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March 1, 2024 

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K: The standard abbreviation for the quantity of capital goods, especially for the analysis of production. The letter "K" is used even though capital begins with a "C" because "C" is commonly used to represent consumption. The complementary representations for other inputs are "L" for labor and "N" for population.

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PRISONERS' DILEMMA: An application of game theory analysis in which two prisoners both confess to a crime to avoid harsher punishment when not confessing would avoid any punishment. The dilemma emerges because both prisoners are faced with the same choice -- confess or not confess -- but the outcome their choice depends on the choice made by the other prisoner. Unfortunately neither prisoner knows the choice of the other. If neither confesses, then they receive no punishment. If both confess, then they receive limited punishment, such as a year in jail. However, if one confesses and the other doesn't, the confessor receives light punishment, such as six months in jail, and the non confessor receives more severe punishment, such as five years in jail. The result is that both prisoners confess.

     See also | game theory | oligopoly | interdependence | competition among the few | collusion | advertising |


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MARGINAL PROPENSITY TO SAVE

The proportion of each additional dollar of household income that is used for saving. The marginal propensity to save (abbreviated MPS) is another term for the slope of the saving line and is calculated as the change in saving divided by the change in income. The MPS plays a central role in Keynesian economics. It quantifies the saving-income relation, which is the flip side of the consumption-income relation, and thus it reflects the fundamental psychological law. It is also a critical to the multiplier process. A related saving measure is the average propensity to save.

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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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