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DISCRETIONARY: A specific choice, act, or decision, often designed to achieve a particular goal. The term is commonly used in economics in reference to government policies, such as discretionary fiscal policy or discretionary monetary policy. In both examples, government undertakes explicit actions through changes in government spending, taxes, the money supply, or interest rates to stabilize the business cycle. Discretionary is also frequently used to modify income, spending, expenditures, or comparable terms to capture choices made over the use of income. Discretionary income, for example, is the amount of after-tax household income that can be used for either consumption spending or saving.
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SEVEN ECONOMIC RULES A set of seven fundamental notions that reflect the study of economics and how the economy operates. They are: (1) scarcity, (2) subjectivity, (3) inequality, (4) competition, (5) imperfection, (6) ignorance, and (7) complexity.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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NBER
National Bureau of Economic Research
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