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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 6 of 23
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Our honest and trustworthy Fred discovers paper currency. Fred's system: - Fred tracks gold deposits and withdrawals by issuing receipts for each deposit.
- Fred returns the gold in exchange for a receipt.Three features:
- First: The knight need not, and probably does not, withdraw the same gold deposited.
- Second: Fred need not personally know each knight requesting services.
- Third: Gold receipts are as good as gold, because people know the receipts can be redeemed for gold.Therefore:
- Gold receipts become money for the local economy.
- Fred has discovered paper currency, fiat money, and what is comparable to the checkable deposit function of modern banks.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a wall poster commemorating the 2000 Olympics or a flower arrangement with a lot of roses for your grandmother. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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MPS
Marginal Propensity to Save
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