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TRANSFER PAYMENT: A payment made without any corresponding production or expectations of production. Unless otherwise noted (such as business transfer payments), the term transfer payments generally refers to payments by the government sector to the household sector. The three most important transfer payments in our economy are for Social Security, unemployment compensation, and welfare. The intent of these transfers payments is to redistribute income, and thus the goods and services that can be had with the income. Transfer payments surface as income received but not earned (IRBNE) added to national income to derived personal income.
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SEIGNIORAGE The difference between the face value, or value in exchange, of money and the cost of producing the money. This seigniorage is effectively the profit government generates from producing currency--printing paper bills or minting metal coins. That is, government effectively "makes money" by making money.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?
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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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"I can't change the direction of the wind, but I can adjust my sails to always reach my destination." -- Jimmy Dean
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LCH
Life Cycle Hypothesis
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