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THE GENERAL THEORY: The common name for the book, The General Theory of Employment, Interest, and Money, by John Maynard Keynes. This work laid the theoretical foundations for the modern study of macroeconomics and the specific analysis that has come to be known as Keynesian economics. Published in 1936 during the depths of the Great Depression, The General Theory provided both a theoretical explanation for the cause of the depression and recommendations for policies to correct the problems. It was THE textbook for the serious study of macroeconomics for almost four decades.
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BALANCED-BUDGET MULTIPLIER A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either an extra large beach blanket or a large flower pot shaped like a Greek urn. Be on the lookout for letters from the Internal Revenue Service.
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In the early 1900s around 300 automobile companies operated in the United States.
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"Always dream and shoot higher than you know how to. Don't bother just to be better than your contemporaries or predecessors. Try to be better than yourself." -- William Faulkner, writer
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MLR
Minimum Lending Rate
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