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OMB: The abbrevation for Office of Management and Budget, which is an office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).
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PRINCIPLE A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"The world is not dangerous because of those who do harm but because of those who look at it without doing anything. " -- Albert Einstein, physicist
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QLR
Quasi-Likelihood Ratio
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