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BARTER ECONOMY: An economy that trades goods and services using barter exchanges rather than money. Barter economies originally predated the invention of money, emerging out the early stage of self-sufficiency before giving way to the use of commodity money. However, barter economies occasionally surface in modern times, especially when the public loses confidence in the monetary unit during a government crises or a period of hyperinflation.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store trying to buy either 500 feet of coaxial cable or a coffee cup commemorating the 1960 Presidential election. Be on the lookout for the happiest person in the room.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"It is part of the American character to consider nothing as desperate. " -- President Thomas Jefferson
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SFE
Sydney Futures Exchange
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