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January 29, 2020 

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HARROD-DOMAR MODEL: A model economic growth developed by R. F. Harrod and E. D. Domar that seeks to explain why an economy would not grow as fast has its potential growth rate. This model is based on the notion that actual income determines the amount saving, which is determines investment, which is what affects the rate of economic growth. If saving is not enough, the potential growth rate will not be achieved. The Harrod-Domar model, developed in the 1930s, has a strong Keynesian economic flavor, both indicating that the economy does not automatically achieve its potential.

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NATIONAL INCOME AND PERSONAL INCOME: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production during a given period of time, usually one year. Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

     See also | income | national income | personal income | income earned but not received | income received but not earned | resources | production | disposable income | gross domestic product | net domestic product | National Income and Product Accounts | Bureau of Economic Analysis |


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LABOR

The mental and physical human efforts used in the production of goods and services. This is one of four basic categories of resources, or factors of production. The other three are capital, land, and entrepreneurship.

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