侵乌克兰后
对天然气供应的限制。导致许多企业关闭的covid-19大流行病是另一个供应冲击。供应冲
击通常会导致更高的通货膨胀和更低的产出，因此决策者很难解决。
Supply-side economics 供应方经济学
A school of thought that argues growth is best boosted to ways of stimulating output by
improving productivity. This can be done by tax cuts for the wealthy (to encourage
entrepreneurship), reducing regulations on business and promoting labour market
flexibility (making it easier to hire and fire workers). The approach was championed by
free-market economists in the 1970s as a counter to Keynesian economics, which tended
to focus on shortfalls in demand.
一个学派认为，促进增长的最好方法是通过提高生产力来刺激产出。这可以通过对富人减
税（以鼓励创业）、减少对企业的监管和促进劳动力市场的灵活性（使雇佣和解雇工人更
容易）来实现。这种方法是由自由市场经济学家在20世纪70年代倡导的，作为对凯恩斯主
义经济学的反击，后者倾向于关注需求的不足。
Swaps
Derivative agreements whereby two counterparties agree to exchange cashflows. For
example, one party may agree to pay a fixed interest rate, and the other a variable rate,

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linked to some benchmark. When payment is due, the two cashflows will be netted out,
so only one party will pay the other. As with other derivatives, swaps can be used for
hedging (against rising interest rates, for example) or for speculation. See also credit
default swaps.
衍生品协议，两个交易方同意交换现金流。例如，一方可能同意支付一个固定利率，另一
方同意支付一个与某些基准相联系的可变利率。当付款到期时，这两个现金流将被抵消，
所以只有一方将支付给另一方。与其他衍生品一样，掉期可用于套期保值（例如，针对利
率上升）或投机。另见信用违约掉期。
Systematic risk 系统性风险
Risk that cannot be diversified away. An investor could buy 100 shares and thereby
reduce the danger that the collapse of a single company could damage their portfolio. But
the systematic risk of a collapse in the stockmarket would remain.
无法分散的风险。一个投资者可以购买100股，从而减少一家公司的倒闭可能损害他们的投
资组合的危险。但股票市场崩溃的系统性风险仍将存在。
Systemic risk 系统性风险
The risk of damage to the entire financial system from the collapse of an individual
institution from a group of them. Regulators have had to reconsider this subject in the
aftermath of the financial crisis of 2007-09 when some companies were deemed “too big
to fail”. Large commercial banks definitely fall into the category but the collapse of AIG, an
insurance company, indicated that the potential for systemic risk was widespread. See
also macroprudential regulation.
一组机构中的个别机构的倒闭对整个金融系统造成损害的风险。在2007-09年金融危机之
后，一些公司被认为 "大到不能倒"，监管者不得不重新考虑这个问题。大型商业银行肯定
属于这一类，但保险公司AIG的倒闭表明，潜在的系统性风险是普遍存在的。另见宏观审慎
监管。

Tangible assets 有形资产

Literally, things that can be touched such as buildings and machinery. See also intangible
assets.
从字面上看，可以触摸到的东西，如建筑物和机器。另见无形资产。
Tariff
关税
A tax imposed on imports. Tariffs are designed to support domestic producers but they
result in higher prices for consumers. The Economist was founded in 1843 to campaign
against a tariff on grain, known as the Corn Laws.
对进口产品征收的一种税。关税的目的是支持国内生产者，但它们导致消费者的价格上
涨。经济学家》杂志成立于1843年，旨在反对对谷物征收关税，即所谓的 "玉米法"。
Tariff-rate quota 关税率配额

