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AGRARIAN: A term signifying a connection to farming, agricultural production, or the land. Agrarian is often used as a modifier for other terms, such as agrarian society (an economy that relies heavily on agricultural production), agrarian society (a society based on the institutions that emerge from a heavy reliance on agricultural production), or agrarian movement (a political movement designed to product agricultural production). Because farming was one of the first and remains one of the most fundamental activities undertaken by even the most primitive society, agrarian is typically associated with less developed, as in the phrase a "less developed, agrarian nation."
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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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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a flea market hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for high interest rates.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. " -- Thomas Watson Jr., executive
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LRD
Longitudinal Research Database
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