Classical textbook economics provides the perfect solution: Cool the economy a bit by making immediate and meaningful budget reductions.

But textbook economics also spoke of the law of diminishing returns.

On the surface, this looks like a standard, if unusually forceful, application of textbook economics.

All of this is more or less textbook economics.

But in textbook economics, any competitive marketplace ends with everyone reaping no profits.

It's straightforward textbook economics, applied to our actual situation.

Convex analysis is the standard tool for analyzing textbook economics.

In textbook economics, this should have had no impact on spending.

"We study textbook economics four days a week, and the fifth day it's hands-on experience in economics," Mr. Roberts said.

"This is pure textbook economics Mr. Douglas has been doing," the Western diplomat said.