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POLICY LAGS: A series of lags between the onset of an economic problem, such as business-cycle contraction, and the full impact of the policy designed to correct the problem, such as expansionary fiscal or monetary policy. Policy lags can take several years and are one of the key arguments against discretionary policies and for reliance on self correction and automatic stabilizers. Policy lags are often divided into inside lags, the time between the shock and the corrective policy, and outside lags, the time between the corrective policy and full impact on the economy.
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PERFECT COMPETITION, LONG-RUN ADJUSTMENT A perfectly competitive industry undertakes a two-part adjustment to equilibrium in the long run. One is the adjustment of each perfectly competitive firm to the appropriate factory size that maximizes long-run profit. The other is the entry of firms into the industry or exit of firms out of the industry, to eliminate economic profit or economic loss. The end result of this long-run adjustment is a multi-faceted equilibrium condition that price is equal to marginal cost and average cost (both short run and long run).
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex wanting to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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BIS
Bank for International Settlements
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