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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 AGGREGATE SUPPLY The total (or aggregate) real production of final goods and services available in the domestic economy at a range of price levels, during a period of time in which some prices, especially wages, are rigid, inflexible, or otherwise in the process of adjusting. Short-run aggregate supply, commonly abbreviated SRAS, is one of two aggregate supply alternatives, distinguished by the degree of price flexibility. The other is long-run aggregate supply. Short-run aggregate supply is combined with aggregate demand in the short-run aggregate market analysis used to analyze business-cycle instability, unemployment, inflation, government stabilization policies, and related macroeconomic topics.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for celebrities who speak directly to you through your television.
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The average bank teller loses about $250 every year.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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NDP
Net Domestic Product
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