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THE GENERAL THEORY: The common name for the book, The General Theory of Employment, Interest, and Money, by John Maynard Keynes. This work laid the theoretical foundations for the modern study of macroeconomics and the specific analysis that has come to be known as Keynesian economics. Published in 1936 during the depths of the Great Depression, The General Theory provided both a theoretical explanation for the cause of the depression and recommendations for policies to correct the problems. It was THE textbook for the serious study of macroeconomics for almost four decades.
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AVERAGE REVENUE PRODUCT CURVE A curve that graphically illustrates the relation between average revenue product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit revenue at each level of the variable input. The average revenue product curve is one of two related curves often used in the analysis of factor demand. The other, and more important, is marginal revenue product curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for malfunctioning pocket calculators.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"He, who every morning plans the transactions of the day, and follows that plan, carries a thread that will guide him through a labyrinth of the most busy life." -- Victor Hugo, Writer
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PIH
Permanent Income Hypothesis
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