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March 23, 2023 

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AGGREGATION: The process of adding up, summing, or otherwise identifying the total value of a variable or measure, especially when used in the study of macroeconomics. Common items that are aggregated are demand, supply, and expenditures on gross domestic product, which result in aggregate demand, aggregate supply, and aggregate expenditures.

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PRINTERS UNION: This craft union among printers created in 1852 was the first permanent national union in the United States. While labor unions had be legal since the Commonwealth versus Hunt decision in 1842, most unions were craft unions and limited to labor markets in specific cities. The shoemakers union in Boston was unrelated to the shoemakers union in Philadelphia. The printers union was the first of several national craft unions established in the ensuing decade. As a national union, it controlled significantly more labor and thus exerted greater market control.

     See also | labor union | craft union | Commonwealth versus Hunt | market control | American Federation of Labor |


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BALANCED-BUDGET MULTIPLIER

A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.

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