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Tariff-rate quotas (or tariff quotas) allow the import of a specified quantity of a good at a
lower tariff, or free of tariffs. Amounts above the quota incur tariffs at a higher rate. Tariff-
rate quotas are part of countries’ trade commitments under the GATT and the World
Trade Organisation.
关税率配额（或关税配额）允许以较低的关税进口特定数量的商品，或免征关税。超过配
额的数量会产生更高的关税。关税率配额是各国在《关贸总协定》和世界贸易组织下的贸
易承诺的一部分。
Tax avoidance 避税
Doing everything legally possible to reduce your tax bill. In a world of free capital
movement and competing tax jurisdictions, multinational companies find it very easy to
avoid taxes. See this Explainer on offshore havens; and also tax evasion.
在法律上尽一切可能减少你的税单。在一个资本自由流动和相互竞争的税收管辖权的世界
里，跨国公司发现很容易避税。请看这个关于离岸避风港的解释；还有逃税的解释。
Tax competition 税收竞争
When two different jurisdictions try to attract businesses and individuals by reducing their
tax rates. In theory, this can prevent governments from making excessive tax demands on
their populations. But this depends on how mobile taxpayers are. Under the Bretton
Woods system, capital controls made it hard to move money between countries; tax rates
on companies and rich individuals were generally higher. Now, some critics argue, a
combination of free capital movement and tax havens means that the corporate sector
and the wealthy do not pay enough tax.
当两个不同的司法管辖区试图通过降低其税率来吸引企业和个人。从理论上讲，这可以防
止政府对其人口提出过多的税收要求。但这取决于纳税人的流动性如何。在布雷顿森林体
系下，资本控制使得资金很难在国家之间流动；公司和富人的税率普遍较高。现在，一些
批评者认为，资本自由流动和避税天堂的结合意味着企业部门和富人没有支付足够的税
款。
Tax evasion 逃税
Paying less tax than is legally required. Tax evasion is punished with fines and sometimes
imprisonment but that requires the evaders to be caught. Contrast with tax avoidance.
缴纳的税款少于法律规定的数额。逃税会被处以罚款，有时还会被监禁，但这需要逃税者
被抓住。与避税形成鲜明对比。
Tax haven
避税天堂
A jurisdiction that imposes little or no tax on corporations and wealthy individuals. The
haven benefits by attracting deposits to its banks and by generating business for local
lawyers and accountants.
一个对公司和富人征收很少或不征收税款的司法管辖区。避难所通过吸引银行存款和为当
地律师和会计师创造业务而受益。
Tax incidence 税收发生率
A term for where the burden of tax actually falls, as opposed to liability in law. Tax a
company and the cost will be passed on to its shareholders (via lower dividends), its
customers (via higher prices) or its workers (via lower wages). The chain can be
complicated; sales taxes may be paid by consumers but if the result is lower demand,

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that may hit the profits of retailers. Sometimes referred to as the “effective” incidence of a
tax, in contrast to its “formal” incidence. For more on the distinction, see this article.
税收负担的实际落脚点，而不是法律责任的说法。对一家公司征税，其成本将转嫁给其股
东（通过降低股息）、其客户（通过提高价格）或其工人（通过降低工资）。这个链条可
能很复杂；销售税可能由消费者支付，但如果结果是需求减少，这可能会打击零售商的利
润。有时被称为税收的 "有效 "发生率，与它的 "正式 "发生率相反。更多关于这一区别的信
息，请参见这篇文章。
Tax neutrality 税收中立性
The principle that governments should set tax rules so that economic decisions are made
on their own merits, and not for tax reasons. A combination of the policy priorities of
politicians and lobbying by corporations means the principle is rarely observed in practice.
政府应制定税收规则，使经济决策基于其本身的价值，而不是出于税收原因。政治家的政
策重点和公司的游说相结合，意味着该原则在实践中很少被遵守。
Taylor rule 泰勒规则
A guideline, suggested by John Taylor, an American economist, for how the Federal
Reserve should set interest rates. The rule supposes a normal real interest rate of 2%.
The Fed will move interest rates up or down depending on the distance between actual
inflation and the target rate, and the size of the output gap. In practice central banks
prefer to maintain their policy discretion, though they consult rules like Mr Taylor's. For
more on the Taylor rule, see this article.
由美国经济学家约翰-泰勒提出的关于美联储应如何设定利率的准则。该规则假设正常的实
际利率为2%。美联储将根据实际通货膨胀率和目标利率之间的距离，以及产出缺口的大
小，提高或降低利率。在实践中，中央银行倾向于保持他们的政策自由裁量权，尽管他们
会参考像泰勒先生的规则。关于泰勒规则的更多信息，请参见这篇文章。
Technical progress 技术进步
Innovations such as the steam engine, the internal combustion engine and electrification
—as well as many incremental changes—have all boosted productivity and thus driven
long-term economic growth. Some of these discoveries are down to individual genius but
endogenous growth theory suggests governments can help to generate technical
progress with the right policies: see this article.
蒸汽机、内燃机和电气化等创新，以及许多渐进式变革，都提高了生产力，从而推动了长
期经济增长。其中一些发现归功于个人的天才，但内生增长理论表明，政府可以通过正确
的政策帮助产生技术进步：见本文。
Terms of trade 贸易条件
The average price of a country’s exports, relative to that of its imports. Terms of trade
shocks thus come in two main types. Developing countries can be hit by a fall in
commodity prices, which reduces the value of their exports and this can worsen their
trade balance. And developed economies can be hit by a rise in commodity prices, which
increases the cost of imports and hits their trade balance,
一个国家的出口的平均价格，相对于其进口的平均价格。因此，贸易条件的冲击有两种主
要类型。发展中国家可能受到商品价格下跌的冲击，这将减少其出口价值，从而使其贸易
平衡恶化。而发达经济体可能会受到商品价格上涨的冲击，这将增加进口成本，并影响其
贸易平衡、

