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Definition :
Stagflation : An economy suffering simultaneously from high inflation and low, or even zero, growth.
Industrial inputs: Refers to all the elements that go into a production process.
Currency depreciation: A fall in the value of a currency relative to others. This fall may be linked, in particular, to a deterioration in a country’s trade balance (a fall in exports or a rise in imports), a monetary policy decision (a change in interest rates) or movements in the financial markets (speculation, asset sales).
AI-enabling goods: Defined according to the WTO nomenclature, these include raw materials, chemicals, equipment, semiconductors and other electrical and electronic materials used in AI, as well as those ‘likely to be used’ in AI (and therefore potentially in other applications too).
Price-wage spiral: A macroeconomic cycle in which wage and price increases feed into one another, driving both upwards.
The Jevons effect: An improvement in the efficiency of a resource’s use does not reduce its overall consumption but may, on the contrary, increase it (the Jevons paradox, formulated by the economist William Jevons in the 19th century).
