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OIKONOMOS: This rather strange word is a greek term meaning "household manager" or "household steward" that gave rise to the modern term economy and the whole range of related terms, including economic, economics, economist, and economize. Ironically there are those who use economics less with the goal of providing "stewardship" of the economy and more focused on the goal of extracting maximum personal gain.
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PRICE An asset or item voluntarily exchanged in a market transaction for another asset or item. This item or asset is usually, but not necessarily, money. A barter transaction occurs if money is NOT one of the assets or items exchanged. In a standard market diagram, price is displayed on the vertical axis.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for jovial bank tellers.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, Greek philosopher
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IV
Instrumental Variables
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