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TAFT-HARTLEY ACT: A Congressional act passed in 1947 that limited the power acquired by U.S. labor unions during the 1930 and into the 1940s. Officially known as the Labor-Management Relations Act, this outlawed unfair labor practices by labor unions to counterbalance earlier legislation that had outlawed unfair labor practices by firms. The Taft-Hartley Act also set up provisions to decertify unions, if members chose to do so, and allowed states to pass right-to-work laws, which would outlaw union shops.

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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP Page: 13 of 25

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In this unit, you should have learned something about:
  1. Measuring economic production using market transactions.
  2. Market transactions of past and future production that are NOT economic production and are excluded from GDP.
  3. Economic production of in-kind activities that do NOT involve market transactions but are included in GDP.
  4. Economic production of home production that do NOT involve market transactions and are excluded from GDP.
  5. Economic production of illegal activities that do involve market transactions but are excluded from GDP.


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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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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a garage sale trying to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for deranged pelicans.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"The only thing that will stop you from fulfilling your dreams is you. "

-- Tom Bradley, former Los Angeles mayor

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