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July 1, 2016 

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FALLACY OF PERSONAL ATTACK: The logical fallacy of arguing that something is bad because someone "associated" with the thing is ugly, has a funny nose, drives a foreign car, regularly watches daytime soap operas, or wears outdated clothing. This fallacy is rampant in the political arena. While some politicians might have you believe that only good people propose good policies, while bad people have bad policies. The fact of the matter is that good people propose bad policies and bad people propose good policies.

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INCOME RECEIVED BUT NOT EARNED:

The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
Income received but not earned (IRBNE) is income that members of the household sector have NOT rightfully "earned" by contributing to the production of gross domestic product. Members of the household sector receive this income as transfer payments from the government sector.
  • Social Security Payments: Social Security payments are the other side of the Social Security system. These are payments made to qualifying elderly and disabled members of the household sector. Because the payments are NOT received as a result of any current productive activity they are income received, but not earned.

  • Unemployment Compensation Payments: Unemployment compensation payments are transfer payments from the government sector to unemployed members of the household sector. Unemployment compensation payments are NOT received as a result of any current productive activity. They are income received, but not earned.

  • Welfare Payments: Welfare payments are transfer payments from the government sector to poor members of the household sector. Welfare payments are NOT received as a result of any current productive activity. They are income received, but not earned.

<= INCOME ELASTICITY OF DEMANDINCREASING-COST INDUSTRY =>


Recommended Citation:

INCOME RECEIVED BUT NOT EARNED, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2016. [Accessed: July 1, 2016].


Check Out These Related Terms...

     | personal income and national income | income earned but not received | transfer payments | corporate profits distribution | factor payments | net domestic product | national income | disposable income | gross domestic income | personal taxes and nontax payments |


Or For A Little Background...

     | personal income | gross domestic product, income | circular flow | gross domestic product | National Income and Product Accounts | Bureau of Economic Analysis | National Bureau of Economic Research |


And For Further Study...

     | disposable income and personal income | gross domestic product, expenditures | gross domestic product, ins and outs | gross domestic product, welfare | business cycles | gross national product | real gross domestic product | national income and gross domestic product | national income and net domestic product |


Related Websites (Will Open in New Window)...

     | Bureau of Economic Analysis |


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Private Employer Cost for Employee Compensation
September 2015
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Benefits are $10.48 / hour Source: BLS

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