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DEPRESSION: An extended period--a decade or so--of restructuring and institutional change in an economy that's often marked by declining or stagnant growth. During this period, unemployment tends to be higher and inflation lower than a regular, run-of-the-mill recession. Moreover, a depression usually lasts in the range of ten years, often encompassing two or three separate shorter-run business cycles. The most noted depression in the U. S. economy was the Great Depression of the 1930s.
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Lesson 16: Aggregate Shocks | Unit 5: Synthesis
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Page: 20 of 21
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To illustrate a business cycle, let's begin with long-run, full-employment equilibrium.- With an expansion, consumers have accumulated durable goods.
- This decreases consumption spending and aggregate demand. The AD curve shifts leftward. We have a recession.
- Before the SRAS curve automatically shifts to restore full employment, people start buying durable goods again and the AD curve shifts rightward. We have a recovery.
- The AD curve doesn't stop at full employment. With our expansion we have (possibly) inflation.
- But accumulation of durable goods causes a decrease in aggregate demand again and another recession.
- The process continues.
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IMPLICIT LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for door-to-door salesmen.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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ATM
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