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INFLATION: A persistent increase in the average price level in the economy. Inflation occurs when the AVERAGE price level (that is, prices IN GENERAL) increases over time. This does NOT mean that ALL prices increase the same, nor that ALL prices necessarily increase. Some prices might increase a lot, others a little, and still other prices decrease or remain unchanged. Inflation results when the AVERAGE of these assorted prices follows an upward trend. Inflation is the most common phenomenon associated with the price level.
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LAISSEZ FAIRE The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.
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"Things turn out best for the people who make the best of the way things turn out." -- Art Linkletter
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A Random Walk Through Some ECONOMIC STATISTICSA pedestrian must always be on guard during any economic excursion, especially when passing the Sylvester J. Peabody Federal Office Building here in Shady Valley. You never know when a window will burst open sending a barrage of glass slivers and economic statistics haphazardly into the street. This is usually followed by a pointy-headed economist who pokes his pointy head through the remaining shards of glass to adamantly declare that there's absolutely, positively NO RECESSION! But he'll recheck the numbers just in case there really is one. WATCH OUT! DUCK!
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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TNV
Total Net Value
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