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DECISION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for policy makers to determine the appropriate policy to undertake. Another part of the implementation lag is the action lag. For fiscal policy, this involves Congress and the President debating, passing, and signing legislation that changes government spending or taxes. For monetary policy, this involves a meeting among the members of the Federal Reserve Open Market Committee. The decision lag is usually shorter for monetary policy than fiscal policy.
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CARDINAL UTILITY The notion that utility--the satisfaction of wants and needs achieved through the consumption of goods and services--can be measured with numerical values (1, 2, 3, etc.) that are based on a benchmark scale. Cardinal utility presumes that satisfaction is a measurable characteristic of a person, like height or weight. The contrasting notion is ordinal utility, which is based on a ranking of preferences.
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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for gnomes hiding in cypress trees.
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In 1914, Ford paid workers who were age 22 or older $5 per day -- double the average wage offered by other car factories.
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"The difference between the impossible and the possible lies in a person's determination. " -- Tommy Lasorda
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VAR
Vector Autoregression
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