“The Lost Decade” originally referred to a long period of slow or negative economic growth lasting nearly ten years in the Japanese economy during the 1990s.
Growth stagnation in subsequent years has led to what is sometimes referred to as Japan’s Lost Decades (plural) since 1991.
Misguided government policies in the aftermath of the housing bubble are said to be the main culprit behind the Lost Decade.
In the US economy, the first decade of the 21st century, marked by two stock market crashes, is often compared to Japan’s lost decade.
An absolute advantage is when a manufacturer can provide a greater quantity of a product or service for the same price or the same quantity at a lower price than its competitors.
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.
The balance of trade (BOT) is the difference between the value of a country’s imports and exports over a given period and is the largest component of a country’s balance of payments (BOP).
“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.
The Bretton Woods Agreement and the system created a collective international currency exchange regime that operated from the mid-1940s to the early 1970s.
Cross elasticity of demand is an economic concept that measures the response of the quantity demanded of one good to a change in the price of another good.