economy-wide meaning
Economy-wide
Definition:
The term “economy-wide” refers to considerations, effects, or measures that apply to or involve an entire economy, rather than being limited to a specific sector, region, or demographic group. It implies a holistic view of economic activity, encompassing all sectors, industries, and participants within a national or regional economy.
Usage:
The term is often used in economic discussions and analyses, such as when evaluating policies, trends, or impacts that affect the economy as a whole. For example, “The new tax policy will have economy-wide implications, affecting both businesses and consumers.”
Etymology:
The term is a compound of “economy” and the suffix “-wide.” “Economy” originates from the Greek word “oikonomía,” which means management of a household or management of resources. The suffix “-wide” indicates scope or extent, derived from Old English “wīd,” meaning “wide” or “broad.”
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Pronunciation:
/ɪˈkɒnəmi waɪd/
Synonyms:
- Nationwide
- Overall
- Comprehensive
- Universal
Antonyms:
- Sector-specific
- Localized
- Regional
- Partial
This term is often utilized in academic literature, policy analysis, and economic forecasting to provide a broad perspective on economic issues and to ensure that analyses take into account the interrelated nature of different economic sectors.
- The government announced a series of policies aimed at stimulating economy-wide growth in response to the recession.
- The study examined the economy-wide effects of implementing a universal basic income.
- Climate change poses significant economy-wide risks that could impact various sectors and industries.
- The new tax reform is expected to have economy-wide implications for both businesses and consumers.
- Analysts are predicting a slowdown in economy-wide productivity due to ongoing supply chain disruptions.
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