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LEISURE: The portion of time workers and other people spend not being compensative for work performed when they actively engaged in the production of goods and services. In other words, this is the time people sent off the job. Leisure activities can include resting at home, working around the house (without compensation), engaging in leisure activities (such as weekend sports, watching movies), or even sleeping. Leisure time pursuits becomes increasingly important for economies as they become more highly developed. As technological advances reduce the amount of time people need to spend working to generate a given level of income, they have more freedom to pursue leisure activities. Not only does this promote sales of industries that provide leisure related goods (sports, entertainment, etc.) it also triggers an interesting labor-leisure tradeoff and what is termed the backward-bending labor supply curve.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 17 of 26

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

Business cycle instability happens, 3 to 4 years of expansion and a year or so of contraction. During each new expansion, we think the business cycle contraction problem has been solved.
  • Every expansion, except the current one, has ended with a contraction. Perhaps we have found THE cause of business cycles and can avoid future contractions.
  • Economy is complex, with many different business cycle causes. Hard to juggle a cell phone, remote control, and lit candle. Eventually you stop and begin again.
Aggregate economic activity is delicate balancing act, with numerous reasons for a contraction.
  • Note that explanations are often influenced by politics and vested interests.

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POLITICAL GAME

The political system can be thought of as a game, a contest between two groups of players. Rulers are the ones who set the rules. Rulees are the ones who must abide by the rules. The political game, of course, has serious consequences, with winners and losers. The distribution, either concentrated or dispersed, of these consequences can have a profound effect on the game. The study of public choice provides insight into the economic efficiency with which the political game is played.

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APLS

GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time at a dollar discount store trying to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"Give the American people a good cause, and there's nothing they can't lick. "

-- John Wayne, actor

VES
Variable Elasticity of Substitution
A PEDestrian's Guide
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