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IMPORTS LINE: A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for a thesaurus filled with typos.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"You need just the right amount of ambition . . . If you have too little ambition, you don't push or work hard. If you have too much ambition, you put yourself ahead of others, elbow them out of your way. " -- Andy Grove, Intel chairman and co-founder
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QML
Quasi-Maximum Likelihood
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