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August 11, 2026 

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RESERVES: The vault cash and deposits at the Federal Reserve System that banks use to complete day-to-day transactions.

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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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[What's This?]

Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. "

-- Thomas Paine, statesman

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International Trade Commission
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