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LONG-RUN AGGREGATE MARKET: A macroeconomic model relating the price level and real production under the assumption that ALL prices flexible. This is one of two aggregate market submodels used to analyze business cycles, aggregate production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The other is the short-run aggregate market. The long-run aggregate market isolates the interaction between aggregate demand and long-run aggregate supply. The key assumption of this model is that ALL prices, especially resource prices, are flexible. The primary result of this model is that the economy achieves long-run equilibrium at full-employment real production.
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INFLATION PROBLEMS Two notable problems are associated with inflation--uncertainty and haphazard redistribution. Inflation, especially inflation that varies from month to month and year to year, makes long-term planning quite difficult. Prices, wages, taxes, interest rates, and other nominal values that enter into consumer, business, and government planning decisions can be significantly affected by inflation. Moreover, inflation tends to redistribute income and wealth in a haphazard manner--some people win and some people lose. This redistribution might not be that desired by society, failing to promote any of the basic economic goals of efficiency, equity, stability, growth, or full-employment.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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In the early 1900s around 300 automobile companies operated in the United States.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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AOQL
Average Outgoing Quality Limit
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