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ASSUMPTIONS, CLASSICAL ECONOMICS: Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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IMPLICIT LOGROLLING The trading of votes to ensure a favorable outcome for two or more separate decisions undertaken by combined both decisions into a single vote. Commonly practiced in legislative bodies, implicit logrolling occurs when two separate programs or policies are combined into a single package, which is then subject to a single vote. The contrast is with explicit logrolling in which each of two voters agree to cast separate votes for two separate programs. Whether implicit or explicit, logrolling is generally used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials hoping to buy either any book written by Isaac Asimov or a how-to book on building remote controlled airplanes. Be on the lookout for malfunctioning pocket calculators.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"The greatest barrier to success is the fear of failure." -- Sven Goran Eriksson, writer
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DTI
Department of Trade and Industry (UK)
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