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BUREAUCRACY: A system or rules and procedures designed to operate a complex organization. While most people look to government when the term bureaucracy arises (and make no mistake, government is not shy when it comes to complex bureaucracies), bureaucracies exist in all types of organizations -- private, public, government, business, charities, corporations, even households. The problem economists have with bureaucracies is that rigid, administrative rules often drive a wedge between action and responsibility. The clerk at the welfare counter is only following rules established by Congress. The clerk has no authority to change the rules, and Congress seldom if ever sees the consequences of their rules.
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LIQUIDITY The ease with which an asset can be converted to money with little or no loss of value. Money, currency and checkable deposits, is the benchmark for liquidity. Money is what other assets are converted to. Different assets have differing degrees of liquidity. Financial assets have differing degrees of liquidity but tend to be more liquid that physical assets. Liquidity is important to components of the three monetary aggregates tracked and reported by the Federal Reserve System--M1, M2, and M3.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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T-BOND
Treasury Bond
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