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September 15, 2026 

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BY-PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed joint products or complements-in-production, the phrase by-product is often used when one of the products is unwanted or of secondary importance. For example, sawdust is generally considered a by-product from producing lumber from trees.

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MACROECONOMIC THEORIES

Scientific theories that seek to explain phenomena associated with the macroeconomy. The primary phenomena investigated are unemployment, inflation, and the level of aggregate production. Macroeconomic theories also inevitably provide policy recommendations intended to improve the performance of the economy and to correct macroeconomic problems. A few of the more noted macroeconomic theories are: Classical economics, Keynesian economics, aggregate market (AS-AD) analysis, IS-LM analysis, Monetarism, and New Classical economics.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for high interest rates.
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The average length of a "business lunch" is about 36 minutes.
"Most human beings have an almost infinite capacity for taking things for granted. "

-- Aldous Huxley, writer

JEH
Journal of Economic History
A PEDestrian's Guide
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