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July 11, 2025 

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JOB VACANCY RATE: A simple little ratio of the number of job vacancies in our economy to the sum of employment and job vacancies. In essence, this measures the fraction of jobs in the economy that are open, but haven't been filled. To be included as an officially vacant job, employers must be actively searching to fill it with a warm body, by advertising in the paper, contacting employment offices, etc. Like the more common unemployment rate, the job vacancy rate is a useful indicator of the business cycle. When the economy is booming, the job vacancy rate is likely to be relatively high. A low rate signals a recession.

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STOCK: A variable or measurement that is defined for an instant in time (as opposed to a period of time). A stock can only be measured at a specific point in time. For example, money is the stock of production that exists right now. Other important stock measures are population, employment, capital, and business inventories.

     See also | variable | flow | money | employment |


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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for neighborhood pets, especially belligerent parrots.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
"If anything terrifies me, I must try to conquer it. "

-- Francis Charles Chichester, yachtsman, aviator

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