H
| Term | Definition |
|---|---|
| Health Economics | A branch of economics concerned with issues related to efficiency, effectiveness, value, and behavior in the production and consumption of health and healthcare. It focuses on improving health outcomes and lifestyle patterns through interactions between individuals, healthcare providers, and clinical settings. |
| Heterodox Economics | Approaches to economics that deviate from mainstream economic theories and models. Examples include post-Keynesian, structuralist, Marxian, and institutionalist economics, which reject the precepts of dominant neoclassical theory. |
| Hoarding | A situation where financial investors, companies, or individuals hold hoards of cash or other liquid assets instead of spending. It can affect economic activity by reducing spending and re-spending of money. |
| Households | The basic unit of individual economic behavior. Households contribute to the labor market, earn income, make consumer purchases, and engage in unpaid labor within the home, forming a fundamental component of economic activity. |
| Housing Starts | The number of new houses being built during a specific period, often used as an indicator of the health of the construction sector and overall economic activity. |
| Human Capital | The knowledge and skills that individuals possess, contributing to their productivity and earning potential. Human capital is crucial for economic development and growth. |
| Hyperinflation | A situation characterized by extremely rapid and accelerating inflation rates, often reaching 100% per year or more. It can result from economic or political breakdown, leading to severe economic consequences. |
| Hawala System | An informal system of transferring money and value without conventional banking channels. Operated through trust and a network of brokers or agents, the Hawala system is an alternative to traditional financial methods. |
| Horizontal Integration | The merging or acquisition of companies operating at the same level in a supply chain or within the same industry. It aims to achieve economies of scale, increase market share, or reduce competition by consolidating similar businesses. |
| Hedonic Pricing | A pricing model that breaks down the price of a good or service into components, reflecting the perceived value of each attribute. Commonly used in real estate and consumer products to quantify the value of specific features. |
| Human Development Index (HDI) | A composite index measuring a country’s average achievements in health, education, and standard of living. Components include life expectancy, mean years of schooling, expected years of schooling, and GNI per capita. |
| Heckscher-Ohlin Model | An economic theory explaining international trade patterns based on differences in factor endowments, particularly the abundance of labor and capital in different countries. It emphasizes comparative advantage arising from varying resource availability. |
| Hot Money | Short-term capital that quickly flows in and out of financial markets or countries, seeking the highest short-term returns. Hot money can contribute to financial market volatility. |
| Hard Currency | A stable and widely accepted currency considered reliable for international transactions. Typically issued by economically stable and developed countries, hard currencies are valued for their stability in global trade. |
| Home Equity | The value of a homeowner’s interest in their home, calculated by subtracting the outstanding mortgage balance from the current market value of the property. Home equity represents the portion of the home owned outright by the homeowner. |
| Hedging | A risk management strategy used to offset potential losses in one investment by taking an opposing position in another. Commonly employed to protect against fluctuations in prices or interest rates, hedging helps manage financial risk. |
| Homo Economicus | A concept in economics representing the rational and self-interested individual who maximizes utility and makes decisions based on rational calculations. Homo economicus is a simplifying assumption in economic models. |
| Heteroskedasticity | In econometrics, the presence of non-constant variance of errors in a regression model. Heteroskedasticity can affect the efficiency and accuracy of statistical estimators, requiring adjustments for reliable analysis and interpretation of results. |
| Hidden Economy | Economic activities not reported to authorities, often to avoid taxes or regulations. The hidden economy encompasses informal or underground activities that do not appear in official economic statistics, contributing to challenges in economic analysis. |