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Time value of money
货币的时间价值
The idea that money received now is worth more than money received in the future. In
assessing the worth of an investment, any future income must be discounted at some
rate in order to come up with a net present value. The choice of that discount rate (see
this article) is crucial; the higher it is, the lower the net present value.
现在收到的钱比将来收到的钱更有价值的想法。在评估一项投资的价值时，任何未来的收
入都必须以某种比率折现，以便得出净现值。折现率的选择（见本文）至关重要；折现率
越高，净现值就越低。
Tobin tax 托宾税
A levy, proposed by James Tobin, an American economist and winner of a Nobel prize, on
all currency transactions as a way of reducing volatility and discouraging speculation in
the foreign exchange market. The Tobin tax has not yet been imposed, given the difficulty
of getting international agreement. For more detail, read this Explainer.
由美国经济学家、诺贝尔奖获得者詹姆斯-托宾提出的对所有货币交易的征税，作为减少波
动和阻止外汇市场投机的一种方式。由于难以获得国际协议，托宾税还没有被实施。欲了
解更多细节，请阅读本解释。
Total factor productivity 全要素生产率
Output relative to inputs, measured (eg, by America’s official statisticians) by dividing an
index of output by a combined index of labour and capital. Growth in TFP is thus
productivity growth that cannot be accounted for by extra inputs, but comes from greater
efficiency or the adoption of new technology.
相对于投入的产出，通过将产出指数除以劳动和资本的综合指数来衡量（例如，由美国的
官方统计人员）。因此，全要素生产率的增长是不能用额外投入来解释的生产率增长，而
是来自于更高的效率或新技术的采用。
Total return 总收益
The sum of all returns from an investment, including income and capital gain.
一项投资的所有回报的总和，包括收入和资本收益。
Trade bloc 贸易集团
A group of nations that have agreed terms to reduce tariffs, or other trade barriers, among
them. The European Union is the most obvious example. See also free-trade area.
一组同意降低关税或其他贸易壁垒的国家之间的条款。欧盟是最明显的例子。也见自由贸
易区。
Trade unions 工会
Workers’ associations that campaign for better employment rights and wages. In the
developed world, their heyday was in the three decades after the second world war, when
union membership was high and manufacturing jobs were plentiful. But globalisation and
the decline of manufacturing employment after 1980 weakened union membership,
leaving their greatest strength in the public sector. For more, see this article.
争取更好的就业权利和工资的工人协会。在发达国家，工会的全盛时期是在二战后的三十
年，当时工会会员人数很多，制造业的工作也很多。但是，1980年后，全球化和制造业就
业的减少削弱了工会成员，使其最大的力量留在公共部门。更多信息，请参见本文。

