Abenomics is a set of economic policies championed by Japanese Prime Minister Shinzo Abe when he came to power for the second time in 2012.
Initially, Abenomics was described as a three-pronged approach: increasing the money supply, making government spending to stimulate the economy, and making economic and regulatory reforms to make Japan more competitive in the global market.
Abenomics has expanded as Prime Minister Abe continues to rule Japan to include goals for women’s employment, sustainable growth, and a vision known as “Society 5.0” that aims to further digitalize Japan.
Autarky refers to a state of self-sufficiency and is commonly used to describe countries or economies that seek to reduce their dependence on international trade.
“Best Effort” is a legal term that represents the obligation of a party to a contract to take all possible steps to fulfill the terms of the agreement.
Disequilibrium is when external forces cause an imbalance between supply and demand in the market. In response, the market enters a state in which supply and demand do not match.
Economic equilibrium is a state in which market forces are balanced, a concept borrowed from the physical sciences, where observable physical forces can balance each other.
An economist is an expert who studies the relationship between a society’s resources and its production or output, using a number of different indicators to predict future trends.