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CAVEAT VENDITOR: This is a latin term meaning "let the seller beware." It was developed as a counter to the buyer's warning, caveat emptor, and suggests that sellers too can be "taken to the cleaners" in a market transaction. While it's less important than caveat emptor to under appreciated consumers, it does surface from time to time.
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SELF CORRECTION, AGGREGATE MARKET The automatic process in which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages (and other resource prices). The self-correction mechanism acts to close both recessionary gaps and inflationary gaps. The short-run aggregate supply curve increases (shifts rightward) due to lower wages to close a recessionary gap and decreases (shifts leftward) due to higher wages to close an inflationary gap.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
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WE
Walrasian Equilibrium
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