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PERSONAL INCOME AND NATIONAL INCOME: Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production, which may or may not be received by members of the household sector. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).
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STABILITY Eliminating macroeconomic fluctuations in prices, employment, and production. Stability is primarily directed toward keeping inflation in check and avoiding high or unpredictable inflation rates that create uncertainty and cause haphazard redistribution of income and wealth. This is one of the five economic goals and one of three macroeconomic goals. The other goals are economic growth, full employment, efficiency, and equity.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"Success is more a function of consistent common sense than it is of genius. " -- An Wang, industrialist
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JEH
Journal of Economic History
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