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LAISSEZ FAIRE: A french term that translates into "leave us alone." It has become the rallying cry for many business leaders of the second estate who oppose government intervention, regulation, or even taxation. It's based on the belief that markets alone can achieve an efficient allocation of our resources. This laissez faire philosophy of should be contrasted directly with the philosophy of paternalism, which essentially says "Government needs to care for you because you can't care for yourself."

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Lesson 17: Money | Unit 4: Money's History Page: 21 of 25

Topic: Electronic Money <=PAGE BACK | PAGE NEXT=>

Computers reduce the use of paper currency and checks.
  • Electronic money is another logical step in the historical progression of money.
  • Modern checking accounts are little more than digital information.
  • The trend is toward accessing information directly with computers, including ATM machines, point-of-purchase terminals in stores, and home computers.

Electronic money:

  • It fits two of the four characteristics of money: easy to transport and completely divisible.
  • The other two characteristics raise questions:
    • Counterfeitable: Electronic money could be the easiest or the hardest money to counterfeit.
    • Durability: This depends on the stability of the government and the banking system.

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AGGREGATE MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a wall poster commemorating yesterday or pink cotton balls. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"Good humor is a tonic for mind and body. It is the best antidote for anxiety and depression. It is a business asset. It attracts and keeps friends. It lightens human burdens. It is the direct route to serenity and contentment."

-- Grenville Kleiser, Author

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