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Trade-weighted exchange rate
贸易加权汇率
A weighted average of a country’s exchange rate with its main trading partners. The
weights reflect the proportion of trade done with each partner. Trends in this rate are a
useful guide to the country’s competitive position.
一个国家与其主要贸易伙伴的汇率的加权平均值。加权反映了与每个伙伴的贸易比例。该
汇率的趋势对该国的竞争地位是一个有用的指导。
Tragedy of the commons
公地的悲剧
If individuals have access to a public resource, they will exploit it, without considering the
common good. So small farmers will let their animals graze on the common (since it is
free) until all the vegetation is destroyed; over the centuries, humans have overfished the
oceans. Avoiding this problem either requires regulation or market pricing to discourage
overuse.
如果个人可以使用公共资源，他们就会利用它，而不考虑公共利益。因此，小农会让他们
的动物在公共资源上吃草（因为它是免费的），直到所有的植被被破坏；几个世纪以来，
人类过度捕捞海洋。要避免这个问题，要么需要监管，要么需要市场定价来阻止过度使
用。
Transactions motive 交易动机
One of three reasons for holding cash suggested by Keynes and the simplest: people
need cash to buy stuff. See also precautionary motive and speculative motive.
凯恩斯提出的持有现金的三个原因之一，也是最简单的：人们需要现金来购买东西。另见
预防性动机和投机性动机。
Transfer
In economics, a transfer is a payment of money without any goods or services being
exchanged in return. Governments make transfers in the form of welfare benefits but
individuals make transfers, both to charities and to friends and family members. See also
remittances.
在经济学中，转移是指在没有任何商品或服务交换的情况下支付的金钱。政府以福利的形
式进行转移，但个人也进行转移，包括向慈善机构和朋友及家人转移。另见汇款。
Transfer pricing 转移定价
This occurs when goods or services are exchanged, across national borders, but within a
multinational company. This creates the scope for a subsidiary within a high-tax
jurisdiction to sell at a low price (or buy at a high price) when dealing with another
subsidiary in a low-tax area. As a result, the subsidiary in a low-tax nation makes most of
the profit. There are rules against this form of tax avoidance but it undoubtedly occurs:
see this article.
当货物或服务的交换跨越国界，但在一个跨国公司内部进行时，就会出现这种情况。 这就
为高税率地区的子公司在与低税率地区的另一子公司交易时以低价出售（或以高价购买）
创造了空间。因此，低税率国家的子公司赚取了大部分的利润。有规则禁止这种形式的避
税，但无疑会发生：见这篇文章。
Treasury bills 国库券

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Short-term government debt with a maturity of less than a year. The term is most
commonly used for debt issued by the American government, and the market in these
bills is highly liquid. However, other governments (including Britain) also issue Treasury
bills.
期限在一年以内的短期政府债务。这个词最常用于美国政府发行的债务，这些票据的市场
流动性很强。然而，其他政府（包括英国）也发行国库券。
Treasury bonds 国债
Medium- and long-term debt issued by the American government. This is one of the most
liquid markets in the world and the basis for many financial transactions including
repurchase agreements.
美国政府发行的中长期债务。这是世界上流动性最好的市场之一，也是许多金融交易的基
础，包括回购协议。
Trust
A necessary condition for much economic activity; suppliers must trust that their
customers must pay them and customers must trust that the goods they buy are
satisfactory. Surveys have found that higher levels of trust are associated with faster
economic growth in the long run. For more detail, see this article.
许多经济活动的必要条件；供应商必须相信他们的客户必须向他们付款，客户必须相信他
们购买的商品是令人满意的。调查发现，从长远来看，较高的信任水平与较快的经济增长
有关。更多细节，请看这篇文章 。

USMCA (United States-Mexico-Canada Agreement)

USMCA（美国-墨西哥-加拿大协议）
See NAFTA. 见NAFTA .
Uncertainty
See Knightian uncertainty and risk.
见Knightian不确定性和风险 .
Unemployment
Being out of work when you want a job. After the Great Depression, many countries
adopted policies to try to keep unemployment down and also offered income support to
those who were out of a job. See also frictional unemployment, structural unemployment,
involuntary unemployment and Nairu. For more on the different types of unemployment,
read this Explainer.
当你想要一份工作时，却没有工作。在大萧条之后，许多国家采取了一些政策，试图降低
失业率，并向那些失去工作的人提供收入支持。另见摩擦性失业、结构性失业、非自愿性
失业和Nairu。关于不同类型的失业的更多信息，请阅读本解释。
Unions
See Trade unions 见工会

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Universal basic income (UBI)
全民基本收入（UBI）
Term used for a variety of schemes to reduce poverty which involve giving all citizens an
income that is enough to support them. Depending on the scheme design, the UBI would
replace all or part of the benefit system. There are doubts about its potential
effectiveness; a UBI might require punitively high marginal tax rates and might create a
disincentive to work.
用于各种减贫计划的术语，涉及向所有公民提供足以支持他们的收入。根据计划的设计，
UBI将取代全部或部分的福利制度。人们对其潜在的有效性表示怀疑；UBI可能需要惩罚性
的高边际税率，并可能产生对工作的抑制作用。
Usury
The charging of excessive rates of interest. Many ancient philosophers disliked the
concept of interest payments and in the Middle Ages, laws against usury were common.
Since lending was inherently risky in that era, this discouraged trade expansion and
business formation. In the modern era, some governments still have laws that discourage
sky-high rates of interest charged by those known as “loan sharks”.
收取过高的利率。许多古代哲学家不喜欢支付利息的概念，在中世纪，反对高利贷的法律
很普遍。由于在那个时代，借贷本身就有风险，这就阻碍了贸易扩张和企业形成。在现
代，一些政府仍然有法律阻止那些被称为 "高利贷 "的人收取天价利息。

