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January 17, 2018 

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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 2: Economic Science | Unit 5: Cause and Effect Page: 17 of 20

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

The purpose of science is to identify the fundamental, basic laws of nature that guide our every moves.
  • The purpose of the scientific method is to explain the world by identifying cause and effect.
  • For every action there is a consequence. And for every consequence there is a cause.
The first step is to identify cause and effect links is correlation:

  • Correlation. If event A causes event B, then event A is correlated with event B. But, correlation does not mean causation. Two events can be correlated, without one causing the other. Note the fallacy of false cause.
  • Time Proximity. Event A and event B must happen at about the same time.
  • Time Sequence. Event A must precede event B. If event B occurs first, then it can't be caused by event A.

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SAVINGS DEPOSITS

Interest-paying bank accounts maintained by traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks that are used by consumers to store wealth. Savings deposits are one of two types of time deposits. The other is certificates of deposit. Savings deposits, along with certificates of deposit and other near monies, are added to M1 to derive M2.

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Today, you are likely to spend a great deal of time at the confiscated property police auction seeking to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for deranged pelicans.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

-- Marilyn vos Savant, Author

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