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DISINFLATION: A decline in the inflation rate. With disinflation, prices are still rising, they're just not rising as fast. Numerically speaking, if the inflation rate was 10% last year, 6% this year, and looks to be 4% next year, then we have disinflation. Disinflation, a reduction in the inflation rate, is not the same as deflation, a decline in the price level. Prices continue to rise with disinflation, just not as fast. Should disinflation continue, presumably because anti-inflationary monetary or fiscal policies are working effectively, then the average price level could decline and we make the transition to deflation.
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INCOME EFFECT The change in quantity demanded that results because a change in the demand price of a good affects real income (that is, the purchasing power of income) even though nominal income remains the same. This is one of two reasons, or effects, underlying the law of demand and the negative slope of the market demand curve. The other is the substitution effect.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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John Maynard Keynes was born the same year Karl Marx died.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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PSID
Panel Study of Income Dynamics
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