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January 16, 2018 

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RIVAL CONSUMPTION: Consumption of a good by one person imposes a cost on, or prevents consumption of the good by, another person. Some goods, like food, have extremely rival consumption. One person, and only one person, gets the benefit. Other goods, like national defense, have no consumption rivalry, everyone can benefit simultaneously without imposing a cost on others. This is one of the two key characteristics of a good (the other is excludability) that distinguishes between common-property goods, near-public goods, private goods, and public goods.

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PRINT AND MINT: A handy phrase for one method of controlling the money supply -- printing paper currency and minting metal coins. This was the method commonly used by governments BEFORE checkable deposits became a significant share of the money supply. In modern times the total quantity of money in circulation is controlled by controlling bank reserves and money creation process of banks. The print and mint method is largely used just to "fill in the gaps" and when the nonbank public decides to transfer money from checkable deposits to currency and coins.

     See also | money | money creation | monetary policy | currency | coin | checkable deposits | money supply | bank reserves |


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ECONOMIC REPORT OF THE PRESIDENT

An annual report of the economic performance of the U.S. economy written by the Chairman of the Council of Economic Advisors (CEA). It provides an overview of the nation's economic progress. A goal of the report is to provide the President with objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. The Council of Economic Advisors, the governmental body responsible for the report, was established by the Employment Act of 1946. The Economic Report of the President has been published every year since 1950.

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Today, you are likely to spend a great deal of time surfing the Internet hoping to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for high interest rates.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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