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VERY LONG RUN: A period of time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change. You should compare very long run with long run and production, short run and production, and market period.

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INVISIBLE HAND: The notion that buyers and sellers, consumers and producers, households and businesses, pursuing their own self-interests, do what's best for the economy--automatically, without any government intervention, as if guided by an invisible hand. This invisible hand was essential to the economic analysis of markets in Adam Smith's The Wealth of Nations. It has continued to be cornerstone in conservative economic policies that call for limits on government intervention in the economy.

     See also | market | free market | laissez faire | free enterprise | Smith, Adam | efficiency | competition | allocation | The Wealth of Nations | conservative | liberal |


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INVISIBLE HAND, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 5, 2025].


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AUTONOMOUS CONSUMPTION

Household consumption expenditures that do not depend on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income do not generate changes in consumption. Autonomous consumption is best thought of as a baseline or minimum level of consumption that the household sector undertakes in the unlikely event that income falls to zero. It is measured by the intercept term of the consumption function or the consumption line. The alternative to autonomous consumption is induced consumption, which does depend on income.

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Today, you are likely to spend a great deal of time watching infomercials hoping to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for rusty deck screws.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Plans are only good intentions unless they immediately degenerate into hard work."

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