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POLICY LAGS: A series of lags between the onset of an economic problem, such as business-cycle contraction, and the full impact of the policy designed to correct the problem, such as expansionary fiscal or monetary policy. Policy lags can take several years and are one of the key arguments against discretionary policies and for reliance on self correction and automatic stabilizers. Policy lags are often divided into inside lags, the time between the shock and the corrective policy, and outside lags, the time between the corrective policy and full impact on the economy.
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CORPORATION A business established through ownership shares (termed corporate stock) with limited liability of company debts by the owners. A corporation is considered a distinct legal person, separate from its owners. As such, the owners have limited liability. They are only liable for the value of the ownership share and cannot be held personally responsible for any corporate debts. A corporation is one of the three basic forms of business organization. The other two are proprietorship and partnership.
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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 solid oak entertainment center or a remote controlled ceiling fan. Be on the lookout for rusty deck screws.
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John Maynard Keynes was born the same year Karl Marx died.
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"Stand up to your obstacles and do something about them. You will find that they haven't half the strength you think they have." -- Norman Vincent Peale
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