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KEYNESIAN ECONOMICS: A school of thought developed by John Maynard Keynes built on the proposition that aggregate demand is the primary source of business cycle instability, especially recessions. The basic structure of Keynesian economics was initially presented in Keynes' book The General Theory of Employment, Interest, and Money, published in 1936. For the next forty years, the Keynesian school dominated the economics discipline and reached a pinnacle as a guide for federal government policy in the 1960s. It fell out of favor in the 1970s and 1980s, as monetarism, neoclassical economics, supply-side economics, and rational expectations became more widely accepted, but it still has a strong following in the academic and policy-making arenas.
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PROPERTY RIGHTS The legal ownership of resources, which entitles the owners to receive the benefits or pay the costs associated with productive activities of the resources. Property rights can be owned individually (to the exclusion of others) or jointly by several members of society. The institution of private property is a form of property rights essential to capitalism.
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a 50-foot blue garden hose or a turbo-powered vacuum cleaner. Be on the lookout for telephone calls from long-lost relatives.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"There is no point at which you can say, „Well, I'm successful now. I might as well take a nap.¾" -- Carrie Fisher, actress, writer
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GNMA
Government National Mortgage Association
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