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November 4, 2024 

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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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CREATIVE DESTRUCTION: A notion put forth by Joseph Schumpeter that economic growth is the result of technological change and the innovations of new goods and services that emerge from the ashes of obsolete industries. This proposition indicates that economic progress is the result of fundamental changes in the structure of the economy and that capitalism is not a static, unchanging economic structure, but rather a dynamic, evolving system.

     See also | economic growth | technology | innovation | capitalism | structural unemployment | institution | infrastructure | business cycle |


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CREATIVE DESTRUCTION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: November 4, 2024].


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PERSONAL TAX AND NONTAX PAYMENTS

The official item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the 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 percent of personal income and about 13 percent of gross domestic product.

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Today, you are likely to spend a great deal of time searching the newspaper want ads looking to buy either a how-to book on building remote controlled airplanes or an extra large beach blanket. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Kites rise highest against the wind, not with it. "

-- Winston Churchill, British prime minister

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