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long period (DO)<br />1 The period in which all adjustments have been made to a price change.<br /> 2 The period in which supply is very ELASTIC as a great expansion in the quantities of factors of production is possible.<br /><em>See also:</em> Marshallian long period
<strong>DHS</strong> – Department of Homeland Security. On March 1, 2003, the DHS absorbed the former federal agency, Immigration and Naturalization Service (INS). At that time, the INS was renamed the U.S. Citizenship and Immigration Services (USCIS).
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new classical economics (B2)<br />A modem US and UK school of economics combining the use of the RATIONAL EXPECTATIONS hypothesis with MONETARISM and a LAISSEZ-FA!RE approach to economic policy. All markets are assumed to be perfectly competitive in their behaviour and all unemployment is voluntary because it arises only when employers and employees make mistakes. Central to this technically sophisticated theory is the belief that markets clear. The principal proponents of these views in the USA are LUCAS and Thomas Sargent; in the UK, Patrick Minford and Michael Beenstock.<br /><em>See also:</em> perfect competition <br /><em>Reference</em><br />Buiter, W.H. (1980) 'The macroeconomics of Dr Pangloss: a critical survey of the new classical macroeconomics', Economic Journal90: 34-50.<br /> Hoover, K.D. (1988) The New Classical Economics, Oxford: Basil Blackwell.
& where Y is national income, C is aggregate consumption and I is net investment, the multiplier is 11(1 - MPC), with MPC the marginal propensity to consume; for an open economy described by the equation
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