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EUROPEAN CENTRAL BANK: The central bank for the European Union and Economic and Monetary Union this is charged with monitoring monetary policy and introducing euros into circulation (beginning in 2002). The European Central Bank has a comparable, but perhaps somewhat less powerful, role as the Federal Reserve Board of Governors in the United States. It is took over for the European Monetary Institute in 1998 and is the executive body of the European System of Central Banks.
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CLASSICAL ECONOMICS A theory of economics, especially directed toward macroeconomics, based on the unrestricted workings of markets and the pursuit of individual self interests. Classical economics relies on three key assumptions--flexible prices, Say's law, and saving-investment equality--in the analysis of macroeconomics. The primary implications of this theory are that markets automatically achieve equilibrium and in so doing maintain full employment of resources without the need for government intervention. Classical economics emerged from the foundations laid by Adam Smith in his book An Inquiry into the Nature and Causes of the Wealth of Nations, published in 1776. Although it fell out of favor in the 1930s, many classical principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis, rational expectations theory, and supply-side economics.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet hoping to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for pencil sharpeners with an attitude.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"The way to gain a good reputation is to endeavor to be what you desire to appear. " -- Socrates, philosopher
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