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NATURAL SELECTION: The notion that firms best suited to the economic environment on the ones that tend to survive. The natural selection of business firms is an adaptation of the biological process of natural selection, in which biological entities best suited to the natural environment are the ones that survive. The notion of natural section suggests that even if firms do NOT actively, consciously pursue the profit-maximization goal, assuming they do is not necessarily unreasonable. Those firms that approximate the goal of profit-maximization, whether intentionally or accidently, are the ones most likely to survive and remain in business.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a large stuffed brown and white teddy bear or a replacement washer for your kitchen faucet. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Follow effective action with quiet reflection. From the quiet reflection will come even more effective action. " -- Peter F. Drucker, author
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VAR
Vector Autoregression
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