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ACTIVIST POLICY: Government policies that involve explicit actions designed to achieve specific goals. A common type of activist policy is that designed to stabilize business cycles, reduce unemployment, and lower inflation, through government spending and taxes (fiscal policy) or the money supply (monetary policy). Activist policies are also term discretionary policies because they involve discretionary decisions by government. A contrast to activist policy is automatic stabilizers that help stabilize business cycles without explicit government actions.
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ECONOMIC GROWTH The long-run expansion of the economy's ability to produce output. Growth is attained by increasing the quantity or quality of the economy's resources--labor, capital, land, and entrepreneurship--through such things as population growth, investment, exploration, technological innovation, and education. This is one of the five economic goals and more specifically one of the three macroeconomic goals. The other goals are full employment, stability, efficiency and equity.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at an auction wanting to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Failure will never overtake me if my determination to succeed is strong enough." -- Og Mandino, Author and Speaker
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NSF
National Science Foundation
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