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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.
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VOTING PROBLEMS Voting is a key source of government inefficiency because it can fail to provided leaders with a valid indication of society's preferences. Part of the inefficiency rests with utility-maximizing decisions of the voters, who choose rational ignorance (not to be informed) and rational abstention (not to participate), both of which lead to voter apathy and influential special interest groups. Part of the inefficiency rests with the voting process, which results in importance of the median voter, inconsistency of the voting paradox, and logrolling (vote-trading ) among voters.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for fairy dust that tastes like salt.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. " -- Napoleon Hill, author
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JEL
Journal of Economic Literature
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