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LABOR SLOWDOWN: A technique used by workers, generally labor union members, who reduce their productivity in an attempt to achieve a particular goal or objective. The goal pursued tends to be relatively minor, such as better lighting, and thus not worth engaging in a formal strike.

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PSYCHOLOGICAL LAW: A principle of consumption behavior proposed by John Maynard Keynes stating that people have the propensity to spend a large fraction, but not all, of any additional income received. This psychological law is a key principle reflected in the consumption-income relation and the marginal propensity to consume that underlie Keynesian economics.

     See also | Keynesian economics | John Maynard Keynes | consumption | consumption line | marginal propensity to consume | marginal propensity to save | multiplier | Keynesian cross | aggregate expenditures |


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KEYNESIAN ECONOMICS

A theory of macroeconomics developed by John Maynard Keynes based on the proposition that aggregate demand is the primary source of business-cycle instability and the most important cause of recessions. Keynesian economics points to discretionary government policies, especially fiscal policy, as the primary means of stabilizing business cycles and tends to be favored by those on the liberal end of the political spectrum. The basic principles of Keynesian economics were developed by Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936. This work launched the modern study of macroeconomics and served as a guide for both macroeconomic theory and macroeconomic policies for four decades. Although it fell out of favor in the 1980s, Keynesian principles remain important to modern macroeconomic theories, especially aggregate market (AS-AD) analysis.

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