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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 14 of 25
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M3 is equal to M2 plus other near monies.- We have five trillion dollars of M3.
- M3 averaged over 270 million people in the U. S. is about $18,000 per person.
- Other near monies added to M3 are less liquid than the M2 near monies.
- M3 other near monies are essentially investments.
M3 other near monies: - Larger denomination certificates of deposit and longer-term repurchase agreements.
- M2 includes CDs less than $10,000.
- M3 includes CDs over $100,000.
- M3 includes repurchase agreements and Eurodollars of longer duration than the ones M2 includes.
- These longer term and bigger M3 other near monies are less liquid than the M2 near monies.
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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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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either throw pillows for your living room sofa or a hepa filter for your furnace. Be on the lookout for mail order catalogs with hidden messages.
Your Complete Scope
This isn't me! What am I?
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Al Capone's business card said he was a used furniture dealer.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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GARP
Generalized Axioms of Revealed Preference
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