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NEW CLASSICAL ECONOMICS: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.
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SHORT-RUN PRODUCTION ANALYSIS An analysis of the production decision made by a firm in the short run, with the ultimate goal of explaining the law of supply and the upward-sloping supply curve. The central feature of this short-run production analysis is the law of diminishing marginal returns, which results in the short run when larger amounts of a variable input, like labor, are added to a fixed input, like capital. A contrasting analysis is long-run production analysis.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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Paying TAXESThe time has come to take a firm stand! The Shady Valley Gazette Tribune-Journal has published an inflammatory editorial calling for a "pedestrian" tax on anyone who ambles around the economy. This tax, as every pedestrian would surely agree, is misguided and short-sighted. It's also unfair and probably unconstitutional. How DARE the editors of the Shady Valley Gazette Tribune-Journal call for a "pedestrian" tax. Sure they argue that ambling pedestrians should help pay for the sidewalks, traffic signals, and other assorted public goods. But, it's certainly not in MY best interest as a pedestrian to pay this misguided, short-sighted, unfair, and probably unconstitutional tax.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store trying to buy either a case of blank recordable DVDs or a pair of red goulashes with shiny buckles. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
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R&D
Research and Development
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