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February 2, 2023 

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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.

     See also | bank balance sheet | goldsmith banking | money creation | deposit expansion multiplier | money multiplier | seigniorage | banks | banking | money | fractional-reserve banking | bank reserves | required reserves | excess reserves | checkable deposits | monetary economics | liquidity | financial markets | commodity money | fiat money | value in use | value in exchange | Federal Reserve System | central bank | monetary policy | bank panic | bank run | monetary aggregates |


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LIMITED LIABILITY

A condition in which owners of a business are not personally held responsible for the debts created by the business. Corporations are the most noted types of business organizations in which owners have limited liability. Limited liability makes it possible for a business to accumulate large sums of money and thus to take advantage of large scale production. The alternative to limited liability is unlimited liability, a characteristic of proprietorships and partnerships.

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Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either storage boxes for your income tax returns or an AC adapter for your CD player. Be on the lookout for mail order catalogs with hidden messages.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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