Embargo, originally an order forbidding ships of a foreign power to enter or any ships to leave a country's ports; it has come to mean any suspension of a branch of commerce, e.g. an embargo on foreign lending, or on the export of strategic commodities to unfriendly countries. If a country does not have a monopoly of a commodity when it places an embargo on its export to another, its purpose may be frustrated because its former customers are able to buy from other suppliers.
Empiricism, the view that knowledge is derived from experience. A thoroughgoing empiricist would deny that there was such a thing as a priori knowledge. In the development of economic thought there have been cleavages (for instance, between the American 'Institutionalists' and the main body of nee-classical doctrine) between those who appealed primarily to experience and those who relied mainly on deductive logic.
Both deductive reasoning and empirical methods (collecting data and checking hypotheses against experience) are common in economics.
Site links Uk Economic - Uk Economic Crisis
- Employment Exchange
- Ex Ante
- What Will Happen In 2012 -> 22 Possibilities :: Frequently Asked Questions About 2012 :: Discussion Forum
- Keynesian - Definition Of Keynesian By The Free Online Dictionary, Thesaurus And Encyclopedia.