Vacancy rate 空缺率

In the property sector, this is a measure of the proportion of rentable, or lettable,
properties that are unoccupied. A high vacancy rate is either a sign of economic problems
or the aftermath of excessive property building. For employment vacancies, see job
vacancies.
在房地产领域，这是对可出租或可租赁的房产中无人居住的比例的一种衡量。高空置率要
么是经济问题的标志，要么是过度房地产建设的后果。关于就业空缺，见职位空缺。
Value added 附加值
The difference between the price of a good or service and the cost of producing it. This
can be applied at the level of the individual firm (and is the basis for value added tax) or
at the sectoral level.
一种商品或服务的价格与生产成本之间的差异。这可以在单个公司层面（也是增值税的基
础）或部门层面上应用。
Value at risk (VAR)
风险价值(VAR)
A measure used by financial institutions to estimate the maximum financial loss they
might suffer, due to market movements, within a set period. Some institutions that used
VAR were caught out in the financial crisis of 2007-09, because their models failed to
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金融机构用来估计他们在一定时期内由于市场变动而可能遭受的最大财务损失的一种措
施。一些使用VAR的机构在2007-09年的金融危机中陷入困境，因为他们的模型没有考虑到
极端事件，或肥尾。
Variable costs 可变成本
That part of a firm’s expenditure that changes with the level of output (for example, extra
raw materials). See also fixed costs.
企业支出中随产出水平变化的部分（例如，额外的原材料）。另见固定成本。
Veblen goods 维布伦商品
Luxury goods for which demand increases in line with their price. They are named after
Thorstein Veblen, who described the phenomenon of “conspicuous consumption” in the
late 19th century. Ownership of these goods confers social status, so their high price
makes them more desirable by indicating that the buyer is part of the elite. As the saying
goes: “If you have to ask the price, you can’t afford it.”
奢侈品的需求随着其价格的增加而增加。它们是以托尔斯泰-维布伦命名的，他在19世纪末
描述了 "显性消费 "的现象。拥有这些商品就等于拥有了社会地位，因此它们的高价格表明
购买者是精英阶层的一部分，从而使它们更受欢迎。俗话说得好："如果你必须问价格，你
就买不起"。
Velocity of circulation 循环的速度
A measure of how quickly money changes hands. A key component in the formula at the
heart of the quantity theory of money.
衡量货币转手速度的一种方法。货币数量理论的核心公式中的一个关键组成部分。
Venture capital 风险投资
A branch of the investment management industry that invests in start-ups, or recently
formed companies, with the hope that they will achieve long-term success. Inevitably,
venture capital investments have a high failure rate but the few successes can be so
lucrative that overall returns can still be good. The sector has played a big role in
financing the technology firms in Silicon Valley.
投资管理行业的一个分支，投资于初创企业或最近成立的公司，希望它们能取得长期成
功。不可避免的是，风险投资有很高的失败率，但少数的成功可能是如此的有利可图，以
至于总体回报率仍然不错。该部门在为硅谷的技术公司融资方面发挥了很大作用。
Visible trade 可见的交易
Trade in physical goods, such as raw materials, components and manufactured articles,
like cars. See also invisible trade.
有形商品的贸易，如原材料、零部件和制成品，如汽车。另见无形贸易。
Volatility
A measure of risk in the financial markets. In its simplest terms, it is how much an asset
price tends to go up and down. More precisely, it is calculated using the standard
deviation of the logarithmic return over a given period. More volatile assets are deemed to
be more risky and thus investors demand a higher return for owning them. For more, see
this article.
金融市场上的一种风险衡量标准。最简单的说法，它是指资产价格的涨跌幅度。更准确地

