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PERSONAL TAX AND NONTAX PAYMENTS: The official item in the National Income and Product Accounts maintained by the Bureau of Economic Analysis measuring personal income taxes paid to the government sector on personal income received by the household sector. Personal tax and nontax payments are subtracted from personal income (PI) to calculate disposable income (DI). Personal tax and nontax payments are about 15% of personal income and about 13% of gross domestic product.

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SMITH, ADAM: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

     See also | The Wealth of Nations | classical economics | flexible prices | Say's law | saving-investment equality | efficiency | entrepreneurship | laissez faire |


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SMITH, ADAM, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 3, 2023].


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ASSUMPTIONS, CLASSICAL ECONOMICS

Classical economics, especially as directed toward macroeconomics, relies on three key assumptions--flexible prices, Say's law, and saving-investment equality. Flexible prices ensure that markets adjust to equilibrium and eliminate shortages and surpluses. Say's law states that supply creates its own demand and means that enough income is generated by production to purchase the resulting production. The saving-investment equality ensures that any income leaked from consumption into saving is replaced by an equal amount of investment. Although of questionable realism, these three assumptions imply that the economy would operate at full employment.

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Today, you are likely to spend a great deal of time at a going out of business sale trying to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for crowded shopping malls.
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Rosemary, long associated with remembrance, was worn as wreaths by students in ancient Greece during exams.
"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. "

-- Malcolm S. Forbes, publisher

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