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December 24, 2025 

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SPACE: The final frontier... to boldly go where no one has gone before. Space represents a key dimension of the land category of scarce resources. The space of land provides a place for locating productive activity. This becomes most important in terms of accessibility, which is one location relative to other locations.

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ABSTRACTION

Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.

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[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store looking to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for pencil sharpeners with an attitude.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Nearly all men can stand adversity; but if you want to test a manžs character, give him power. "

-- Abraham Lincoln, 16th U.S. President

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