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说，它是用一定时期内对数回报的标准差来计算的。波动较大的资产被认为风险较大，因
此投资者要求拥有这些资产的回报率较高。更多信息，请看这篇文章 。
Voluntary unemployment 自愿失业
A subset of economic inactivity, this term covers those workers who have the time,
opportunity and ability to take a job, but choose not to. This may be down to frictional
unemployment; they have recently left their jobs and are looking for a post that pays
better or suits their skills. See also quit rate.
作为非经济活动的一个分支，这个术语涵盖了那些有时间、机会和能力去找工作，但却选
择不做的工人。这可能是由于摩擦性失业；他们最近离开了自己的工作，正在寻找一个报
酬更好或适合他们技能的职位。另见辞职率。

Wage-price spiral 工资价格螺旋上升

A feedback loop in which rising inflation causes workers to demand higher wages and the
cost of meeting those wage rises causes businesses to push up their prices. Workers are
often the losers, as wages fail to keep up: see this article.
通货膨胀率上升导致工人要求提高工资，而满足这些工资上涨的成本导致企业推高价格，
这是一个反馈循环。工人往往是输家，因为工资没有跟上：见本文。
Wages
The return due to labour. As well as a weekly or monthly payment, workers are often
entitled to other benefits such as pensions, health insurance and sick pay. Some workers
also receive overtime pay and performance-related bonuses. Although, in theory, wages
are a matter of negotiation between employers and employees, some states have
minimum wage levels while trade unions may negotiate on the workers’ behalf.
应付给劳动者的回报.除了每周或每月的工资外，工人通常有权享受其他福利，如养老金、
医疗保险和病假工资。一些工人还获得加班费和与业绩有关的奖金。虽然从理论上讲，工
资是雇主和雇员之间协商的问题，但一些州有最低工资水平，而工会可以代表工人进行谈
判。
Washington consensus 华盛顿共识
A term, developed by John Williamson, a British economist, to describe the advice often
given to developing countries by bodies such as the International Monetary Fund and the
World Bank. The advice usually included deregulation, trade liberalisation, privatisation
and fiscal restraint. Critics focused on the “one size fits all” approach of the consensus
and the lack of attention to democratic accountability and poverty relief. For more, read
this article.
一个由英国经济学家约翰-威廉姆森提出的术语，用来描述国际货币基金组织和世界银行等
机构经常给发展中国家的建议。这些建议通常包括放松管制、贸易自由化、私有化和财政
紧缩。批评者集中在共识的 "一刀切 "方法，以及缺乏对民主问责制和扶贫的关注。更多信
息，请阅读这篇文章。
Wealth effect 财富效应

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The impact of a change in wealth on consumption. A sudden collapse in the stockmarket
or in house prices will make people feel poorer and thus they will spend less. Conversely
rapidly rising asset prices may make consumers more confident and prompt them to
increase their spending.
财富的变化对消费的影响.股票市场或房价的突然崩溃会使人们感到更穷，因此他们会减少
消费。相反，快速上涨的资产价格可能使消费者更加自信，促使他们增加消费。
Wealth tax 财富税
An idea that appeals to many on the left, given the wealth disparities in many countries.
Inheritance taxes are a form of wealth tax and played their part in reducing disparities in
the first half of the 20th century, by eating into the landed wealth of European
aristocracies. More ambitious politicians hope to impose annual levies on the assets of
the wealthy. However, the rich are good at tax avoidance and the revenues raised from
such taxes tend to be low as a proportion of GDP. And many economists think that taxes
on capital distort the economy by encouraging consumption rather than saving and
investment.
鉴于许多国家的贫富差距，这个想法吸引了许多左派人士。 遗产税是财富税的一种形式，
在20世纪上半叶，通过侵蚀欧洲贵族的土地财富，在缩小差距方面发挥了作用。更有野心
的政治家希望对富人的资产进行年度征收。然而，富人善于避税，从这种税收中获得的收
入在国内生产总值中的比例往往很低。许多经济学家认为，对资本征税会扭曲经济，鼓励
消费而不是储蓄和投资。
Welfare
A term used, particularly in America, for social benefits to help people who are
unemployed, sick, retired or have low incomes. Before the 20th century, welfare benefits
were low and designed to discourage the “undeserving poor” from applying. But the Great
Depression demonstrated the need for social benefits and developed economies built
“welfare states” after the second world war. In 2019 welfare spending averaged around
20% of GDP across the OECD.
特别是在美国，用于帮助失业、生病、退休或低收入者的社会福利的一个术语。在20世纪
之前，福利待遇很低，旨在阻止 "不值得的穷人 "申请。但大萧条表明了社会福利的必要
性，发达经济体在第二次世界大战后建立了 "福利国家"。2019年，整个经合组织的福利支
出平均占GDP的20%左右。
Welfare-to-work programmes 以工代赈方案
Schemes that encourage people to take up jobs and employers to give them work. These
may include training, education or tax credits that reduce the impact of the loss of benefits
to workers, and tax incentives for companies.
鼓励人们参加工作和雇主给他们工作的计划。这可能包括培训、教育或税收抵免，以减少
工人福利损失的影响，以及对公司的税收优惠。
Windfall gains 意外收获
A sudden, unexpected, gain in wealth such as an inheritance or a lottery win. If the
permanent income hypothesis were correct, people would save the bulk of these gains.
But not everyone does.
突如其来的财富收益，如遗产或彩票中奖。如果永久收入假说是正确的，人们会把这些收
益的大部分储蓄起来。但不是每个人都这样做。

