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RATIONAL BEHAVIOR: The notion that people make decisions based on the desire to obtain the greatest amount of satisfaction. Rational behavior essential means that people prefer more to less. The presumption of rational behavior underlies most economic analyses, especially those applied to consumer demand theory.
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FEDERAL RESERVE SYSTEM The central banking authority of the United States that is charged with conducting monetary policy and regulating the commercial banking system. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. Its duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply. The Chairman of the Federal Reserve System is one of the most important and powerful positions in the economy.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for vindictive digital clocks with revenge on their minds.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Try not to become a man of success, but rather try to become a man of value. " -- Albert Einstein
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ACIR
Advisory Council on Intergovernmental Relations
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