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DECISION LAG: The time lag that it takes government leaders and policy makers to determine the appropriate government action needed to address an economic problem. The decision lag arises because it takes time for policy makers to chose among the array of possible policy actions, each with assorted consequences that appeal differently to different political constituencies. This "inside lag" is one of four policy lags associated with monetary and fiscal policy. The other two "inside lags" are recognition lag and implementation lag, and one "outside lag" is implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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Lesson 10: Gross Domestic Product | Unit 4: Measuring Income Page: 21 of 25

Topic: IRBNE <=PAGE BACK | PAGE NEXT=>

Income received by households but not earned by the factors of production (IRBNE) is added to national income to derive personal income. IRBNE are transfer payments.
  • Households without factors of production receive income through transfer payments such as:
    1. Social Security benefits.
    2. Welfare payments.
    3. Unemployment compensation.
  • To calculate personal income, income earned but not received (IEBNR) is subtracted from and income received but not earned (IRBNE) is added to national income.

PI = NI - IEBNR + IRBNE


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CURRENT ACCOUNT, BALANCE OF PAYMENTS

A subset of the balance of payments accounts that tracks the flow of currency and other monetary assets in exchange for trade between one nation and other nations. It includes payments for imports and exports of both goods and services. It also includes monetary gifts or transfer payments to and from other nations. The current account is divided into three categories -- balance on merchandise trade, balance on services, and unilateral transfers. This is one of two primary subsets of the balance of payments. The other is the capital account. A deficit or surplus in the current account is matched by an opposite surplus deficit in the capital account.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
"Many people think that if they were only in some other place, or had some other job, they would be happy. Well, that is doubtful. So get as much happiness out of what you are doing as you can and don't put off being happy until some future date. "

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