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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world.
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GOVERNMENT SECTOR The aggregate macroeconomic sector that includes all levels of government, including federal, state, and local. The primary function of the government sector, also termed the public sector, is to impose resource allocation decisions on the rest of the economy that might not be made otherwise. This is one of the four macroeconomic sectors. The other three are household sector, business sector, and foreign sector.
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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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"In a restless, creative business with an emphasis on experiment and development, ideas are the lifeblood." -- Richard Branson, Virgin Group founder
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JEL
Journal of Economic Literature
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