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GOLD STANDARD: Use of gold as the standard for valuing a nation's currency. A gold standard can take at least three different forms, most of which have been part of the American economic landscape. (1) Gold is used as the money in circulation. (2) Gold is used to back up paper money in circulation. This involves the use of something like a gold certificate, such that the number of certificates in circulation is the same as the amount of gold stored someplace like Fort Knox. (3) Gold is used to fix the exchange price of paper currency in circulation. In this case, the currency could, in principle, be exchanged for some predetermined amount of gold. In other words, the price of gold is fixed in terms of dollars.
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ASSUMPTIONS, KEYNESIAN ECONOMICS The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a T-shirt commemorating yesterday or a pair of handcrafted oven mitts. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"The less secure a man is, the more likely he is to have extreme prejudices. " -- Clint Eastwood, actor, director
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NAV
Net Asset Value
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