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INSTITUTION: An established method or way of doing something that's widely accepted throughout society. Common institutions include marriage, markets, high school football in the fall, government, and Christmas gift-giving. Institutions provide the rules and guidelines needed to carry out the day-to-day activities of our lives. Institutions provide the crucial structure of a society and the framework within which economic activity takes place. Without institution structure, anarchy would prevail. With the rules, though, come rigidities that can prevent resources from being allocated efficiently.
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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
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale wanting to buy either a genuine down-filled pillow or one of those "hang in there" kitty cat posters. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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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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"You are never given a dream without also being given the power to make it true." -- Richard Bach, Author
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ATM
Automated Teller Machine
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