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OUTSIDE LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of two primary lags in the use of economic policies. The other is inside lag, the time between a shock to the economy and corrective government action responding to the shock. The length of the outside lag, also termed impact lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stability business cycles.
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FACTORS OF PRODUCTION Labor, capital, land, and entrepreneurship used by society to produce consumer satisfying goods and services. Factors of production are also termed resources or scarce resources.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"The secret of getting things done is to act! " -- Dante Alighieri, poet
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JPAM
Journal of Policy Analysis and Management
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