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May 11, 2021 

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ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.

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CREATIVE DESTRUCTION: A notion put forth by Joseph Schumpeter that economic growth is the result of technological change and the innovations of new goods and services that emerge from the ashes of obsolete industries. This proposition indicates that economic progress is the result of fundamental changes in the structure of the economy and that capitalism is not a static, unchanging economic structure, but rather a dynamic, evolving system.

     See also | economic growth | technology | innovation | capitalism | structural unemployment | institution | infrastructure | business cycle |


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CREATIVE DESTRUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: May 11, 2021].


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ECONOMIC SYSTEM

The assorted institutions that society uses to answer the three basic questions of allocation and address the fundamental problem of scarcity. Another, more popular term for economic system is economy. An economy, or economic system, is the structural framework in which households, businesses, and governments undertake the production and consumption decisions that allocate limited resources to satisfy unlimited wants and needs.

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PURPLE SMARPHIN
[What's This?]

Today, you are likely to spend a great deal of time going from convenience store to convenience store hoping to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for high interest rates.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"Everyone is bound to bear patiently the results of his own example. "

-- Phaedrus, Philosopher

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