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SELF CORRECTION: The process through which a model, especially the market and the aggregate market, automatically adjust to equilibrium through changes in one of the variables. For the standard market, self-correction involves changes in the market price to eliminate shortages and surpluses. For the aggregate market, self-correction involves changes in wages, which shift the short-run aggregate supply curve and move the aggregate market from short-run equilibrium to long-run equilibrium.
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BANK RUN A situation in which a relatively large number of a bank's customers attempt to withdraw their deposits in a relatively short period of time, usually within a day or two. While common throughout the 1800s and early 1900s, government deposit insurance has largely eliminated banks runs in the modern economy. Historically a bank run was prompted by fears that the bank was on the verge of collapse, causing deposits to become worthless. Ironically a bank run often caused the bank to fail. Bank runs were often infectious, leading to economy-wide bank panics and business-cycle contractions.
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ORANGE REBELOON
[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 slightly overweight pizza delivery guys.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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APT
Arbitrage Pricing Theory
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