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Windfall taxes
暴利税
Levies imposed on companies that make large profits after an economic change. The
most recent examples have been taxes on energy companies when their profits surged
after Russia’s invasion of Ukraine in 2022. Economists are dubious about the merits of
these taxes as they may discourage future investment; companies may need the
occasional windfall to compensate them for the losses they incur in difficult times. For the
case against, see this article.
对经济变化后获得大量利润的公司征税。最近的例子是，2022年俄罗斯入侵乌克兰后，能
源公司的利润激增，对其征税。经济学家对这些税收的优点表示怀疑，因为它们可能会阻
碍未来的投资；公司可能需要偶尔的暴利来补偿它们在困难时期的损失。关于反对的理
由，请看这篇文章。
Winner-takes-all markets 赢家通吃的市场
When enormous rewards go to a few. Lots of people can sing or play football but the big
money goes to those good enough to sell out concerts or play for top-flight clubs. By the
same token, the best accountants, lawyers or fund managers will attract very high fees as
clients will seek them out.
当巨大的回报流向少数人的时候。很多人都会唱歌或踢足球，但大笔的钱都给了那些足以
卖出音乐会或为顶级俱乐部效力的人。同样的道理，最好的会计师、律师或基金经理会吸
引非常高的费用，因为客户会找他们。
Withholding tax 预扣税
A levy that is collected before the recipient gets their money. Such taxes are often applied
to interest and dividend income. Taxes are also deducted before most workers get their
wages.
在收款人拿到钱之前征收的一种税。这种税通常适用于利息和股息收入。税款也在大多数
工人拿到工资之前被扣除。
Working from home (WFH)
在家工作(WFH)
A phenomenon that took off during the covid-19 pandemic when many offices were
closed. Although employees in many sectors (retailing, manufacturing) could not work
from home, office workers were able to use technology, such as video conferencing, to
carry on. The evidence did not suggest a great impact on productivity but as the
pandemic eased, hybrid working (with some days at home and some in the office)
became quite common where it was possible. For more, see our Special Report.
在covid-19大流行期间，许多办公室被关闭，这种现象开始兴起。虽然许多部门（零售
业、制造业）的雇员不能在家工作，但办公室工作人员能够使用技术，如视频会议，继续
工作。证据显示，这对生产力没有很大的影响，但随着大流行病的缓解，混合工作（有些
日子在家里，有些日子在办公室）在可能的地方变得相当普遍。更多信息，请参阅我们的
特别报告。
World Bank 世界银行
An institution set up, like the International Monetary Fund, as part of the Bretton Woods
agreement. The World Bank’s main activity has been to provide loans and advice to
developing countries, but it also conducts research into issues such as poverty and

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migration. For more about the bank, read this Explainer.
与国际货币基金组织一样，作为布雷顿森林协议的一部分而设立的机构。世界银行的主要
活动是向发展中国家提供贷款和建议，但它也对贫困和移民等问题进行研究。有关该银行
的更多信息，请阅读本说明。
World Economic Forum 世界经济论坛
A research and conference group that holds an annual meeting in Davos, Switzerland,
that attracts the great and the good. The conference has given rise to the stereotype of
“Davos man” who is entitled and spouts the latest received wisdom. The forum has
fuelled a thousand conspiracy theories.
一个在瑞士达沃斯举行年度会议的研究和会议团体，吸引了许多伟大和优秀的人。该会议
产生了 "达沃斯人 "的刻板印象，他们有权利并大谈最新的公认智慧。该论坛助长了无数的
阴谋论。
World Trade Organisation 世界贸易组织
A body set up, under the auspices of the General Agreement on Tariffs and Trade, to
replace that regime and rule on trade disputes. China’s admission to the WTO in
December 2001 was followed by a rapid expansion of its exports, but not by the political
liberalisation that some hoped would occur. The WTO is disliked by some campaigners—
and some governments—because its decisions impinge on national sovereignty.
在《关税与贸易总协定》的支持下成立的一个机构，以取代该制度并对贸易争端作出裁
决。2001年12月，中国加入世贸组织后，其出口迅速扩大，但没有出现一些人希望的政治
自由化。一些运动者和一些政府不喜欢世贸组织，因为它的决定侵犯了国家主权。

