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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for a thesaurus filled with typos.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"I believe that every right implies a responsibility, every opportunity, an obligation, every possession, a duty. "

-- John D. Rockefeller, industrialist

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