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SELF-CORRECTION, MARKET: The automatic process through which markets adjust from disequilibrium to equilibrium. Pointy-headed economists really like markets, even more than they like Englebert Humperdink. The reason is that markets have a built-in self correction mechanism. If a market is in equilibrium, it remains there until the cows come home. But if it's NOT in equilibrium, if it is in disequilibrium, it moves back. This means that no one (read this as government) needs to lord over markets, night and day, to ensure that they work. To reach an exchange that's mutually agreeable to both buyers and sellers, the buyers and sellers just need to be left alone (that is. laissez faire).
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KEYNESIAN AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of Keynesian economics. The Keynesian aggregate supply curve actually comes in two versions. The basic version is reverse-L shaped, with a horizontal segment connected to a vertical segment at a sharp corner. The modified version is also reverse-L shaped, but the vertical and horizontal segments have positive slopes and connecting corner is rounded. An alternative is the classical aggregate supply curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall seeking to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for rusty deck screws.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Look at the abundance all around you as you go about your daily business. You have as much right to this abundance as any other living creature. It's yours for the asking." -- Earl Nightingale
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NIA
National Income Accounts
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