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\title{\vspace{-1cm}Some Useful Latin and Greek}

\author{Enda Hargaden}
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Centuries ago, prior to the current ubiquity of English, academics largely relied on Latin as the unified language for international communication.\footnote{ At least this was the reason given for my undergraduate commencement being in Latin.} Academic textbooks have retained a (somewhat irritating) tendency to include Latin phrases. Many of us did not learn Latin in high school so this has always struck me as inefficient. I thus compiled this list of common Latin phrases to lower your search costs.\footnote{ But I should point out that I have never taken a Latin class, so this is all just what I've picked up.}\\

\begin{tabular}{|l|p{8cm}|}
\hline
\textbf{Phrase} & \textbf{Translation}  \\
\hline
\textit{A priori} & Pre-supposed; your ``priors beliefs''. \\
\hline
\textit{Ad infinitum} & To infinity; and so on. \\
\hline
\textit{Ad valorem} & Per value; a 10\% tax is an ad valorem tax, whereas a duty per gallon of gasoline is not. \\
\hline
\textit{Ceteris paribus} & All else equal e.g.\ ``We would expect, ceteris paribus, that an increase in price would lower quantity demanded.'' \\
\hline
\textit{De facto} & For all practical purposes, but not officially. \\
\hline
\textit{De jure} & By law. \\
\hline
\textit{Ex ante} & Before the event; in anticipation. \\
\hline
\textit{Ex post} & After the event; in retrospect. \\
\hline
\textit{Per se} & Literally; by itself. \\
\hline
\textit{Prima facie} & In the first instance; at first glance. \\
\hline
\textit{QED} & As has been asked to be shown; done.\\
\hline
\textit{Ultra vires} & Beyond their power, e.g.\ the court ruled that Congress were acting ultra vires. \\
\hline
\end{tabular} \\

Equivalently economists often use Greek letters to refer to quantities. This makes a little more sense than the use of Latin. Specifically, Latin letters (A, B, C, \ldots) will usually refer to \emph{variables} (e.g.\ labor, capital, output) and Greek letters to \emph{parameters} (e.g.\ the inflation rate, elasticity).

You are probably familiar with $\pi$, and if you take any statistics classes you will soon become familiar with $\mu$ and $\sigma$. In particular economists are big fans of $\alpha$ and $\beta$, but $\delta$, $\lambda$ and $\rho$ also make regular appearances. As a reference, here's the Greek alphabet and (where applicable) what they typically mean in economics.\newpage

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\footnotetext[\value{footnote}]{ The Lagrange multiplier is used to solve for constrained optimization problems.}

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\footnotetext[\value{footnote}]{ If done in the sense of $\Pi_{i=1}^N x_i$}

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\footnotetext[\value{footnote}]{ If $X_t$ (e.g.\ $X$ is inflation and the $t$ is 2011) depends on $X_{t-1}$ (which, in our example, would be inflation in 2010), then $X$ is said to be ``autoregressive.'' These types of processes are particularly common in macro. The strength of the correlation is measured by $\rho$.}

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\footnotetext[\value{footnote}]{ Imagine Group A whose ages are 39 and 41, and Group B whose ages are 30 and 50. Both have an average age of 40 but Group B is dispersed further from that average. Standard deviation is a measure of dispersal.}

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\footnotetext[\value{footnote}]{ If done in the sense of $\Sigma_{i=1}^N x_i$}

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\footnotetext[\value{footnote}]{ The $\chi^2$ distribution, the sum of (squared) Normally-distributed variables, is very commonly used.}

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\centering
\begin{tabular}{|c|c|p{2.4cm}|p{4cm}|}
\hline
\textbf{Lower-case} & \textbf{Upper-case} & \textbf{Pronunciation} & \textbf{Economic meaning} \\
\hline
$\alpha$ & A & Alpha & Capital share of income \\
\hline
$\beta$ & B & Beta & Regression coefficient \\
\hline
$\gamma$ & $\Gamma$ & Gamma & N/A \\
\hline
$\delta$ & $\Delta$ & Delta & Depreciation \\
\hline
$\epsilon$ & E & Epsilon & Elasticity \\
\hline
$\zeta$ & Z & Zeta & N/A \\
\hline
$\eta$ & H & Eta & N/A \\
\hline
$\theta$ & $\Theta$ & Theta & N/A\\
\hline
$\iota$ & I & Iota & N/A \\
\hline
$\kappa$ & K & Kappa & N/A \\
\hline
$\lambda$ & $\Lambda$ & Lambda & The Lagrange multiplier$^{\decimal{footnote}}$\addtocounter{footnote}{1} \\
\hline
$\mu$ & M & Mu & Mean \\
\hline
$\nu$ & N & Nu & N/A \\
\hline
$\xi$ & $\Xi$ & Xi & N/A \\
\hline
o & O & Omicron & N/A \\
\hline
$\pi$ & $\Pi$ & Pi & Either inflation, or the product of a series$^{\decimal{footnote}}$\addtocounter{footnote}{1} \\
\hline
$\rho$ & $P$ & Rho & The coefficient of autoregression$^{\decimal{footnote}}$\addtocounter{footnote}{1} \\
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$\sigma$ & $\Sigma$ & Sigma & Standard deviation$^{\decimal{footnote}}$\addtocounter{footnote}{1} or the sum of series$^{\decimal{footnote}}$\addtocounter{footnote}{1} \\
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$\tau$ & T & Tau & Tax \\
\hline
$\upsilon$ & $\Upsilon$ & Upsilon & N/A \\
\hline
$\phi$ & $\Phi$ & Fy & N/A \\
\hline
$\chi$ & X & Chi (rhymes with `guy') & Used in statistics$^{\decimal{footnote}}$\addtocounter{footnote}{1} \\
\hline
$\psi$ & $\Psi$ & Psi (like `Si') & N/A \\
\hline
$\omega$ & $\Omega$ & Omega & N/A \\
\hline
\end{tabular}
\end{document} 