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capital deepening (E2, 04)<br />Investment which produces an increase in a CAPITAL LABOUR RATIO because the capital stock grows at a faster rate than the labour force.<br /><em>See also:</em> capital widening
Financial Times Actuaries All-Share Index (G1)<br />A London stock market price index designed by actuaries and compiled by the Financial Times, which began in 1962. The purpose of this index is to indicate the level of the whole UK equity market by including over 700 shares, more than 80 per cent of market capitalization.
rules versus discretion (E5)<br />Alternative approaches to economic policy, especially monetary policy. Rules necessitate predetermined responses to events; discretion, a response decided in the light of each economic situation and requiring specific governmental action. There is a continuum of policy stances between, in the case of MONETARY POLICY, rigid rules such as the CURRENCY S CHOOLS principle for the expansion of the note issue and FRIEDMAN'S idea of an OPTIMUM QUANTITY OF MONEY, and, on the other hand, the repeated discretionary use of OPEN MARKET OPERATIONS, THE DISCOUNT RATE, RESERVE REQUIREMENTS and MARGIN REQUIREMENTS as practised on many occasions by the FEDERAL RESERVE SYSTEM. TOBIN regarded it as an overworked dichotomy because if we incorporate new information for the determination of policy, the policy is bound to become discretionary. Other economists argue that rules are used in theoretical models, rather than in policy making, as politicians and others are quick to deviate from their own rules.<br /><em>Reference</em><br />Van Lear, W (2000) 'A review of the rules versus discretion debate in monetary policy', Eastern Economic Journal 26: 29-39.
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