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DEVALUATION: The act of reducing the price (exchange rate) of one nation's currency in terms of other currencies. This is usually done by a government to lower the price of the country's exports and raise the price of foreign imports, which ultimately results in greater domestic production. The short- and long-run consequences of devaluation are described in the entry on the J curve. A government devalues its currency by actively selling it and buying foreign currencies through the foreign exchange market.
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INCOME RECEIVED BUT NOT EARNED The three types of income received but not earned (IRBNE) are Social Security payments, unemployment compensation payments, and welfare payments. These are three key transfer payments from the government sector to the household sector. The basic goal of transfer payments is to transfer a portion of the income earned by the factors of production (because they HAVE income) to other members of the household sector (who presumably NEED more income than they have). IRBNE is added to national income to derive personal income.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either car battery jumper cables or a dozen high trajectory optic orange golf balls. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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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 only place success comes before work is in the dictionary. " -- Vince Lombardi
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JPUBE
Journal of Public Economics
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