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June 8, 2023 

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BUREAUCRAT: Someone who works in a bureaucracy. Usually the term bureaucrat is used as a deregulatory, even profane, description of a government employee (such as "that dirty faceless bureaucrat"), indicating that the person would need serious genetic restructuring to be included in the human race. Closer genetic inspection (and the theory of public choice), however, indicates that the real culprit is complex bureaucracies and the rules under which they operate.

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COMPARATIVE STATICS: The technique of comparing the equilibrium resulting from a change in a determinant with the equilibrium prior to the change. Comparative statics is the primary analytical technique used in the study of economics. A popular example of this technique is found in the study of markets. Comparative statics is used to analyze how the equilibrium price and equilibrium quantity are affected by changes in the demand and supply determinants, which are graphically represented by shifts of the respective demand or supply curves.

     See also | equilibrium | ceteris paribus | economic analysis | determinant | market | aggregate market | equilibrium price | equilibrium quantity | demand shock | supply shock | surplus | shortage |


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COMPARATIVE STATICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 8, 2023].


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ECONOMIC ANALYSIS

The process of investigating economic phenomena in a systematic manner. In one sense, this is the heart and soul of the economic discipline. While economists spend an ample time identifying economic concepts, the end result of this discovery process is usually aimed at combining these concepts in such a way as to evaluate or analyze alternative consequences.

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Today, you are likely to spend a great deal of time at an auction seeking to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for high interest rates.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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