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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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FOUR-SECTOR AGGREGATE EXPENDITURES LINE A graphical depiction of the relation between aggregate expenditures by the four macroeconomic sectors (household, business, government, and foreign) and the level of aggregate income or production. The four-sector aggregate expenditures line combines consumption expenditures, investment expenditures, government purchases, and net exports. The slope of this aggregate expenditures line is based on the marginal propensity to consume, adjusted for marginal propensities of the other expenditures that are assumed to be induced when constructing the line. This is one of three aggregate expenditures lines based on the number of sectors included. The others are the two-sector aggregate expenditures line and the three-sector aggregate expenditures line.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for pencil sharpeners with an attitude.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"My life as a writer consists of 1/8 talent and 7/8 discipline. " -- John Irving, writer
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TI
Taxable Income
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