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ADJUSTMENT, SHORT-RUN AGGREGATE MARKET: Disequilibrium in the short-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the short-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the short-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases short-run equilibrium is restored. You might want to compare adjustment, long-run aggregate market. Price level changes induce changes in both aggregate expenditures and real production. Unlike the long-run aggregate market, changes in the price level can induce changes in short-run aggregate supply, making it greater or less than full-employment real production.

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MACROECONOMIC THEORIES: Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

     See also | macroeconomic problems | unemployment | inflation | theory | verification | economic science | macroeconomy | gross domestic product | unemployment | inflation | interest rate | consumption expenditures | price level | investment expenditures | saving | taxes | Adam Smith | flexible prices | market equilibrium | full employment | production | aggregate demand | Classical economics | Keynesian economics | John Maynard Keynes | stagflation | financial market | product market | money | scientific method | economic analysis | political views | conservative | liberal | circular flow | macroeconomic sectors | macroeconomic markets | product markets | financial markets | business cycles | stabilization policies | Nobel Prize in Economic Sciences | conservative | liberal |


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PATERNALISM

A fundamental philosophical viewpoint that the private sector (households and businesses) needs to be closely supervised by the public sector (government). In other words, members of society need to be watched over, cared for, and kept out of trouble, like parents watch over, care for, and keep their children out of trouble.

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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
"When I look back on all these worries, I remember the story of the old man who said on his deathbed that he had had a lot of trouble in his life, most of which had never happened. "

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