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HYSTERESIS: The notion that the natural rate of unemployment is affected by historical events, especially the onset of a business-cycle contraction. Hysteresis results because unemployed resources are permanently changed, through loss of job skills or seniority, making them less employable when the contraction is over. The labor market itself might be permanently change. The result is a permanent increase in structural and frictional unemployment and a higher natural unemployment rate. Alternatively, a prolonged business-cycle expansion can generate long-term changes that cause a permanent decrease in the natural unemployment rate.
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AUTONOMOUS SAVING Household saving that does not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in saving. Autonomous saving is best thought of as a baseline level of saving (usually negative) that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the saving function or the saving line. The alternative to autonomous saving is induced saving, which does depend on income.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers wanting to buy either a packet of address labels large enough for addresses of both the sender and the recipient or a key chain with a built-in flashlight and panic button. Be on the lookout for deranged pelicans.
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This isn't me! What am I?
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good. " -- Joe Paterno, Football coach
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PIT
Personal Income Tax
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