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January 22, 2018 

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OLIGOPSONY: A market structure dominated by a small number of large buyers controlling the buying-side of a market. Oligopsony is the somewhat obscure and seldom discussed buying counterpart to an oligopoly seller that controls the selling side of a market. Whereas oligopoly is most relevant to product markets, oligopsony is most relevant to factor markets.

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PURCHASING POWER: In general the quantities of goods and services that can be bought with a given amount of money. The notable feature of purchasing power is that it declines as prices rise. In particular, inflation is the number one nemesis of purchasing power. When inflation gives higher prices, purchasing power falls. Be careful, though, that you don't get too caught up in the purchasing power of just a single dollar. The real question is not how much stuff one dollar can buy, but how many dollars you have. In other words, while the price of a brand new car might have been $10 when you were a kid (in the good old days), the average annual income was also $20. That's the same purchasing power as a $10,000 car price and a $20,000 income.

     See also | real | nominal | money | price level | inflation | cost of living | living standard | store of value |


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POLITICAL VIEWS

Alternative perspectives of the proper role that government should play in the economy, with conservatives on the right, liberals on the left, and moderates in the middle. Libertarians show up to the right of conservatives and socialists (including Marxists and communists) are to the left of liberals.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Now is the only time there is. Make your now wow, your minutes miracles, and your days pay. Your life will have been magnificently lived and invested, and when you die you will have made a difference."

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