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March 4, 2024 

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MACROECONOMIC POLICY: Government policy aimed at the aggregate economy, usually to promote the macro goals of full employment, stability, and growth. Common macroeconomic policies are fiscal and monetary.

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PERSONAL INCOME TAX: A tax on individual income. This is the primary source of revenue for the federal government, a big source for many state and local governments, and the reason most people dread April 15th. In principle, personal income taxes are progressive, based on a graduated tax scale. However, it's much more proportional today than it was several decades ago.

     See also | tax | income | ability-to-pay principle | progressive tax | proportional tax | regressive tax | corporate profits tax |


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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 going from convenience store to convenience store seeking to buy either a printer that works with your stockpile of ink cartridges or income tax software. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses."

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