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TRANSPORTABLITY: One of four characteristics that enables an asset to better function as money. The other three are durability, divisibility, and non-counterfeitability. This characteristic means that the item used as money can be easily moved from one location to another, which is extremely useful because markets tend to be scattered all over the place. It really helps if buyers can transport their money to the points of purchase. An item could not be effectively used as a medium of exchange if it were not easily transportable.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for crowded shopping malls.
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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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"There is more to life than increasing its speed. " -- Mohandas Gandhi, activist
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IV
Instrumental Variables
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