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FIRST ESTATE: In past centuries, this included the religious leaders and clergy. In modern times, I like to use it in reference to politicians and government leaders who can exert a great deal of control over resources through the coercive powers of government. One historical function of the first estate is to protect the less powerful consumers, taxpayers, and workers of the third estate from the market control typically held by the business leaders of the second estate. It is not uncommon, however, for an unhealthy degree of cooperation between the first and second estates, which often ends up with the enslavement of the third estate (figuratively and literally). At times help is forthcoming from the watchdog journalist of the fourth estate--unless they too have been overtaken by the ruling elite.
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CONSTANT GDP: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that constant gross domestic product is measured in constant prices, the prices for a specific base year. Constant gross domestic product, also termed real gross domestic product, adjusts gross domestic product for inflation. See also | real | gross domestic product | price level | inflation | real production | nominal gross domestic product | current gross domestic product | GDP price deflator | purchasing power | real interest rate | real wage |
Recommended Citation:CONSTANT GDP, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 15, 2025].
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SLOPE, SAVING LINE The positive slope of the saving line is also termed the marginal propensity to save (MPS). This slope is greater than zero but less than one, reflecting induced saving and the Keynesian psychological law of consumer behavior that saving increases by less than the increase in income. The slope of the saving line provides the foundation for the slope of the leakages line used in the injections-leakages model. It thus also affects the magnitude of the multiplier process.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for crowded shopping malls.
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A half gallon milk jug holds about $50 in pennies.
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"I don't know the key to success, but the key to failure is trying to please everybody. " -- Bill Cosby
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GSP
Gross State Product
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