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NEW CLASSICAL ECONOMICS: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.
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INJECTIONS LINE A graphical representation of the relation between the level of aggregate production and one or more injections. The three injections (non-consumption expenditures on aggregate production) are investment expenditures, government purchases and exports. The injections line sequentially adds, or layers, each of these three expenditures depending on the number of sectors used in the analysis (two, three, or four). The slope of the injections line depends on which if any of the expenditures are induced by aggregate production. The injections line is combined with the leakages line (containing saving, taxes, and imports) in the Keynesian injections-leakages model.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a flower arrangement with anything but tulips for your grandfather or a birthday greeting card for your mother that doesn't look like a greeting card. Be on the lookout for door-to-door salesmen.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"It is only our deeds that reveal who we are. " -- Carl Jung, psychiatrist
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FAO
Food and Agricultural Organization
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