Definitions by Abu Yahya

expert's dilemma 

A problem faced by a person with specialized expertise in any area, in which the implications of the opinion are unpopular and likely to be rejected by those who need that expertise. For example, economists may be likely to know that, in some cases, a "market solution" is inherently impossible, but proposing an alternative is an exercise not merely in futility, but career suicide among those who employ economists. It arises because the expert knows more about the field than her employers.

The statistician was asked by his boss to make a case for risk homeostasis, but knowing better, he faced an expert's dilemma: telling the truth would get him tarred as a 'socialist.'

expert's dilemma by abu yahya June 23, 2008

economic efficiency 

The ability of an economic system to provide what people what, given their incomes. Given the fact that incomes and resources are both finite, efficiency will be of the utmost importance in determining if people's wants are satisfied by the workings of the economic system.

Free market economies usually provide high levels of economic efficiency.

economic efficiency by abu yahya June 23, 2008

CGD crisis 

Stands for "currency-growth-debt" crisis. Climax of a CGD trap; the most famous example was Argentina in 2002.

The Suez Canal fell under British and French control as a result of Ismail Pasha's CGD crisis.

CGD crisis by abu yahya June 23, 2008