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FICA: The abbreviation for Federal Insurance Contributions Act, passed in 1939, which established payroll deductions from wage-earning employees and the employers for the Social Security system. This is the noted Social Security tax that wage earners pay and which is then used to provide Social Security benefits to the elderly, disable, and qualified dependents.
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AUTONOMOUS GOVERNMENT PURCHASES Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a coffee cup commemorating the moon landing or a how-to book on surfing the Internet. Be on the lookout for a thesaurus filled with typos.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
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"Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost. " -- John Quincy Adams, 6th US president
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JEP
Journal of Economic Perspectives
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