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NEW CLASSICAL ECONOMICS: A body of economic thought emerging in the last quarter of the 20th century based on greater reliance on voluntary market exchanges, a laissez faire approach to government policies, and recognition of the supply-side of the economy. New classical economics, as the name implies, is a rejuvenation of classical economics that dominated economic thought from the 1770s to the 1930s and was developed to counter Keynesian economics that was prevalent from the 1930s to the 1970s.
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RESOURCES Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Resources are often given the more descriptive term factors of production.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for malfunctioning pocket calculators.
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The average bank teller loses about $250 every year.
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"Genius is an infinite capacity for taking pains. " -- Jane Ellis Hopkins, writer
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VAR
Vector Autoregression
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