The Grammar of Economics: Economic word of the day:

Friday, February 26, 2010

Economic word of the day:

AUSTERITY

WIKI: In economics, austerity is when a government reduces its spending and/or increases user fees to pay back creditors. Austerity is usually required when a government's fiscal deficit spending is felt to be unsustainable.

Main Entry: aus·ter·i·ty

Pronunciation: \ȯ-ˈster-ə-tē, -ˈste-rə- also -ˈstir-ə-\

Function: noun

Inflected Form(s): plural aus·ter·i·ties

Date: 14th century

1 : the quality or state of being austere
2 a : an austere act, manner, or attitude b : an ascetic practice
3 : enforced or extreme economy

a. reduced availability of luxuries and consumer goods, esp when brought about by government policy

b. (as modifier) an austerity budget

Thousands of civil servants have marched through Athens, the Greek capital, as they went on a 24-hour strike in protest against the government's plans to freeze wages, gather more taxes and reform pensions.

The action left flights grounded and many schools and government offices closed, while public hospitals were expected to only take emergency cases.

Barnaby Phillips reports from Athens.

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Look up the laws of economic liberty

Liberty's Dictator, our triune God, tells us His law word needs to be established in every area of life. Economics is one of those areas. The world economy today is doomed because it's two classes, the hosts and the parasites, are morally and religiously corrupt. Instead of being a participant of that fiat law order of economic private property destruction (sooner or later); recognize, learn, and establish the law that is regenerating (to name a few):

Not to steal money stealthily Lev. 19:11
The court must implement punitive measures against the thief Ex. 21:37
Each individual must ensure that his scales and weights are accurate Lev. 19:36
Not to commit injustice with scales and weights Lev. 19:35
Not to possess inaccurate scales and weights even if they are not for use Deut. 25:13
Not to move a boundary marker to steal someone's property Deut. 19:14
Not to kidnap Ex. 20:13
Not to rob openly Lev. 19:13
Not to withhold wages or fail to repay a debt Lev. 19:13
Not to covet and scheme to acquire another's possession Ex. 20:14
Not to desire another's possession Deut. 5:18
Return the robbed object or its value Lev. 5:23
The court must implement laws against the one who assaults another or damages another's property Ex. 21:18
Not to murder Ex. 20:12
Not to accept monetary restitution to atone for the murderer Num. 35:31
The court must send the accidental murderer to a city of refuge Num. 35:25
Not to accept monetary restitution instead of being sent to a city of refuge Num. 35:32
Not to leave others distraught with their burdens (but to help either load or unload) Deut. 22:4
Conduct sales according to biblical law Lev. 25:14
Not to overcharge or underpay for an article Lev. 25:14
Not to insult or harm anybody with words Lev. 25:17
Not to cheat a convert monetarily Ex. 22:20