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TRADE BARRIER: A restriction, invariably by government, that prevents free trade among countries. The more popular trade restrictions are tariffs, import quotas, and assorted nontariff barriers. An occasional embargo will be even thrown into this mix. The primary use of trade barriers is to restrict imports from entering in country. By restring imports, domestic producers of the restricted goods are protected from competition and are even subsidized through higher prices. Consumers, though, get the short end of this stick with higher prices and a limited choice of goods. In that producers tend to have more political clout than consumers, it's pretty obvious why trade barriers are a "natural" state of affairs.
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AUTOMATIC STABILIZERS Taxes and transfer payments that depend on the level of aggregate production and income such that they automatically dampen business-cycle instability without the need for discretionary policy action. Automatic stabilizers are a form of nondiscretionary fiscal policy that do not require explicit action by the government sector to address the ups and downs of the business cycle and the problems of unemployment and inflation.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"God grants victory to perseverance. " -- Simon Bolivar, South American liberator
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IARA
Increasing Absolute Risk Aversion
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