The imprecise use of words leads to a great deal of misunderstanding in the subject of economics. This lexicon offers precise definitions.
Lugwig von Mises
The father of modern Austrian School of Economics.
Because economics describes the everyday activities of humans, it uses many words from everyday language. In their day-to-day use of language people tend toward imprecision in meaning, which can lead to misinterpretation of the precise concepts that economics intends to convey.
Because of the importance of the precise use of words for evaluation of concepts and ideas, The Free Market Center has developed:
An extensive collection of words and phrases used on this site and in references to which it refers.
The Free Market Lexicon provides an important reference to use while reading about and studying economic principles and theories.
Notice the link to the lexicon in the upper right of the pages on this website.
The Lexicon opens in a separate window or tab so you can research terms as you browse this site.
The Lexicon uses a TiddlyWiki. The format may seem a little strange, but I think you will find it simple to use. If you need instructions, you will find them by clicking the help link on the left side.