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September 30, 2020 

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RATIONAL IGNORANCE: The decision not to become informed about something because the cost of doing it is more than the expected benefit. In that information is costly, there's always some limit to how much anyone can know. The idea of rational ignorance, while popping up on a daily basis for most of us, is quite important come election time. Many voters decided, logically so, that it's not really worth their efforts to get ALL of the details on every candidate and issue on the ballot.

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AGGREGATE SUPPLY DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the long-run aggregate supply curve. A decrease in aggregate supply in the long-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock is a smaller level of full-employment real production.

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The Depths Of DEPRESSION

In the discussion of recession we see that one of the problems confronting both pedestrians and the economy is stepping in an occasional pothole. These potholes are usually small and do little damage. Every now and then, however, our economy falls face first into one humdinger of pothole that's big enough to swallow the better part of a marching band. Rather than a mere recessionary pothole, these are best thought of as depressionary canyons. The Great Depression of the 1930s was the most memorable depressionary canyon on record for the good old U. S. of A. The question we need to ponder over the next few pages is: Are there any more depressionary canyons like the 1930s lurking along the economic pavement?
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BLUE PLACIDOLA
[What's This?]

Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

Natural gas has no odor. The smell is added artificially so that leaks can be detected.
"The truth is not for all men, but only for those who seek it. "

-- Ayn Rand, writer

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