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SAY'S LAW: A classical economic proposition stating that the production of aggregate output creates sufficient aggregate demand to purchase all of the output produced. In other words, supply creates its own demand. This is one of the three assumptions underlying the macroeconomic theory of classical economics which concluded that unrestricted market activity would generate full employment. The other two assumptions are flexible prices and saving-investment equality. Say's law is closely associated with the circular flow model.

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MONEY MULTIPLIER: The magnified change in money, both checkable deposits and currency, resulting from a change in bank reserves. Compared to the simple deposit multiplier, the money multiplier builds on the inverse of the required-reserves ratio, but also takes into consideration that banks keep excess reserves, and the public transfers some checkable deposits into cash and savings.

     See also | money | checkable deposits | currency | bank reserves | excess reserves | deposit multiplier |


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MONEY MULTIPLIER, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2019. [Accessed: December 9, 2019].


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LOGROLLING

The trading of votes to ensure a favorable outcome for two or more separate decisions. Logrolling occurs when each of two people agree to vote for the other's project to ensure that both are passed. A votes for B and B votes for A. Logrolling is commonly used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord. Explicit logrolling is when each of two voters agree to cast separate votes for two separate programs. Implicit logrolling is when two separate programs or policies are combined into a single package, which is then subject to a single vote. Logrolling can generate either an efficient or an inefficient allocation of resources, meaning that efficiency is irrelevant to the logrolling process.

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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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