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DEREGULATION: The reduction of government regulation of business, consumers, and market activity. The most noted period of deregulation occured during the 1970s and 1980s in response to criticisms that economic regulation inhibited rather than promoted competition. Key industries deregulated during this period were transportation, communications, and banking industries. Social regulations were also relaxed.
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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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"Never confuse a single defeat with a final defeat." -- F. Scott Fitzgerald, writer
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Collecting WELFAREI know word travels quickly among pedestrians of Shady Valley, but perhaps you haven't heard the latest. Pollyana Pumpernickel, the proprietor of Pollyana's Pet Palace, is no longer a pet proprietor. She's fallen on hard times, and fallen quite hard. Her husband of twelve years, Paul Pumpernickel has dumped her and their three young children to pursue insurance alternatives with Tricia Comer -- Smilin' Ted's sister and business partner in the All Comers Insurance Agency. Pollyana is distraught, to say the least. Paul Pumpernickel had been the dutiful househusband and caring father in his marriage partnership with Pollyana, but those duties fell onto the heavily burdened shoulders of Pollyana. The burden was too much. Pollyana's Pet Palace plundered into oblivion, leaving Pollyana penniless and jobless. Her only alternative was our government's public assistance program -- what you and I know as welfare. She's not pleased with her current social status, and neither, apparently is Winston Smythe Kennsington III, who ridicules poor Pollyana at every opportunity.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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GARP
Generalized Axioms of Revealed Preference
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