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DISCRETIONARY FISCAL POLICY: Explicit changes in government purchases and/or taxes (fiscal policy) that are made with the expressed goal of stabilizing business cycles, reducing unemployment, and/or lowering inflation. While most fiscal policy studied in economics is discretionary, the contrast is with automatic stabilizers, changes in taxes and transfer payments the help stabilize business cycles without explicit government actions. Discretionary monetary policy is a similar type of policy.
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ECONOMIC THINKING A way of looking at and analyzing the way the world works by comparing the cost of an action with the benefit generated. The study of economics is the process of economic thinking about issues related to the scarcity problem.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a desktop calendar with all federal and state holidays highlighted or a half-dozen helium filled balloons. Be on the lookout for slightly overweight pizza delivery guys.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Nothing great has ever been achieved except by those who dared believe that something inside them was superior to circumstances. " -- Bruce Barton, Advertising executive
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GDP
Gross Domestic Product
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