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ECONOMIC RECOVERY TAX ACT: Unofficially called the Kemp-Roth, this was a cornerstone of economic policy under President Reagan passed in 1981. The three components of this act were: (1) a decrease in individual income taxes, phased in over three years, (2) a decrease in business taxes, primarily through changes in capital depreciation, and (3) the indexing of taxes to inflation, which was implemented in 1985. This act was intended to address the stagflation problems of high unemployment and high inflation that existed during that 1970s and to provide greater incentives for investment. A primary theoretical justification is found in the Laffer curve relation between tax rates and total tax collections.
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MONOPSONY, MINIMUM WAGE: A minimum wage is a legally established floor on the wage rate that employers can pay their workers. Monopsony is a market structure dominated on the demand side by a single buyer. Contrary to standard analysis, imposing a minimum wage on monopsony market can actually increase employment. See also | compensating wage differentials | monopsony, factor market analysis | factor market, efficiency | monopsony, efficiency |
Recommended Citation:MONOPSONY, MINIMUM WAGE, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: October 19, 2018].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: monopsony, minimum wage
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for neighborhood pets, especially belligerent parrots.
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Al Capone's business card said he was a used furniture dealer.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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