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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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BROWN PRAGMATOX
Your compete MICRO*scope for today
You are the type of person who is hardworking and industrious, who knows your job and what needs to be done. Family and friends wonder how you can be so happy given what you have. Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a rotisserie oven that can also toast bread or a flower arrangement in a coffee cup for your father. Be on the lookout for telephone calls from long-lost relatives. You should consider shopping at stores or businesses beginning with the letter K, but do not buy any products with a serial number or product code containing the number 399737. Your preferred shopping venue is thrift stores. Your special symbol is the comma (,).
Is this You?
As a Brown Pragmatox, you are down-to-earth and practical. You are hard working and industrious. You are frugal to the point that you might even refrain from making a purchase that you really, really need. Doing so often causes problems down the road. You definitely go with function over form and substance over style.
This isn't me! What am I?
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PART-TIME WORKERS People who are willing and able to work full-time (over 35 hours per week), but are forced to work less because employers do not need their productive efforts. While part-time workers officially have jobs, and are officially included in the "employed" category when the official unemployment rate is calculated, their labor resources are really only partially unemployed. A person working 20 hours a week, who is willing and able to work 40 hours a week, really should be considered as "half employed."
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Fact 2: Our Subjective ValuesUpon leaving Scarcity Stan's Bakery Shoppe and Confectionery Palace our pedestrian's excursion drops into Mega-Mart Discount Warehouse Super Center. A quick tour of this mecca of mass production -- lasting no more than three days -- is likely to reveal within the 20 gadzillion square feet of floor space a number of sales racks, shelves, and tables filled with merchandise marked down for clearance. A prominently displayed sign on one sales rack boldly declares that the regular $24.99 price has been drastically reduced, for this week only, to $3.98. What a bargain! What a sale! We have the chance -- "for a limited time only" -- to get stuff valued at $24.99 for only $3.98! With a bargain like this, how can we lose? It's easy to lose, if you don't understand the concept of value. Most of us have several "bargains" stored away in the attic, closet, or garage that never have seen, and probably never will see, anything resembling use. What seemed like a great "bargain" at the store, does nothing but occupy space at home. (By the way, does anyone have use for a distributor cap for a 1949 Ford?)
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"Posterity: you will never know how much it has cost my generation to preserve your freedom. I hope you will make good use of it. " -- John Quincy Adams, 6th U. S. president
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FILO First In Last Out
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