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LORENZ CURVE: In general, a diagram illustrating the degree of inequality and concentration for a group. This is accomplished by plotting the cumulative percentage of a total amount obtained by cumulative percentages of the group. A common use of the Lorenz curve is the distribution of income, in which the cumulative percentage of income is measured on the vertical axis and the cumulative percentage of the population is measured on the horizontal axis. Perfect equality is indicated by a 45-degree line (that is, 10% of the population has 10% of the income, 20% of the population has 20% of the income, etc.). The actual Lorenz curve inevitably lies below the 45-degree line. The extent that the Lorenz curve differs from the 45-degree line indicates the extent of inequality.
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AUTONOMOUS EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.
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Parker Brothers, the folks who produce the Monopoly board game, prints more Monopoly money each year than real currency printed by the U.S. government.
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"A leader is most successful when people barely know he exists. When his work is done, his aim fulfilled, his troops will feel they did it themselves. " -- Lao-Tzu, philosopher
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BPEA
Brookings Papers on Economic Activity
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