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SELF-CORRECTION, MARKET: The automatic process through which markets adjust from disequilibrium to equilibrium. Pointy-headed economists really like markets, even more than they like Englebert Humperdink. The reason is that markets have a built-in self correction mechanism. If a market is in equilibrium, it remains there until the cows come home. But if it's NOT in equilibrium, if it is in disequilibrium, it moves back. This means that no one (read this as government) needs to lord over markets, night and day, to ensure that they work. To reach an exchange that's mutually agreeable to both buyers and sellers, the buyers and sellers just need to be left alone (that is. laissez faire).
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MARGINAL PROPENSITY TO IMPORT The change in imports purchased from the foreign induced by a change in income or production (national income or gross domestic product). The marginal propensity to import (abbreviated MPM) is another term for the slope of the imports line and is calculated as the change in imports divided by the change in income or production. The MPM plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales hoping to buy either a New York Yankees baseball cap or several magazines on home repairs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"I know the price of success; dedication, hard work and an unremitting devotion to the things you want to see happen. " -- Frank Lloyd Wright, architect
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P&L
Profit and Loss
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