Glossary

Pages199-203
DOIhttps://doi.org/10.1108/978-1-78769-435-420181005
Publication Date06 Dec 2018
GLOSSARY
Adverse Selection Adverse selection occurs when pre-ordained circum-
stances determine a group to select at a higher rate than
the normal statistical population. Such selections are
often associated with Asymmetric Information, where
one group has access to different and better information
than another. In the perfect marketsthat underline
economic theory adverse selection and asymmetric
information cannot happen, whereas both are a normal
feature of the real world.
Article 50 Article 50 of the Lisbon Treaty sets out how a state can
leave the European Union.
Big Bang
Disruptions
Products or services that restructure and disrupt entire
industries. For example, the digital camera vs the lm-
based camera.
Bilateral Treaty A treaty signed between two contracting bodies as
opposed to a multi-lateraltreaty that has many
signatories.
Brexit Day Brexit Day is at 11 p.m. on 29 March 2019 when the
UK leaves the European Union and ceases to be a
Member State.
Citadels of
Remain
Geographic areas with a high concentration of voters
who wish to stay within the European Union.
Crowding Out The crowding out effect stipulates that rises in public
sector spending drive down private sector spending.
Though the crowding out effectis a general term, the
common usage that we follow is in reference to the stif-
ling of private spending by government expenditure.
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