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YELLOW-DOG CONTRACT: An agreement signed by workers before they are hired, stipulating that they would not join a union after they are hired. This contract was commonly used by firms in the late 1800s and early 1900s to limit labor union membership and thus to prevent unions from exerting control over the labor market. Yellow-dog contracts were outlawed by the Norris-LaGuardia Act in 1932.
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PROPRIETORS' INCOME The official factor payment item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the combined payments for all four factors of production used in owner-operated business firms. Specifically, proprietors' income is the excess of revenue over explicit production cost of owner-operated businesses and includes payments for labor, capital, land, and entrepreneurship. This is one of five official factor payments making up national income. The other four are compensation of employees, rental income of persons, net interest, and corporate profits. Proprietors' income is usually less than 10 percent of national income, typically in the 7 to 10 percent range.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex trying to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for letters from the Internal Revenue Service.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"In war, there is no second prize for the runner-up." -- Omar Bradley, US Army general
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DSE
Detroit Stock Exchange
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