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GOLDSMITH MONEY CREATION: An illustration of the basic money creation process undertaken by banks using the hypothetical activities of a hypothetical goldsmith. The goldsmith profession of Medieval Europe provides insight into the modern banking business, including the seemingly magical ability of banks to create valuable money out of inputs with significantly less value.
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RISK AVERSION A preference for risk in which a person prefers guaranteed or certain income over risky income. Risk aversion arises due to decreasing marginal utility of income. A risk averse person prefers to avoid risk and is willing to pay to do so, often through the purchase of insurance. This is one of three risk preferences. The other two are risk neutrality and risk loving.
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A Brief Introduction To Get You StartedThrough undaunted determination, sheer luck, or a missed turnpike exit, you have happened upon A Pedestrian's Guide to the Economy. You'll find hours of reading pleasure contained within this site, with more entertainment value per calorie than most office memos. A Pedestrian's Guide to the Economy, however, is more than a recreational web site. As a handy reference source, it provides answers to many of the most asked, a few of the least asked, and some of the never asked questions about the economy.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a revolving spice rack or a how-to book on home repairs. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects. " -- Alexis de Tocqueville, statesman, author
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AVT
Ad Valorem Taxes
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