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TECHNOLOGY: The sum total of knowledge and information that society has acquired concerning the use of resources to produce goods and services. This technology often takes the form of scientific knowledge (the best combination of chemicals to make a long-lasting floor wax), but can also be plain old common sense (irrigate during a drought, not during a flood). Whether scientific or not, technology affects the technical efficiency with which resources are combined in production. An improvement in technology is thus an increase in the technical efficiency of production--more output with given inputs or fewer inputs for a given output. Technology is often embodied in capital goods. Bigger, better, faster, and less expensive computers are the result of advances in silicon chip technology. However, technology is also embodied in labor as human capital.
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INFLATION CAUSES Inflation, the persistent increase in the average price level, can be caused by an increase in aggregate demand or a decrease in aggregate supply. This suggests two basics sources, causes, or types of inflation--demand-pull inflation and cost-push inflation. While short-term bouts of inflation (up to several months) can result from anything (determinant) that might cause either increases in aggregate demand or decreases in aggregate supply, long-term inflation (a year or more) is possible ONLY through persistent increases in the money supply. As such, while demand-pull inflation and cost-push inflation are convenient ways to catalog the transmission mechanisms of inflation, the ultimate CAUSE of inflation is money.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling through a department store seeking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"He who truly knows has no occasion to shout. " -- Leonardo da Vinci, painter, sculptor, architect, engineer
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DARA
Decreasing Absolute Risk Aversion
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