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<strong>Default</strong> – Occurs when the borrower fails to make FFEL Program loan payments for 270 days or more or when the borrower fails to meet other terms of the promissory note.
radical economics (A1)<br />An application of Marxist and socialist theories to the analysis of the problems of advanced CAPITALIST countries. The major concerns of radical economists are income inequality, international capitalism in the form of MULTINATIONAL CORPORATIONS, DE-INDUSTRIALIZATION, UNEMPLOYMENT, MARKET FAILURE, defence expenditure and the low provision of many PUBLIC GOODS. The humane concerns of these writers have influenced a great deal of policy making but have yet to form the basis of a new society and economy in any major country.<br /><em>Reference</em><br />Linder, M. (1977) The Anti-Samuelson, Vols I and II, New York: Urizen Books. Sawyer, M. (1989) The Challenge of Political Economy: Radical Alternatives to Neo-Classical Economics, Heme! Hempstead: Harvester Wheatsheaf.
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output-inflation trade off (E3) see Phillips curve
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