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THEORETICAL FOUNDATIONS OF ECONOMIC
TERMINOLOGY AND TRANSLATION
Hamidova Durdona
Supervisor, teacher in the department of English Applied Aspects, UzSWLU
Shakirova Asal-oy Safar qizi
Student of UzSWLU Philology Department, Tashkent, Uzbekistan
Annotation: This article provides a detailed overview of economic
terminology, emphasizing its specialized nature and essential role in conveying
economic knowledge across various fields, including academia, policy, business, and
international communication. It explores how economic terms evolve alongside
developments in the global economy and discusses the contextual, linguistic, and
cognitive aspects of terminology variation. The article also addresses the complexity
of translating economic texts, highlighting the importance of applying appropriate
translation theories—especially the principle of equivalence—and the necessity of
standardization in economic translation practices. Through referencing key scholars
like Nida and Catford, the paper underscores the importance of accurate and context-
sensitive translation for ensuring clarity and consistency in multilingual economic
discourse.
Key Words: economic terminology, specialized vocabulary, terminology
variation, translation theory, equivalence (formal and dynamic), standardization,
economic texts, linguistic representation, multilingual communication, terminology
databases, translation challenges, global economy, lexical units
To start, it is widely recognized that economic terminology evolves in tandem
with advancements and shifts within the field of economics. New concepts arise in
reaction to alterations in global economic structures, technological advancements, and
shifts in societal demands, which calls for the creation or adjustment of suitable
terminology. Thus, Sager has mentioned that examining economic terminology goes
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beyond just understanding the words; it also involves recognizing the contextual,
historical, and cultural factors that shape the creation and application of these terms
[1]. The examination of variations in terminology is grounded in the shared
understanding that it exhibits similarities to general linguistic variation. The sources of
this variation are numerous and can be approached from at least two angles: first, the
type of terminology being analyzed; the more recent or emerging a terminology is, the
more frequent the conceptual-semantic and naming inconsistencies tend to be, thus
variation can be observed at cognitive (conceptual), linguistic, and situational levels.
Second, Faber pointed out that in specific communicative contexts, certain lexical
variants may be favored over terms found in specialized dictionaries [2].
Economic terminology can be understood as the specialized vocabulary that
pertains to the field of economics, including terms that explain economic theories,
models, systems, structures, activities, and phenomena. These terms may cover both
broad economic concepts (like supply and demand, inflation, and gross domestic
product) as well as more niche expressions (such as quantitative easing, marginal
utility, and purchasing power parity).
As noted by Cabre , terminology is defined as the collection of terms that
convey knowledge within a specific domain along with their linguistic representations.
In this sense, economic terminology not only reflects choices in language but also
embodies the epistemological and methodological frameworks characteristic of the
field. It can comprise units of meaning that are nominal groups (compound terms),
abbreviations, acronyms, and even phraseological units, as long as they carry a
specialized economic significance [3].
Translating economic texts is a multifaceted task that demands both language
proficiency and expertise in the subject matter. Economic texts frequently feature
intricate terminology, abstract ideas, statistical information, and culturally specific
allusions. Consequently, translators need to employ suitable translation theories and
techniques to achieve accurate, consistent, and contextually relevant translations. This
section identifies several key translation theories pertinent to economic texts, offering
a thorough examination of their implementation and importance. A fundamental
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approach to translation is based on the principle of equivalence. This theory suggests
that a translator should aim to create a target text that matches the meaning of the source
text. Researchers like Nida and Catford have made significant contributions to this
theory.
Nida proposed two types of equivalence: formal equivalence (literal
translation) and dynamic equivalence (translation of meaning). In the realm of
economic translation, dynamic equivalence tends to be favored, as word-for-word
translations may lead to awkward or erroneous representations of technical terms or
concepts [4].
Catford highlighted the necessity of achieving linguistic equivalence at
different levels—word, phrase, sentence—especially when translating between
structurally dissimilar languages such as English and Uzbek.
To conclude, as Gile and Schmitt stated that establishing standards in
translation practices is fundamental to delivering professional and high-caliber
economic translations. It guarantees that intricate and sensitive information is
conveyed with clarity, consistency, and precision. Although there are obstacles,
especially in languages with fewer resources, the application of terminology databases,
translation technologies, and organizational policies can aid in overcoming these
challenges. As economic globalization expands, the significance of standardization in
translation will continue to escalate, especially in contexts involving multilingual and
multicultural communication [6], [7].
LIST OF REFERENCES:
1. Cabré, M. T. (1999). Terminology: Theory, methods and applications. Amsterdam:
John Benjamins Publishing Company.
2. Catford, J. C. (1965). A linguistic theory of translation: An essay in applied
linguistics. Oxford University Press.
3. Faber, P. (2012). A cognitive linguistics view of terminology and specialized
language. De Gruyter Mouton.
4. Gile, D. (2009). Basic concepts and models for interpreter and translator training
(Rev. ed.). John Benjamins Publishing Company.
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5. Nida, E. A. (1964). Toward a science of translating: With special reference to
principles and procedures involved in Bible translating. Brill Archive.
6. Sager, J. C. (1990). A practical course in terminology processing. Amsterdam: John
Benjamins Publishing Company.
7. Schmitt, P. A. (2005). Translation and standardization: Some critical thoughts. In
Translation and the Meaning of Everything, proceedings of the Translation Studies
Congress.
