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KALDOR-HICKS IMPROVEMENT: Based on the Kaldor-Hicks efficiency criterion, the notion that an action improves efficiency if the willingness to pay of those benefiting exceed the willingness to accept of those harmed. In other words, if those gains exceed those losses, or the benefits exceed the costs, then social welfare is improved and undertaking the action provides a net benefit to society. In other words, the winners can, in principle, compensate the losers for their loss, and still come out ahead. The actual compensation, however, is required. A contrasting condition for attaining efficiency is the Pareto improvement.

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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 5 of 22

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The aggregate market is designed to explain the macroeconomy's price level and real production.
  • Aggregate demand is the relation between expenditures on real production and the price level.
  • Aggregate supply is the relation between the supply of real production and the price level--short run and long run.
  • The aggregate market identifies suitable values for the price level and real production that keep the aggregate economy--buyers and sellers--satisfied.
  • The aggregate market helps us to analyze and understand the macroeconomy.
We are primarily concerned with the problems of inflation and unemployment.

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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do 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 consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway hoping to buy either an AC adapter that works with your MPG player or rechargeable batteries. Be on the lookout for defective microphones.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
"After climbing a great hill, one finds many more hills to climb. "

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