Yield 产量
The income from a security, expressed as a proportion of its market price. A bond carries
an interest rate or coupon based on its par value (conventionally expressed as 100). But
as the price falls or rises, the yield moves in inverse proportion. A coupon of $5 is a
higher yield on a price of 80 than on a price of 120. The gross redemption yield reflects
any capital gain or loss (since the bond will eventually be repaid at 100) as well as the
income. For equities, the yield is the dividend as a proportion of the share price.
一种证券的收入，以其市场价格的比例表示。债券的利率或息票基于其面值（通常表示为
100）。但是，随着价格的下降或上升，收益率会成反比变化。一张5美元的息票在80的价
格上比120的价格上的收益率高。总的赎回收益率反映了任何资本收益或损失（因为债券最
终会以100的价格被偿还）以及收入。对于股票，收益率是股息占股价的比例。
Yield curve 收益率曲线
A graph that shows the yield of securities with different maturities. Normally, longer-dated
securities carry higher yields than those with shorter maturities to compensate investors
for locking their money away (see time value of money). Occasionally the yield curve
inverts, with shorter-dated securities yielding more; this is often the result of central banks
tightening policy by raising interest rates and can be a harbinger of recession.

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显示不同期限证券的收益率的图表。通常情况下，期限较长的证券的收益率高于期限较短
的证券，以补偿投资者锁定他们的资金（见货币的时间价值）。偶尔，收益率曲线会出现
倒挂，较短期限的证券收益率更高；这通常是中央银行通过提高利率收紧政策的结果，可
能是经济衰退的预兆。

Zero coupon bond 零票据债券

A bond on which no interest payments are made. Instead it is issued at a discount to its
repayment value and the bondholder makes a capital gain if they hold it to maturity. In
some jurisdictions, this may have tax advantages if capital gains are treated less harshly
than interest income.
一种不支付利息的债券。相反，它是以其偿还价值的折价发行的，如果债券持有人持有它
到期，就会获得资本收益。在一些司法管辖区，如果资本收益的处理比利息收入的处理要
宽松，这可能会有税收优势。
Zero lower bound 零下限
Central banks adjust interest rates in their attempts to stimulate or slow down the
economy. There is no upper limit to rates but economists debated whether rates could be
cut below zero; that is, could depositors be penalised for keeping their money in a bank.
However, central banks showed, in the aftermath of the 2007-09 financial crisis, that it
was possible to introduce negative interest rates albeit for commercial banks, rather than
for individuals. For more, read this article.
中央银行在试图刺激或减缓经济的过程中调整利率。利率没有上限，但经济学家们争论过
是否可以将利率降到零以下；也就是说，储户把钱存在银行会不会受到惩罚。然而，中央
银行在2007-09年金融危机之后表明，有可能引入负利率，尽管是针对商业银行，而不是针
对个人。更多信息，请阅读这篇文章。
Zero-hours contracts 零时工合同
A form of employment in the gig economy that offers maximum flexibility to employers
and little security to workers. Employees are summoned for work only when they are
needed and cannot therefore be sure of their likely income, their availability for other jobs
or child-care commitments.
打工经济中的一种就业形式，为雇主提供了最大的灵活性，而对工人却没有什么保障。雇
员只有在被需要时才会被召来工作，因此无法确定他们可能的收入、他们是否能从事其他
工作或照顾孩子的承诺。
Zero-sum game 零和游戏
The view that economic advance by one party can only be at the expense of another.
This philosophy underlies protectionism, which seeks to exclude the products of other
countries. But most economists believe that open trade is mutually beneficial. See
comparative advantage; and see this article.
认为一方的经济进步只能以另一方为代价。这种哲学是保护主义的基础，它试图排除其他
国家的产品。但大多数经济学家认为，开放贸易对双方都有利。见比较优势；见本文。

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