Joseph Stiglitz is an American New Keynesian economist. Known for his research on information asymmetry, risk aversion, and monopolistic competition, Stiglitz received the 2001 Nobel Prize in economics. He is currently a professor at Columbia University and chief economist of The Roosevelt Institute. Stiglitz is the author of many books and publications, including Measuring What
What Is a Journal? A journal is a detailed account that records all the financial transactions of a business, to be used for the future reconciling of accounts and the transfer of information to other official accounting records, such as the general ledger. A journal states the date of a transaction, which accounts were affected, and
What Is a Joint Tenant With Right of Survivorship (JTWROS)? The term joint tenant with the right of survivorship (JTWROS) refers to a legal ownership structure involving two or more parties for any type of financial account or another asset. When one of the co-owners dies in a joint tenancy with the right of survivorship
What Is Judgmental Credit Analysis? Judgmental credit analysis is a method of approving or denying credit based on the lender’s judgment rather than on a particular credit scoring model. Judgmental credit analysis entails evaluating the borrower’s application and using prior experience dealing with similar applicants to determine credit approval. This process avoids using any algorithms
What Is a Judgment Lien? A judgment lien is a court ruling that gives a creditor the right to take possession of a debtor’s real or personal property if the debtor fails to fulfill his or her contractual obligations. This lien may be made against an individual or business and allows the creditor to access
What Is Judgment Proof? Judgment proof is a description of a person who does not have enough assets for a creditor to seize when a court order requires debt repayment. A debtor who is broke and unemployed can be considered judgment proof, as can a debtor who only has certain legally protected types of assets or income.
What Is a Judicial Foreclosure? Judicial foreclosure refers to foreclosure proceedings on a property in which the mortgage lacks a power of sale clause. In this case, the foreclosure proceedings are settled through the courts. Power of sale is a clause written into a mortgage. In the event of default, it authorizes the lender to
What Is a Jumbo Certificate of Deposit (CD)? A jumbo certificate of deposit is a CD that requires a higher minimum balance obligation than that required by traditional CDs. In return, the jumbo CD pays a higher rate of interest. A CD is a type of savings account that pays fixed or variable interest in
Jim Walton is the youngest son of Sam Walton, the founder of Walmart Inc. He served on the board of Walmart from 2005 to 2016 and is currently chair of the Arvest Bank Group. As an heir to the Walmart fortune, Jim Walton boasts a net worth of $61.3 billion in 2023. Key Takeaways Jim
What Is Just-in-Time (JIT)? The just-in-time (JIT) inventory system is a management strategy that aligns raw-material orders from suppliers directly with production schedules. Companies employ this inventory strategy to increase efficiency and decrease waste by receiving goods only as they need them for the production process, which reduces inventory costs. This method requires producers to forecast demand accurately.
