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July 16, 2024 

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CARDINAL UTILITY: A measure of utility, or satisfaction derived from the consumption of goods and services, that can be measured using an absolute scale. Cardinal utility exists if the utility derived from consumption is measurable in the same way that other physical characteristics--height and weight--are measured using a scale that is comparable between people. There is little or no evidence to suggest that such measurement is possible and is not even needed for modern consumer demand theory and indifference curve analysis. Cardinal utility, however, is often employed as a convenient teaching device for discussing such concepts as marginal utility and utility maximization.

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TIGHT MONEY: A term used when the Federal Reserve System pursues contractionary monetary policy. In other words, to contract our economy out of an inflationary expansion, the Fed decreases the amount of money in the economy or makes it "tighter" for people to get money (usually through bank loans).

     See also | money | monetary policy | Federal Reserve System | open market operations | government securities | bank | bank reserves | discount rate | reserve requirements | easy money | contractionary monetary policy |


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TIGHT MONEY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 16, 2024].


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WORLD VIEW

An aspect of a scientific theory that includes fundamental, and unverifiable, axioms, beliefs, and values about how the world works. One example of an unverifiable world view axiom is belief in the existence of a supreme, omnipotent, omniscience being--that is, God. Political philosophies, which are essential to economic theories and policies, are intertwined with alternative world views.

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Today, you are likely to spend a great deal of time at a flea market seeking to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for slow moving vehicles with darkened windows.
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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.
"God grants victory to perseverance. "

-- Simon Bolivar, South American liberator

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