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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 19: Money Creation | Unit 5: Policy
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Page: 20 of 23
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Controlling the money creation process is the key to understanding the role that money plays in the economy. In the old days: - Money was issued by government. With print and mint they had complete control over the quantity of money.
In the modern economy:- Checkable deposits are directly under the control of commercial banks. Government must control banks to control money.
Some history:- In the late 1800s, banks ran amuck, creating money as they saw fit. The economy experienced perpetual turmoil.
- In the 1970s and 1980s, S&Ls had instability problems.
- Since the mid 1980's, money creation has been under control. The economy has been strong and growing.
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CONSTANT-COST INDUSTRY A perfectly competitive industry with a horizontal long-run industry supply curve that results because expansion of the industry causes no change in production cost or resource prices. A constant-cost industry occurs because the entry of new firms, prompted by an increase in demand, does not affect the long-run average cost curve of individual firms, which means the minimum efficient scale of production does not change.
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The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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AACCLA
Association of American Chambers of Commerce in Latin America
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