AmosWEB is Economics: GLOSS*arama

Thursday
March 5, 2026

AmosWEB means Economics with a Touch of Whimsy!

GOVERNMENT PURCHASES LINE: A graphical depiction of the relation between government purchases and national income (or gross domestic product) that plays a role in Keynesian economics and the Keynesian cross. The slope of this line is positive, greater than zero, less than one, and goes by the name marginal propensity for government purchases. The vertical intercept of this line is autonomous government purchases. The aggregate expenditures line used in the Keynesian cross is obtained by adding this government purchases line, as well as, investment expenditures and net exports, to the consumption line. The government purchases line is also combined with investment expenditures for the Keynesian saving-investment model.

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production stages (429)
perfectly elastic (317)
law of diminishing marginal returns (297)
perfect competition, characteristics (278)
factor payments (233)

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FOR WHOM?: One of three basic questions of allocation (What? and How? are the other two). Answering the "For Whom?" question of allocation determines who receives the goods that society produces with limited resources. Answering the "For Whom" question involves related questions such as, should goods be distributed to people according to incomes and ability to buy (contributive standard), wants and needs (needs standard), political affiliation, or some other criterion (perhaps equality standard)?

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FOR WHOM?, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: March 5, 2026].

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LOGROLLING

The trading of votes to ensure a favorable outcome for two or more separate decisions. Logrolling occurs when each of two people agree to vote for the other's project to ensure that both are passed. A votes for B and B votes for A. Logrolling is commonly used when neither decision is able to obtain the necessary majority of the votes needed for passage on their own accord. Explicit logrolling is when each of two voters agree to cast separate votes for two separate programs. Implicit logrolling is when two separate programs or policies are combined into a single package, which is then subject to a single vote. Logrolling can generate either an efficient or an inefficient allocation of resources, meaning that efficiency is irrelevant to the logrolling process.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time strolling through a department store wanting to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for the happiest person in the room.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.

"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

-- Johannes Kepler, German Astronomer

RJE
RAND Journal of Economics

A PEDestrian's Guide
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