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HOMOGENEOUS OF DEGREE ZERO: A property of an equation the exists if independent variables are increased by a constant value, then the dependent variable is increased by the value raised to the power of 0. In other words, for any changes in the independent variables, the dependent variable does not change. This is a special type of homogeneous equation.
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INDUCED GOVERNMENT PURCHASES Government purchases that depend on income or production (especially national income and gross domestic product). That is, changes in income induce changes in government purchases. Induced government purchases reflect the observation that the government sector (especially state and local governments) is inclined to use tax revenue, which increases with income, for purchases. They are measured by the marginal propensity for government purchases (MPG) and are reflected by the positive slope of government purchases line. The alternative to induced government purchases is autonomous government purchases, which do not depend on income.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
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JEP
Journal of Economic Perspectives
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