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HECKSCHER-OHLIN MODEL: A model of international trade developed by Eli Heckscher and Bertil Ohlin, with significant contributions by Paul Samuelson, that relies on the notion that comparative advantage is based on relative natural resource endowments. A nation with large oil reserves will, for example, have a comparative advantage in oil production over another nation with fertile soil, which will have a comparative advantage in agricultural production.
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KEYNESIAN ECONOMICS A theory of macroeconomics developed by John Maynard Keynes based on the proposition that aggregate demand is the primary source of business-cycle instability and the most important cause of recessions. Keynesian economics points to discretionary government policies, especially fiscal policy, as the primary means of stabilizing business cycles and tends to be favored by those on the liberal end of the political spectrum. The basic principles of Keynesian economics were developed by Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936. This work launched the modern study of macroeconomics and served as a guide for both macroeconomic theory and macroeconomic policies for four decades. Although it fell out of favor in the 1980s, Keynesian principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for rusty deck screws.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"When one door closes another door opens; but we do often look so long and so regretfully upon the closed door, that we do not see the ones which open for us. " -- Alexander Graham Bell, inventor
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AR
Average Revenue, Autoregressive
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