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BOARD OF GOVERNORS, CHAIRMAN: The head of the Federal Reserve Board of Governors and the Federal Reserve System. This is the guy in charge of monetary policy and is considered to be one of the two or three most powerful people in terms of the national and global economy. The Chairman is one of the seven members of the Board and serves as Chairman for a five-year term. The Fed Chairman also serves as Chairman of the powerful Federal Open Market Committee, the Fed Committee that sets the course of monetary policy.
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                           PURE COMMAND ECONOMY: An economy, or economic system, that relies exclusively on governments to allocate resources and to answer all three questions of allocation. This theoretical ideal has no markets, government makes all allocation decisions. Then contrasting theoretical ideal is a pure market economy in which markets make all allocation decisions. | Economic Systems |  |
A pure command economy is a theoretical extreme on the spectrum of economic systems that does not actually exist in the real world. It does, however, provide a benchmark that can be used for comparison with real world economic systems. In pure command economies, governments force all allocation through involuntary taxes, laws, restrictions, and regulations. Governments set forth the laws and rules. If folks do not follow the rules, then they are punished. Governments can punish those who do not follow the rules because... well... because they are the governments. Given a choice, most humans probably would rather NOT pay taxes or have their cars safety inspected. They follow government rules because they have to, because that IS the law. The real world embodiment of a pure command economy is termed a command economy. The communistic/socialist economies of China and the former Soviet Union are primary examples of command economies. While, in theory, resource allocation could be undertaken exclusively through markets or governments, in the real world, all economies rely on a mix of both markets and governments for allocation decisions, what is termed a mixed economy.
Recommended Citation:PURE COMMAND ECONOMY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: June 16, 2025].
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for infected paper cuts.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Be kind and merciful. Let no one ever come to you without coming away better and happier." -- Mother Teresa of Calcutta, humanitarian
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IROR
Internal Rate of Return
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