Economic Theory Terms

adjective relating to or being in the process of emergence, coming into view or notice, developing, or arising

• The emergent situation required immediate attention from all stakeholders.
• The emergent issue came out of nowhere and caught us all off guard.
• The emergent trend is blowing up on social media right now.
• The emergent leader quickly rose to the top of the organization.

noun a process or theory in which economic benefits gained by the wealthy are believed to ultimately benefit those of lower socioeconomic status

adjective describing the process or theory of trickle-up economics

• The concept of trickle-up economics suggests that by increasing the wealth of the lower and middle classes, the overall economy will benefit.
• Trickle-up theory says that if regular people have more money to spend, it helps everyone.
• Trickle-up means that when the little guys get a piece of the pie, it eventually makes its way to the top.
• Just like a trickle-up effect, small acts of kindness can eventually make a big impact on society.

noun a branch of economics that combines insights from psychology and economics to explore how individuals make decisions

• The study of behavioural economics examines how psychological factors influence economic decisions and outcomes.
• People's spending habits are often studied in the field of behavioural economics.
• In the world of money, behavioural economics is all about how our brains mess with our wallets.
• Understanding behavioural economics is like peeking behind the curtain of our financial choices.

noun a political philosophy advocating the simultaneous existence of multiple forms of government within a single society

• Panarchy is a political philosophy emphasizing the potential for multiple forms of governance to coexist within a single society.
• Have you heard of panarchy? It's all about different types of governments existing together.
• Panarchy is like a choose-your-own-adventure book for politics.
• In the garden of political ideologies, panarchy is the wildflower that blooms freely among the structured rows of traditional systems.