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SCIENCE: A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relationships. While the term science is often used in reference to the physical sciences, including chemistry, physics, and biology, it's also relevant to social sciences, including economics, sociology, and political science. The reason is that science is not really a subject, but a method of investigation--the scientific method. The scientific method is uses theories to derived hypotheses which are verified against real world data.
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PARADOX OF THRIFT The notion that an increase in saving, which is generally good advice for an individual during bad economic times, can actually worsen the macroeconomy causing a reduction in aggregate income, production, and paradoxically a decrease in saving. The paradox of thrift is an example of the fallacy of composition stating that what is true for the part is not necessarily true for the whole.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time at a flea market wanting to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for telephone calls from long-lost relatives.
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The average length of a "business lunch" is about 36 minutes.
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"Never confuse a single defeat with a final defeat." -- F. Scott Fitzgerald, writer
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AIFT
American Institute for Foreign Trade
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