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LABOR MARKET: A market that exchanges the services of labor resources. For the macroeconomy, this is a critical aspect of the aggregate resource markets, especially the short-run condition of rigid prices. Labor market wages tend to be rigid in short run. Such wage rigidity, was well as other short run problems, prevent labor markets from achieve equilibrium. The result is either unemployment or overemployment, both of which prevent long-run equilibrium in the aggregate market.
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AMERICAN ECONOMIC ASSOCIATION A formal organization of professional economists that promotes economic research, organizes annual meetings and conferences, and maintains a list of publications in several economics subjects. The American Economic Association (AEA) was originally organized by a small group interested in economics at a meeting in 1888 in Saratoga, New York. However, as interest in the subject grew, it officially incorporated in 1923. Although the AEA contained only a small number of members in the beginning, today the membership is approximately 18,000. In addition, about 4,600 libraries, institutions, and firms subscribe to the quarterly publications of the AEA.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel trying to buy either a lighted magnifying glass or a small, foam rubber football. Be on the lookout for gnomes hiding in cypress trees.
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General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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LAD
Least Absolute Deviations
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