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FALLACY OF FALSE CAUSE: The logical fallacy of arguing that two events that are correlated (that is, happen at about the same time), are assumed to have a causal connection. In other words, one event causes the other. This was one of the more common fallacies committed by ancient ancestors. During the last full moon, your dog died. Obviously the full moon killed your dog. While this might seem reasonable to anyone spending their lives eating mastodon meat and sleeping in caves, it's actually the fallacy of false cause.

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45-DEGREE LINE: A guideline used in Keynesian economics in conjunction with the consumption line (to derive saving) and the aggregate expenditures line (to identify Keynesian equilibrium). This guideline forms a 45-degree angle with both the horizontal income axis and the vertical consumption expenditure (or aggregate expenditures) axis in the Keynesian graphical analysis. Each point on the line represents equality between income and horizontal axis and consumption expenditure (or aggregate expenditures) on the vertical axis.

     See also | Keynesian economics | consumption line | Keynesian equilibrium | income | consumption | aggregate expenditures | saving | consumption-income relation |


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KEYNESIAN AGGREGATE SUPPLY CURVE

An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.

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Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either a video game player or an AC adapter that won't fry your computer. Be on the lookout for high interest rates.
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