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CASH: the common term for paper currency and metal coins components of the money supply. Cash includes the foldable green paper with portraits of famous dead people, and those shiny metal discs with raised imprints of famous dead people. Cash is often divided into the "cash in circulation" which is what the nonbank public uses for purchases, and "vault cash" which is what banks have stashed away in the large, highly-secured, vaults. Cash in circulation is part of the money supply. Vault cash is part of bank reserves.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a replacement washer for your kitchen faucet or a stretchable, flexible watch band. Be on the lookout for malfunctioning pocket calculators.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"It is very rare that you meet with obstacles in this world (that) the humblest man has not the faculties to surmount. " -- Henry David Thoreau, philosopher
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