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Proxymeasuresofutility,e.g.theamount
ofmoneywhichapersonispreparedto
giveuptoobtainxamountofagood,
haveallbeenconsideredtooindirect.
Seealso:ordinalutility;revealedprefer-
ences;utility
References
Majumdar,T.(1961)TheMeasurementof
Utility,LondonandNewYork:Mac-
millan.
carer(I3)
Anunpaidfamilyworkerwhoprovides
nursinganddomesticcaretoyoung,in-
firmorelderlyrelatives.Moralobligation
isthebasisforundertakingthiswork.
CaribbeanBasinInitiative(F0)
Anarrangementagreedin1984togive
exportsofcountriesoftheCaribbean
regiontariff-freeaccesstotheUSA.
CaribbeanCommunity(F0)
Acommonmarketwithagriculturaland
industrialintegrationfoundedin1973in
successiontotheCaribbeanFreeTrade
Area(1968–73).ThemembersareAngu-
illa,Antigua,Barbados,Belize,Dominica,
Grenada,Guyana,Jamaica,Montserrat,
StKitts-Nevis,StLucia,StVincent,Trini-
dadandTobago.
CaribbeanDevelopmentBank(G2)
DEVELOPMENTBANKfoundedin1970con-
sistingofseventeenmembercountries
fromtheCaribbeanregionaswellas
CanadaandtheUK.
caringsociety(D6,P0)seealtruism;
welfarestate
carry-back,carry-forwardsystem(H2)
Ataxsystemwhichpermitsbusinessesto
carrynetoperatinglossesbackorforward
againstpastorfuturegainsinincomeor
capitalappreciation.
carryingcapacity(J1)
Theabilityofaparticularareatosustaina
populationataspecifiedlevelofsubsis-
tence,usuallyspecifiedasthenumberof
personsperunitofland.
cartalist(E4)
Apersonbelievingthatthevalueofa
currencydependsonthepowerofthe
issuingauthorityandnotonitsintrinsic
valueoritsconvertibilityintogold.
Seealso:BankingSchool;fiatmoney;
metallist
carte ... References
Smith,A.(1776)TheWealthofNations,
ed.R.H.CampbellandA.S.Skinner,
BookV,ch.II,PartII ,Oxford: Clar-
endonPress,1976.
Cantilloneffect(E4)
Thedifferentialimpactofanincreaseinthe
moneysupply.Asdifferentrecipientsof
extracashhavedifferentusesforit,there
willbeachangeintherelativedemandfor,
andrelativepricesof,goodsandservices.
Therateofinterestwillfalliftherecipients
oftheextramoneysaveandinvest.
Cantillon,Richard,c.1680–c.1734(B3)
Irish-bornbankerandeconomistwho
spentmuchofhislifeinFrancewherehe
madealargepersonalfortuneafterthe
collapseofJohn
LAW’sMississippiCom-
pany.Hiswritingsoneconomics,other
thantheEssaisurlaNatureduCommerce
enGe
´
ne
´
ral,appeartohaveperishedwith
himwhenhishouseinAlbemarleStreet,
London,wasburntdown.Hisremarkable
Essaishowedhiskeenreadingofseveral
economists,including
PETTY,andhisim-
mensepracticalknowledgeofbanking.In
manysensesheanticipated
QUESNAYand
other
PHYSIOCRATSbysettingoutamodel
oftheeconomywithvillages,market
townsandcitiesengagedinmutualex-
changes.Also,hepowerfullyexplainedthe
roleofthe
ENTREPRENEURineconomic
activity,withamoreplausibleexplanation
thanSmith’s
INVISIBLEHANDpostulate.His
analysisofexchangerates,openmarket
operationsandthebankcreditmultiplier
giveshisworkamodernfocus.
References
Cantillon,R.(1755)EssaisurlaNaturedu
CommerceenGe
´
ne
´
ral,Englishtrans.
H.Higgs,London:Macmillan,forthe
RoyalEconomicSociety,1931.
Murphy,A.E.(1986)RichardCantillon:
EntrepreneurandEconomist ,Oxford:
ClarendonPress.
cap(E4,G1)
Themaximuminterestratepaidona
floatingratesecuritybyitsissuer.The
sellergivesfundstocoverinterestpay-
mentsoveraspecifiedrate.Alsoappliesto
anadjustableratemortgage.
Seealso:collar;floor
capacity(D2,E4)
1Themaximumoutputthatafirmora
nationaleconomycanproducefromits
existingsupplyoffactorsofproduction.
Afirmcanincreaseitscapacitybyen-
largingitslabourforceoritscapitalstock.
2Themaximumamountofmoneywhich
afinancialinstitutioncanlend.
Seealso:capitalutilization
capacitycharge(D4,M2)
Acomponentofthepriceofthegoodsor
servicesofpublicenterpriseswhichis
expectedtocoverthecostsoffixedcapital.
capacityratio(J2)seevolumeratio
capacityutilization(D0,E0)
Theratiooftheactualoutputofafirm,
industryornationaleconomytoitsmax-
imumoutputatapointintime.Thisratio
willfluctuatecyclically.Ahighdegreeof
utilizationwillbeasignalformorenet
investment.
Seealso:acceleratorprinciple;tradecycle
capital(D0, ... Lon-
don: Methuen.
Hollander, S. (1987) Classical Economics,
Oxford: Basil Blackwell.
O’Brien, D.P. (1975) The Classical Econo-
mists, Oxford: Clarendon Press.
classical model (E1)
A formal macroeconomic...