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DOMESTIC: Anything that has to do with activity within the boundaries of a nation. This should be directly contrasted with the term foreign, which refers to anything beyond the boundaries of a nation.
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ASSUMPTIONS, CLASSICAL ECONOMICS Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for telephone calls from long-lost relatives.
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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JET
Journal of Economic Theory
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