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MARGINAL PROPENSITY TO IMPORT: The proportion of each additional dollar of household income that is used for imports. Or alternatively, this is the change in imports due to a change in disposable income. Abbreviated MPI, the marginal propensity to import plays a minor role in modifying the aggregate expenditure line and the multiplier effect.
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STAGFLATION: High inflation rates at the same time the economy has high unemployment rates. Throughout much of the economic history of the good old U. S. of A., we've seen a tradeoff between inflation and unemployment. During an expansion, inflation is usually higher and unemployment is lower. The opposite has tended to occur during a recession. In the 1970s, however, inflation worsened at the same time the economy dropped into a recession. This led economists not only to coin the term stagflation (stagnation + inflation), but also to reevaluate the existing explanation of how the economy works. See also | inflation rate | unemployment rate | contraction | inflation | unemployment | misery index |
Recommended Citation:STAGFLATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: June 25, 2022].
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RECOVERY The early phase of a business-cycle expansion that occurs shortly after a contraction has ended. During a recovery, the unemployment rate remains relatively high, but is beginning to fall, and real gross domestic product begins to increase, usually rapidly. However, because the contraction remains fresh in the minds of many, it may not be immediately clear that the trough of the contraction has actually ended.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs looking to buy either a pair of gray heavy duty boot socks or a 50-foot blue garden hose. Be on the lookout for small children selling products door-to-door.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"It is not fair to ask of others what you are unwilling to do yourself. " -- Eleanor Roosevelt, diplomat, activist
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FOMC
Federal Open Market Committee
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