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CENTRAL PLANNING: A system of extensive central government control of an economy, including organizing production and making allocation decisions. This was the popular method of allocating resources and answering the three basic questions of allocation under the communism/socialism economic systems of the Soviet Union, China, and others during the 1950s, 1960s, and 1970s. Applying the communist/socialist philosophy that private property and market allocation were "bad," central planning relied on extremely detailed plans made by government. These plans would set specific production quotas for individual products, parts, components, and inputs fabricated by all of the factories and farms across the economy. This was a daunting, complex task that required detailed production information for hundreds of thousands of different commodities.
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CONTRACTIONARY FISCAL POLICY A form of fiscal policy in which a decrease in government purchases, an increase in taxes, and/or a decrease in transfer payments are used to correct the inflationary problems of a business-cycle expansion. The goal of contractionary fiscal policy is to close an inflationary gap, restrain the economy, and decrease the inflation rate. Contractionary fiscal policy is often supported by contractionary monetary policy. An alternative is expansionary fiscal policy.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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BLS
Bureau of Labor Statistics
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