Vocab List

Abortive: failing to produce the intended result
Economics faces a certain set of circumstances and when not met, the entire theory is abortive in practice.

Bruit: spread a report or rumor widely
Publishing often has to innovate rather than confirm, so in order to bruit their findings the scientists set their finding awry.

Contumelious: scornful and insulting behavior

While politicians aren't allowed to be contumelious to one another, during a debate there facial expressions signify this sort of emotion.

Dictum: a formal pronouncement from an authoritative source; a short statement that expresses a general truth or principle
Politicians when faced with a disaster or terrorist attack offer a dictum in order to mollify public outcry.




Ensconce: establish or settle

To ensconce a document brings it into law.

Iconoclastic: characterized by attack on established beliefs or institutions
 Unfortunately current political campaigning is iconoclastic. 

In medias res: a narrative that begins somewhere in the middle of a story rather than the beginning
Keynes theory on economics was an in medias res during the Great Depression. 

Internecine: destructive to both sides in a conflict
 Facts seem to be internecine to political campaigns. 

Maladroit: ineffective or bungling; clumsy
Improper allocation  of resources seems quite maladroit but can lead to a greater margin of gains for a monopoly. 

Maudlin: self-pitying or tearfully sentimental, often through drunkenness
All the maudlin of the Great Depression was due to the stock market crash following the economoic booms of the early 1920's.

Modulate: exert a modifying or controlling influence on
The Keynesian theory on the market is that it needs to be modulated by government in order for money velocity to be efficient. 

Portentous: of or like a portent; done in a pompously or overly solemn manner
Markets seem to be portentous of future outcomes of stocks. 

Prescience: the power to foresee the future
Economists have no prescience, but simply look at  equations and market patterns in order to predict the future.

Quid pro quo: a favor or advantage granted in return for something
Now Hayek's model is quite different. He suggests a boom in economy is quid pro quo and sows the seeds of a depression. 

Salubrious: health-giving, healthy; pleasant, not run-down
In his model a salubrious economy is not created through government spending, low interest rates, or bailout, but through having market rules and less strict control over the capitalist model. 

Saturnalia: the ancient Roman festival of Saturn in December; an occasion of wild revelry
In short the thrust of this theory is that large growth shouldn't cause a  saturnalia, but instead a harbinger of ominous things to be.

Touchstone: a standard or criterion by which something is judged or recognized
Now due to the great recession of '08 both models are touchstones of economic studies. 



Traumatic: emotionally disturbing or distressing; relating to or causing psychological trauma
This traumatic event has opened this discussion, and has opened up a debate of ideology. 

Vitiate: spoil or impair the quality or efficiency of; destroy or impair the legal validity of.
 At this point the choice is up to us whether we vitiate each plan through slander, or we analysis each free of bias to show which needs to be put into use.

Waggish: humorous in a playful, mischievous, or facetious manner
Sorry about the serious talk. But sometimes the greatest means of effective lacks a waggish quality.