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ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.
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SCIENCE A discipline, or topic of study, that uses the scientific method to investigate and explain the operation of the world by testing and verifying hypothesized relations. Science is commonly divided into physical sciences (including chemistry, physics, and biology) and social sciences (including economics, sociology, and political science). Science is not just a subject, but a method of investigation using the scientific method.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for slightly overweight pizza delivery guys.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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ASEAN
Association of South East Asian Nations
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