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April 25, 2018 

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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 13 of 24

Topic: Goldsmith <=PAGE BACK | PAGE NEXT=>

Banking sort of evolved from the goldsmithing profession.

Setting the stage of the story:

  • It takes place at a time and a place when gold is the economy's commodity money: Medieval Europe.
  • Fred is a goldsmith, a craftsman who fashions products from gold.

Fred:

  • Fred's raw material is also the economy's money.
  • Gold input is valuable in use for what Fred creates and also valuable as the medium of exchange.
  • Fred must keep his raw material safe and secure.
  • Fred has a safe.

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STABILIZATION POLICIES

Economic policies undertaken by governments to counteract business-cycle fluctuations and prevent high rates of unemployment and inflation. The two most common stabilization policies are fiscal and monetary. Stabilization policies are also termed countercyclical policies, meaning that they attempt to "counter" the natural ups and downs of business "cycles." Expansionary policies are appropriate to reduce unemployment during a contraction and contractionary policies are aimed at reducing inflation during an expansion.

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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a computer that can play video games and burn DVDs or a black duffle bag with velcro closures. Be on the lookout for celebrities who speak directly to you through your television.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"The greatest things ever done on Earth have been done little by little. "

-- William Jennings Bryan

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